EXHIBIT 10.14
RECISION AND CANCELLATION AGREEMENT
THIS RECISION AND CANCELLATION AGREEMENT made and entered into this
30th day of June, 2000, by and between Cartis, Inc., a Florida corporation
("Cartis"), and Advanced Technologies Development Company Limited ("ATD").
In consideration of the mutual promises, covenants and conditions
contained herein, and other good and valuable consideration, the receipt and
sufficiency of all of which is hereby acknowledged, it is agreed by and between
the parties as follows:
1. Cartis has valid claims against ATD relating to an agreement by Cartis
to purchase certain equipment and machinery from ATD dated February 21, 2000
(the "Agreement"); and
2. ATD has valid claims against Cartis relating to the Agreement; and
3. Cartis and ATD have agreed that it is in the best interest of both
parties to release the claims each has against the other in consideration of
such release; and
4. Cartis does hereby release and discharge ATD from any and all
obligations under said Agreement, in consideration of ATD voiding, cancelling
and terminating said Agreement ab initio, thereby restoring the parties to their
original positions; and
5. ATD does hereby release and discharge Cartis from any and all
obligations under said Agreement, in consideration of Cartis voiding, cancelling
and terminating said Agreement ab initio, thereby restoring the parties to their
original positions; and
6. ATD does hereby tender the 3,000,000 shares issued in connection with
the Agreement for cancellation effective as of February 21, 2000:
8. ATD by signature affixed hereto authorizes and directs the transfer
agent of Cartis to cancel and void said shares effective as of February 21,
2000; and
9. The signature of each of the parties hereto constitutes their consent to
all of the foregoing and this document may be executed in counterparts.
Advanced Technologies Development Cartis, Inc.
Company Limited
By: /s/ Xxxxx Xxxxxxx By: /s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxx, Xxxxx Xxxxxxxx, Secretary,
an authorized representative Treasurer and Director
