EXHIBIT 10 (C)
Agreement between: RecycleNet Corporation (a Utah Corporation)
X.X. Xxx 00000
Xxxxxx, Xxxxxxx
Xxxxxx, X0X 0X0
and
xxxxxxxxxx.xxx, inc. (a Utah Corporation)
000 Xxxx 000 Xxxxx, Xxxxx 000
Xxxx Xxxx Xxxx, Xxxx
XXX 84111
It is agreed that:
1.RecycleNet Corporation shall acquire all of the outstanding shares
of xxxxxxxxxx.xxx, inc.
2.The total number of outstanding shares of xxxxxxxxxx.xxx, inc. is
17,857,914.
0.xxxxxxxxxx.xxx, inc. shares will be acquired by RecycleNet
Corporation at a value of 0.23 USD in exchange for common shares of
RecycleNet Corporation.
(The number of 17,857,914 shares X $0.23 USD = $4,107,320 USD)
4.The value of RecycleNet Corporation (OTC: GARM) shares at the close
of trade on July14, 2000 is $0.15 USD/share.
0.xxxxxxxxxx.xxx, Inc. shares are convertible to
RecycleNet Corporation (OTC: GARM) shares at a rate of 1:1.53
($0.23 USD / $0.15 USD = 1:1.53)
1 share of xxxxxxxxxx.xxx, inc. will be exchanged for 1.53 shares
of RecycleNet Corporation.
6.All references to shares in this document refer to common shares.
Dated this 14th day of July, 2000
/s/ Xxx Xxxxxx, President /s/ Xxxx Xxxxxx
------------------------- ---------------------------------
Xxx Xxxxxx, President Xxxx Xxxxxx, Chairman
xxxxxxxxxx.xxx, Inc. RecycleNet Corporation
