Notice of Default Regarding Extension Agreement for Tigerlynk Underwater Manipulator Patents and Technology Acquisition
Hollund Industrial Marine Inc. has issued a written notice stating it is in default of the Extension Agreement dated January 29, 2009, related to acquiring the Tigerlynk underwater manipulator patents and technology. The notice clarifies that, although the company is required to report this default, it has not yet decided to take any action based on the default. This communication fulfills Hollund's obligation as a reporting issuer to formally notify the other party of the default condition.
EXHIBIT 10.2
Hollund Industrial Marine Inc.
April 16, 2009
3000 Green Mountain Drive,
Suite 107-413, Branson, MO 65616
USA
We are obliged to inform you, that Hollund is in default of the Extension Agreement dated January 29, 2009 in regards to the acquisition of the “Tigerlynk” underwater manipulator patents and technology. However, please be advised that this notice of default in no way infers that we have decided to act on this default condition, rather only, that as a reporting issuer we are obligated to inform you of this in writing.
Sincerely,
\S\ Sheridan B. Westgarde
President,
Sheridan B. Westgarde
