INBEN BROTHERS COMPANY 5250 N. Leamington Ave.,
Exporter & importer Chicago, IL 80830, U.S.A.
Phone: (773) 286-7241
Fax No.: (773) 286-5424
Attention: Duck S. Yim E-mail: [email protected]
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| TELEFAX TRANSMISSION |
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To : Medi-Hut Co., Inc. Date: July 1, 1999
Attention : Joseph A. Sanpietro, President MEDIHUT63
Fax No. : (732) 901-1177
Total Pages No. Include This: 1
Dear Joe:
This is the memorandum that we had among Mr. Moon Kyo Lee, Chairman of Sam
Woo and Mr. Vincent J. Sanpietro representing you and me in New York on June
25, 1999 based on your Fax 6/16/99. Followings were reported to you by Mr.
Vincent J. Sanpietro.
1. It is agreed that Mr. Moon Kyo Lee will hold Medi-Hit Co., Inc.
free from any monitory or legal ramifications which may occur as
the result of importing and selling his insulin Syringes here in
the U.S.
Mr. Lee will send this confirmation when you place an first order.
2. As for the marking "Latex Free". present casket is Latex Free,
therefore Sam Woo will print "Latex Free" on the Poly-Bag and
inner box and shipping carton.
3. Lot number and expiry date will be marked on the poly-bag, inner
box and carton.
4. QA record will be attached to each shipment.
5. Sam Woo will send his own form to you for your reference
6. As for the price, we had confirmed that US$4.97/100pcs. C.I.F. New
York by sea on the 28G and US$5.07/100pcs F.I.F. New York by sea.
The cost difference between 28G and 29G came out from our
purchasing price from Japan. On the insulin needles for U.S.
market, Sam Woo must use needle made in Japan even Sam Woo make
his own needles.
7. Regarding on the payment term, L/C 45 days or FDA release date if
later than 45 days. Even release date is earlier than 45 days,
payment will be 45 days.
8. When you open master L/C to Inben and Inben transfer L/C to Sam
Woo, Inben required some of bank requirements between Inben's bank
and Medi-Hut's bank. I will tell you details separately.
9. As for the uni-body of 0.3cc barbell 30G needle, this can be made
only by the new mold of barrel, plunger and casket which are
thinner than 0.5cc barrel. If Medi-Hut pay all the cost of molds,
Sam Woo can make for you 30G needle can be supplied by Saito Med.
in Japan. The purpose of 0.3cc insulin syringe are reading more
easily and more accurate measurement. If use 0.5cc barrel, there
is no meaning, however still needed a new barrel which can plant
30G needle required. The Molds' cost is as follow.
<PAGE>
Barrel US$26,000-
Plunger US$26,000-
Cap US$26,000-
Casket US$ 1,000-
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Total US$79,000-
10. Safety Syringes
11. As for the Proto Type:
Each size of mold cost is as follow:
US$2,000.-/each mold x 5 = US$10,000-
Trial expenses US$ 5,000-
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Total US$15,000-
Trial expenses means all the text cost for making a complete
Proto-type. This is only estimated cost.
12. Payment should be in front, and paid by the notice of payment from
Sam Woo because Sam Woo required complete review again. After
payment effected, Sam woo complete proto-type within 60 days.
13. If proto-type finished, Sam Woo send sample to Medi-Hit as follow.
500 PCS 3cc 25G x 5/8"
500 PCS 3cc 22G x 1 1/2"
14. First of all, We discussed on the basics.
Mold cost of each size as follow.
US$26,000.-/ each mold x 5 = US$130,000.-
Assembling Machine US$100,000.-
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Sub-total US$230,000.-
10% of trial expenses US$ 23,000.-
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Total US$253,000.-
Proto type was made manually. For the making mass production,
trial expenses required again. However it is estimation
itself.
15. If you want make to two sizes, the cost will be double of No. 11 &
13 (US$536,000.-)
16. The machine will be finished within 180. After that day, Sam Woo
can start production.
17. Regarding to the payment, Sam Woo will give you notice after
complete review. This will be about 30 days.
18. Payment will be 50% front by L/C and 50% after inspection of
machine.
19. The schedule calendar is as follows:
July 1999 If agreed on our memorandum, Sam Woo will notice
the payment until end of August.
August 1999 If you paid the cost of proto-type 8/1/99,
proto-type will be finished within 60 days.
September 1999 Proto type will be came out 9/31/99.
October 1999 Sam Woo will review mass production for 60 days.
November 1999 Sam Woo will notice payment for starting
<PAGE>
machine production until 11/30/99.
December 1999 If you paid 50% in front on 12/1/99, we count
180 days from payment day.
January 2000
February 2000
March 2000
April 2000
May 2000 Finish machine, inspect it and pay 50%
June 2000 Production and start shiment.
20. The price of safety syringe estimated US$78-82.-/1000pcs on the 3cc
with needle.
21. If you pay 50% machine cost with proto type, Medi-Hut can save 60
days.
This is only memorandum. If I have missed something and want to add, please
let us know.
Best regards,
Duck S. Yim
C.C. Mr. Moon Kyo Lee, Sam Woo
