Phoenix Aerospace, Inc. Carson City, Nevada 89706Debt Conversion Agreement • May 14th, 2007 • Phoenix International Ventures, Inc. • Ordnance & accessories, (no vehicles/guided missiles) • Nevada
This letter agreement confirms our recent discussions during which you were informed that the Company contemplates becoming a wholly owned subsidiary of Phoenix International Ventures, Inc., a Nevada corporation, and our mutual desire that the Company’s debt to you be converted under certain conditions into common stock of Phoenix International Ventures, Inc. As a part of this transaction, Zahir Teja will continue to serve as the President and CEO of the Company and will also serve as President and CEO of Phoenix International Ventures, Inc.
