Term Sheet for Purchase and Assignment of Fittipaldi Logistics, Inc. Secured Convertible Debentures

Summary

Fittipaldi Logistics, Inc. has arranged for accredited investors to purchase up to $1,200,000 of its 5% secured convertible debentures, which are being assigned by Cornell Capital Partners, LP. Investors must buy at least $50,000 each. The agreement amends the debenture terms: investors waive overdue payments, extend the maturity to January 15, 2008, and allow the company to redeem the debentures without penalty. Interest accrues at 16% per year, payable in cash or stock, and the conversion price is set at $0.025 per share. The transaction must close by July 31, 2007.

EX-4.13 2 ex4-13.txt Exhibit 4.13 FORM OF TERM SHEET FOR PURCHASE OF OUTSTANDING DEBENTURES (VERSION 1) ---------------------------------- TRANSACTION: Fittipaldi Logistics, Inc., a Nevada corporation (the "Company"), has negotiated the settlement of all its outstanding obligations to Cornell Capital Partners, LP and its affiliates ("Cornell"). As part of this settlement, Cornell will assign up to $1,200,000 of the Company's 5% secured convertible debentures (the "Debentures") to Investors BUYER: Accredited investors (the "Investors") TO BE ASSIGNED: Up to $1,200,000 with a minimum of $50,000 per Investor REVISED TERMS Simultaneous with the assignment of the Debentures, the Company is prepared to amend certain terms of the Debentures as follows: o Investors shall waive the past due payments of principal and interest on the Debentures and extend the maturity date to January 15, 2008 o Company shall have the right to redeem the Debentures, without penalty, subject to Investors' conversion rights o Interest shall accrue until maturity date at 16.0% per annum in cash or stock at Company's discretion. o Conversion price of $0.025 per share o Shares issued upon conversion will be issued without restrictive legend. CLOSING DATE: As soon as possible, but not later than July 31, 2007 I/we hereby purchase $_______ of Fittipaldi Logistics, Inc. secured convertible debentures, to be assigned by Cornell. PURCHASER: _____________________________ BY: _____________________________ PRINTED NAME: ___________________ TITLE (if any): ___________________ TAX ID or SS#: ___________ DATE: ___________2007