Exhibit 10.8
Memorandum of Understanding
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Between:
Buyer: Aquatic Cellulose International Corp. Suite #301 3704 - 32/nd/ Xx.
Xxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 hereby represented by its president Xxxx
Xxxxxx,
And:
Seller: Xxxxxxx Xxxxxxxx et Fils Ltee, 000 Xxxxx 000, Xxxxxxxxxxx, Xx, Xxxxxx,
X0X 2BO, Tel# (418) 365 - 6130, Fax (418) 365 - 6140.
Preliminary Considerations
A) ACIC is a public company specializing in the harvesting of flooded
timber. The harvester is done by means of particular equipment that
has been designed and developed by ACIC.
B) ACIC is presently doing major harvesting and processing operations on
the Tucurui Hydroelectric Reservoir located in Northern Brazil, and
needs additional vessels.
C) Xxxxxxx Xxxxxxxx is the owner free and clear of all leans and/or
encumbrances of the following equipment hereafter referred to as the
Fleet:
Rapide Blanc, 35', 11 tons. Value $US 20,000.00
La Croche, 32', 7 tons. Value $US 22,500.00
Xxxxxx Xxxxxx, 32', 9 tons. Value $US 18,000.00
X.X. Xxxxx, 38', 14 tons. Value $US 10,000.00
Xxxxxxx, 35', 10 tons. Value $US 20,000.00
La trenche, 35', 10 tons. Value $US 20,000.00
Barge, 17' x 40' Value $US 20,000.00
Barge 17' x 36' Value $US 20,000.00
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Total Value Value $US 150,500.00
The Two Above Parties Agree on the Following:
1.0 The parties agree in principle to move forward in a process of the Buyer
(ACIC) purchasing from the Seller (Xxxxxxx Xxxxxxxx) the afore mentioned
Fleet. It is understood by both parties that this Memorandum of
Understanding is intended as a basic agreement apon which to proceed
whereby an official contract shall follow in which all details shall be
clearly defined and agreed apon by both parties.
2.0 The Seller will sell to ACIC the Fleet free and clear of all leans /
encumbrances for the agreed price of US$150,500.00.
3.0 The complete Fleet value will be paid by the Buyer with ACIC common stock.
4.0 The amount of stock set aside for this transaction shall be 2.5 million
shares.
5.0 The Buyer shall guarantee to the seller that the cash value received by the
Seller will equal the agreed Fleet value of US$150,500.00.
6.0 Aquatic will forward the common stocks certificate to Xxxxxxx Xxxxxxxx &
Fils Ltee, upon the conclusion of the SB2 registration statement.
7.0 Aquatic Cellulose can take possession of the boats according to the
following schedule.
On or after
June 15/th/ 2001
Boats: Rapide Blanc,35',11 Tons
LaCroche, 32',7 Tons
Xxxxxx Xxxxxx, 32',9 Tons
Barge 17' x 36'
Parts: 1/3 of the parts, including 2 propellers.
On or after
October 15/th/ 2001
Boats: X.X. Xxxxx, 38',9 Tons
Xxxxxxx, 35',14 Tons
La Trenche, 35',10 Tons
Barge 17' x 40'
Parts: The remaining of the parts.
Signatures
Aquatic Cellulose International Corp.
President/CEO
Signed Signed
Xxxx Xxxxxx Xxxxxxx Xxxxxxxx
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