Ryan
Francom
CFO
Siding and More Inc
123 Anywhere Street
Somewhereville, Best State 88889
CFO
Siding and More Inc
123 Anywhere Street
Somewhereville, Best State 88889
1/1/2010
Bill
Stevenson
President
Rain Gutters R Us
123 Anywhere Street
Somewhereville, Best State 88889
President
Rain Gutters R Us
123 Anywhere Street
Somewhereville, Best State 88889
Dear
Mr. Stevenson,
We
hereby submit a letter of intent to purchase your business Rain Gutters R Us,
its inventory and other assets. We envisage that the principal terms of the
proposed transactions would be substantially as follows.
We
would acquire Rain Gutters R Us including its facilities located at 123
Anywhere Street, its logo, brand, brand equity and customer lists. Furthermore,
we would acquire all office and field equipment and inventory. As part of the
deal, we would assume the current outstanding debt of $50,000.
As
consideration for this, we would provide compensation of $400,000 as follows:
1. $50,000 deposit on execution of a
purchase agreement
2. $100,000 after 15 day transfer
period
3. Balance in equal payments paid
monthly the first 6 months after closing
As
part of this letter of intent, we would require that you cease shopping for
other buyers for a period no less than 60 days to provide us time to complete
due diligence and finalize the agreement. We would also require that you not
disclose our intent to purchase until after the purchase agreement has been
completed and we can issue a joint press release.
This
letter is not an official purchase agreement. All of the terms and conditions
of the proposed transaction would be stated in the Purchase Agreement, to be
negotiated, agreed and executed by both parties.
If
we are selected as a prospective buyer, we anticipate that from the selection
date to the closing will take no more than 45 days.
Sincerely,
Ryan
Francom
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