Exhibit 4.7
innovative
software
technologies
December 31, 2001
Iwasaka Investments Limited
00 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxx Xxxx
Dear Sir:
RE: Amendment to Finance Agreement Dated January 25, 2001
-----------------------------------------------------------
We are requesting approval for issuance of 350,000 shares of INIV Series A
Preferred Stock and 700,000 shares of INIV Common Stock in exchange for all
shares of INIV Common Stock previously issued to Iwasaka Investments, Limited.
The dollar amount invested was $700,000 as of December 31, 2001.
The 350,000 shares of INIV Series A Preferred Stock will be issued to Glendower
Holdings, Ltd, 00 Xxxxxxxx Xxxxxx, Xx. Xxxxxx, Xxxxxx XX0 0XX, Channel Islands,
additionally the 700,000 shares of INIV Common Stock will be issued to Xxxxxx
Associates Limited, Xxxxx 00, XX Xxxxx, 000 Xxxxx Xxxx, Xxxxxxx, 00000 Xxxxxxxx
as you have requested.
The remaining capital to be invested in Innovative Software Technologies, Inc.
will be at a conversion price of $.50 per share.
In addition we are requesting the approval of the issuance of 3,529,412 INIV
Common shares and 1,500,000 Shares of Series A Preferred for the acquisition of
Energy Professional Marketing Group, Inc. As of December 31, 2001, Xxxxxxx Xxxxx
Xxxxxxx CEO has converted $248,490.50 to 248,491 shares of INIV Series A
Preferred shares.
Enclosed you will find a copy of the Board of Directors Consent and the letter
to the transfer agent for the issuance of the stock for your review. Please sign
the line below and forward to us at the above address.
Thank you for your cooperation in this matter. If you have any questions on this
please call me at 0-000-000-0000.
Sincerely,
/s/ Xxxxxxx Xxxxx Xxxxxxx
Xxxxxxx Xxxxx Xxxxxxx
President
Accepted and agreed to by /s/ X. Xxxxxx CONFIDENTIAL TREATMENT
------------------------ REQUESTED BY INNOVATIVE
Iwasaka Investments Limited SOFTWARE TECHNOLOGIES, INC.
000 X.X. Xxxxxxx
Xxxxxxxxx, XX 00000
000-000-0000 voice
000-000-0000 fax
xxx.xxx-xx.xxx
