EXHIBIT 10.6
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AGREEMENT
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THIS AGREEMENT MADE EFFECTIVE AND EXECUTED AS OF JANUARY 14, 2001 (the
"Effective Date").
BETWEEN:
REACH TECHNOLOGIES, INC
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Xxxxx 000 - 0000X Xxxxxxxx Xxx
Xxxxxxxx, X.X.
X0X 0X0
("REACH")
AND:
DDR SYSTEMS, INC.
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0000 Xxxx 00xx Xxx
Xxxxxxxxx, X.X.
X0X 0X0
("DDR")
WHEREAS:
A. REACH (a British Columbia Corporation) is in the business producing
Digital Data Recorders;
B. DDR (a Washington Corporation) is a corporation specifically created to
market REACH'S Digital Data Recorders through a Licensing Agreement with REACH
dated June 3, 1999;
C. REACH and DDR wish to amend the Licensing Agreement dated June 3, 1999 as
it pertains to minimum purchase requirements (the "Transaction");
D. REACH and DDR agree that this Agreement will constitute a binding
agreement upon them in respect of the Transaction, such to be on the terms and
conditions contained herein;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants
and agreements herein contained, the parties hereto do covenant and agree (the
"Agreement") each with the other as follows:
1. REPRESENTATIONS AND WARRANTIES
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1.1 DDR represents and warrants to REACH that DDR has good and sufficient
right and authority to enter into this Agreement and carry out its
obligations under this Agreement on the terms and conditions set forth
herein, and this Agreement is a binding agreement upon DDR enforceable
against it in accordance with its terms and conditions.
1.2 REACH represents and warrants to DDR that REACH has good and
sufficient right and authority to enter into this Agreement and carry
out its obligations under this Agreement on the terms and conditions
set forth herein, and this Agreement is a binding agreement upon REACH
enforceable against it in accordance with its terms and conditions.
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2. LICENSE AMENDMENT
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2.1 The parties agree that, in exchange for the payment by promissory note
of $5,000 by DDR to REACH and subject to the terms and conditions of
this Agreement, REACH will not terminate the Licensing Agreement dated
June 3, 1999 for failure to purchase $50,000 of the Reach Technologies
Inc. licensed product line by January 30, 2001.
2.2 All other terms in the Licensing Agreement dated June 3, 1999 shall
remain including but not limited to the commitment to purchase
$100,000 of the Reach Technologies Inc. licensed product line by
January 31, 2002, and a further $100,000 by January 31, 2003, to
retain its license. If these minimum purchase levels are not achieved,
REACH shall have the right to terminate this agreement, immediately
and without penalty.
3. GENERAL
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3.1 Time and each of the terms and conditions of this Agreement shall be of
the essence of this Agreement.
3.2 This Agreement constitutes the entire agreement between the parties
hereto in respect of the matters referred to herein.
3.3 The parties hereto shall execute and deliver all such further documents
and do all such acts as any party may, either before or after the execution of
this Agreement, reasonably require of the other in order that the full intent
and meaning of this Agreement is carried out.
3.4 No amendment or interpretation of this Agreement shall be binding upon
the parties hereto unless such amendment or interpretation is in written form
executed by all of the parties to this Agreement.
3.5 Any notice or other communication of any kind whatsoever to be given
under this Agreement shall be in writing and shall be delivered by hand, email
or by mail to the parties at:
Reach Technologies, nc. DDR Systems, Inc.
Suite 103 - 0000X Xxxxxxxx Xxx 3650 West 30th Ave
Victoria, B.C. Vancouver, B.C.
X0X 0X0 Xxxxxx X0X 0X0
Attention: Xxxx Dilabough Attention: Xxxxx Xxxxx
or to such other addresses as may be given in writing by the parties hereto in
the manner provided for in this paragraph.
3.6 This Agreement shall be governed by the laws of Washington State
applicable therein, and the parties hereby attorn to the jurisdiction of the
Courts of Washington State.
3.7 This Agreement may be signed by fax and in counterpart.
IN WITNESS WHEREOF the parties have hereunto set their hands and seals effective
as of the Effective Date first above written.
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SIGNED, SEALED AND DELIVERED BY SIGNED, SEALED AND DELIVERED BY
REACH TECHNOLOGIES, INC. DDR SYSTEMS, INC.
per: per:
/S/ Xxxx Xxxxxxxxxxxxx /S/ Xxxxx Xxxxx
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Authorized Signatory Authorized Signatory
Name of Signatory: Xxxx Xxxxxxxxxxxxx Name of Signatory: Xxxxx Xxxxx
Title of Signatory: Director Title of Signatory: Director
[This Space Has Been Intentionally Left Blank]
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PROMISSORY NOTE
January 14, 2001
FOR VALUE RECEIVED, DDR Systems, Inc. of 0000 Xxxx 00xx Xxx, Xxxxxxxxx,
X.X. Xxxxxx X0X 0X0 promises to pay to the order of Reach Technologies Inc.,
Suite 103 - 0000X Xxxxxxxx Xxx Xxxxxxxx, X.X. Xxxxxx X0X 0X0, or its assigns
("Holder"), the sum of five thousand dollars ($5,000.00 US) in the following
manner:
Interest shall accrue on the unpaid balance at the rate of seven percent
(7%) per annum from the date set forth above.
Principle and interest is due on July 14, 2001 or by earlier demand by the
Holder. Prepayment may be made at any time.
Upon default in the payment or of interest within ten (10) days of
when payment is due, the whole of the principal sum then remaining unpaid and
all interest accrued thereon shall, at the option of Holder, become immediately
due and payable, without demand or notice. In the event any payment hereunder
is not made within ten (10) days of when payment is due, Reach Technologies, Inc
shall have the right to terminate Licensing Agreement dated June 3, 1999,
immediately and without penalty.
This Note shall be construed in accordance with the laws of the State of
Washington and venue shall lie in King County, Washington.
This Agreement may be signed by fax and in counterpart.
EXECUTED as of this 14th day of January, 2001.
/S/ Xxxxx Xxxxx /S/ Xxxx Xxxxxxxxxxxxx
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DDR Systems, Inc. Reach Technologies Inc
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