EXHIBIT 10.8
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PLASTIC PALLET PRODUCTION, INC.
September 8, 2003
1607 Commerce Limited Partnership
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
Attn: ▇▇▇▇ ▇. ▇▇▇▇▇▇
Dear ▇▇▇▇:
The purpose of this letter is to confirm our agreement that,
notwithstanding the language of that certain Asset Purchase Agreement (the
"Agreement") between Plastic Pallet Production, Inc. as "Seller" and 1607
Commerce Limited Partnership as "Buyer" dated September 8, 2003, the sale of
assets to Buyer pursuant to the Agreement will not include the equipment
described on Exhibit A attached hereto. Such equipment will be retained by PPP
and will be subject to the security interest granted in that certain Security
Agreement among PalWeb Corporation, Plastic Pallet Production, Inc., Greystone
Manufacturing, LLC and 1607 Commerce Limited Partnership dated as of September
8, 2003.
If you are in agreement with the matters stated in this letter, please
execute the acceptance block provided below and return one fully-executed copy
of this letter to the undersigned.
Very truly yours,
PLASTIC PALLET PRODUCTION, INC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, President
Agreed and accepted this
8th day of September, 2003.
1607 COMMERCE LIMITED
PARTNERSHIP
By:______________________
All annexes to this agreement are omitted from this Exhibit. The registrant will
furnish supplementally a copy of any omitted annex to the Commission upon
request.