EXHIBIT 10.41
EXTENSION OF JOINT VENTURE AGREEMENT
This Extension of Joint Venture Agreement is entered into by and between
SILICON FILM TECHNOLOGIES, INC. ("SILICON") and APPLIED COLOR SCIENCE,
INC. ("ACSI"), hereinafter collectively referred to as the "Parties."
WHEREAS, the Parties previously entered into a Joint Venture Agreement
(JVA) effective October 9, 2007 which terminated on April, 6, 2008 and the
parties wish to extend the joint venture therein for the continued purpose of
developing a functional prototype of the electronic film system with modular and
upgradeable image sensors, memory, display, I/O features and 35mm-quality video
capture;
NOW THEREFORE BE IT RESOLVED, in consideration of the mutual covenants,
promises, warranties and other good and valuable consideration, the receipt of
which is hereby acknowledged by the Parties, the Parties agree as follows:
1. EXTENSION. The Parties agree to extend the Joint Venture Agreement
previously entered into on October 9, 2007. The JVA shall terminate upon the
earlier of the following events (a) ACSI's successful development and
demonstration to SILICON of a functional prototype of the electronic film
system; (b) October 6, 2008 or (c) upon mutual consent of the parties as
indicated in paragraph 9 of the JVA.
2. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall constitute an original and all of which, when taken
together, shall constitute one agreement. Facsimile signatures and emailed
signatures shall constitute originals for purposes of execution and delivery of
this Extension of Joint Venture Agreement.
3. EFFECTIVE DATE. This Extension of Joint Venture Agreement shall be
effective as of April 6, 2008 regardless of when it is signed.
IN WITNESS WHEREOF, the parties hereto have executed this Extension of Joint
Venture Agreement.
SILICON FILM TECHNOLOGIES, INC. APPLIED COLOR SCIENCE, INC.
/s/ Xxxxxxxxx X. Xxxxxx /s/ Xxxx Xxxxxx
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Signature Signature
Xxxxxxxxx X. Xxxxxx Xxxx Xxxxxx
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Print Name Print Name
President President
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Title Title
April 6, 2008 April 6, 2008
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Date Date
