HEART TO HEART HEALTH CARE SERVICES, INC.
0 XXXXXXXX XXXXXX
XXXX XXXXXX, XX 00000
July 29, 1999
New York Health Care, Inc.
0000 XxXxxxxx Xxxxxx
Xxxxxxxx, XX 00000
RE: CONVERSION OF $100,000 OF DEBT INTO EQUITY
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Gentlemen:
This letter will serve to confirm the mutual agreement between Heart to
Heart Health Care Services, Inc. ("Heart to Heart") and New York Health Care,
Inc. ("NYHC"), that as a result of recent discussions between Heart to Heart and
New York Health Care, Heart to Heart will convert an aggregate principal amount
of $100,000 of its March 29, 1998 promissory note made by NYHC to the order of
Heart to Heart in the current face amount of $550,000 bearing interest at the
current rate of 9% per annum payable quarterly, into 110,375 shares of the Class
A Convertible Preferred Stock of NYHC.
Please confirm your agreement to the foregoing by signing acknowledgment
below.
Thank you for your kind attention.
Very truly yours,
HEART TO HEART HEALTH
CARE SERVICES, INC.
By: /s/
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Authorized Officer
ACCEPTED AND AGREED:
NEW YORK HEALTH CARE, INC.
By: /s/
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Xxxxx Xxxxx, President
