Exhibit 10.5
RELEASE AGREEMENT
THIS AGREEMENT is made the _23__ day of May 2000.
BETWEEN: XXXXXX XXXXXXX XXXXXXX (hereinafter called "Xxxxxx" of 0 Xxxxxxxxx
Xxxxxxx Xxxxxx Xxxx Xxxxxx Xxxx Xxxxx Xxxxxxxxxx Xxxxxxxxx
AND: ADVANCED ENGINE TECHNOLOGY PTY LTD (hereinafter called AETP) of 0/0
Xxxx Xxxxxxx Xxxxx Xxxxxxxx Xxxxx Xxxx Xxxxx Xxxxxxxxxx Xxxxxxxxx
AND: ADVANCED ENGINE TECHNOLOGIES, INC. (hereinafter called "AETI") of
0000 Xxxx Xxxxxxx Xxxxxxxxx #0000 Xxx Xxxxxxx Xxxxxxxxxx Xxxxxx
Xxxxxx.
WHEREAS:
A. Xxxxxx is the inventor of a revolutionary engine known as the OX2 Engine;
B. AETP and Xxxxxx manufactured an OX2 Engine between May 1999 and February
2000 for the benefit of AETI and its shareholders ("OX2 Engine");
C. AETI has received the OX2 Engine;
D. The OX2 Engine is currently at the University of California at Riverside
being tested for and on behalf of AETI and its shareholders;
E. The cost of AETP to manufacture the OX2 Engine was US$321,809.00; and
F. AETP, Xxxxxx and AETI have been in disagreement as to the liability of AETI
to pay the costs of AETP to manufacture the OX2 Engine.
WHEREBY IT IS AGREED:
1. That AETI shall pay to AETP, upon execution of this Agreement, the sum of
$US300,000.00;
2. AETP, Xxxxxx and AETI hereby release the other of all liability with
respect to any and all invoices and claims arising of the manufacture of
the said OX2 Engine.
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IN WITNESS the parties hereto have duly executed this Agreement on the date
first above written.
SIGNED SEALED AND DELIVERED )
by the said )
XXXXXX XXXXXXX XXXXXXX )
in the presence of: ) /s/ Xxxxxx Xxxxxxx Xxxxxxx
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XXXXXX XXXXXXX XXXXXXX
---------------------------------
WITNESS
THE COMMON SEAL OF ADVANCED )
ENGINE TECHNOLOGY PTY INC. was )
affixed in accordance with its articles )
of associations in the presence of: ) /s/ Xxxxxx Xxxxxxx Xxxxxxx
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XXXXXX XXXXXXX XXXXXXX
DIRECTOR
THE COMMON SEAL OF ADVANCED )
ENGINE TECHNOLOGIES INC. was )
affixed in accordance with its articles )
of associations in the presence of: ) /s/ Xxxxxxx Xxxxxx
-----------------------------
XXXXXXX XXXXXX
DIRECTOR/PRESIDENT
/s/ Xxxx Xxxxxxxx
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XXXX XXXXXXXX
COMPANY SECRETARY/TREASURER
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