Exhibit 10.3
[CORNELL CAPITAL PARTNERS LOGO] 000 Xxxxxx Xxxxxx
Xxxxx 0000
Xxxxxx Xxxx, XX 00000
May 24, 2006
JAG Media Holdings, Inc.
0000 XX 00xx Xxxxxx, Xxxxx X-00
Xxxx Xxxxx, XX 00000
Attention: Xxxxxx X. Xxxxxxxxx
RE: EQUITY LINE PURCHASE AGREEMENT BY AND BETWEEN JAG MEDIA
HOLDINGS, INC., AND CORNELL CAPITAL PARTNERS, LP DATED AS OF
APRIL 9, 2002, AS AMENDED ON JULY 8, 2004 AND JULY 21, 2004
(THE "EQUITY LINE AGREEMENT")
Dear Xx. Xxxxxxxxx:
This letter will memorialize the agreement between JAG Media Holdings,
Inc., (the "Company"), and Cornell Capital Partners, LP, ("Cornell") with
respect to the Equity Line Agreement, as well as the related Equity Line
Registration Rights Agreement and Placement Agent Agreement each dated April 9,
2002 (collectively the "Transaction Documents"). The Transaction Documents are
hereby terminated, as are the respective rights and obligations contained
therein and none of the parties shall have any rights or obligations under or
with respect to the Transaction Documents.
Cornell Capital Partners, LP
By: Yorkville Advisors, LLC
Its: General Partner
By: __________________________
Name: Xxxx Xxxxxx
Title: President and Portfolio Manager
Agreed and acknowledged on this _____ day of May, 2006.
JAG Media Holdings, Inc.
By: _____________________
Name: Xxxxxx X. Xxxxxxxxx
Title: CEO
