Letter of Intent
Raptor Fabrication & Equipment
7064 Sampey Rd
Groveland, FL 34736
Attention: Tom Gleason, Dwayne Dundore
October 29, 2010
Dear, Mr. Gleason, Mr. Dundore:
When countersigned by each of the parties, the following will constitute our letter of intent, outlining the general terms with respect to funding by Eco Ventures Group, Inc, (“EVG”) 4577 Nob Hill Road Suite 201 Sunrise Florida 33351 for Raptor Fabrication & Equipment (“Raptor”) 7064 Sampey Road, Groveland Florida 34736.
1. Funding :
Upon execution of this Letter of Intent & Proposal Order Form, Eco Ventures Group, Inc agrees to provide certain funding for its participation in a Joint Venture with Raptor in a 3.6 million gallon biodiesel system located at 7510 State Road 50 Groveland Florida. The initial total cost of this project is $1,600,000.00. The timing for this payment for the project will be paid out as follows $50,000.00 on or before 1/15/2011, the next $300,000.00 on or before 1/31/2011. On or before 3/15/2011 the third payment of $500,000.00 will be paid out. The forth payment of $500,000.00 is due on or before 6/15/2011 and the final payment of $250,000 is due on or before 9/15/2011. Both parties agree to work on a best efforts basis to provide the agreed funding.
2. Definitive Agreement
The parties will diligently and in good faith negotiate a definitive Agreement (the "Definitive Agreement") incorporating the principal terms of the contemplated transaction as set forth herein and, in addition, such other