ContractLitfunding Corp • February 23rd, 2007 • Short-term business credit institutions
As you are aware, a letter of intent was signed between our respective companies on November 17, 2006 (“Letter Agreement”), legally binding our respective corporations to certain terms and conditions set forth therein. This Letter Agreement established the basis for a merger between our companies which was to occur on or before November 30, 2006. At your request, this Letter Agreement was verbally amended by us on several occasions to extend the closing of our transaction until a date not later than February 15, 2007, in order to afford CardMart USA additional time to comply with due diligence items necessary to effect a merger with a public company (e.g., your audited financial statements, etc.).
