XLRC today’s 8K
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Entry into Debt Settlement Agreement with The Charles F. White Corporation
Effective December 8, 2005, we entered into an agreement (the “Debt Settlement Agreement”) with our wholly owned subsidiary, 689158 B.C. Ltd. (“XLR Sub”) and The Charles F. White Corporation (“CFW”) whereby the parties agreed to release each other from any and all liabilities relating to the loan agreement between XLR Sub and CFW dated March 8, 2004 (the “Loan Agreement”) and the guarantee provided by us in connection with the Loan Agreement (the “Guarantee”).
Pursuant to the Debt Settlement Agreement, we agreed to issue to CFW a total of 1,250,000 shares of our common stock (the “Settlement Shares”) and to renounce any rights that we had to the 826,420 common shares of TechniScan, Inc. that we had pledged as collateral pursuant to the Loan Agreement and the Guarantee. In exchange, CFW agreed to release us and XLR Sub from any and all liabilities or obligations in connection with the Loan Agreement and the Guarantee. The Settlement Shares were issued to CFW on December 8, 2005.
Entry into Settlement Agreement with Former Chief Executive Officer and Director
Effective December 13, 2005, we entered into an agreement with Peter A. Hogendoorn, our former President and Chief Executive Officer, and a former member of our Board of Directors, whereby Mr. Hogendoorn agreed to release us from any and all liabilities or obligations owed to him (the “Hogendoorn Agreement”). Mr. Hogendoorn agreed to return to us the remaining 2,000,000 shares of our common stock owned by him. These shares will be cancelled and returned to treasury.
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