CLOSING STATEMENT
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Closing Date........................................ May 2, 2000 ("Closing Date")
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Investor............................................ Crescent International Ltd. ("Investor")
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Company............................................. American Access Technologies Inc. ("Company")
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Transaction......................................... This closing represented the initial closing of the
purchased sale by the Company to Investor of shares of
the Company's Common Stock pursuant to Stock Purchase
Agreement dated May 2, 2000 (the "Stock Purchase
Agreement"). Capitalized terms not otherwise defined
herein shall have the meaning assigned by the Stock
Purchase Agreement.
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Maximum Commitment Amount........................... $15,000,000
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Discounted Market Price $4.6766
on the Subscription Date.........................
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Shares of Common Stock Sold......................... 406,278
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Closing Disbursements:
1. Aggregate Investment Amount..................... $ 1,900,000
2. Less: Put Fee (Schedule 10.1)................... $ 150,000
3. Less: Put Fee (1.0% - Schedule 10.1)............ $ 19,000
4. Less: Class Action Legal Opinion Fee............ $ 2,080
5. Less: Transaction Costs......................... $ 5,035
6. Net to Company.................................. $ 1,723,885
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Actions at Closing:
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1. Stock Purchase Agreement........................ The Investor and the Company executed the Stock Purchase
Agreement.
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2. Registration Rights Agreement................... The Investor and the Company executed the Registration
Rights Agreement.
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3. Incentive Warrant............................... The Company executed and delivered the Incentive Warrant
to the Investor.
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4. Early Put Warrants.............................. The Company executed and delivered an Early Put Warrant
to the Investor.
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5. Instructions to Transfer Agent.................. The Company executed and delivered irrevocable Issuance
Instructions to the Transfer Agent and the Transfer Agent
confirmed and accepted such instructions. A copy of such
instructions and acceptance has been received by the
Investor's legal counsel.
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6. Legal Opinion.................................... Joel Bernstein, Esq. P.A. delivered a legal opinion.
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7. Wire Transfer.................................... Upon confirmation of above actions by Investor's legal
counsel, Investor will wire to the Company the Net Amount
of $1,723,885, indicated on the front page hereof, and
thereafter deliver to the Transfer Agent a Wire Transfer
Notice indicating completion of delivery by wire transfer
to the Company the Net Amount of $1,723,885.
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Acknowledged and Agreed:
Crescent International Ltd. American Access Technologies Inc.
By: By:
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Total Pursuant to the Stock Purchase Agreement $ 15,000,000.00
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Early Put ($1,900,000.00)
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Subsequent Put/Closing ($.00)
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Remaining Balance $13,100,000.00
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