E X H I B I T 10.29
Letter Agreement Re: Binding Effect of Letter of
Intent Re: Acquisition of General Vision Services, Inc.
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ACTION INDUSTRIES, INC.
February 27, 1997
General Vision Services, Inc.
000 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000
Attention: Xxxxxxx X. Xxxxxxxxx, Chairman
Re: Binding Effect of Letter of Intent
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Dear Xx. Xxxxxxxxx:
Reference is made to the Letter of Intent of even date herewith
between Action Industries, Inc. and General Vision Services, Inc.
(the "Letter of Intent"). It is our understanding that
Paragraphs 1 through 4 of the Letter of Intent are not binding
on, and create no rights in favor of, either party thereto.
Notwithstanding the foregoing, the parties agree to negotiate in
good faith to reach a binding agreement upon substantially the
terms set forth in Paragraphs 1 through 4 of the Letter of Intent
on or prior to April 15, 1997. Paragraphs 5 through 7 of the
Letter of Intent constitute a binding agreement between the
parties and the parties intend to be legally bound thereby.
If you are in agreement with the foregoing, please execute the
enclosed copy of this letter and return it to the undersigned at
your earliest convenience.
ACTION INDUSTRIES, INC.
By: /s/ T. Xxxxxx Xxxxxx
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T. Xxxxxx Xxxxxx, President
ACCEPTED AND AGREED TO:
GENERAL VISION SERVICES, INC.
By: /s/ Xxxxxxx X. Xxxxxxxxx
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Title: CEO
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