STREAMTRAX will focus its marketing and therefore distribution of the technology to the entertainment industry (including, but not limited to the motion picture industry, radio, television, cellphone/PDA entertainment, music videos, etc. as well as in the sports arena), and to and for the Retail Display market (such as Malls and large consumer organizations [Wal-Mart, Costco, etc.]). ESPRE will market in other industries. At all times, each organization will send leads, contacts, etc. to the other when the business opportunity presented does not fit in the initiating company’s business plan. Additionally, as necessary and applicable, ESPRE and STREAMTRAX shall work together jointly to develop sales to the mutual benefit of both parties. Time is of the essence in the performance of this Memorandum of Understanding. Therefore, this Agreement, and any documents referred to herein, embody the entire agreement and understanding between the parties with respect to the subject matter hereof and thereof until such time as the complete Agreement shall be constructed. This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement may be executed in any number of counter parts and by facsimile, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart, provided that this Agreement shall not become effective until all parties have executed the same.
STREAMTRAX will acquire two (2) seats on ESPRE’s Board of Directors, ESPRE will acquire one (1) seat on STREAMTRAX’s Board of Directors. ESPRE’s representation will be made by Xx. Xxxxx Xxxxxx, STREAMTRAX’s representation will be made by Messrs. Xxxx Xxxxx and Xxxxxx Xxxxxxx.
