June 14, 2000Financial Backing Agreement • October 13th, 2000 • Precision Auto Care Inc • Services-automotive repair, services & parking
This letter sets forth the agreement between you and Precision Auto Care, Inc. (the "Company") concerning your financial backing of the bond required to be posted in order for the Company to pursue its appeal of an adverse judgment arising out of litigation in Florida. In return for your agreement to provide a letter of credit to support the Company's posting of the necessary bond, the Company agrees to issue you 25,000 shares of the Company's Common Stock.
