AMENDMENT TO ASSET PURCHASE AGREEMENT
AMENDMENT
TO
Amendment
(“Amendment”) dated ___ May 2006 by and between CYOP Systems International, Inc.
(“Purchaser”), a _______________ corporation with a principal address of 0000
Xxxxx Xxxxxx, Xxxx X, Xxxxxxx Xxxxx, XX 00000-0000, FutureBet Systems, Inc.,
properly known as FB Systems, Inc. (“Seller”), a Nevis corporation with a
registered address of XX Xxx 000, Xxxx Xxxxxx, Xxxxxxxxxxx, Xxxxx, Xxxx Xxxxxx
and FB Software, Ltd. (“Owner”), a Nevis corporation with a registered address
of XX Xxx 000, Xxxx Xxxxxx, Xxxxxxxxxxx, Xxxxx, Xxxx Indies, to Asset Purchase
Agreement (“APA”) by and between Purchaser and Seller dated 16 November
2005.
Whereas,
Purchaser and Seller entered into the APA in order for Purchaser to acquire
the
Software Code of Future Bet Systems, version 2.4 (“Asset”); and
Due
to a
mistake in the name, Seller does not have the right to sell the Asset, as Seller
is neither the owner nor a licensee thereof; and
Notwithstanding,
Purchaser desires to complete the purchase of the Asset, on the terms and
conditions expressed in the APA, with the following modifications:
| 1. |
Purchaser
shall purchase the Asset from Owner;
|
| 2. |
Seller
is hereby released from the obligations under the APA by this Amendment,
and Owner succeeds to said rights and undertakes said
obligations;
|
| 3. |
All
payments, stock consideration and obligations of Purchaser shall
run to
Owner by this Amendment;
|
| 4. |
Owner
confirms receipt of the initial deposit (specified in Exhibit B,
Par. 1 of
the APA) and the installments (specified in Exhibit B, Par. 3 of
the APA)
in accordance with the terms of the
APA;
|
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| 5. |
Owner
and Seller state that there is no default by Purchaser as of the
current
date, in accordance with the terms of the APA and of this
Amendment;
|
| 6. |
The
payment of USD $255,000 as indicated in Exhibit B of the APA as being
due
on 31 March 2006, shall be made on 7 June
2006;
|
| 7. |
The
APA is in all other respects ratified and
confirmed.
|
Signed
on
the date first above written. Facsimile signatures shall be enforceable and
admissible in evidence as would original ink signatures.
| PURCHASER | SELLER |
| CYOP Systems International, Inc., by | FutureBet Systems, Inc., by |
| ________________________ | _________________________ |
|
Name:
|
Name: |
| Title: | Title: |
|
OWNER
|
|
| FB Software, Ltd., by | |
|
_________________________
|
|
|
Name:
|
|
|
Title:
|
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