LETTER OF INTENT
Published on February 2, 2011
January 31, 2011
Dr. Tom Furness
Dr. Brian Schowengerdt
RatLab LLC
5607 40th Avenue NE
Seattle, WA 98105
|
Re: |
Extension of the Letter of Intent and Amendment to License |
Dear Tom and Brian:
Pursuant to Paragraph 11of the Letter of Intent between our companies executed under date of October 1, 2010, the parties thereto do mutually agree to a 90 day extension of the expiration date of the Letter of Intent from January 31, 2011 to May 1, 2011. The parties shall endeavor to execute definitive agreements and close the contemplated transaction during that time.
The Letter of Intent shall expire at that time unless extended or modified in writing by the parties hereto.
If the transaction contemplated by the aforementioned Letter of Intent fails to ultimately close, the time deadlines in the original license agreement executed on October 23, 2008, between the parties shall be extended for one year.
If you accept and agree to this extension of the Letter of Intent, please sign and date a copy of this letter and return it to the undersigned at 500 Union Street, Suite 406, Seattle, WA 98101, facsimile number (206) 903 1352.
Sincerely yours,
Visualant, Inc.
/s/ Ron Erickson
Ron Erickson
Its: Chairman
AGREED AND ACCEPTED:
RatLab LLC
/s/ Tom Furness
By: Tom Furness
Manager
Date: January 11, 2011
/s/ Brian Schowengerdt
By: Brian Schowengerdt
Manager
Date: January 31, 2011
500 Union Street Suite 406 Seattle, WA 98101