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EXHIBIT 10C
ADDENDUM TO PURCHASE AND SALE AGREEMENT
This Addendum is entered into the 20th day of March, 2000, by the undersigned
parties to the Purchase and Sale Agreement (the "Agreement") between Mighty Xxxx
USA, Ltd. ("Mighty Xxxx") and Product Services Co., Inc. and/or Xxxxxxxx
Xxxxxxxxx ("Xxxxxxxxx") (collectively referred to as the "Parties").
WHEREAS, The Parties entered into a Purchase and Sale Agreement dated February
1, 1999. Pursuant to which Xxxxxxxxx has received $300,000.00 to date: and
WHEREAS, in consideration of the failure of Mighty Xxxx to meet the required
conditions of the previous addendum dated December 1, 1999, and in consideration
of other agreements of the Parties set forth herein, the Parties agree as
follows:
THAT, each party agrees that the Closing Date for payment of the balance of the
$3,000,000 shall be extended until July 1, 2000. The Parties grant this
extension so they may explore the feasibility of merging Product Services Co.,
Inc. with "Mighty Xxxx" or combing to do a Joint Venture together. It is further
agreed that addendum can and will be further extended if necessary.
Xxxxxxxxx hereby grants and conveys to Mighty Xxxx the right to Manufacture and
sell products, under the Mighty Xxxx Brand, under U.S. Patent No. 5,609,667 and
Australia Patent No. 687186 as well as the right to use U. S. Trademark
Registration No. 1,889,514 for Oil Gator and the unregistered Trademarks for all
the Gator Products set forth in Exhibit A of the Sale Purchase Agreement up to
the July 1, 2000 deadline.
THAT, the Parties hereby agree to an extension of July 1, 2000 for the balance
of the $3,000,000 to be paid or an acceptable acquisition program is set forth
by the Parties. If neither of these conditions is met by July 1, 2000, all
Moines paid to Xxxxxxxxx prior to July 1, 2000 deadline are non-refundable. In
addition, Mighty Xxxx USA, LTD shall forfeit all manufacturing and marketing
rights set forth above.
THAT all other terms of the Agreement remain unchanged.
THAT, neither party relinquishes any other rights under this Agreement.
AGREED TO AND ENTERED INTO this 20th day of March, 2000
PRODUCT SERVICES CO., INC.
By: /s/
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Xxxxxxxx Xxxxxxxxx its President
By: /s/
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Xxxxxxxx Xxxxxxxxx individually as a
Natural Person and an Adult Resident
Citizen of the State of Mississippi
MIGHTY XXXX USA, LTD.
By: /s/
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Xxxxxx X. Xxxxxx its CEO
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