Exhibit 10.14
WANDERLUST INTERACTIVE
Intelligent Fun & Games
000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
July 31, 1997
Mr. Xxx Xxxxx III
CEO
Wanderlust Interactive, Inc.
0000 Xxxxxxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000-0000
Re: Settlement
Dear Xx. Xxxxx:
Wanderlust Interactive, Inc. ("Wanderlust"), entered into an
agreement with you d/b/a Xxxxx Engineering, a sole proprietorship
("Xxxxx"), and Western Technologies, Inc. ("Western") as of
December 30, 1996 (the "Agreement"). There is a dispute with
respect to the terms of the Agreement between Wanderlust, Xxxxx,
and Western (collectively the "Parties"). This confirms we have
agreed to resolve our differences as follows:
1. Wanderlust Loan to Xxxxx. Wanderlust hereby agrees to make
to Xxxxx a non-recourse loan of up to $100,000 for up to three
years at 6% interest per annum solely to allow Xxxxx to purchase
up to $100,000 of Shares of Common Stock offered by Wanderlust in
the first private offering of securities after the date hereof in
which shares are issued.
2. Cancellation of Xxxxx'x Entitlement of Wanderlust Shares of
Common Stock. The Parties hereby agree to cancel Xxxxx'x
entitlement to receive up to 600,000 additional shares of Common
Stock of Wanderlust upon the happening of certain events pursuant
to the Agreement.
3. Mutual Releases. The Parties hereby agree to release each
other and their heirs, executors, administrators, successors and
assigns from all actions, causes of action, suits, debts, sums of
money, account, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, extents, executions, claims and
Mr. Xxx Xxxxx III
July 31, 1997
Page 2
demands whatsoever, in law or equity, which against the Parties
and their heirs, executors, administrators, successors and
assigns had as of the date hereof.
If the terms of this letter reflect our agreement, kindly sign
below where appropriate and return a copy of this letter to me.
Sincerely,
WANDERLUST INTERACTIVE, INC.
By: ________________________
Authorized Signature
Confirmed and Agreed
to this ___ day of July, 1997
________________________
Xxx Xxxxx III
WESTERN TECHNOLOGIES, INC.
By: ____________________________
Xxx Xxxxx, III, CEO
c:\wp51\cdkidz\Settl.728
