Document:

Letter of Intent

Letter of Intent 

Between

CLEAN ENERGY & JIE LI

 

 
January 25, 2001

Mr. John P. Thuot, President

Clean Energy Combustion Systems Inc. ("Clean Energy")

7087 MacPherson Ave.

Burnaby, B.C.

Dear Sir:

RE: PULSE BLADE COMBUSTION PRODUCT/TECHNOLOGY

As outlined in our previous letter of intent dated for reference May 31, 2000, Clean Energy and Jie Li International Environmental Technologies Group Ltd. ("Jie Li") have agreed to undertake a marketing program for Clean Energy's high-frequency pulse
blade coal-burning combustion units ("burners") in the People's Republic of China ("PRC" or "China") under a licensing agreement.  In order to obtain that license, Jie Li has provided Clean Energy with assurances that they have sufficient contacts in the
Asia Pacific region that will provide numerous potential channels through which Clean Energy products and/or technology may be distributed.  

After a number of contact meetings between Clean Energy, Jie Li and some of the many contacts available to us as potential customers for the technology in China, and having received expressions of interest and/or letters of intent from one or more
potential customers in the PRC, Jie Li is now able to provide Clean Energy with an initial Letter of Intent for purchase of burners:

	Jie Li has secured a partner in China who has agreed to supply Jie Li and Clean Energy with an industrial test site (the "test site") at which to install and test Clean Energy's burners.
	Jie Li wishes to secure Clean Energy's services in conducting this burner installation and test in the PRC.
	The test site will involve the providing of two burner units and the retrofitting of one 10 tonne steam boiler.
	Pending the successful installation of the PBC burners, and a period of testing and monitoring of emission levels and burning efficiencies, Jie Li intends to make burner purchases from Clean Energy and to provide retro-fitting services to its
customers in the PRC.

 

 

	Jie Li intends to make an initial purchase of sufficient burners to allow for the retrofitting of up to 500 boilers, such purchases to be scheduled as mutually agreed between the parties.  Payment for the burners shall be FOB Vancouver, B.C. on
delivery.  Price shall be mutually agreed upon at a later date, but shall be in the approximate range of US$20,000 per 12.5 million BTU burner, as previously agreed.

We trust this outlines the intent and agreement between Jie Li and Clean Energy.  We remind you that this letter of intent is issued for the express purpose of providing assurance to assist Clean Energy in its efforts to raise equity capital through
the sale of Class "C" preference shares in a private placement.  Any use of the information provided in this letter for any other purpose is prohibited.

Yours very truly,

/s/  Michael C. Gau

Michael C. Gau, President

Jie Li International Environmental Technologies Group Ltd.March 20, 2001

 

 

March 20, 2001

Mr. R. Dirk Stinson

President

818879 Alberta, Ltd.

Dear Dirk:

This letter is intended to document our prior agreement relative to the amendment of certain dates contained in our PBC technology license dated March 5, 1999 with 818879 Alberta, Ltd. relating to the listing of our common stock on a "national
market".  Specifically, for valuable consideration given to 818879 Alberta, Ltd. including our obligation to pay you the sum of U.S. $1, we agreed that effective December 31, 2000, the references to "March 4, 2002" contained in sections 9.2 and 10.1
of the PBC technology license will be changed to "March 5, 2004", and the reference to "March 4, 2003" contained in section 9.2(3) of the PBC technology license will be changed to "March 5, 2005".

If the foregoing accurately reflects your understanding please countersign this letter where indicated below and return it to Clean Energy at your earliest convenience.

Very truly yours,

/s/  John P. Thuot

John P. Thuot, President

Agreed to and accepted:

818879 Alberta, Ltd.

/s/  R. Dirk Stinson

R. Dirk Stinson, President

Date: March 23, 2001<PAGE>

                                                                   EXHIBIT 10.49

                    WAYNE COUNTY EMPLOYEES' RETIREMENT SYSTEM
                          400 MONROE STREET - SUITE 320
                             DETROIT, MICHIGAN 48226

                                  April 3, 2001

Big Buck Brewery & Steakhouse, Inc.
P.O. Box 1430
Gaylord, Michigan  49735-0617

       RE:  LETTER AGREEMENT ("LETTER AGREEMENT") CONCERNING FINANCIAL
            COVENANTS ("COVENANTS")

Gentlemen:

       This Letter Agreement is being written to set forth certain
clarifications and modifications concerning the Covenants. All defined terms in
the Loan Documents (as defined below) shall have the same meaning in this Letter
Agreement. The terms of this Letter Agreement are as follows:

       1.   The Tangible Net Worth plus Subordinated Debt of Big Buck Brewery &
Steakhouse, Inc. ("Company") shall be not less than $6,250,000 unless approved
by Wayne County Employees' Retirement System ("WCERS") in its sole discretion.

       2.   The Company shall have until January 1, 2002 to meet the Debt
Service Coverage Ratio Covenant set forth in the Loan Documents.

       3.   The Company shall have until January 1, 2002 to achieve the Covenant
in the Loan Documents requiring current assets less current liabilities (other
than subordinated debt) shall be not less than $500,000.

       4.   The Company shall have until January 1, 2002 to meet all other
Covenants set forth in the Loan Documents unless modified by the parties in
writing.

