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CPI and AVGA will jointly develop a statement of
requirements (SOR I) under which CPI will deliver
to AVGA hardware and software that meet the
specifications of this SOR. AVGA will advance to
CPI the sum of $280,000 as partial payment for a
license to those products delivered to AVGA under
SOR I; as agreed in CPI's letter of April 29, 1987.
CPI and AVGA have further agreed to jointly develop
a second statement of requirements (SOR II) under
which CPI will deliver to AVGA hardware and software
that meet the specifications of SOR II. AVGA will
advance to CPI the sum of $100,000 as partial
payment for a license to those products delivered
to AVGA under SOR II; as agreed in CPI's letter
of April 29, 1987.
In an effort to assure the timely delivery of those
products to be licensed to AVGA by CPI; (sic) Weeden
Capital Management, Inc. agrees to advance to CPI any
funds, in excess of those committed by AVGA as advance
license payments, reasonably required to complete CPI's
commitments to AVGA under SOR I and SOR II.
Sincerely,
/s/ Thomas L. Flaherty
Thomas L. Flaherty
Vice President
After CPI's incorporation, its activities consisted of
entering into the production agreement with Avant-Garde as
set forth in the letter dated April 29, 1987, entering into
the agreement with Weeden as set forth in the letter dated
May 12, 1987, quoted above, opening a bank account, and
receiving one check from Avant-Garde. Various documents
were drafted on CPI's behalf, including bylaws, an
indemnity agreement for directors and officers of the
corporation, a common stock purchase agreement, and a
preferred stock purchase agreement, but none of these
documents were ever executed. CPI paid the funds received
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Last modified: May 25, 2011