Letter Confirming Completion of ICTS Inc. Stock Sale from Interboro Holding Inc. to Digital Workforce Development Centers Inc.

Contract Categories: Business Finance › Purchase Agreements
Summary

This letter from Interboro Holding Inc. to Digital Workforce Development Centers Inc. confirms the transfer of 3,000,000 shares of ICTS Inc., representing all outstanding shares, to Digital Workforce. The letter acknowledges receipt of the purchase price as per the Stock Purchase Agreement dated October 16, 2002, and states that the sale is now complete. It also notes that Interboro's representatives are available to assist with the transition. The recipient is asked to acknowledge receipt of the stock certificate by signing and returning a copy of the letter.

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EX-10.2 4 d3341561_exh10-2.txt LETTER DATED OCTOBER 21, 2002 Exhibit 10.2 Interboro Holding Inc. 35 East Grassy Sprain Road Yonkers, New York, 10710 October 21, 2002 Ziad Khan Chairman and Chief Executive Officer Digital Workforce Development Centers Inc. 12040 So. Lakes Drive Suite 75 Reston, VA 20191 Re: Sale of ICTS to Digital Workforce Development Centers Inc. Dear Mr. Khan: Enclosed please find Stock Certificate number 13 for 3,000,000 shares of ICTS Inc. common stock, registered in the name of Interboro Holding Inc. These shares constitute all of the issued and outstanding shares of ICTS, Inc. The reverse of the certificate has been endorsed by Interboro Holding Inc. to Digital Workforce Development Centers Inc. Interboro Holding Inc. acknowledges receipt of the Purchase price referred to in the Stock Purchase Agreement between Digital Workforce Development Centers Inc. and Interboro Holding Inc. dated as of October 16, 2002, incorrectly dated 2001 and corrected on our copy. According, the sale of ICTS is now complete. Stephen and Frank are available to work with you during the transition period in accordance with the Stock Purchase Agreement. I recommend that you contact them immediately to arrange meetings with SLM Financial, the CUPS and the Landlords, among others. Please acknowledge receipt of the enclosed Stock Certificate by signing in the space provided below and returning a copy to my attention. Yours truly, /s/ Michael J. O'Brien Michael J. O'Brien Secretary, Assistant Acknowledged, ___________________________ Date: Ziad Khan, Chairman and CEO