       5.   It is expressly acknowledged and agreed that these modifications are
subject to the Company complying with all other terms of the various loan
documents ("Loan Documents") between the Company and WCERS. If there shall be
any default under the other terms of the Loan Documents, WCERS shall have the
right to demand full compliance with the Covenants and to enforce its rights and
remedies if such compliance is not satisfied by the Company.

       6.   The Covenants may not be further amended or modified except by a
writing signed by the parties. Except as amended by this Letter Agreement, the
Loan Documents are restated and republished in their entirety and remain in full
force and effect. This Letter Agreement shall be governed by and construed under
the laws of the State of Michigan. This Letter Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their permitted
successors and assigns.

<PAGE>

       If the terms of this Letter Agreement meet with your approval, please
indicate by signing below.

                                        Very truly yours,

                                        WAYNE COUNTY EMPLOYEES'
                                        RETIREMENT SYSTEM

                                        By  /s/ Ronald Yee
                                          --------------------------------------

                                             Its  Director
                                                --------------------------------

Agreed to and accepted by:

Big Buck Brewery & Steakhouse, Inc.

By  /s/ William F. Rolinski
  --------------------------------------

     Its:  President
         -------------------------------Exhibit 10.22

                            LINE OF CREDIT AGREEMENT

$100,000

Yorba Linda, California

September 7, 2000

         The undersigned, TD and Associates, Inc. ("TD") and Geo Petroleum, Inc.
(Geo"), agree that TD will make available to Geo a line of credit with the
maximum amount available not to exceed One Hundred Thousand Dollars ($100,000)
with a monthly variable simple interest rate of New York prime (as defined by
the Wall Street Journal) plus two percent (prime plus 2%). The rate of interest
for each month shall be determined by reference to the Western Edition of the
Wall Street Journal for the first closest following day if the first day of any
month is a holiday. Geo promises to make monthly interest-only payments to TD on
the 7th day of each month on the then outstanding balance in full together with
any then outstanding interest accrued on or before Septemer 7, 2001. Failure to
make an installment of interest when due, shall permit TD to declare all
principal and accrued but unpaid interest immediately due and payable by giving
written notice to Geo of TD's elections to do so within five days of the date of
the failure. Failure to declare a default shall not prejudice the right of TD to
declare defaults for any subsequent failure to pay interest.

         Upon default in payment at maturity, interest shall continue to accrue
at the rate stated above. In case payment shall not be made at maturity, the
undersigned further promises to pay all costs of collection and reasonable
attorney's fees. Drawings under this line may be made in minimum increments of
Five Thousand Dollars, provided that Geo has given TD at least five days written
notice of its desire to draw under this line and the amount that it desires to
draw. No drawing may be made under this line after December 31, 2000. Amounts
borrowed and repaid may not be reborrowed. Each drawing shall be evidenced by a
Promissory Note in the form of that attached as Exhibit A.

Geo Petroleum, Inc.                      TD and Associates, Inc.

By:                                      By:

/s/   Lori Timpe-Long                   /s/   DennisTimpe
---------------------                   ---------------------

Its:                                    Its:

   CFO                                     President
---------------------                   ---------------------Exhibit 10.22

                                 PROMISSORY NOTE
                                   (UNSECURED)

$                                                              Date:
 -------------------                                                ------------

         FOR VALUE RECEIVED, the undersigned, Geo Petroleum, Inc., a California
Corporation, ("Maker") does hereby agree to pay to TD and Associates, Inc. a
California Corporation, ("Payee") or order, the principal amount of
_________ dollars ($_________). Payments hereunder shall be made at the
principal place of business of Payee or such other place as the holder hereof
shall, from time to time, designate in writing deliver to Maker. Outstanding
principal shall bear interest at the prime rate as determined monthly by
reference to the Wall Street Journal for the first business day of each month,
which rate as announced therein shall be the prime rate for such month, plus two
percentage points.

         Accrued interest shall be due and payable on the seventh day of each
month. All principal and accrued interest shall be due on September 7, 2001.
Privileged is reserved to prepay this note without penalty or surcharge, in
whole or in part at any time.

         The Maker agrees to pay all costs and expenses of collection, including
reasonable attorneys' fees, in the event any amounts due under this Note are not
paid in accordance with the terms hereof, irrespective of whether suit or other
proceedings are commenced with respect to such failure to pay in a timely
fashion.

         The Maker agrees that the payee's failure, at any time or times
hereafter, to require strict performance by the Maker of any provision or term
of this Note shall not waive, affect or diminish any right of the payee
thereafter to demand strict compliance and performance thereof. None of the
undertakings of the Maker under this Note shall be deemed to be suspended or
waived by the payee unless such suspension or waiver is in writing, dated
subsequent to the date hereof, signed by the payee and delivered to the Maker.

         This Note shall be governed by the internal laws of the State of
California. If any provision of this Note shall be prohibited by or invalid
under such law, such provision shall be ineffective only to the extent of such
prohibition or invalidity and shall not invalidate the remainder of such
provision or the remaining provisions of this Note.

         This is one of several notes executed pursuant to that certain Line of
Credit Agreement dated as of September 7, 2000, between Maker and Payee, and
reference is made thereto for certain rights of the holder of this note,
including the right to accelerate the maturity of this note all sums evidenced
hereby in the event of a default in payment of this or any note so executed.

         Executed at Yorba Linda, California on the date first above written.

                                            GEO PETROLEUM, INC.

                                            By:
                                               -------------------------

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