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EAB Systems
27 June 2008
Via Email and Courier
WealthCraft Systems Limited
Unit A, 9/F On Hing Building,
On Hing Terrace, Central, Hong Kong
Attention: Xx. Xxxxx X. Xxxxxx
Dear Xxxxx,
Purported termination of Agreement.
We refer to the Agreement dated 15 February 2008 between EAB Systems (Australia)
Limited, Wealthcraft Systems Limited and Xxxxx X. Xxxxxx.
We note that you say that this agreement has been terminated by way of your
e-mail of 20 June 2008 and subsequent letter of 20 June, 2008 received 1.41pm on
25 June 2008.
Please be clearly advised that EAB Systems (Australia) Limited does not accept
both your personal and Wealthcraft's purported termination of the agreement.
We refer you to Clause 3.1 of the Agreement which places the obligation to raise
capital on Wealthcraft Systems Limited. Its failure to raise capital is not a
ground for termination of the agreement.
We also note that, under the Agreement, you personally have an obligation to use
reasonable endeavours to sign the employment agreements referred to in Clause 4,
and we can see no evidence of you having done so.
Wealthcraft Systems Limited has published a misleading announcement on the OTCBB
and EAB Systems (Australia) Limited demands that this announcement be retracted
immediately, or alternatively the market be immediately notified that EAB
Systems (Australia) Limited disputes Wealthcraft Systems Limited and Xxxxx'x
right to terminate the agreement and has reserved its rights.
Accordingly, EAB Systems (Australia) Limited advises Wealthcraft Systems Limited
and you personally that both Wealthcraft Systems Limited and you are in breach
of the Agreement and, as a consequence, EAB Systems (Australia) Limited reserves
its rights.
Unless Wealthcraft Systems Limited and you personally both confirm that the
purported notice of termination is withdrawn within 7 days, then EAB Systems
(Australia) Limited will have no alternative but to take steps to protect its
legal rights, which may include seeking specific performance of the Agreement.
We expect you and Wealthcraft Systems Limited to honour this Agreement.
Otherwise, EAB Systems (Australia) Limited reserves its rights generally in
regard to this failure to perform under this Agreement.
Yours faithfully
EAB Systems (Australia) Limited
Xxxxxxx Xxxx
Managing Director
___________________________________
EAB Systems (Australia) Ltd
Suite 2, Level 4,
00 Xxxxxxx Xxxxxx,
Xxxxxxx XXX 0000, Xxxxxxxxx
2401-2 & 9,
AIA Tower,
000 Xxxxxxxx Xxxx,
Xxxxx Xxxxx, Xxxx Xxxx
____________________________________
Tel: 00000000
Fax: 00000000
Direct: 28350029
Email: xxxxxxx.xxxx@xxxxxxxxxx.xxx
Web : xxx.xxxxxxxxxx.xxx
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EAB Systems (Australia) Limited
2401-0 & 0 XXX Xxxxx, 000 Xxxxxxxx Xxxx, Xxxxx Xxxxx, Xxxx Xxxx
Telephone: (000) 0000 0000 | Fax: (000) 0000 0000
