Letter of Commitment
This Letter of Commitment is made as of the 6th of May, 1999,
("The Effective Date") by Xxxxx Xxxxxxxxx, individually and
collectively known as, Xxxxx Technologies with address at 0000
X. Xxxxx Xx. Xxx Xxxxxxx, XX 00000 ("Hereinafter referred to as
"RT") and Mr. Xxx Xxxxxx, individually and collectively known as,
Betting, Inc. with address at 00000 Xxxxxxxxxx Xxxxxx, Xxxxx 00,
Xxxxxx Xxxxx Xxxxxx, Xxxxxxxxxx 00000 ("Hereinafter referred to
as "BETT ")
The following are the steps to accomplish the Acquisition of
Xxxxx Technologies. The actual Acquisition contract will be
drafted once we have the approval from the share holders.
Terms & Procedures
1. BETT Agrees to Acquire to RT as a wholly owned subsidiary.
2. The Acquisition of RT shall be paid entirely with Betting,
Inc. stock (symbol: OTC - BETT).
Paid as follows:
2A. No later than Wednesday May 19th, 1999, the sum of Two
Hundred and Fifty Thousand shares (250,000) of free trading S-8
Stock of BETT will be issued to RT as a "Good Faith"
payment.(Stocks are to be issued via Wire Transfer or in the form
of a Stock Certificate made to the name of Xxxxx Technologies)
2B. The Sum of Two Million, Five Hundred Thousand
(2,500,000) free trading shares of BETT issued within
Five (5) business days after the SB2 Form Registration has been
approved.
2C. The Sum of Two Million, Five Hundred Thousand
(2,500,000) 144 restricted shares of BETT issued within Five (5)
business days after the SB2 Form Registration has been approved.
2D. The Sum of Five Hundred Thousand (500,000) option shares
at the price of $.50 of BETT issued no later than June 30, 2000.
2E. The Sum of Five Hundred Thousand (500,000) option shares
at the price of $1.00 of BETT issued no later than June 30, 2001.
2F. The Sum of Two Hundred and Fifty Thousand (250,000)
option shares at the price of $2.00 of BETT issued no later than
June 30, 2002.
It is agreed by BETT that if the above time table to acquire RT
is not accomplished then, the Agreement, that is embodied in this
letter, shall become "void" and any and all "Good Faith"
Payment(s) issued to RT by BETT shall be considered non-
refundable. It is also agreed by BETT that in the event that
Betting, Inc. (symbol: OTC - BETT) shares should drop below a
market "bid" price of Twenty Cents ($.20) per share before
September 1, 1999 for a period of more than Twenty (20) Business
days then, BETT shall, in order to continue the Acquisition
process of RT, issue to RT an additional sum of Two Million,
Five Hundred Thousand (2,500,000) Free Trading shares of Betting,
Inc. (symbol: OTC - BETT) no later than Five (5) business day
from the Twentieth (20th) day of such stock price decline. (All
Stocks are to be issued via Wire Transfer or in the form of a
Stock Certificate made to the name of Xxxxx Technologies)
3. The Acquisition of Xxxxx Technologies will include:
3A. RT's Secure Email service revenue.
3B. Perfect Merchant Response Software (MRS)
3C. RT's Global Market Place Mall (GMM) (All present and
future revenue)
The GMM includes these products:
* GMM Classified Adds
* GMM Web hosting services
* eTrusts
* eHomebuy
* eDine
* eTheater
* Portable Website Software.
* PCA Compression Software
* Virtual Card Game Software.
3C. Xxxxx Technologies present staff will remain as
management and RT will receive:
1. Two Hundred Thousand Dollar ($200,000.00) per year management
fee from the "Gross Revenues" of RT.
2. An additional twelve point five percent (12.5% ) of the
remaining "Net Profits" of RT as an administration fee.
3D. A consultant agreement for Xx. Xxxxxxxxx with Betting, Inc.
To continue the support of creating and writing new software
products for eConnect, eGate and ET&T.
The parties hereby represent and warrant that the individuals
executing this letter on their behalf are authorized to do so and
will bind the parties to the terms and conditions of this Letter.
IN THE WITNESS WHEREOF, I have executed this letter on the date
first written above.
/s/ Xxxxx Xxxxxxxxx
Xxxxx Xxxxxxxxx, President
Xxxxx Technologies
Agreed And Accepted
/s/ Xxxxxx Xxxxxx
By, Xxxxxx Xxxxxx, CEO
Betting, Inc.
