Exhibit 10.62
LETTER AGREEMENT
BETWEEN;
XXXXXX XXXXXXX, a resident of 0000 000 Xxxxxx, Xxxxxxx, XX., Xxxxxx. X0X 0X0
AND,
AQUATIC CELLULOSE INTERNATIONAL CORP, a Nevada Corporation in good standing and
publicly traded on the Pink Sheet trading exchange.
I Xxxxxx Xxxxxxx agree to accept the amount of ONE MILLION THREE HUNDRED FIFTY
THOUSAND (1,350,000) Series A Convertible Preferred shares as settlement of the
Aquatic Cellulose International Corp obligation to make me a twenty seven
percent stake holder in the Company's issued and outstanding shares. I
acknowledge the value of these shares has been calculated using the April 20,
2007, market price of $0.022 and that further dilution of the Company's common
stock that will occur as a result of the conversion of the Series A Convertible
Preferred Stock will likely result in a corresponding reduction in the market
price of the stock.
I recognize that my Series A Convertible Preferred shares will bear all the
rights and privileges as set forth in the Certificate of Designation filed with
the Nevada Secretary of State and included as "Exhibit A" to this letter
agreement.
IN WITNESS WHEREOF, THIS AGREEMENT SHALL BE EFFECTIVE AS OF April 20, 2007.
EXECUTED THIS _20_ DAY OF APRIL, 2007.
AQUATIC CELLULOSE XXXXXX XXXXXXX
INTERNATIONAL CORP
/S/ Xxxxxx Xxxxxxx
/S/ Xxxxxxxx Westgarde ------------------------------
------------------------ Xxxxxx Xxxxxxx
Sheridan B. Westgarde, CEO
LETTER AGREEMENT
BETWEEN;
XXXXXX XXXXXXX, a resident of 0000 000 Xxxxxx, Xxxxxxx, XX., Xxxxxx. X0X 0X0
AND,
AQUATIC CELLULOSE INTERNATIONAL CORP, a Nevada Corporation in good standing and
publicly traded on the Pink Sheet trading exchange.
I Xxxxxx Xxxxxxx agree to accept the amount of ONE HUNDRED SIXTY SIX THOUSAND
ONE HUNDRED FIFTY ONE (166,151) Series A Convertible Preferred shares as
settlement of the Aquatic Cellulose International Corp obligation owed to me for
consulting and as recorded in the Company's accounts in Amounts Due Related
Parties, as of March 31, 2007. I acknowledge the value of these shares has been
calculated based on the April 20, 2007, market price of $0.022 in accord with
the following formula;
- ADRP - ($59,190 / $0.00584 [73.45% discount to the April 20, 2007
market price of $0.022]) / 61 = 166,151
I acknowledge that further dilution of the Company's common stock that will
occur as a result of the conversion of the Series A Convertible Preferred Stock
will likely result in a corresponding reduction in the market price of the
stock.
I recognize that my Series A Convertible Preferred shares will bear all the
rights and privileges as set forth in the Certificate of Designation filed with
the Nevada Secretary of State and included as "Exhibit A" to this letter
agreement.
IN WITNESS WHEREOF, THIS AGREEMENT SHALL BE EFFECTIVE AS OF April 20, 2007.
EXECUTED THIS 20 DAY OF APRIL, 2007.
AQUATIC CELLULOSE XXXXXX XXXXXXX
INTERNATIONAL CORP
/S/ Xxxxxx Xxxxxxx
/S/ Xxxxxxxx Westgarde ------------------------------
------------------------ Xxxxxx Xxxxxxx
Sheridan B. Westgarde, CEO
LETTER AGREEMENT
BETWEEN;
XXXXXX XXXXXXX, a resident of 0000 000 Xxxxxx, Xxxxxxx, XX., Xxxxxx. X0X 0X0
AND,
AQUATIC CELLULOSE INTERNATIONAL CORP, a Nevada Corporation in good standing and
publicly traded on the Pink Sheet trading exchange.
I Xxxxxx Xxxxxxx agree to accept the amount of FORTY NINE THOUSAND TWO HUNDRED
(49,200) Series A Convertible Preferred shares as settlement of all agreements
with Aquatic Cellulose International Corp regarding the issuance of both stock
and options, that was agreed upon, as bonus compensation for loans provided the
Company. I acknowledge the value of these shares has been calculated based on
the April 20, 2007, market price of $0.022 in accord with the following formula;
- ($26,411 / $0.0088 [60% discount to the April 20, 2007 market price
of $0.022]) / 61 = 49,200
I acknowledge that further dilution of the Company's common stock that will
occur as a result of the conversion of the Series A Convertible Preferred Stock
will likely result in a corresponding reduction in the market price of the
stock.
I recognize that my Series A Convertible Preferred shares will bear all the
rights and privileges as set forth in the Certificate of Designation filed with
the Nevada Secretary of State and included as "Exhibit A" to this letter
agreement.
IN WITNESS WHEREOF, THIS AGREEMENT SHALL BE EFFECTIVE AS OF April 20, 2007.
EXECUTED THIS 20 DAY OF APRIL, 2007.
AQUATIC CELLULOSE XXXXXX XXXXXXX
INTERNATIONAL CORP
/S/ Xxxxxx Xxxxxxx
/S/ Xxxxxxxx Westgarde ------------------------------
------------------------ Xxxxxx Xxxxxxx
Sheridan B. Westgarde, CEO
