AMENDMENT NO. 1 TO
LICENSE AND MATERIALS PURCHASE AGREEMENT
THIS AMENDMENT NO. 1 TO LICENSE AND MATERIALS PURCHASE AGREEMENT
("Amendment No. 1") is made and entered into effective the 1st day of
October, 2001, by and between Millennium Plastics Corporation, a Nevada
corporation (referred to herein as "Millennium"), and T-PLEX TECHNOLOGIES, a
Nevada corporation ("Licensee").
RECITALS
A. Millennium and Licensee entered into a license and materials
purchase agreement on January 24, 2001 (the "Agreement") providing for the
exclusive license under Millennium's SolplaxT Technology for use in T-PlexT,
a plastic stretch film to be utilized for protecting fully assembled vehicles
while being transported;
B. The Agreement term is for three (3) years beginning on the date of
the execution of the Agreement, January 24, 2001;
C. Due to an exceedingly long registration process with the Securities
and Exchange Commission (the "Registration"), Licensee has been unable to
commence actual operations and begin to use the license;
D. Under the terms of the Agreement, Licensee is required to commence
sales within twelve months of the date of the Agreement;
E. Millennium and Licensee desire to amend the Agreement to modify the
date on which the term of the Agreement will begin and the date within which
Licensee is to commence sales; and
F. Millennium and Licensee desire to amend the Agreement pursuant to
this Amendment No. 1.
NOW, THEREFORE, for and in consideration of the foregoing, and of the
mutual covenants, agreements, undertakings, representations and warranties
contained herein, the parties hereto agree as follows:
1. Term; Effective Date: The term of the license granted under the
Agreement shall commence as of the date the Registration is declared
effective by the Securities and Exchange Commission (the "Effective
Date") and continue for a three (3) year term.
2. Commencement of Sales: Section 6.3.2 of the Agreement shall be amended
to read as follows:
6.3.2 Should Licensee fail to commence sales of Licensed Tools
within twelve (12) months from the Effective Date of this
Agreement, Millennium shall have the option to convert the
license hereunder to a non-exclusive license upon sixty (60)
days prior written notice to Licensee.
3. Other than as specifically provided in this Amendment No. 1, all
other provisions of the Agreement shall remain in full force and effect, the
Agreement as amended by this Amendment No. 1 constituting the sole and entire
agreement between the parties as to the matters contained herein, and
superseding any and all conversations, letters and other communications which
may have been disseminated by the parties relating to the subject matter
hereof, all of which are void and of no effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.
"Millennium" "Licensee"
Millennium Plastics Corporation T-Plex Technologies
By: /s/ Xxxx Xxxxxxxx By:/s/ Xxxxxx Xxxxxx
_______________________________ _________________________________
Xxxx Xxxxxxxx, President Xxxxxx Xxxxxx, President