Exhibit 10.9
Magnatech Industrial Services of Alabama, Inc.
1125 South Walnut Street
South Bend, Indiana 46619
(574) 234-5966
Fax (574) 232-7648
May 31, 2006
Scott J. Giordano
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Direct Dial: (212) 407-4104
Fax: (212) 407-4990
RE:
Magnatech Industrial Services of Alabama, Inc. - Escrow Release Gross Escrow Deposit: $3,377,000
Dear Mr. Giordano:
These instructions are given to you pursuant to a Funds Escrow Agreement among Magnatech (the "Company") and Loeb & Loeb LLP, as Escrow Agent. Subject to the terms set forth below, you are instructed to disburse
$3,377,000 of the investor's funds received by you to and on the Company's behalf as follows:
Disbursements to the Title Insurance Company
1.
$1,600,000 - The Guarantee Title Company, LLC., pursuant to the following wire instructions:
Bank:
Amsouth Bank of Alabama
31 N. Royal Street
Mobile, AL 36602
Escrow Account #
Routing #:
07686951
062000019
Account Name:
Impart,Inc./ Impart Media Group,Inc.
Disbursements to the Seller
2.
$1,626,800 - Smith Services (payoff of Term Loan and Revolving Loan ) ...
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