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EXHIBIT 10.17
AGREEMENT
This AGREEMENT (the " Agreement"), dated as of April 4, 2001 between
Industrialex Manufacturing Corp., a Colorado corporation ("Industrialex") and
Xxxxxxx XxXxxxxx and Xxxxx X. XxXxxxxx, residing at 000 Xxxxxxxx Xxxx, Xxxxxxxx,
XX 00000, ("Holders"), being Holders of a Secured Promissory Note between the
parties dated July 5, 2000 in the amount of $610,000.
RECITAL
Industrialex and Holders desire to retire the Secured Promissory Note in the
amount of $610,000 between the parties to conclude the Stock Purchase Agreement
between the parties dated June 7, 2000.
NOW, THEREFORE, in consideration of the foregoing, the parties hereby agree as
follows:
The Secured Promissory Note between the parties, dated July 5, 2000, in the
amount of $610,000 will be retired as follows:
(a) The sum of $350,000 will be paid in cash or immediately available
funds at the time of the execution of this agreement.
(b) The sum of $160,000 will be paid by delivery of an aggregate of
213,333 shares of Industrialex common stock, subject to all
necessary regulatory approval.
(c) The sum of $100,000 will be paid by delivery of a promissory note in
substantially the form of Exhibit A hereto, in the aggregate
principal amount of $100,000. Note shall bear interest at the rate
of eight percent (8.0%) per annum and be due in eighteen (18)
monthly payments of principal and interest beginning on May 15,
2001.
(d) Holders will deliver to Industrialex, at the time of the execution
of this agreement, all of the outstanding shares of Screen Tech
Graphics, Inc. common stock and will release their security interest
in such shares and all of the tangible and intangible property and
assets of Screen Tech Graphics, Inc.
IN WITNESS WHEREOF, the parties have executed this Agreement and caused the same
to be duly delivered on their behalf on the day and year first written above.
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"INDUSTRIALEX" "HOLDERS"
INDUSTRIALEX MANUFACTURING
CORP.
/s/ Xxxxx Xxxxxx /s/ Xxxxxxx XxXxxxxx
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Xxxxx Xxxxxx, Chairman and Chief Xxxxxxx XxXxxxxx
Executive Officer
/s/ Xxxxx X. XxXxxxxx
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Xxxxx X. XxXxxxxx