Exhibit 10 (b)
LETTER OF INTENT
October 22, 2003
The parties, listed below, hereby execute this Letter of Intent:
The Kart Store Inc. and Xxxxxx Leisure Karts Ltd.
0000 X. Xxxxxxx Xxxx., Xxx. 000 Xxxxxxxxx Xxxx,
Xxx Xxxxx, XX Chiltern Green Road,
Xxxxxx Green
Bedfordshire LU2 9PW UK
The parties have agreed to pursue an arrangement whereby The Kart Store Inc.
("KS") will acquire the exclusive marketing, sales, assembly and manufacturing
rights to Xxxxxx Leisure Karts Ltd. ("BK") products.
The parties agree to negotiate in good faith always keeping in mind that the
benefits to the shareholders of both companies are foremost.
Initial agreement is hereby confirmed that both parties wish to accomplish the
agreement in the quickest possible manner and will use their best efforts to
accomplish the due diligence in a timely manner.
Either party has the right to back out of negotiations at any time without cause
until the time that the desired transaction is closed.
We agree on this date to the terms stated above.
For The Kart Store Inc. For Xxxxxx Leisure Karts Ltd.
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Xxxxxx Xxxxxxx, President Xxxxxx Xxxxxxx, Managing Dir.
