Exhibit 10.60
LETTER AGREEMENT
BETWEEN;
UNITED BUSINESS ASSOCIATES and it's two partners thereof, namely;
XXXXXX XXXXXXX, a resident of 0000 000 Xxxxxx, Xxxxxxx, XX., Xxxxxx,
X0X 0X0
SHERIDAN WESTGARDE, a resident of 000 Xxxxxx Xxxx, Xxxxxx, XX.,
Xxxxxx., X0X 0X0
AND,
AQUATIC CELLULOSE INTERNATIONAL CORP, a Nevada Corporation in good standing and
publicly traded on the Pink Sheet trading exchange.
I Xxxxxx Xxxxxxx agree to accept the amount of TWO HUNDRED TEN THOUSAND EIGHT
HUNDRED FORTY FIVE (210,845) Series A Convertible Preferred shares of Aquatic
Cellulose International Corp, as complete compensation for my fifty percent
(50%) interest in the note owed to United Business Associates, a company owned
by myself and Xx. Xxxxxxxx Westgarde, as recorded in the Company's accounts in
Notes Payable, as of March 31, 2007. I acknowledge the value of these shares has
been calculated based on the April 20, 2007, market price of $0.022 in accord
with the following formula;
- (($226,362.97 / $0.0088 [60% discount to the April 20, 2007 market
price of $0.022]) / 61) / 2 = 210,845
I acknowledge that further dilution of the Company's common stock that will
occur as a result of the conversion of the Series A Convertible Preferred Stock
will likely result in a corresponding reduction in the market price of the
stock.
I recognize that my Series A Convertible Preferred shares will bear all the
rights and privileges as set forth in the Certificate of Designation filed with
the Nevada Secretary of State and included as "Exhibit A" to this letter
agreement.
I Sheridan Westgarde agree to accept the amount of TWO HUNDRED TEN THOUSAND
EIGHT HUNDRED FORTY FIVE (210,845) Series A Convertible Preferred shares of
Aquatic Cellulose International Corp, as complete compensation for my fifty
percent (50%) interest in the note owed to United Business Associates, a company
owned by myself and Xx. Xxxxxx Xxxxxxx, as recorded in the Company's accounts in
Notes Payable, as of March 31, 2007. I acknowledge the value of these shares has
been calculated based on the April 20, 2007, market price of $0.022 in accord
with the following formula;
- (($226,362.97 / $0.0088 [60% discount to the April 20, 2007 market
price of $0.022]) / 61) / 2 = 210,845
I acknowledge that further dilution of the Company's common stock that will
occur as a result of the conversion of the Series A Convertible Preferred Stock
will likely result in a corresponding reduction in the market price of the
stock.
I recognize that my Series A Convertible Preferred shares will bear all the
rights and privileges as set forth in the Certificate of Designation filed with
the Nevada Secretary of State and included as "Exhibit A" to this letter
agreement.
IN WITNESS WHEREOF, THIS AGREEMENT SHALL BE EFFECTIVE AS OF April 20, 2007.
EXECUTED THIS 20 DAY OF APRIL, 2007.
AQUATIC CELLULOSE XXXXXX XXXXXXX
INTERNATIONAL CORP
/S/ Xxxxxx Xxxxxxx
/S/ Xxxxxxxx Westgarde --------------------------
---------------------------- Xxxxxx Xxxxxxx
Sheridan B. Westgarde, CEO
SHERIDAN WESTGARDE
/S/ Sheridan Westgarde
--------------------------
Sheridan Westgarde
