Exhibit A
LOTAYLINGKYUR, INC.
0000 Xxxxxxxx Xxx, Xxxxx 0 Xxxxx Xxxxx
Xxxx, Xxxxxx 00000 0000 Xxxxxx Xxxxxx, Xxxxx X
(000) 000-0000 (000) 000-0000
FAX (000) 000-0000 FAX (000) 000-0000
1/2/97
TO: Xxx Xxxxxxxx, CEO - BIET
FROM: Xxxx X. Xxxxx, President
RE: Conversion of Note
Dear Xx. Xxxxxxxx:
As discussed previously, LTLK would enter into an agreement that
provides:
1)LTLK will convert the Note in full on 6/30/97 into
1,274,308 BIET common shares plus 637,154 five year
warrants exerciseable at $6.00 per share, provided that
a) all interest payments timely made from January
through June 1997; and
b) all consulting payments (to continue past 6/30/97)
made timely; and
c) BIET has not less than 36,000 BionAnimals under
contract at 6/30/97; and
d) BIET has raised not less than $1,250,000 cash
equity (net of offering costs) from January 1, 1997 to
June 30, 1997.
Upon conversion, all other covenants and conditions not directly
related to the Note and its security interest would continue
through the term of the existing agreement. LTLK could elect to
convert, in its sole discretion, even if all conditions have not
been met.
Please contact me.
Yours,
/s/ Xxxx X. Xxxxx
Xxxx X. Xxxxx
President
