FORTUNE ENTERTAINMENT CORPORATION
Sassoon House
Xxxxxxx St. & Xxxxxxxx Avenue
PO Box N-272
Nassau, New Province
The Bahamas
March 1, 1997
Continental Consulting Inc.
Suite 000 - 000 Xxxxxxxxx Xxxxxx
Xxxxxxxxx, X.X. V6C IX8
Attention: Mr. X. Xxxxx Xxxxxx, President
Dear Xx. Xxxxxx:
RE: CONSULTANCY AGREEMENT WITH FEC
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Further to our various discussions, this letter serves to confirm and
acknowledge the arrangement reached between the two companies.
1. Continental will provide ongoing consulting services to FEC on all matters
relating to management, operation and financing of FEC.
2. The initial goal is to get FEC funded and trading on the OTC NASD market.
3. Continental shall be paid an annual consulting fee of US $125,000, payable
monthly. In addition to the consulting fee, FEC will also be responsible
for any and all reasonable disbursements and out of pocket expenses
incurred by Continental in the course of it providing the necessary
service.
4. Since FEC is currently in a "start up" mode, and is not as yet adequately
funded, we have hereby agreed that the consulting fee due to Continental
may, with mutual prior agreement, be accrued from time to time. Should any
of the consulting fee be accrued, either Continental or D. Xxxxx Xxxxxx
shall have the right to apply any or all of the accrued consulting fees
together with any disbursements towards exercise of any options that may be
set by FEC either in the name or benefit of Continental or D. Xxxxx Xxxxxx.
5. The commencement date of your services shall be March 1, 1997 and be
automatically renewed on each anniversary for one year unless otherwise
notified in writing.
6. Continental Consulting Inc. shall be solely responsible for all of its own
corporate expenses, including but not limited to office rent, assistant or
substitute and supplies that are used directly in the employee's work, etc.
I trust that the foregoing accurately reflects our discussions and
understanding. If you are in agreement with the above, please sign in the
appropriate space below, confirming the above arrangement. Please return one
copy of this letter, executed by Continental and Xx. Xxxxxx and retain the
original for your file and record.
Yours truly,
FORTUNE ENTERTAINMENT CORPORATION
Xxxxx X. Xxxxxxx
Chief Executive Officer & Director
We, the undersigned, hereby acknowledge and confirm the above arrangement with
FEC.
CONTINENTIAL CONSULTING, INC.
March 1, 1997 /s/ X. Xxxxx Xxxxxx
------------------------- ------------------------------------
Date X. Xxxxx Xxxxxx
(President)
March 1, 1997 /s/ X. Xxxxx Xxxxxx
------------------------- ------------------------------------
Date X. Xxxxx Xxxxxx
Encl.
