CHAMPIONLYTE PRODUCTS, INC.
0000 XX 000xx Xxxxxx, Xxxxxxxxx Xxx
Xxxxxxxx, Xxxxxxx 00000
April 7, 2003
Xx. Xxxxx Xxxxx
Xxxxx Xxxxx & Associates
0000 XX 000xx Xxxxxx, Xxxxxxxxx Xxx
Xxxxxxxx, Xxxxxxx 00000
Re: Xxxxx Xxxxx & Associates ("PNA") with Championlyte Products, Inc.
("Championlyte")
Dear Xx. Xxxxx:
The following hereby sets forth the settlement agreement ("Agreement") between
PNA and Championlyte:
1. OBLIGATION: Championlyte presently currently has an outstanding contract
for services with PNA and owes a sum in excess of $30,000 for services
rendered to Championlyte.
1. SETTLEMENT AND PAYMENT: Championlyte hereby agrees to issue to PNA 200,000
shares of its common stock as full settlement of the obligation set forth
in paragraph 1 above. In addition, Championlyte shall issue to PNA 50,000
warrants to purchase Championlyte common stock at $.l0 per share. These
warrants shall have a term of two years. The share and the shares
underlying the warrants shall be registered within sixty days of the date
of this agreement. PNA agrees to adhere to lock up (no sale) of the shares
until 8/1/03 and therafter to leakage limitations on sales equivalent to
144 restrictions on sales. Championlyte agrees that should it seek to
engage any firm for pub1ic relations or the related services that were
performed by PNA for Championlyte, it will, re-engage PNA to perform those
functions.
2. NOTICE: All notices, requests and instructions hereunder shall be in
writing and delivered, to each party at the addresses set forth above or to
such other address as may from time to time be designated by a party
hereto.
3. SEVERABILITY: In the event that any term, covenant, condition, or other
provision contained herein is held to be invalid, void or otherwise
unenforceable by any court of competent jurisdiction, thc invalidity of any
such term, covenant, condition, provision or Agreement shall in no way
affcct any other term,
covenant, condition or provision or Agreement contained herein, which shall
remain in full force and effect.
4. ENTIRE AGREEMENT: This agreerment contans all of the terms agreed upon by
the parties with respect to the subject matter hereof. This Agreement has
been entered into after full investigation.
1. AMENDMENTS: No amendments or additions to this Agreement shall be binding
unless in writing, signed by both parties, except as herein otherewise
provided.
2. NO ASSIGNMENTS: Neither party may assign nor delegate any of its rights or
obligations hereunder without first obtaining the written consent of the
other party
Please sign below to ackowledge the terms of this Agreement.
Very truly yours,
CHAMPIONLYTE PRODUCTS, lNC.
By: /s/ Xxxxx Xxxxxxxx
---------------------
XXXX XXXXXXXX
PRESIDENT
THE TERMS AS SET FORTH ABOVE ARE AGREEABLE AND ACCEPTABLE BY:
By: /s/ Xxxxx Xxxxx
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XXXXX XXXXX
