Principal and Interest from Promissory Note
For Value Received, Bridgetech Holdings International, Inc., a Delaware corporation ("Maker"), hereby promises to pay to Bridgetech China Limited, a British Virgin Island corporation ("Payee" or the "Company"), in lawful money of the United States of America, the principal amount of Three Hundred Thousand Dollars ($300,000) (the "Principal") plus simple interest thereon calculated from the date hereof (the "Issue Date") until paid at the rate of eight percent (8%) per annum, payable in cash.
Principal and Interest. The entire outstanding Principal (and any accrued but unpaid interest thereon) shall be due and payable in arrears on the earliest to occur of (i) 2 days after receipt of the payments due as a result of the acquisition of Maker resulting in aggregate proceeds of $300,000 to Maker payable; $100,000 at closing and four payments of $50,000 per month beginning with the February 29, 2008 payment , or (ii) the first anniversary of the Issue Date (the "Maturity Date"). Interest on this Note shall commence accruing on the Issue Date and shall be computed on the basis of a 365-day year and actual days elapsed until all accrued and unpaid interest is paid in full upon the Maturity Date.