EXHIBIT 10.7
PURCHASE CONTRACT OF EQUIPMENT CARTIS
AND THE PRODUCTION RIGHTS OF CARTIS PROCESS
This agreement is entered between
On the one hand,
The Company ADVANCED TECHNOLOGIES DEVELOPMENT COMPANY LIMITED, registered
office, Regal House, Queensway GIBRALTAR, incorporated in Gibraltar under number
147065, represented by Xx. Xxxxx Xxxxxxx, empowered will all powers for this
purpose
Hereafter called ATD
And on the other hand,
The company CARTIS Inc headquartered in Palm Beach, 000 Xxxxxxx Xxxxxx XX 00000
and represented by Xx. Xxxxx Xxxxxxxx authorized by a resolution of its Board of
Directors on 21 February 2000 giving him all capacities for the signature of
this contract.
Hereafter called Cartis Inc.
Preamble
A contract was signed on October 15, 1998 between ATD represented by Xxxxx
Xxxxxxx and the company CEFCA represented by its Manager Xxxxx Xxxxxxxx. This
contract regarded the exclusive supply of services and of machinery necessary
for the manufacture of the product named CARTIS.
In agreement with the terms of article 17 of this above-mentioned contract, ATD
and Cartis Inc decided by an act signed on February 21 2000 to cancel in an
irrevocable and final way this contract of October 15 1998.
A contract was signed on October 15, 1998 between ATD represented by Xxxxx
Xxxxxxx and the company Cartis International Ltd. represented by Xxxxx Xxxxxxxx
and Xxxxxxxx Xxxxxx. This contract regarded the exclusive supply of CARTIS
products.
In agreement with the terms of article 18 of the above-mentioned contract, ATD
and Cartis International Ltd. decided by agreement signed on February 21 2000 to
cancel in an irrevocable and final way this contract dated October 15 1998.
The two preceding contracts mentioned above are thus cancelled in an irrevocable
way and replaced according to terms' and conditions defined in this agreement.
It was agreed as follows:
1 / ADT free from now on of any commitment, grants to Cartis Inc., in
an irrevocable and unconditional way the ownership of the equipment until now
used by CEFCA for the manufacture of the CARTIS products. The equipment is
located at the CEFCA premises where it will remain will remain for the future
manufacture of CARTIS products.
2 / the equipment mentioned in article 1 of this agreement is listed in appendix
4 of this agreement.
3 / From today on, the equipment mentioned in article 2 of this agreement
becomes the exclusive property of Cartis Inc which acquires by same agreement
all technological rights relating to this equipment.
4 / Cartis Inc will be responsible for the maintenance, and the future
development of the equipment mentioned in this agreement.
5 / ADT also grants to Cartis Inc. the full one and complete property of all
technological rights attached to the moulds and electronic parts described in
appendix 5 of this agreement.
6 / Within the framework of the implementation of this agreement, ATD declares
that it is not subject, or the beneficiary of any contract or engagement
relating to the manufacture of the CARTIS products as it relates to the
ownership of the equipment transferred today.
7 / In consideration of the acquisition by Cartis Inc. of the equipment and
rights mentioned above, the Board of Directors de Cartis Inc has, in a
resolution signed on February 21 2000 and constituting appendix 6 of this
present agreement, issued to ADT 3,000,000 (three million) shares of Cartis Inc
under regulation 144.
8 / This agreement replaces as void any other agreement, commitment or other
that ATD could have entered taking in connection to the equipment mentioned by
the present agreement to manufacture the Cartis Products.
9 / State courts of Florida.
Signed in Palm Beach (FL) in two originals, on February 21 2000
For ATD For Cartis Inc
/s/ Xxxxx Xxxxxxx /s/ Xxxxx Xxxxxxxx
