Re: Letter of Intent for the Share Exchange Agreement between Better Biodiesel, Inc., and GeoAlgae Technology, Inc.Better Biodiesel, Inc • December 21st, 2007 • Industrial organic chemicals
This letter of intent (the “LOI”) dated December 17, 2007 will confirm the general terms upon which Better Biodiesel, Inc., a Colorado corporation (“Better Biodiesel”), and GeoAlgae Technology, Inc., a Wyoming corporation (“GAT”), will enter into a share exchange agreement (the “Agreement” or “Share Exchange”) whereby 3,300,000 shares of common stock of Better Biodiesel and Better Biodiesel’s best efforts commitment to facilitate capital financing (to be definitively stated in the Agreement) shall be exchanged for 100% of the common stock of GAT (the “GAT Shares”). Upon the development, execution and closing of a definitive Share Exchange, which shall occur on or prior to December 27, 2007, GAT will exist as a wholly owned subsidiary of Better Biodiesel (the “Closing”), in the manner described below.
ASSET PURCHASE, SETTLEMENT AND MUTUAL RELEASE AGREEMENT BETWEEN BETTER BIODIESEL, INC. A Colorado Corporation (BBI) and RON CRAFTS, MARY CRAFTS, JAMES CRAWFORD, JOHN CRAWFORD LYNN DEAN CRAWFORD and CULINARY CRAFTS, LLC, a Utah Liability Company...Settlement and Mutual Release Agreement • December 21st, 2007 • Better Biodiesel, Inc • Industrial organic chemicals • Utah
This Asset Purchase, Settlement and Mutual Release Agreement (this “Agreement”) is made this ____ day of December, 2007 (the “Effective Date”), by and between Better Biodiesel, Inc., a Colorado corporation (“BBI”), Domestic Energy Partners, LLC, a Utah limited liability company, and wholly owned subsidiary of Better Biodiesel (“DEP”), and Ron Crafts, Mary Crafts (collectively with Ron Crafts, the “Crafts”), James Crawford, John Crawford, Lynn Dean Crawford (collectively with James Crawford and John Crawford, the “Crawfords”), and Cullinary Crafts, LLC, a Utah limited liability company (collectively with the Crafts and the Crawfords, the “Shareholders”). The parties hereto are referred to herein each as a “Party” and collectively as the “Parties.”
