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EXHIBIT 99.1
MFC MERCHANT BANK S.A.
June 7, 2000
Mr. Franz Eder
President
MSO Inc.
Rotherstrasse 7
Berlin 10245
GERMANY
Dear Mr. Eder,
Based on recent discussions, MFC understands MSO cash flow is severely
constrained until a successful equity raise is completed. MFC further
understands it is your intention to raise the required equity sometime this
calendar year. MSO has requested MFC consider deferring its monthly fees for the
balance of this year in light of these cash flow constraints.
MFC agrees to defer the monthly MSO fee obligations of 100,000DM and 5,000USD
from May 1, 2000 through to and including December 1, 2000 or until an equity
raise is completed, whichever comes first. In return for granting this deferral,
the deferred fee will be increased by 10%. This 10% premium may be paid in MSO
stock.
During this period MFC will continue to provide investment advisory services as
per our current agreement. Please keep us advised as to the need for our
services as we understand MSO is considering refocusing efforts on constructing
the shuttle under the German model.
Please confirm your agreement to this proposal by affixing your signature in the
appropriate space below.
Very truly yours,
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Claudio Morandi Peter S. Jessop
President Vice President
Accepted:
-------------------------
Franz Eder
President
MSO Inc.
53, ROUTE DE MALAGNOU P.O.BOX 509 1211 GENEVA 17 SWITZERLAND
TELEPHONE (41 22) 718 02 02 TELEFAX (41 22) 718 02 30 E-MAIL [email protected]
