May 27, 2010
Exhibit ▇▇. ▇▇.▇
▇▇▇ ▇▇, ▇▇▇▇
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, LLC
▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
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Attn:
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▇▇▇▇ ▇▇▇▇▇▇▇
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▇▇▇▇▇▇ York
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Gentlemen:
In reference to certain Bridge Loan and Security Agreement, dated January 25, 2010, by and between South Lake Capital (the “Investor” or “Secured Party”) and Liberty Capital Asset Management, Inc. (the “Company”), Section 3. Warrants of the Company, is deemed to be satisfied in relation to any and all warrants with which the Company was obligated to issue. For satisfaction and release the Company has issued to the Investor 2,400,000 shares of its stock as follows:
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Date
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Shares
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Market Price at Close on Date of Issuance
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Value
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March 3, 2010
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800,000
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$0.20
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$160,000
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April 7, 2010
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800,000
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$0.17
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$136,000
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April 20, 2010
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800,000
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$0.15
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$120,000
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2,400,000
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$416,000
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This reference relates only to Section 3, and the remainder of the Agreement remains in full force and effect.
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/s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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May 29, 2010
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Manager
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South Lake Capital LLC
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▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇. ▇▇▇ ▇▇▇ * Las Vegas * Nevada * 89119
direct: (▇▇▇) ▇▇▇.▇▇▇▇ * Fax: (702) 479..7923