Exhibit 10.1





Corporate Letter of Offer


Letter of Variation


Channell Bushman Group


24 July 2007


National Australia Bank Limited ABN 12 004 044 937












Sydney
Major Client Group


Level 23, 255 George
Street


Sydney NSW 2000


Ph: (02) 9237 1917


Fax: (02) 9237 9752


24th July 2007


The Directors


Channell Bushman Group


3 Healey Circuit


Huntingwood NSW
2148


Dear Sir/Madam


Re: Channell Bushman Group (“the
Customer”) 


Further to our recent
discussions, we are pleased to advise the following amendments to your
Corporate Letter of Offer dated 16th May 2007.


Extension


We are pleased to advise that we will extend the following
facilities for a further period of 30 days:


	
  Borrower

  	
   

  	
  Facility Type

  	
   

  	
  Amount

  	
   

  	
  New Expiry Date

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Bill
  Acceptance/Discount Facility

  	
   

  	
  $

  	
  3,200,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Bank
  Guarantee Facility

  	
   

  	
  $

  	
  50,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Bank
  Guarantee Facility

  	
   

  	
  $

  	
  375,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Transaction
  Negotiation Authorities Facility

  	
   

  	
  $

  	
  200,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Transaction
  Negotiation Authorities Facility

  	
   

  	
  $

  	
  275,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Master
  Asset Finance Facility

  	
   

  	
  $

  	
  1,000,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Master
  Asset Finance Facility

  	
   

  	
  $

  	
  250,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group
  Pty Limited

  	
   

  	
  Business
  Credit Card Facility

  	
   

  	
  $

  	
  300,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Channell Pty
  Limited

  	
   

  	
  Business
  Credit Card Facility

  	
   

  	
  $

  	
  100,000

  	
   

  	
  30th August 2007

  	
   

  
	
  Bushmans Group Pty Limited

  	
   

  	
  Documentary Letter of
  Credit

  	
   

  	
  $

  	
  50,000

  	
   

  	
  30th August 2007

  	
   

  



 



 1
 









Lending
Covenants


The
following lending covenant will be removed from facilities provided to you
under the Corporate Letter of Offer referrred to above.


The bank
being provided with evidence of unconditional refinance approval and/or
evidence of equity raising by 31st July 2007,
the Bank will agree to a further 30 day extension to 30th August 2007 to enable settlement to be
concluded.


Fees and Charges now payable


The
following non refundable fees and charges are now payable by you as a result of
the above change, if not already paid:


	
  Facility Extension from 31st July 2007 to 30th August 2007

  	
   

  	
  $

  	
  24,596

  	
   

  



 


If any of these
facilities are subject to financial reporting or other covenants or
undertakings, we may review your compliance with those covenants or
undertakings separately. This letter is not a waiver of any righs we may have
if those covenants or undertakings are not met.


The above change(s) take
affect once we have received the duplicate of this letter, duly signed by you.
All other terms of the facilities remain in full force and effect.


	
  Signed on behalf of

  	
   

  	
   

  
	
  National
  Australia Bank Limited by

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Graeme
  Johnson

  	
   

  	
  24/7/07

  	
   

  
	
  Graeme Johnson

  	
   

  	
   

  
	
  Associate
  Director

  	
   

  	
   

  



 


Your acceptance by resolution


Please communicate your
receipt of this notice and confirmation that this notice accurately reflects
the agreed changes set out above by delivering a certified copy of an extract
of board minutes evidencing the board resolution authorising acceptance of this
notice.


Your acceptance by signing


Please sign below to
acknowledge your receipt of this notice and your consent to, and approval of,
the above matters as set out in it.


By signing below you also acknowledge that each
security given by you, except as set out above, remains in full force and
effect, and that nothing in this letter mitigates, compromises or in any other
way affects the enforceability of that security.


Please return the signed
notice to Level 23, 255 George Street, Sydney NSW 2000.


The duplicate copy of
this notice may be retained for your records.



 2
 









Companies
Executing without using a Common Seal


	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Channell
  Bushman Pty Limited ABN 99 109 821 614

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Bushmans
  Group Pty Limited ABN 90 090 744 022

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Channell
  Pty Limited ABN 29 002 735 622

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
						



 



 3
 









Bushmans
Engineering Pty Limited ABN 49 074 185 461


	
  By being signed by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Polyrib
  Tanks Pty Limited ABN 49 062 942 661

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed By

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Australian
  Bushman Tanks Pty Limited ABN 21 058 504 108

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By being signed
  by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William H.
  Channell, Jr.

  	
   

  	
   

  	
  /s/ Michael L. Perica

  	
   

  
	
  Signature of
  Director

  	
   

  	
  Signature of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  William H.
  Channell, Jr

  	
   

  	
   

  	
  Michael L. Perica

  	
   

  
	
  Name of Director

  	
   

  	
  Name of Director/Secretary

  
	
   

  	
   

  	
   

  
	
  25/7/07

  	
   

  	
   

  	
  25/7/07

  	
   

  
	
  Date

  	
   

  	
  Date

  
							



 



 4