This document is to amend the Asset Purchase Agreement entered on December 1,
1999 by and among: AuraSound, Inc., A Delaware corporation (the "Seller"); Aura
Systems, Inc., a Delaware corporation and Seller's sole shareholder (the
"shareholder"); and Algo Technology, Inc., a California corporation ("Parent")
and Algo Sound, Inc., a California corporation (the "Purchaser"), for the
following items:
Accounts Receivable as originally reported as of June 13, 1999 is adjusted from
$1,455,109.69 to $423,950.35 based on subsequent collection and adjustments
after ninety days. (Exhibit A)
Accounts Payable as originally reported as of June 13, 1999 is adjusted from
$1,607,446.43 to $2,187,795.37 based on subsequent settlement, reconciliation,
and negotiation with the creditors. (Exhibit B)
The Seller agrees to reduce the purchase price of the assets by $70,414.82 for
the Purchaser's additional assumption of the accrued personal & vacation time
liability as of November 30, 1999. (Exhibit C)
The Purchaser agrees to give the Seller a credit in the amount of $53,906.95 for
returns of products from Electrnics Boutique.
The Purchase agrees to give the Seller credit for Seismic Systems' account
receivable in the amount of $159,912.35 in exchange for the right to collect
from Seismic Systems.
The parties to this Agreement have caused this Agreement to be executed and
delivered as December 22, 1999.
Aura Systems, Inc. AuraSound, Inc.
By ______________________ By ____________________
Xxxxx Xxxxxxxx, CEO Xxxxx Xxxx, CFO
Algo Technology, Inc. Algo Sound, Inc.
By ______________________ By _____________________
Xxxxxxx Xx, VP Xxxxxxx Xx, CEO
