October 28, 1998
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Credit Manager
▇▇▇▇ Manufacturing, Inc.
PO Box 97
Benton Harbor, Michigan 49023-0097
Dear ▇▇▇▇:
It was good to speak with you today. Again let me thank you for your willingness
to work with me through what has been a very difficult time. We are not out of
the ▇▇▇▇▇ yet, however I believe that we are making headway.
The settlement that was negotiated and confirmed by your signature on April 7,
1998 included the balance owed to ▇▇▇▇ Manufacturing, Inc. to be satisfied in
the issuance of common stock of Envirometrics. The amount owed equaled $27,666
and the cash pay-out was $5,810. This left a remaining balance of $21,856. We
valued the stock for this transaction at $2.00 per share which would equate to
10,928 shares to be issued to ▇▇▇▇ Manufacturing, Inc.
The shares would be unregistered shares of common stock which I anticipate would
be registered by the company at the time of a secondary offering. The actual
certificates will be issued once I have completed the debt mediation process and
turn the total shares to be issued to the different parties over to our stock
transfer agent. The shares have been allocated to ▇▇▇▇ Manufacturing, Inc. and
appear in the total outstanding shares that are reported on our balance sheet.
Per your instruction, the certificates will bear the name of ▇▇▇▇ Manufacturing,
Inc. and will be sent to your attention.
I will keep you posted on developments as they become available. With warm
personal regards, I remain
Sincerely yours,
▇▇▇▇▇▇ ▇. "Skip" ▇▇▇▇▇▇▇, III
President & CEO
