EXHIBIT 4.7
EXTENSION OF FEBRUARY SETTLEMENT AGREEMENT
This Extension of February Settlement Agreement made as of May 21, 1999 by
and between NATIONAL BOSTON MEDICAL, INC., a Nevada corporation, with offices at
00 Xxxxxxx Xxxxx, 0xx Xxxxx, Xxxxxxx, Xxxxxxxxxxxxx 00000 ("NBM") and XXXXX
XXXXXXXXX AND AUCKLAND TRUST CO. LIMITED AS TRUSTEE FOR FIRST PACIFIC MASTER
SUPERANNUATION FUND (collectively referred to herein as "XXXXXXXXX").
Currently NBM owes $145,000 to XXXXXXXXX. In exchange for an additional
$10,000 consideration to be paid by NBM to XxXxxxxxx described herein and the
extension of time hereby granted by XXXXXXXXX to NBM, as well as other good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree to the following:
A. NBM shall pay XXXXXXXXX and XXXXXXXXX shall accept the following payments
from NBM as full and final payment of all sums due XXXXXXXXX by NBM with no
additional interest accruing thereon:
1. $55,000 May 31, 1999
2. $50,000 July 2, 1999
3. $50,000 August 6, 1999
With no penalty for prepayment of any sum due herein.
X. XXXXXXXXX shall execute a General Release of all claims in favor of NBM
upon payment of all sums listed above.
C. Also upon receipt of initial payment of $55,000 by NBM to XXXXXXXXX,
XXXXXXXXX shall immediately cause the Ex Parte Motion for Injunction
Ordering that Monies Received by the Defendant be Placed in Escrow (the
"Motion") currently scheduled for June 3, 1999 to be re-scheduled for July
5, 1999 or as soon thereafter as is practical. Upon timely payment of the
amount due July 2, 1999 ($50,000), XXXXXXXXX shall immediately cause the
Motion to be re-scheduled for August 9, 1999 or as soon thereafter as is
practical. Upon timely payment of the amount due August 6, 1999 ($50,000),
XXXXXXXXX shall immediately cause the Motion to be withdrawn in its
entirety, and the cause of action filed by XXXXXXXXX against NBM to be
dismissed with prejudice.
Should the foregoing terms meet with your approval, please acknowledge such
by affixing your name hereto.
NATIONAL BOSTON MEDICAL, INC. XXXXX XXXXXXXXX
By: /s/ Xxxxxx Xxxxx By: /s/ Xxxxx XxXxxxxxx
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Xxxxxx Xxxxx, co-CEO/Chairman Xxxxx XxXxxxxxx
AUCKLAND TRUST CO. LIMITED AS
TRUSTEE FOR FIRST PACIFIC MASTER
SUPERANNUATION FUND
By:/s/ KG Whitney
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KG Whitney, Director
