HEART TO HEART HEALTH CARE SERVICES, INC. 7 GLENWOOD AVENUE EAST ORANGE, NJ 07017 July 29, 1999 New York Health Care, Inc. 1850 McDonald Avenue Brooklyn, NY 11223 RE: CONVERSION OF $100,000 OF DEBT INTO EQUITY...Debt Conversion Agreement • August 13th, 1999 • New York Health Care Inc • Services-home health care services
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.
