(1) The monies from PEA & Phuket Municipal is assigned to IRIS from the agreement I send earlier. Attachment 1 "Assignment of Project Documents"
(2) IRIS will then instruct PEA & Phuket Municipal to bank in this money to SCB Thailand account of PJT Technology Company Limited, under Schedule 2, item 2 in "Assignment of Project Documents".
(3) PJT will then operate this account as per the agreement "Pledge of Project Account" and "Assignment of Project Account" - 2nd & 3rd attachment.
(4) The terms of operation of the SCB Thailand account (Savings Account) is per paragraph 2.5 of "Assignment of Project Account" which PJT can solely control and operate but must pay in priority as follows: -
i) PJT operating expenses
ii) Machinery Loan payment of THB 20 mil per quarter
iii) Shareholders loan
iv) Dividends.
I am waiting for lawyer to finalize all the agreements before I send to PJT for K.Wuthikorn to sign.