Memorandum of Understanding May 26, 2005
EXHIBIT 10.23
Memorandum of Understanding
May 26, 2005
Terms of Agreement between Xxxxxxx X. Xxxxxx (RHM) and QI Systems Inc. (QI) and Xxxxxxx Xxxxxxxx (Matt)
Whereas:
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QI has entered into an ADVERTISING AND PROMOTIONAL SERVICE AGREEMENT with Hobsen Xxxxxxx Xxxxxxxxx and Associates, 000 Xxxxx Xxxx Xxxx, Xxxxxx Xxxxxxx, XX 00000 |
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QI and Matt have requested RHM to provide 500,000 currently issued free-standing shares of QI to pay part of the fee for the above agreement |
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It is hereby agreed as follows: |
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RHM will arrange delivery of 500,000 unrestricted shares to QI for payment to Hobson, Lorenze, Xxxxxxxxx and Associates |
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In return, QI agrees to issue RHM 812,500 restricted shares. |
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QI will be responsible for the tax consequence, if any, to RHM caused by the transfer of these shares |
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Parties hereto hereby agree to take all actions necessary to give effect to this agreement without delay |
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This memorandum is hereby agreed by the following: |
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By:
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/s/ XXXXXXX X. XXXXXX |
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Xxxxxxx X. Xxxxxx |
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/s/ XXXXXX XXXXXXXX |
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Xxxxxxx Xxxxxxxx |
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/s/ XXXXXX XXXXXX |
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Xxxxxx
Xxxxxx, |
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