August 11, 2000
Global iTechnology, Inc.
317 Madison Avenue, Suite 807
New York, NY 10017
Re: Loans
Gentlemen:
You have asked that I loan Global iTechnology, Inc. (the "Company") an
additional $110,000. I have previously loaned the Company $125,000 which is
evidenced by one or more demand promissory notes (the "Notes"). I hereby agree
to lend the Company the additional $110,000 provided, the Company enters into a
Pledge, Escrow and Security Agreement, pledging its ownership in Certificate
Express, inc. to secure repayment of the total of $235,000 (the "Loans") and
issues 22,000 three-year warrants to me to purchase shares of the Company's
common stock for $.1875 per share. In addition, I agree that the Loans will now
be represented by a single promissory note due August 10, 2001 or earlier in the
event of financing.
If these terms are acceptable to you, please sign and return a copy of
this letter to me.
Very truly yours,
Secured Lender
Accepted:
Global iTechnology, Inc.
By: ______________________________
Lee Montellaro, CFO
