EXHIBIT 10.48.1
AMENDMENT TO AGREEMENT
Amendment (the "Amendment") dated March 5, 2000 to Agreement (the
"Agreement") dated December 1, 1998, by and among National Manufacturing
Technologies, Inc (formerly Photomatrix, Inc.), a California corporation, I-PAC
Manufacturing, Inc., a California corporation (the "Buyer"), and Xxxxxx
International West, Inc., a Delaware corporation (the "Company").
RECITALS
Whereas, section 3.4 of the Agreement, ROYALTY, requires the Buyer to pay
the Company a Percentage Consideration equal to one and three quarters percent
(1.75%) of gross product sales made by the Buyer to the existing and former
customers of the Company for a three year period from and after the effective
date (December 1, 1998). Such Percentage Consideration shall be payable in
unregistered shares of the Common Stock of Photomatrix at their then current
market price or in cash, at the election of the Buyer.
Whereas, the Buyer and the Company agree to Amend the second paragraph of
Section 3.4 to read:
Within thirty (30) days after the close of each six (6) calendar months
during the Payout Period, the Buyer shall furnish to the Company a written
statement showing the total amount of gross product sales during the
preceding six (6) months, and shall accompany each such statement with a
payment to the Company equal to the above stated percentage of gross product
sales for such six-month period. The Percentage Consideration shall be
payable in cash.
In Witness Whereof, the parties have executed this Amendment as of the date and
year above written.
COMPANY BUYER
XXXXXX INTERNATIONAL WEST, INC I-PAC MANUFACTURING, INC
a Delaware corporation a California corporation
By: /s/ Xxxxxx Xxxxxxx By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxx Xxxxxxx, Chairman of the Board Xxxxxxx X. Xxxxx, CEO
NATIONAL MANUFACTURING TECHNOLOGIES, INC
a California corporation
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, CEO
