EXHIBIT 10.11
INTERNATIONAL INVESTMENT PARTNERS, LTD.
RICHMOND BUSINESS CENTRE
NORTH BRUNSWICK STREET
DUBLIN 7, IRELAND
Joseph DelVecchio
Executive Vice President and Chief Operating Officer
Medical Technology & Innovations, Inc.
Medical Technology, Inc
Steridyne Corporation
3725 Investment Lane
Riviera Beach, FL 33404 USA
June 6, 2000
Dear Mr. DelVecchio:
You have been notified by International Investment Partners, Ltd. (Delaware),
located in Lancaster, PA, USA, of its dissolution as of May 30, 2000. As a
result of the dissolution, its agency relationship with my company has
terminated. That company acted as the agent for my company in the Loan Agreement
and associated agreements with your companies, dated January 21, 2000. Because
of the termination of that agency relationship, it is necessary to amend those
loan documents to substitute my company as the Lender.
The relationship between your companies and my company, as the principal under
those agreements, continues as before. This letter is to confirm that my
company, rather than its former agent, is the Lender in those agreements.
Otherwise, there are no changes to the agreements. All obligations of your
companies to the Lender (now to be recited as set forth below) remain as before.
The Loan Agreement, the Note, the General Security Agreement, the Patent
Collateral Assignment and Security Agreement, the Guaranty and Suretyship
Agreement of Medical Technology, Inc., and the Guaranty and Suretyship Agreement
of Steridyne Corporation do not need to be modified other than to show that the
Lender is:
International Investment Partners, Ltd
Richmond Business Centre
North Brunswick Street
Dublin 7, Ireland
Your acknowledgement of this letter, and your agreement to the substitution of
the identity of the Lender, will be adequate to amend those agreements without
having to rewrite the entire document group.
If you agree with this substitution and amendment, kindly sign both copies of
this letter, and return one copy to me.
Truly yours,
/s/ Harry McGinn
Harry McGinn
President
International Investment Partners, Ltd.
ACKNOWLEDGED AND AGREED TO: /s/ Joseph DelVecchio
---------------------------------------
Joseph DelVecchio
Executive Vice President and Chief Operating Officer
Medical Technology & Innovations, Inc.
Medical Technology, Inc.
Steridyne Corporation
