FORTUNE ENTERTAINMENT CORPORATION
Sassoon House
Xxxxxxx St. & Xxxxxxxx Avenue
PO Box N-272
Nassau, New Province
The Bahamas
January 1, 1997
555266 B.C. Ltd.
c/o 0000 Xxxxxxxx Xxxxx
Xxxx Xxxxxxxxx, XX
X0X 0X0
Attention: Xx. Xxxxx X. Xxxxxxx, President
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Dear Xx. Xxxxxxx:
RE: CONSULTANCY AGREEMENT WITH FEC
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Further to our various discussions, this letter serves to confirm and
acknowledge the arrangement reached between the two companies.
1. 555266 B.C. Ltd. will provide ongoing consulting services to FEC on all
matters relating to raising of capital, investor relations and introduction
of new products to FEC that fit with the company's philosophy and line of
business.
2. 555266 B.C. Ltd. shall be paid an annual consulting fee of US $125,000.00,
payable monthly. In addition to the consulting fee, 555266 B.C. Ltd. shall
also be reimbursed in full, any and all reasonable disbursements and out of
pocket expenses incurred in the course of providing the necessary services.
3. Since FEC is in a "start-up" stage and is not presently adequately funded, it
is agreed that the consulting fee due to 555266 B.C. Ltd. may, with mutual
prior agreement, be accrued from time to time. Should any of the consulting
fees be accrued, either 555266 B.C. Ltd. or Xxxxx X. Xxxxxxx shall have the
right to apply any or all of the accrued consulting fees together with any
disbursements towards exercise of any options that may be set by FEC either
in the name or benefit of 555266 B.C. Ltd. or Xxxxx X. Xxxxxxx.
4. The commencement date of your services shall be January 1, 1997 and be
automatically renewed on each anniversary for one year unless otherwise
notified in writing.
5. 555266 B.C. Ltd. shall be solely responsible for all of its own corporate
expenses, including but not limited to office rent, assistant or substitute
and supplies that are used directly in the employee's work, etc.
I trust that the foregoing accurately reflects our discussions and
understanding. If you are in agreement with the above, please sign in the
appropriate space below, confirming the above arrangement.
Please execute and return to us one copy of this letter and retain the original
for your file and record.
Yours truly,
FORTUNE ENTERTAINMENT CORPORATION
Xxxxx X. Dear
We, the undersigned, hereby acknowledge and confirm the above arrangement with
FEC.
555266 B.C. LTD.
January 1, 1998 /s/ Xxxxx X. Xxxxxxx
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Date Xxxxx X. Xxxxxxx
(President)
January 1, 1998 /s/ Xxxxx X. Xxxxxxx
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Date Xxxxx X. Xxxxxxx
Encl.
