Allegro Biodiesel Corporation 6033 West Century Blvd., Suite 1090 Los Angeles, California 90045 Tel: (310) 670-2093 Fax: (310) 670-4107 www.allegrobiodiesel.com

 

June 13, 2008

 

 

Attention: Ronda Carson

JPMorgan Chase Bank, N.A.

Escrow Services

333 South Grand Avenue, 36^th Floor

Los Angeles, CA 90065

 

Re:

Joint Escrow Instructions re Escrow Agreement (“Escrow Agreement”) by and among Diametrics Medical, Inc., the Members and JPMorgan Chase Bank, N.A. dated as of September 20, 2006

 

Ladies and Gentlemen:

 

Allegro Biodiesel Corporation (fka Diametrics Medical, Inc., “Allegro”) has submitted to you various demands for release from the Escrow Deposit under the Escrow Agreement. The parties to the Escrow Agreement have not resolved any of such claims other than Allegro’s demand dated February 22, 2008, for the release of $47,448.49 relating to certain taxes. Joint escrow instructions for the release of such amount were delivered to you on or about May 16, 2008.

 

Notwithstanding that our remaining claims continue to be outstanding, the parties to the Escrow Agreement have agreed to release a portion of the Cash Escrow Deposit and a portion of the Stock Escrow Deposit as set forth below.

 

Accordingly, you are hereby instructed to release (i) to Allegro from the Cash Escrow Deposit the sum of $151,628.08 and from the Stock Escrow Deposit, 124,961 shares of Allegro common stock and (ii) to the Members from the Cash Escrow Deposit the aggregate sum of $201,129.30 and from the Stock Escrow Deposit an aggregate of 126,250 shares of Allegro common stock. It is requested that these funds and shares be released as promptly as possible.

 

Funds released to Allegro shall be paid by wire transfer to the following account:   Bank of America 4754 Admiralty Way Marina Del Rey, CA 90292 ABA No. 026009593   Account Number 09145-41651   Shares of Allegro common stock released to Allegro shall be delivered to the following address:

 

 

Allegro Biodiesel Corporation 6033 West Century Blvd., Suite 1090 Los Angeles, CA 90045 Attention: W. Bruce Comer III Telephone No.: (310) 670-2721

 

 

	Regions Bank 8440 Jefferson Hwy. Baton Rouge, LA 70809 ABA No. 062005690 Account Number 1450901416

 

 

 

 

Allegro Biodiesel Corporation 6033 West Century Blvd., Suite 1090 Los Angeles, California 90045 Tel: (310) 670-2093 Fax: (310) 670-4107 www.allegrobiodiesel.com

 

 

	Shares of Allegro common stock released to the Members shall be delivered to the following address:
	Breazeale, Sachse & Wilson, L.L.P. 23rd Floor, One American Place 301 Main Street Baton Rouge, LA 70821-3197 Attn: B. Troy Villa Telephone No.: (225) 387-4000
	Capitalized terms used herein without definition have the meaning ascribed thereto under the Escrow Agreement.

 

 

 

Allegro Biodiesel Corporation 6033 West Century Blvd., Suite 1090 Los Angeles, California 90045 Tel: (310) 670-2093 Fax: (310) 670-4107 www.allegrobiodiesel.com

 

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	Please call Stephen Blevit of Sidley Austin LLP at ###-###-#### with any questions regarding these joint escrow instructions.
	Very truly yours,
ALLEGRO BIODIESEL CORPORATION

 

 

By:       /s/ W. Bruce Comer, III                                     Name: W. Bruce Comer, III Title:   Chief Executive Officer

/s/  Darrell Dubroc                                       DARRELL DUBROC, as Member Representative