EXHIBIT 10.70
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X.XXXXXX ENTERPRISES, INC.
0000 Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxxx, XX 00000
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(703)-567-1284
April 9, 2001
Xxxxx X. XxXxxxxxx
Commodore Applied Technologies
Chief Financial Officer
000 Xxxx 00xx Xxxxxx
Xxxxx 0000
Xxx Xxxx, Xxx Xxxx 00000
Dear Xxx,
Re: Partial Note Conversion
Per the recent agreement deferring repayment of my loan of $500,000 to Commodore
from March 15, 2001 until December 31, 2001, please convert one-half of the
principal two-hundred thousand ($250,000) to CXI stock at the five-day average
close market price at March 15, 2001 close.
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Date Closing Price CXI Common
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April 06, 2001 $0.23
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April 05, 2001 $0.24
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April 04, 2001 $0.23
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April 03, 2001 $0.24
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April 02, 2001 $0.26
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5-Day Average $0.24
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$250,000 x 1/$0.24 = 1,041,666.7
This will amount to 1,041,667 shares. Please register these shares in the S-3
filing under preparation.
/s/ XXXXXX X. XXXXXX
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X. XXXXXX ENTERPRISES, INC.
Xxxxxx X. Xxxxxx
President
