Exhibit 10.22
June 13, 2004
Media Credit and Stock Purchase Agreement
Official Termination Letter
Between: Millennium Capital Quest Corp. ("MCQC"), and Essential
Innovations Technology Corp. ("EITC")
To: Xx. Xxxxx Xxxxx CFO, Founder
From: Xx. Xxxxx XxXxxxxxx, President/CEO Essential Innovations
Technology Corp. ("EITC")
Re: Termination and Cancellation of the Media Credit Transfer and
Stock Purchase Agreement, (the "Agreement") originally dated
February 14th, 2003
It is hereby agreed between Millennium Capital Quest Corp., and Essential
Innovations Technology Corp. that as of the date of this letter of June 11th,
2004, the Media Credit Transfer and Stock Purchase Agreement dated February
14th, 2003, shall officially be terminated.
In cancellation of the Agreement, Essential Innovation Technology Corp., agrees
to immediately return to Millennium Capital Quest Corp., such Media Certificate
in the amount of $25,000,000 worth or Retail Rate Card advertising currently in
the name and ownership of EITC, and as per Redemption Clause 2.4 of the
Agreement, MCQC agrees to immediately return to EITC 400,000 preferred shares of
EITC currently in the name and ownership of MCQC for redemption and subsequent
cancellation.
By executing this document, XXXX agrees that an amendment to Redemption Clause
2.4 is hereby made that will now allow for EITC to activate Redemption Clause
2.4 of the Agreement for the redemption of such 400,000 Preferred shares by
making a total payment to MCQC of $4,000 USD.
IN WITNESS WHEREOF, EITC and MCQC have caused this Agreement to be executed and
delivered by the undersigned duly authorized officers as of the day and year
first above written.
Essential Innovations Technology Corp. Millennium Capital Quest Corp.
By: /s/ Xxxxx XxXxxxxxx /s/ Xxxxx Xxxxx
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Xxxxx XxXxxxxxx, President/CEO Xxxxx Xxxxx, CFO
