Amendment to Convertible Promissory Note and Subscription Agreement between Oiltek, Inc. and Michael L. Ray

Summary

Oiltek, Inc. and Michael L. Ray have agreed to correct the conversion price in a previously issued $5,000 convertible promissory note and related subscription agreement. The original documents mistakenly listed the conversion price as $0.02 per share; this amendment confirms the correct conversion price is $0.01 per share. This change ensures that Mr. Ray can convert the note into more shares than originally stated. The agreement is effective as of January 30, 2009.

EX-10.3 7 ex10-3.htm ex10-3.htm
Exhibit 10(iii)

Oiltek, Inc.
7808 Creekridge Circle, Suite 105
Minneapolis, Minnesota 55439


January 30, 2009

Mr. Michael L. Ray
108 Parkway Plaza
Madill, OK  73446

 
                Re:           Convertible Note

Dear Mr. Ray:

Reference is made to the convertible promissory note (the “Note”) issued by Oiltek, Inc. (the “Payor”) in favor of you, Michael L. Ray (the “Payee”) in the principal amount of $5,000, dated November 28, 2006, and the subscription agreement (the “Subscription Agreement”) between the Payor and you, the Payee, dated November 28, 2006.

The conversion price with respect to the Note and the Subscription Agreement is listed by mistake as $0.02 per share.  The Payor hereby agrees that the conversion price with respect to the Note and the Subscription Agreement shall be $0.01 per share.

Very truly yours,

Oiltek, Inc.


By: Kent Rodriguez______________
       Kent Rodriguez, CEO