Exhibit 99.1 [SUREBEAM Corporation Letterhead] October 22, 2003 The Titan Corporation 3033 Science Park Road San Diego, California 92121-1199 Re: Consent to Equity Transaction To Whom It May Concern: As we discussed, SureBeam Corporation (the...Consent to Equity Transaction • October 23rd, 2003 • Surebeam Corp • Special industry machinery (no metalworking machinery)
As we discussed, SureBeam Corporation (the "Company") intends to enter into a definitive purchase agreement with respect to the private placement sale by the Company of approximately 1,000 shares of Series A Convertible Preferred Stock of the Company (the "Preferred Stock"), at $7,500 per share, to investors. The Preferred Stock will be convertible into shares of the Company's Class A Common Stock, at a conversion price equal of $0.95 per share of Common Stock, or an aggregate of approximately 7,500,000 shares. As part of the transaction, the Company will also issue warrants to the same investors to purchase an aggregate of approximately 3,750,000 shares of the Company's Class A Common Stock, at an exercise price of $1.00 (the sale of Preferred Stock and the issuance of the warrants to purchase Class A Common Stock are collectively referred to as the "Transaction").
SureBeam Corporation Letterhead] December 1, 2002 The Titan CorporationConsent to Equity Transaction • December 5th, 2002 • Surebeam Corp • Special industry machinery (no metalworking machinery)
