Exhibit 10.1
 
UNIVERSAL CAPITAL MANAGEMENT, INC
2601 Annand Drive
Suite 16
Wilmington, Delaware 19808
 
October 13, 2006
 
Mr. Scott Oglum, President
Theater Xtreme Entertainment Group, Inc.
250 Corporate Boulevard, Suites E & F
Newark, DE 19702

 
Dear Scott:
 
This letter will serve to confirm our recent conversation. We agreed that if
Theater Xtreme Entertainment Group, Inc. (“Theater Xtreme”) does not succeed, on
or before October 31, 2006, in selling at least Two Hundred Fifty Thousand
Dollars ($250,000) of debentures maturing on a date at least thirteen (13)
months after date of issue, bearing interest at no more than Ten Percent (10%)
per annum payable quarter annually, and accompanied by common stock warrants to
purchase at least Two Hundred Thousand (200,000) shares of common stock of
Theater Xtreme at an exercise price of not less than One Dollar ($1.00) per
share, then Universal Capital Management, Inc. (“Universal”) shall and hereby
agrees to invest Two Hundred Fifty Thousand Dollars ($250,000) in such
debentures and warrants on the terms set forth above.
 
If Theater Xtreme desires that Universal honor its obligations under this
letter, Theater Xtreme shall provide written notice to Universal not later than
November 1, 2006, and closing for the purchase shall take place not later than
November 30, 2006. If Theater Xtreme fails to give such notice on or before
November 1, 2006, this letter shall expire and thereafter be of no further force
or effect.
 

    Sincerely,  
   
   
       /s/ Joseph T. Drennan  

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  Joseph T. Drennan

 
 

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