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EXHIBIT 1
AMENDMENT NO. 2
TO
LOAN AGREEMENT
THIS AMENDMENT NO. 2 is made and entered into as of August 28, 2000 by
and between I.T. Technology, Inc., a Delaware corporation (the "Borrower") and
Ledger Technologies Pty Ltd ("The Lender") (the "Amendment") to the Loan
Agreement dated June 6, 2000 between the Borrower and the Lender ("the
Agreement") and in addition to Amendment #1 to the said Agreement made on July
26, 2000.
NOW, THEREFORE, in consideration of the mutual promises contained
herein the parties hereto agree to amend the Agreement as follows:
1. By adding the following Recital C:
"C. Further in addition to the amount of SIX HUNDRED AND FIFTY THOUSAND
AMERICAN DOLLARS ($US650,000.00) hereinbefore mentioned, the Lender has
advanced to the Borrower the amounts detailed in the schedule hereto."
2. By adding the following paragraph:
"8. All loan advances made pursuant to this Agreement as specified in the
Schedules to Amendment No. 1 and No. 2 hereof, shall be repaid in
accordance with the provisions of this Agreement".
3. Survival of Provisions Except as specifically provided in this
Amendment, all of the terms and conditions contained in the Agreement
and Amendment No. 1 to the Agreement, shall remain in full force and
effect.
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IN WITNESS WHEREOF the parties hereto have hereunto set their hands and seals
the day and year hereinbefore written.
THE COMMON SEAL of the Lender }
was hereto affixed }
in the presence of authorised persons: }
Director /s/ L. MOCHKIN
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[SEAL]
Full Name LISA MOCHKIN
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THE COMMON SEAL of the Borrower }
was hereto affixed }
in the presence of authorised persons: }
Director /s/ JONATHAN HERZOG
------------------------
[SEAL]
Full Name JONATHAN HERZOG
------------------------
SCHEDULE OF LOAN ADVANCES PURSUANT TO AMENDMENT NO. 2
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<TABLE>
<CAPTION>
ADVANCE DATE AMOUNT ($US) AMOUNT($AUD) LENDER'S SIGNATURE BORROWER'S SIGNATURE
------- ---- ------------ ------------ ------------------ --------------------
<S> <C> <C> <C> <C>
1. 28/8/00 $125,000 /s/ L. MOCHKIN /s/ JONATHAN HERZOG
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2.
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3.
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4.
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5.
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</TABLE>
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