AGREEMENT FOR ASSIGNMENT OF RIGHTS
BETWEEN
KENO INTERNATIONAL, INC., a Nevada Corporation ("Keno
International")
AND
LAS VEGAS GAMING, INC., a Nevada Corporation ("Las Vegas Gaming")
__________________________________________________________________
Las Vegas Gaming, in consideration for the assignment by Keno
International of its Keno license agreement in Puerto Rico (the
"license") dated December 16, 1996 (attached hereto), agrees as
follows:
1. Upon the activation of play of the first keno game authorized
under the license in Puerto Rico, Las Vegas Gaming will:
a. distribute to Keno International 50,000 shares of its common
stock. Such stock shall be marked restricted;
b. nominate Xxxx Xxxxxxxx to its board of directors, if he has
not already been so appointed;
c. pay a royalty fee of $5,000 per month until the trading
value of the common stock issued under item "a" equals or
exceeds $2,000,000 and the stock can be traded under some
exemption or registration under the US securities' laws, or
keno ceases to be played under the license (whichever comes
first).
2. At the point in time when the operation of the keno games
under the license has obtained net earnings of $1 million, Las
Vegas Gaming shall distribute to Keno International an additional
150,000 shares of its common stock. Such stock shall be marked
restricted
3. This agreement shall expire on December 31, 2001, if Las Vegas
Gaming has not activated a keno game in Puerto Rico under the
license.
Dated: August 12, 1999.
/s/ Xxxx Xxxxxxxx
_____________________________
Keno International, Inc.
By: Xxxx Xxxxxxxx
Its: President
/s/ Xxxxxxx X. Xxxx
_____________________________
Las Vegas Gaming, Inc.
By: Xxxxxxx X. Xxxx
Its: President
