Letter Agreement Extending Payment Due Date Between Sekisui Diagnostics, LLC and Qualigen, Inc.
Sekisui Diagnostics, LLC and Qualigen, Inc. have agreed to extend the due date for Qualigen’s payment of $890,000, plus interest, owed to Sekisui for R&D and Vitamin D costs. The new payment deadline is September 1, 2020. All other terms of their existing Distribution Agreement remain unchanged. Both parties have signed this letter to confirm their agreement to the extension.
Exhibit 10.19
June 23, 2020
Qualigen, Inc.
2042 Corte Del Nogal
Carlsbad, CA 92011
Attention: Michael S. Poirier, (Chairman, President and CEO)
| Re: | Letter of Intent by and between Sekisui Diagnostics, LLC (“Sekisui”) and Qualigen, Inc. (“Qualigen”) dated as of March 16, 2018, as amended and restated as of August 22, 2018, as amended (the “LOI”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the LOI. |
Dear Michael:
With respect to the above-referenced LOI, this letter will confirm certain understandings of Qualigen, and Sekisui as follows:
| (1) | Qualigen and Sekisui confirm and agree that pursuant to the terms of the LOI, Qualigen owes Sekisui for the R&D Payment and the Sekisui Vitamin D Costs the aggregate principal amount of 890,000.00, together with interest thereon, which sum was due and payable in full on December 6th, 2019 and payment was extended to January 6th, 2020 March 6th, 2020 and then to June 1st 2020, without offset or demand. | |
| (2) | Qualigen and Sekisui agree to extend the due date for payment of the R&D Payment and the Sekisui Vitamin D Costs in the aggregate principal amount of $890,000.00, together with interest thereon, to September 1st, 2020, on which date Qualigen shall pay to Sekisui such sum in full without offset or demand. | |
| (3) | Except as specifically set forth herein, all terms and conditions of the Distribution Agreement remain in full force and effect. |
If you agree with the terms of this letter agreement, please sign a counterpart copy of this letter and return to me.
| Very truly yours, | ||
| Sekisui Diagnostics, LLC | ||
| By: | /s/ Bill Faranda | |
| William Faranda | ||
| AGREED TO: | ||
| QUALIGEN, INC. | ||
| By: | /s/ Michael Poirier | /s/ RDR |
| Michael S. Poirier, (Chairman, President and CEO) | Legal Approval |
Sekisui Diagnostics, LLC
1 Wall Street
Burlington, MA 01803
Tel: 800 ###-###-#### Fax: 800 ###-###-####
www.sekisuidiagnostics.com
