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Technology Stocks : Xenolix Technologies (XTCI) 'Ecstasy'(Formerly MGAU) -- Ignore unavailable to you. Want to Upgrade?

To: Richard Mazzarella who wrote (3312)	4/9/1999 8:19:00 PM
From: Char	Respond to of 5143

Richard In case anyone didn't see this paragraph from the recent Naxos shareholder letter, I thought I would post it here. It looks like a good clean break. Char SETTLEMENT WITH JOHNSON, LETT AND COMPANY We have settled all issues pertaining to our relationship with Johnson, Lett and Company (JLC). As you may remember, in the Fall of 1998, we entered into an agreement with JLC to pay them US $20,000 each month to continue developing their technology for our benefit. As a part of the arrangement, they agreed to reimburse any payment if they subsequently sold to another party any of the technology developed during the term of our agreement. We paid them a total of US $40,000 during the two months that the agreement was in effect. Additionally, Jimmy John, former Naxos Chairman and President, during his tenure in those positions, on behalf of Naxos made an agreement with JLC to sell to them two small and one large attritor machines, which originally cost about US $95,000, for US $10,000. These pieces of equipment were purchased by Naxos exclusively for use in developing the Johnson, Lett Technology. JLC also agreed to purchase several other pieces of office equipment, owned by Naxos, but located at their facility, for an amount equal to its current value of US $4000. As a result of recent discussions between JLC and Naxos, all original agreements were honored. On March 30, JLC paid Naxos US$54,000.