EXHIBIT 10.3
March 2, 2000
PRIVATE AND CONFIDENTIAL
The Ravelston Corporation Limited
X/X
Xxxxx 000
000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
Attention: Xx. Xxxxx Xxxxxx
Dear Xx. Xxxxxx:
Re: Xxxxxx.xxx, Inc. ("Bidhit") and The Ravelston Corporation Limited
("Ravelston")
This letter sets forth the terms and conditions of the agreement and
understandings between Ravelston and Bidhit. This letter is supplemental to
the existing agreement between Bidhit and Ravelston dated November 15, 1999
(the "November 15 Agreement").
1. Recitals: This agreement is made with reference to the following
material facts:
(a) Bidhit wishes to expand its access to Ravelston's advice and counsel
on an as needed basis.
(b) Ravelston and Bidhit may expand their relationship on such terms and
conditions and under such circumstances as the parties may mutually agree
upon in the future.
2. Advisory Services: Ravelston agrees to extend the advisory and
consulting services it provides to Bidhit under the November 15 Agreement
until January 1, 2002. No specific time requirements on Ravelston are imposed
and such services may be by telephone.
3. Bidhit Obligations: In consideration of an affiliate of Ravelston's
providing expanded advertising media availability and Ravelston's undertaking
to provide extended consulting services as an extension of the November 15
Agreement, Bidhit will issue Ravelston Holdings, Inc. 100,000 common shares
of Bidhit at a deemed price of $3.50 per share within ten (10) business days
of the execution of this agreement.
4. Binding Agreement: This letter constitutes a binding agreement between
Bidhit and Ravelston. It shall enure to the benefit of and be binding upon
the parties and their successors and assigns.
May 19, 2000
Page 2
5. Entire Agreement: This letter and the November 15 Agreement constitute
the entire agreement of the parties with respect to its subject matter and
supersedes all previous communications and agreements whether oral or written
between the parties. No amendment to this agreement shall be valid unless it
is evidenced by a writing executed by both parties. This agreement may be
executed in counterpart and/or by facsimile.
6. Notice: All notices, requests, demands and other communications shall be
in writing and shall be deemed to have been given if delivered by hand or
faxed as follows:
To Bidhit: Suite 204
18702 Xxxxx Xxxxx Xxxxxxx
Xxxxxxx, Xxxxxxxxxx 00000
Facsimile: (000)000-0000
and
Xxxxx 0000, 0000 Xxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx, X.X.
X0X 0X0
Facsimile: (000)000-0000
To Ravelston: X/X
Xxxxx 000, 000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
Facsimile: (000)000-0000
In witness whereof the parties have executed this Agreement, consisting
of two (2) pages as of the 3rd day of March, 2000.
Xxxxxx.xxx, Inc. The Ravelston Corporation Limited
Per: /s/ Xxxxxxx X. Xxxxx Per: /s/ Xxxxx Xxxxxx
Xxxxxxx X. Xxxxx Xxxxx Xxxxxx
President & CEO