Leonard Reiffel
602 Deming Place
Chicago, Illinois 60614
September 2, 2005
| VIA FEDERAL EXPRESS | |
| | |
| President | Mr. Logan B. Anderson |
| Exelar Medical Corporation | XLR Medical Corp. |
| Suite 204, 1480 Gulf Road | 3199 E. Warm Springs Road, Suite 200 |
| Point Roberts, Washington 98281 | Las Vegas, Nevada 89120 |
Re: Technology Transfer Agreement
Gentlemen,
Reference is hereby made to that certainTechnology Transfer Agreementdated March 25, 2004 (the "TTA"), by and between Exelar Corporation ("Exelar"), Exelar Medical Corporation ("EMC"), and myself, and to that certainSecuredPromissory Notedated March 25, 2004 (the "Note").
Exelar and EMC have defaulted on their obligations to me under the TTA, including without limitation the obligation to pay amounts due pursuant to the Note. Formal notice is hereby given to each of EMC and XLR Medical Corp., pursuant to Section 1 of the Note, of my intent to exercise my rights and remedies under the Note, including without limitation foreclosing on, and causing a reconveyance to me of, as applicable, the assets, patents and patent applications pledged to me thereunder, on or after the fifth day following receipt of this notice, failing EMC's or XLR's full performance under the TTA and the Note by such date.
Please refer any questions regarding this matter to my counsel, Fredric D. Tannenbaum, at 312-899-1613.
| cc: | Mr. William B. Houston
Cane & Associates
Mr. Stephen F.X. O'Neill
Mr. Fredric D. Tannenbaum |
