Release Agreement between Magna-Lab, Inc. and Noga Investments in Technologies Ltd. (10/31/2005)

Summary

Magna-Lab, Inc. agrees to release Noga Investments in Technologies Ltd., its receiver, attorneys, and successors from any claims related to the sale of 30,772,729 shares of Magna-Lab's Class A common stock under a previous stock purchase agreement. This release means Magna-Lab, Inc. will not pursue any legal action regarding these shares against Noga Investments or its representatives. The agreement is effective as of October 31, 2005.

EX-10.3 4 e501110_ex10-3.txt RELEASE DATED 10/31/05 [LOGO OF MAGNA-LAB INC.] 6800 Jericho Turnpike Suite 120W Syosset, NY 11791 ###-###-#### October 31, 2005 Adv. Zuriel Lavie, Receiver of Noga Investments in Technologies Ltd. 4, Itamar Ben Avi St. Tel Aviv, 64736 Israel Dear Adv. Lavie: This letter is being delivered to you pursuant to Section 4(b)(iv) of the Stock Purchase Agreement dated as of June 2005 between Noga Investments in Technologies Ltd. (in receivership) by its Receiver, Zuriel Lavie, and the purchaser party thereto, predecessor in interest to Magna Acquisition LLC. For valuable consideration received by us, we hereby release Noga Investments in Technologies Ltd., its Receiver and his attorneys, and its successors and assigns, from any and all actions, causes of action, claims, demands and suits whatsoever which we have or have ever had, or hereafter can, shall or may have, against such persons, for, upon or by reason of any matter, cause or thing whatsoever relating to the 30,772,729 shares of Class A common stock of our company being sold by Noga Investments in Technologies Ltd. pursuant to the above-referenced stock purchase agreement. Very truly yours, MAGNA-LAB, INC. By: /s/ Lawrence A. Minkoff -------------------------- By: Lawrence A. Minkoff, Ph.D. Its: Chief Executive Officer