EX-4.7 2 v07569_ex4-7.txt Exhibit 4.7 Innovative Software Technologies, Inc. December 31, 2001 Iwasaka Investments Limited 11 Duddel Street, 12th Floor Central, Hong Kong Dear Sir: RE: Amendment to Finance Agreement Dated January 25, 2001 We are requesting approval for issuance of 350,000 shares of INIV Series A Preferred Stock and 700,000 shares of INIV Common Stock in exchange for all shares of INIV Common Stock previously issued to Iwasaka Investments, Limited. The dollar amount invested was $700,000 as of December 31, 2001. The 350,000 shares of INIV Series A Preferred Stock will be issued to Glendower Holdings, Ltd, 36 Hilgrove Street, St. Helier, Jersey JE4 8TR, Channel Islands, additionally the 700,000 shares of INIV Common Stock will be issued to Ripley Associates Limited, Level 23, CD Tower, 313 Silom Road, Bangkok, 10500 Thailand as you have requested. The remaining capital to be invested in Innovative Software Technologies, Inc. will be at a conversion price of $.50 per share. In addition we are requesting the approval of the issuance of 3,529,412 INIV Common shares and 1,500,000 Shares of Series A Preferred for the acquisition of Energy Professional Marketing Group, Inc. As of December 31, 2001, Douglas Shane Hackett CEO has converted $248,490.50 to 248,491 shares of INIV Series A Preferred shares. Enclosed you will find a copy of the Board of Directors Consent and the letter to the transfer agent for the issuance of the stock for your review. Please sign the line below and forward to us at the above address. Thank you for your cooperation in this matter. If you have any questions on this please call me at 1-816-584-8030. Sincerely, /s/ Douglas Shane Hackett Douglas Shane Hackett President Accepted and agreed to by /s/ M. Yussuf CONFIDENTIAL TREATMENT ------------------------ REQUESTED BY INNOVATIVE Iwasaka Investments Limited SOFTWARE TECHNOLOGIES, INC. 112 N.W. Parkway Riverside, MO 64150 816-584-8030 voice 816-584-0324 fax www.ist-co.com