October 28, 1998
Xxxxxxx X. Xxxxxxx
Credit Manager
Xxxx Manufacturing, Inc.
PO Box 97
Benton Harbor, Michigan 49023-0097
Dear Xxxx:
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 xxxxx 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 Xxxx 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 Xxxx 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 Xxxx 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 Xxxx 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,
Xxxxxx X. "Skip" Xxxxxxx, III
President & CEO
