Notice of Exercise of Option by Single Source Financial Services Corporation to Acquire MBB's Interest in CardReady International, Inc.

Summary

Single Source Financial Services Corporation (SSFS) notifies CardReady International, Inc. and MBBRAMAR, INC. that it is exercising its option, under a prior agreement, to purchase all of MBB's interest in CardReady. In exchange, SSFS will issue 4,000,000 shares of its common stock to MBB. A formal purchase agreement will be prepared to detail the terms, replacing the previous letter of intent, with the transaction expected to close in about 120 days from April 29, 2002.

EX-10.2 4 doc3.txt NOTICE OF EXERCISE OF OPTION The undersigned, Single Source Financial Services Corporation, a New York corporation ("SSFS"), the holder of an option pursuant to that certain First Restated Letter of Intent dated April 29, 2002 (the "Restated LOI") by and between SSFS, CardReady International, Inc., a California corporation ("CardReady") and MBBRAMAR, INC., a California corporation ("MBB"), hereby irrevocably elects to exercise its rights under the Restated LOI to purchase all of MBB's interest in CardReady in exchange for the issuance of four million (4,000,000) shares of common stock of SSFS. SSFS will cause to be prepared a Purchase Agreement which will set forth all of the terms and conditions of the acquisition, and which will, upon its execution, replace the Restated LOI. SSFS anticipates that a formal closing of the acquisition will take place approximately one hundred twenty (120) days from the date hereof. Executed this 29th day of April, 2002, at Beverly Hills, California. Single Source Financial Services Corporation, a New York corporation /s/ Arnold F. Sock ______________________________________ By: Arnold F. Sock Its: President