EXHIBIT 4.13
EarthFirst Technologies, Inc
2515 E. Hanna Avenue
Tampa, FL 33610
March 30, 2005
Scott J. Giordano
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Direct Dial: (212) 407-4104
Fax: (212) 407-4990
RE: | EarthFirst Technologies, Inc. – Escrow Release | |
| Gross Escrow Deposit: $6,600,000 |
Dear Mr. Giordano:
These instructions are given to you pursuant to a Funds Escrow Agreement among EarthFirst Technologies, Inc. (the “Company”), Laurus Master Fund, Ltd. and Loeb & Loeb LLP as Escrow Agent. Subject to the terms set forth below, you are instructed to disburse $6,600,000 of the investor’s funds received by you to and on the Company’s behalf as follows:
| 1. | $4,507,861.21 – EarthFirst Technologies, Inc pursuant to the following wire instructions: |
Bank Name: | Bank of Tampa | |
ABA #: | ||
For Credit to: | EarthFirst Technologies, Inc. | |
Account Number: | ||
| 2. | $1,650,000.00 – Akerman Senterfitt, P.A. (for payment in full of all secured obligations to Sun Trust Bank) pursuant to the following wire instructions: |
Bank: | SunTrust Bank | |
| Orlando, FL | ||
ABA Number: | 063102152 | |
For Credit to: | Trust Account of Akerman Senterfitt | |
Account Number: | 0215201112961 | |
Reference: | Notify Akerman accounting department upon arrival |
| 3. | $24,129.92 – Akerman Senterfitt, P.A. (for payment in full of all Company 2004 Tax Judgments outstanding) pursuant to the following wire instructions: |
Bank: | SunTrust Bank | |
| Orlando, FL | ||
ABA Number: | 063102152 | |
For Credit to: | Trust Account of Akerman Senterfitt | |
Account Number: | 0215201112961 | |
Reference: | Notify Akerman accounting department upon arrival |
| 4. | $27,718.37 – Akerman Senterfitt, P.A. (for payment in full of all Company 2003 Tax Judgments outstanding) pursuant to the following wire instructions: |
Bank: | SunTrust Bank | |
| Orlando, FL | ||
ABA Number: | 063102152 | |
For Credit to: | Trust Account of Akerman Senterfitt | |
Account Number: | 0215201112961 | |
Reference: | Notify Akerman accounting department upon arrival |
| 5. | $288,000.00 – Laurus Capital Management, L.L.C. (management fees), pursuant to the following wire instructions: |
Bank: | North Fork Bank | |
| New York, NY 10022 | ||
ABA Number: | 021407912 | |
For Credit to: | Laurus Capital Management, LL.C. | |
| Account Number: | 2774045278 |
| 6. | $23,125.00 – Laurus Capital Management, L.L.C. (Due diligence and documentation expenses), pursuant to the following wire instructions: |
Bank: | North Fork Bank | |
| New York, NY 10022 | ||
ABA Number: | 021407912 | |
For Credit to: | Laurus Capital Management, LL.C. | |
| Account Number: | 2774045278 |
| 7. | $2,375.00 to Akerman Senterfitt, P.A. (for payment in full of all legal services relating to Florida mortgage) pursuant to the following wire instructions: |
Bank: | SunTrust Bank | |
| Orlando, FL | ||
ABA Number: | 063102152 | |
For Credit to: | Trust Account of Akerman Senterfitt | |
| Account Number: | 0215201112961 | |
| Reference: | Notify Akerman accounting department upon arrival |
| 8. | $34,790.50 to Akerman Senterfitt, P.A. (for payment of the title premium, documentary stamp tax, intangible tax, recording fees and title searches relating to Florida mortgage) pursuant to the following wire instructions: |
Bank: | SunTrust Bank | |
| Orlando, FL | ||
ABA Number: | 063102152 | |
For Credit to: | Trust Account of Akerman Senterfitt | |
| Account Number: | 0215201112961 |
| 9. | $40,000.00 to Sichenzia Ross Friedman Ference LLP. (for company counsel legal fees) pursuant to the following wire instructions: |
Bank: | HSBC Bank USA | |
| New York, NY | ||
ABA Number: | 021001088 | |
For Credit to: | Sichenzia Ross Friedman Ference LLP | |
| Account Number: | 629034133 | |
| Reference: | EFTI |
| 10. | $2,000 – Loeb & Loeb LLP (for escrow agent fee), pursuant to the following wire instructions: |
Bank: | Citibank, N.A. | |
ABA No: | 021000089 | |
Acct. No.: | 02674308 | |
Reference: | Laurus Escrow Arrangement |
Very truly yours, | ||
EARTHFIRST TECHNOLOGIES, INC. | ||
By: | /s/ John Stanton | |
Accepted and Agreed:
Laurus Master Fund, Ltd.
| By: | /s/ Eugene Grin |
