EX-10.31 5 ex10-31.txt LETTER RE: ACCOUNT AGREEMENT DATED 12/20/2000 Exhibit 10.31 December 20, 2000 Dominion Securities, Inc. 7835 East Redfield, #200 Scottsdale, AZ 85260 Attention: Mr. Trond Matteson, Vice President Dear Trond Re: SETTLEMENT OF CLIENT SERVICES AGREEMENT ACCOUNT BETWEEN DOMINION SECURITIES, INC. AND SOLPOWER CORPORATION Further to our meeting yesterday this letter is to confirm that we have agreed to settle the $189,795 that we currently owe Dominion Capital, Inc. as follows: 1. Payments made to Billingtons and Stillman in January, February and March 2000 in the amount of $35,000 plus the March 2000 billing to Dominion Capital, Inc. of $15,000 for a total of $50,000 payable in 125,000 shares issued at $0.40 per share to Trond Matteson. 2. Billings to Dominion Capital, Inc. for the months of April through part of October 2000 at the rate of $15,000 for a total of $100,000 payable in 250,000 shares issued at $0.40 per share to Dominion Capital, Inc. 3. Billings to Dominion Capital, Inc. for balance of October through December 2000 for a total of $39,795 payable in 250,000 shares issued in the form of a warrant to Dominion Capital, Inc. exercisable at $0.40 per share up to December 31, 2002.. If the above meets with your approval please sign where indicated below and I will proceed with Board of Directors approval and issuance of the shares and warrant. Respectfully /s/ James H. Hirst James H. Hirst Secretary/Treasurer Acknowledged and Agreed this 20th day of December, 2000 DOMINION CAPITAL, INC. Per: /s/ Trond Matteson ----------------------------------- Trond Matteson, Vice President 2