Exhibit 10.55
-------------
[LOGO]
UNITED INTERNET TECHNOLOGIES INC. OF NEVADA
0000 Xxxxxx Xxxxx Xxxxx
Xxx Xxxxx, Xxxxxx 00000
July 21, 1999
Xx. Xxx Xxxxx
Media Group, Inc.
0000 X. Xxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxx 00000
VIA FACSIMILE: (000) 000-0000
-----------------------------
Dear Xxx:
This letter constitutes the revised agreement between us for the
duplication of one million CD shrink-wrapped packages for our client, NBC. You
agreed to a price of $.33 per CD plus an additional $.05 per disc for the
shrink-wrap packaging. Total order, $380,000. This is a time sensitive
requirement since the product contains video of the up and coming fall season
for NBC and needs to be delivered to Valassis Communications' Distribution
Station in Calexico, Mexico, on the morning of August 13, 1999. As time is of
the essence in this contract, your failure to meet the delivery deadline could
result in a cancellation of our contract.
Based on our discussion, we will make an immediate payment of $95,000 (25%
of contract) and we are delivering to you 150,000 shares of unregistered common
stock of United Leisure Corporation. United Leisure's stock is currently
trading at approximately $2.50 per share. We will include your shares in the
registration statement which we are filing with the Securities and Exchange
Commission ("SEC") on or before August 31, 1999. The registration procedure
should take approximately sixty (60) days after filing. However, until the SEC
approves the registration statement so that the shares are freely tradeable, we
will continue to pay to you the amount of $95,000 per month commencing on
November 1, 1999, until the full $380,000 is paid. As soon as the shares become
freely tradeable, you will have the right to return the shares back to us, and
we will pay the full balance due or you can keep the shares and sell them in the
open market. Any sums received by you over the full balance due at that time
will be refunded to us. In any event, you agree that we have the right to have
the shares tendered back to us at our option at any time within ten (10) days
after the SEC approves the registration statement and to pay the contract in
full at that time, or, should we choose not to exercise that option, we will pay
to you in cash any shortfall between the net proceeds form sale of the shares
made immediately after said ten (10) day period and the balance owing under the
contract.
This document outlines our agreement and will supplement the purchase order for
your services.
Sincerely,
Xxxxx Xxxxxxx
President
United Internet Technologies of Nevada, Inc.
Please indicate your acceptance of these terms by your signature below.
(Print name)
By: /s/ Xxxx-Xxxxx-Xxxx 7-28-99
-------------------------------------------
President Date
