July 22, 2003
Seabury Transportation Advisors LLC
Attention: Xxx Xxxxxx, Managing Director
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Dear Xxx:
With reference to our Agreement dated December 16, 2002, herein please find our
notification according to Section 2: Authorization Period, to terminate the
agreement according to a "Company Termination Event".
On a personal note, I would be pleased to meet with you on my next visit to New
York to discuss potential future cooperation.
Sincerely yours,
HiEnergy Technologies, Inc. by
/s/ Xxxxxx X. Xxxxxxx
---------------------------------
Xxxxxx X. Xxxxxxx
CEO
P.S. We are aware of our obligation to Seabury of the remaining amount of the
retainer of $25,000 which will be paid to you as soon as our situation has
improved.
