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Title: |
Conversion Agreement |
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Date: |
2001 |
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$39 |
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#1618750 |
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5 0005.txt CONVERSION AGREEMENTS
CONVERSION AGREEMENT
Kemet Investment Limited Partnership, a limited partnership formed pursuant to
the laws of Pennsylvania with offices at 200 Highpoint Drive, Chalfont, PA,
hereby acknowledges and agrees to the following:
WHEREAS, Kemet is a shareholder of PowerNomics Enterprise Corporation, a
Delaware corporation ("PEC"); and
WHEREAS, as of October 31, 2000, Kemet had lent PEC a total of $352,000 pursuant
to a line of credit dated May 9, 2000 and amended October 31, 2000; and
WHEREAS, the line of credit had an interest rate 10%, and accrued interest of
$12,898.67 as of October 31, 2000; and
WHEREAS, two of the partners of Kemet are Dr. Walter P. Lomax and W. Thomas
Lomax, both of whom are officers and/or directors of PEC.
NOW THEREFORE, for $1.00 and other good and valuable consideration it is agreed
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