NuState Energy Holdings (NSEH) is extremely pleased to submit a Memo of Understanding for NSEH to purchase up to 100 % of Air Cuba Corp.
We understand the desire to proceed expeditiously with the purchase by NSEH of Air Cuba’s Corp. We are prepared to move quickly on the transaction and believe we are well suited to do so. This letter summarizes our proposal discussed in person with Mr. Elio Vazquez and Mr. Ignacio Rodriguez of Air Cuba Corporation.
1. Purchase Terms.
NuState Energy Holdings (NSEH) (Buyer) would purchase 100% stake in Air Cuba Corp. (Seller) for $1,000,000 in the following terms:
- $25,000 deposit 4/01/17 after reviewing the financials and validating the use of proceeds for renewing the certificate.
- $25,000 within 30 days after the parties signs the final purchase agreement or May 1, 2017 whichever comes first.
- Air Cuba will receive money in 4 separate tranches of $250,000 for a total of $1,000,000 to be used for operations beginning in May based on certain performance measures mutually agreed upon.
-Air Cuba will permit us to place commercial aircraft’s on the certificate that will generate additional sales and earnings.
- Air Cuba and NSEH will enter into a share exchange agreement based on the agreed upon ownership consideration and evaluation of the certificate and trademark of the company estimated at $1,000,000.
- NSEH will be responsible for maintaining all accounting responsibilities including preparing Air Cuba’s audit at the close of the transaction.
- NSEH will retain three management positions with compensation for a minimum of three years including Jim DeSalvo, Elio Vazquez and Ignacio Rodriguez. NSEH and Air Cuba will mutually agree on compensation requirements and incentives. NSEH has the rights to elect one or all to the board of directors.
- NSEH has the right to issue a press release at/or after the initial deposit is made.
