Exhibit 10.16
CONSULTING CONTRACT
XXXXXX X. XXXXXXXX, P.C.
Attorney at Law
X.X. Xxx 000000
Xxxxxx, Xxxxx 00000-0000
Telephone Telecopy
972/239-2290 972/239-2295
November 5, 1998
Mr. L. Xxxxx Xxxx
President and CEO
ARXA International Energy, Inc.
000 Xxxxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Dear Xx. Xxxx:
This is a six month agreement and understanding between Xxxxxx X. XxXxxxxx
("XxXxxxxx") whose business address is X.X. Xxx 000000, Xxxxxx, Xxxxx 00000 and
ARXA International Energy, Inc. ("ARXA").
XxXxxxxx is engaged in the business of providing investigatory services relating
to acquisition candidates and properties for both private and publicly-held
Companies and in regard hereto, soliciting the opinions and recommendations,
regarding evaluations of Investment Bankers, Brokers and Market Makers. ARXA
desires to utilize the services of XxXxxxxx and XxXxxxxx has agreed to perform
his services for ARXA. Nothing herein contained, however, will require XxXxxxxx
to provide his services exclusively for the benefit of ARXA.
1) In performing his services, XxXxxxxx will, at his own cost and expenses,
solicit such Brokers, Investment Bankers and Market Makers as he, in his
sole discretion, deems most capable and unbiased regarding the evaluation
of any potential acquisition of ARXA.
2) In connection with the investigation of companies as potential acquisition
candidates for ARXA, XxXxxxxx will obtain and review, (a) all financial
statements, audited and unaudited; (b) business plans; and (c) other
descriptive materials issued by or relating to the acquisition candidate.
Additionally, where necessary, XxXxxxxx will obtain, as part of his
evaluation, copies of all existing material contracts, agreements,
appraisals and equipment schedules relating to the acquisition candidates
and/or its properties.
3) In addition, if requested by ARXA, XxXxxxxx shall from time to time, assist
ARXA in the preparation of all documentation requisite to obtaining equity
investment or loans in order to fund any potential acquisition.
XxXxxxxx, in providing the foregoing services, will be responsible for all
cost and expenses incurred by him, except such extraordinary cost and
expenses as ARXA shall authorize in writing. XxXxxxxx'x fee for services
will be 300,000 shares free-trading common stock to be issued upon signing of
this agreement Certificates representing the shares will be issued to Xxxxxx
X. XxXxxxxx. This contract can be renewed upon completion upon consent of
the parties hereto. Moreover, this agreement may be terminated by either
party hereto, at any time during the term hereof on thirty days notice.
Please confirm your agreement of the terms by executing a copy of this letter
where indicated below and returning via facsimile.
Sincerely yours,
/s/ Xxxxxx X. XxXxxxxx
-----------------------------------
Xxxxxx X. XxXxxxxx
Agreed and Accepted this 13th day of November, 1998.
The undersigned represents that he has the authority to execute this agreement
on behalf of the Company.
ARXA International Energy, Inc.
By: /s/ L. Xxxxx Xxxx
--------------------------------
L. Xxxxx Xxxx, President and CEO
