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Exhibit 10.30
November 5, 1999
Xxxxx X. Xxxxxxxxx
Vice President and Chief Financial Officer
PharmChem Laboratories, Inc.
0000X X'Xxxxx Xxxxx
Xxxxx Xxxx, XX 00000
Dear Xxxx:
With regard to the Loan & Security Agreement ("Agreement") between Comerica
Bank-California ("Bank") and PharmChem Laboratories, Inc. ("Borrower") dated
November 18, 1997, and the First Modification to the Agreement dated August 10,
1998, Borrower has requested, and Bank has agreed, to modify the Agreement as
set forth below.
1.) Up to $2,000,000 of the Borrower's $6,000,000 Revolving Line of Credit
can be used to repurchase outstanding stock of the Borrower.
2.) Borrower shall be permitted to declare and distribute any dividends in
the form of rights which allow shareholders to purchase shares of a new
series of preferred stock. This shall include a shareholders rights
offering or other actions that are now currently contemplated by the
company.
All other Terms and Conditions of the Agreement shall be in full force and
effect.
Sincerely,
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Vice President
