Acknowledgement Letter Regarding Amounts Owed by C-Motech Co., Ltd. to Franklin Wireless Corp.

Contract Categories: Business Operations › Settlement Agreements
Summary

C-Motech Co., Ltd. and Franklin Wireless Corp. have agreed that C-Motech owes Franklin a total of $1,873,064.70 for previously purchased products. This amount includes $1,581,456.70 for marketing funds and $291,608.00 related to a price dispute over specific products. C-Motech agrees to pay the full amount to Franklin by March 31, 2011. The agreement is acknowledged and approved by representatives of both companies.

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EX-10.4 5 franklin_10q-ex1004.htm ACKNOWLEDGEMENT LETTER franklin_10q-ex1004.htm
EXHIBIT 10.4
 
 
Acknowledgement of amounts owed by C-Motech Co., Ltd (“C-Motech”) to Franklin Wireless Corp. (“Franklin”) relating to products previously purchased by Franklin from C-Motech.

C-Motech agrees to pay US$1,873,064.70 to Franklin by March 31, 2011 for the following items:

US$1,581,456.70 for marketing funds relating to products purchased by Franklin.
US$291,608.00 for a price dispute for CMU-301 products previously purchased by Franklin.

 

 
Acknowledged and approved: Acknowledged and approved:
   
/s/ OC Kim                                             /s/ TS Kim                                                 
OC Kim Name: TS Kim
President Title: CEO
Franklin Wireless C-Motech Co., Ltd.
Date:           1/28/2011                           Date: ________________________