Leonard Reiffel 602 Deming Place Chicago, Illinois 60614 September 2, 2005
Xxxxxxx Xxxxxxx
000 Xxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
September 2, 2005
| VIA FEDERAL EXPRESS | |
| President | Xx. Xxxxx X. Xxxxxxxx |
| Exelar Medical Corporation | XLR Medical Corp. |
| Xxxxx 000, 0000 Xxxx Xxxx | 0000 X. Xxxx Xxxxxxx Xxxx, Xxxxx 000 |
| Xxxxx Xxxxxxx, Xxxxxxxxxx 00000 | Xxx Xxxxx, Xxxxxx 00000 |
Re: Technology Transfer Agreement
Gentlemen,
Reference is hereby made to that certain Technology Transfer Agreement dated March 25, 2004 (the "TTA"), by and between Exelar Corporation ("Exelar"), Exelar Medical Corporation ("EMC"), and myself, and to that certain Secured Promissory Note dated March 25, 2004 (the "Note").
Exelar and EMC have defaulted on their obligations to me under the TTA, including without limitation the obligation to pay amounts due pursuant to the Note. Formal notice is hereby given to each of EMC and XLR Medical Corp., pursuant to Section 1 of the Note, of my intent to exercise my rights and remedies under the Note, including without limitation foreclosing on, and causing a reconveyance to me of, as applicable, the assets, patents and patent applications pledged to me thereunder, on or after the fifth day following receipt of this notice, failing EMC's or XLR's full performance under the TTA and the Note by such date.
Please refer any questions regarding this matter to my counsel, Xxxxxxx X. Xxxxxxxxxx, at 000-000-0000.
| cc: | Xx. Xxxxxxx X. Xxxxxxx |
