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Exhibit 10.19
ENVIRONMENTAL PRODUCTS AND TECHNOLOGIES CORPORATION
0000 XXXXX XXXXXXXX XXXXXX XXXXX, XXXXXXXX XXXXXXX, XX 00000
LETTER OF UNDERSTANDING
This Letter of Understanding between Environmental Products and Technologies
Corporation, a Delaware Corporation, hereafter "EPTC", and Lifeline Enterprises
L.L.C., a Utah Limited Liability Company, hereafter "LE", is dated May 18, 1998.
WHEREAS, EPTC desires to conclude the acquisition of the Aerobic Bioreactor for
oxygenation reduction of organic waste, the Anaerobic System for bio-catalytic
remediation of agricultural wastes, and the biologicals used with each;
WHEREAS LE desires to transfer to EPTC all right, title, and interest in and to
the Aerobic Bioreactor, the Anaerobic System, and the biologicals used
therewith, for the following consideration:
NOW THEREFORE:
1. LE has received 50,000 shares (post-split 100,000 shares) per our
Letter of Understanding date November 5, 1997;
2. EPTC shall issue 50,000 shares to LE upon assignment to EPTC of all
patents to the Aerobic Bioreactor.
3. EPTC shall issue 80,000 shares to LE on October 15, of each of the
years 1999, 2000, 2001, and 2002.
In the event of breach by EPTC of the obligations of paragraphs 2 or 3 above,
all patents shall be re-assigned to LE.
/s/ X. XXXXXX XXXXX /s/ XXXX X. XXXXXXX
-------------------------------- -----------------------------------
X. Xxxxxx Xxxxx, President Xxxx X. Xxxxxxx, General Manager
Environmental Products & Lifeline Enterprises L.L.C.
Technologies Corporation
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ENVIRONMENTAL PRODUCTS AND TECHNOLOGIES CORPORATION
0000 XXXXX XXXXXXXX XXXXXX XXXXX, XXXXXXXX XXXXXXX, XX 00000
LETTER OF UNDERSTANDING
This Letter of Understanding between Environmental Products and Technologies
Corporation, a Delaware Corporation, hereafter "EPTC", and Lifeline Enterprises
L.L.C., a Utah Limited Liability Company, hereafter "LE", is dated May 18, 1998.
WHEREAS EPTC desires to purchase from LE Paramutual Inductively Coupled
Generators to be employed as components of the EPTC Closed-loop Waste Management
System, from LE.
It is agreed that EPTC shall have the exclusive right to use the Paramutual
Inductively Coupled Generator when driven by a dual-fuel, diesel/methane engine
in the EPTC Closed-loop Waste Management System.
It is understood that the Paramutual Inductively Coupled Generator will be a
significant component of the EPTC Closed-loop Waste Management System and
EPTC's inducement to buy this product from LE is the fact that it is the
expectation of both parties that LE will defend the patents, when issued as and
if required.
EPTC and LE agree that the purchase price of the Paramutual Inductively Coupled
Generator with class H insulation and dyno-tested to full load, will be as
follows:
60KW - 100 hp frame - $C 14,400 - $US 9,950
95KW - 100 hp frame - $C 18,225 - $US 12,500
150KW - 100 hp frame - $C 20,300 - $US 14,000
/s/ X. XXXXXX XXXXX /s/ XXXX X. XXXXXXX
--------------------------------- ---------------------------------
X. Xxxxxx Xxxxx, President Xxxx X. Xxxxxxx, General Manager
Environmental Products & Lifeline Enterprises L.L.C.
Technologies Corporation
