EXHIBIT 10.22
STRATEGIC GROWTH
INTERNATIONAL INC.
MEMORANDUM
----------
TO: Xxxx Xxxxxxxx/President
XXXXXXXX.XXX
FROM: Xxxxxxx Xxxxxx/Chairman
STRATEGIC GROWTH INTERNATIONAL, INC.
RE: Settlement of Outstanding Balance of $57,434.52
DATE: October 5, 2001
It is mutually agreed by XxxXxxxx.xxx (the "Company") and Strategic Growth
International, Inc. ("SGI"), that the outstanding balance of $57,434.52 will be
payable to SGI in common stock based on a price of $.13 per share, or 441,807
shares. Such stock shall be issued by the Company immediately, and shall be in
full payment of the cash and expenses due pursuant to the May 11, 2000
Agreement. The Company shall still be obligated under the Agreement of May 11,
2000 for any fees and options as provided under the Financial Consulting
Services Agreement. The Company shall also be obligated for the 500,000 options
granted to SGI under the May 11, 2000 Investor Relations Agreement.
The Company shall provide SGI piggyback registration rights for one year on such
stock, and such stock will be subject to customary non-dilution provisions for
stock splits, reverses and dividends.
This agreement shall be governed by and subject to the jurisdiction of and laws
of New York State.
Please confirm agreement to the above by endorsing all three (3) copies and
returning two (2) copies to SGI.
Accepted To and Agreed Upon By:
/s/ Xxxx Xxxxxxxx /s/ Xxxxxxx Xxxxxx
----------------------------- ------------------------------------
XxxXxxxx.xxx Strategic Growth International, Inc.
10/5/01 10/5/01
---------------- --------------------------------
Date Date
000 Xxxxx Xxxx Xxxx, Xxxxx 000, Xxxxx Xxxx, XX 00000-0000
Tel: 000-000-0000 / Fax: 000-000-0000
