Extension of Letter of Intent
| Exhibit 10.9 |
Letter
of Intent for Sale and Purchase of Certain Intellectual Property
dated
June 10, 2005 with Extension of Letter of Intent dated October
12,
2005.
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Extension
of Letter of Intent
This
Extension of Letter of Intent is made and entered into this 12th
day of
October 2005 in Pinellas County, Florida by and between OnScreen Technologies,
Inc. 000 0xx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxx Xxxxxx, Xxxxxxx 00000, (000)
000-0000 (hereafter “OnScreen™”) and CH Capital, Inc., 0000 Xxxxxxxxx Xxxxx,
Xxxxx, Xxxxxxxxxx 00000;
WHEREAS,
the parties hereto, OnScreen Technologies, Inc. (OnScreen™) and CH Capital, Inc.
(CH) entered into a Letter of Intent for Sale and Purchase of Certain
Intellectual Property dated June 10, 2005 relating to a technology characterized
by the product name “WayCool” (hereafter the “Letter of Intent”);
WHEREAS,
the time in which to enter into a definitive agreement as stated in the Letter
of Intent was extended from August 31, 2005 to December 31, 2005;
WHEREAS,
the terms of the Letter of Intent express a termination date one year from
the
June 10, 2005 date of the Letter of Intent (“Termination Date”);
WHEREAS,
it is the intention of the parties hereto to extend the Termination
Date.
FOR
AND
IN CONSIDERATION of the promises, covenants and conditions contained herein
and
other good and valuable consideration, the receipt and sufficiency of which
is
hereby acknowledged, the parties hereto intending to be legally bound, agree
as
follows:
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1.
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The
recitations as stated above, unless in direct conflict with the
covenants
hereafter shall be included as a part of this Agreement. In the
event of
any such direct conflict in terms, then the terms hereafter of
this
Agreement shall govern.
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2.
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The
term of the Letter of Intent is hereby extended by an additional
three (3)
months and shall expire on September 9,
2006.
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3.
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The
extension is of the term as started above is conditioned on OnScreen™
paying to CH the sum of fifty thousand dollars ($50,000) on or
before
October 5, 2005.
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4.
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All
conditions of the Letter of Intent not in conflict herewith are
hereby
ratified and reaffirmed.
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5.
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Each
person signing this Agreement on behalf of the parties hereto represents
that he has full and proper legal authority to bind the entity
for which
he signed this Agreement and that the said entity is fully bound
by the
terms of this Agreement.
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6.
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Time
is of the essence in this
Agreement.
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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date
first set forth above.
OnScreen
Technologies, Inc.
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/s/
Xxxx X. Xxxxxxxx
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Xxxx
X. Xxxxxxxx, COO/CFO
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CH
Capital, Inc.
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By:
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/s/
Xxxxxxx X. Xxxxxx
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Xxxxxxx
X. Xxxxxx, Esq., President
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