AGREEMENT
This agreement states that eConnect and Xxxxxxxxx Communications
do hereby enter into a joint venture and strategic alliance to be
ceded Internet Cash Programming and the following terms and
conditions shall apply:
Definitions:
Internet Cash Programming: A Service offered by Xxxxxxxxx
Communications and eConnect which shall enable the consumer with
the ability to purchase programming by Same-as-Cash, or by
Enhanced Credit Card.
Same-as-Cash: The payment of programming by ATM card and PIN and
effected by the ePIN or like devices.
Enhanced Credit Card: The payment of programming by; credit card
that is read by the ePIN or like devices and is therefore
considered as a safer transaction for the consumer and results in
a lower bank fee for the recipient merchant.
ePIN: The present hardware device that will be distributed into
homes and will effect either a Same-as-Cash or Enhanced Credit
Card transaction.
SafeTpay: The name of the web site button that the consumer
clicks in order to begin either a Same-as-Cash or Enhanced Credit
Card Transaction.
Internet Cash Programming: The name of the service offered to the
Entertainment Industry that will enable them to receive either a Same-as-Cash
or Enhanced Credit Card payment for their programming.
Recitals:
1.0: eConnect and Xxxxxxxxx Communications shall enter into a
strategic alliance to form the Internet Service that shall be
named Internet Cash Programming.
2.0: That eConnect shall provide the SafeTpay support service for
Internet Cash Pay Per Play.
3.0: That Xxxxxxxxx Communications shall provide the delivery to
the internet consumer of video streaming programming from either
Xxxxxxxxx Communications own inventory base or shall act as a
distributor of video streaming programming from other
entertainment providers.
4.0: That ICP shall be jointly owned by eConnect and Xxxxxxxxx
Communications.
4.1: That ICP shall be a Nevada corporation and shall authorize
1,000,000 shares of stock and that Xxxxxxxxx Communications shall
receive 400,000 shares of stock and eConnect shall receive
400,000 shares of stock and that 200,000 shares of stock shall
remain in the ICP Treasury.
4.2: That Xxxxxxxxx Communications shall retain the managing
control of ICP and shall appoint officers to manage ICP.
4.3: That all profits of ICP shall be equally split between
eConnect and Xxxxxxxxx Communications.
5.0: That eConnect shall enjoy exclusive global rights to drive
or process all originating ICP transactions whether transacted by
an ePIN or by a competitive hardware devices that are effecting
either a Same-as-Cash or Enhanced Credit Card programming
purchase.
5.1: That eConnect shall charge ICP a flat fee per ICP processed
transaction.
5.2: That eConnect shall purchase this exclusive global ICP
processing with a payment of 3,000,000 shares of free trading
stock to Xxxxxxxxx Communications.
6.0: That it is the stated purpose of eConnect and Xxxxxxxxx
Communications to bring ICP public by September 2000.
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxx Xxxxxxxxx
Xxxxxx X. Xxxxxx, Xxxx Xxxxxxxxx
Chairman and CEO Chairman and CEO
EConnect Xxxxxxxxx Communications
Dated: 10/9/99 Dated: 10/21/99
ADDENDUM:
eConnect will bear the responsibility for payments of any finders
fee or brokerage commission if any.
