June 8, 2001Warrant Agreement • June 8th, 2001 • Velocita Corp • Telephone communications (no radiotelephone)
Pursuant to Section 2.02(b) of the Warrant Agreement dated May 10, 2000 by and between the Company and United States Trust Company of New York (the "Warrant Agreement," capitalized terms used herein without definition having the meanings given to such terms in the Warrant Agreement), Velocita Corp. ("Velocita") (formerly known as PF.Net Communications, Inc.) was obligated to issue Warrants to acquire an additional 2,765,432 shares of Common Stock unless Velocita completed a Qualified Issuance on or prior to the Second Contingent Warrant Issue Date. The "Second Contingent Warrant Issue Date" was May 10, 2001, provided that such date was extended by 30 days in accordance with the Warrant Agreement because Velocita was engaged in negotiations with respect to a Strategic Equity Investment and Velocita had a reasonable and good faith belief that such Strategic Equity Investment would be consummated and would meet the requirements of a Qualified Issuance. Velocita notified you on May 9, 2001
