Exhibit 10.1
BRISTOL CAPITAL ADVISORS, LLC
June 19,
2008
VIA FACSIMILE AND ELECTRONIC
MAIL
Marvin S.
Hausman, M.D.
President
and Chief Executive Officer Oxis International, Inc.
323
Vintage Park Drive, Suite B Foster City, California 94404
Fax:
(650) 212-2569
Re: Notice of Disposition of
Collateral
Dear Mr.
Hausman:
Please be
advised that in accordance with the above-referenced Notice of Disposition of
Collateral, dated June 5, 2008, an auction was held today for the sale of the
Assets identified below.
Bristol
Investment Fund, Ltd. (“Bristol”) participated in the auction as Agent for the
holders (the “Debenture Holders”) of Original Issue Discount Secured Convertible
Debentures due October 25, 2008 and issued by Oxis International, Inc. (“Oxis”)
on October 25, 2006 (the “Debentures”), secured pursuant to the Security
Agreement dated as of October 25, 2006 (the “Security Agreement”) executed by
Oxis. Bristol was the successful bidder for the following Assets (collectively,
the “Assets”):
(i) 111,025
shares of common stock of Bio Check, Inc. (“Bio Check”), a California
corporation, and
(ii) 1,000
shares of the capital stock of Oxis Therapeutics, Inc. (“Therapeutics”), a
Delaware corporation.
The sale
and transfer of the Assets has occurred and Bristol, as Agent, is now the owner
of the Assets.
Bristol,
as Agent, credit bid $50,000 for the Bio Check stock, and $10,000 for the
Therapeutics stock. Accordingly, applying said amounts in reduction of the
Obligations (as defined in the Security Agreement) under the Debentures, Oxis
remains obligated to the Debenture Holders for a deficiency in an aggregate
amount of not less than $2,687,785.71 (inclusive of outstanding principal and
interest), plus fees and other charges due through today under the
Debentures..
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Very
truly yours, |
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/s/ Amy
Wang |
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Amy
Wang |
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Associate
General Counsel |
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10990
Wilshire Blvd., Suite 1410
Los
Angeles, California 90024
Tel:
(310) 696-0333 Fax: (310) 696-0334