EXTENSION AGREEMENT
THIS EXTENSION AGREEMENT (the "Extension Agreement") is made and
entered into as of the 25th day of June, 1999, between CIRCLE GROUP INTERNET,
INC. ("Buyer") and INTERNET BROADCAST COMPANY, INC., a Florida corporation ("the
Company"); and CIG SECURITIES, INC., a Florida corporation and wholly-owned
subsidiary of the Company ("CIG").
RECITAL
Buyer and the Company entered into that certain Stock Purchase
Agreement (the "Stock Purchase Agreement") dated March 8, 1999, which grants to
Buyer the right to purchase 100% of the issued and outstanding shares of CIG's
Common Stock, subject to the terms and conditions set forth in the Stock
Purchase Agreement.
Buyer and the Company wish to extend the Expiration Date of the Stock
Purchase Agreement without otherwise altering the duties or obligations of
either party to the Stock Purchase Agreement.
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, and the receipt of $1.00 and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties agree to the following:
The Expiration Date of the Stock Purchase Agreement shall be extended
sixty (60) days, from the date of this Extension Agreement.
All other provisions of the Stock Purchase Agreement shall remain
unchanged.
IN WITNESS WHEREOF, the parties to this Extension Agreement have caused
this Extension Agreement to be executed as of the date first above written.
BUYER: COMPANY:
CIRCLE GROUP INTERNET, INC. INTERNET BROADCASTING
COMPANY, INC.
/s/ Xxxxxxx Xxxxxxx
--------------------------------- /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxxx, President ------------------------------------------
Xxxxxxx Xxxxxx, Executive Vice President
CIG:
/s/ Xxxxxxx Xxxxxx
------------------------------------------
Xxxxxxx Xxxxxx, President
