Attention: Sundaresan Raja President and CEO Re: Letter AgreementLetter Agreement • November 14th, 2005 • Airbee Wireless, Inc. • Services-prepackaged software
This letter will memorialize the agreement by and between Airbee Wireless, Inc. (the “Company”), and Montgomery Equity Partners, LTD (the “Buyer”), regarding the proposed settlement of all amounts owed to the Buyer in connection with the Promissory Note dated April 20, 2005 issued by the Company to the Buyer (the “Promissory Note”). In connection with the Promissory Note, the Company, the Buyer, Sundaresan Raja, and David Gonzalez, Esq. entered into a Pledge and Escrow Agreement dated April 20, 2005 (the “Pledge Agremeent”) pursuant to which Mr. Raja pledged 9,300,000 of his shares of common stock of the Company (the “Pledged Shares”) to secure the Company’s obligations under the Promissory Note. As set forth in the letter dated August 9, 2005 from the Buyer to the Company, the Company is in default under the terms of the Promissory Note.
