Financing Commitment Letter between Noreast Capital Corporation and Ultra Pure Water Technologies, Inc.
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Summary
Noreast Capital Corporation agrees to finance at least 5,000 "Ice Island" machines for Ultra Pure Water Technologies, Inc. in 2006, using a "Fee Per Use" program. This commitment depends on the creditworthiness of customers and the equipment's ongoing performance. Noreast will also handle billing and collections for these customers during the initial term and any renewals, for a negotiated fee.
EX-10.2 13 ex10_2.txt EXHIBIT 10.2 Exhibit 10.2 NOREAST CAPITAL CORPORATION 1410 Forest Drive Suite 9 Annapolis, MD 21430 Ph ###-###-#### Fax ###-###-#### October 12, 2005 Daniel LeBlanc President Ultra Pure Water Technologies, Inc. 310 E. Gloria Switch Road Lafayette, La 70509 Dear Daniel: Noreast Capital Corporation is pleased to support Ultra Pure Water Technologies, Inc. in their placement of the "Ice Island" system in the convenience and grocery store markets. As a partner in this endeavor, Noreast Capital Corporation commits to finance no less than 5,000 machines in 2006 utilizing the "Fee Per Use" program developed for Ultra Pure Water Technologies, Inc. Noreast Capital Corporation's commitment is contingent upon the credit worthiness of the potential customers wishing to enroll in this program and the ongoing satisfactory performance level of the equipment. Noreast Capital Corporation also agrees to bill and collect these customers for the duration of the initial term, and for a negotiated fee, any renewal thereafter. Sincerely, /s/ JEFF KREIS - ---------------------------- Jeff Kreis Business Development Manager Noreast Capital Corporation
