Document:

Exhibit
      10.58

    

    BINDING
      MEMORANDUM OF UNDERSTANDING

    

    March
      31,
      2006 

    

    1.
      Founder: John R. Huff (“Huff”), Founder and President of Floating Bed, Inc., an
      Iowa “S” corporation (“FB Inc.”).

     

    2.
      Investor: ORBIT BRANDS CORPORATION (“OBBC”), a Delaware corporation, through an
      OBBC wholly-owned subsidiary.

    

    3.
      Purpose: Creating (by execution of a certificate of change of name) and funding
      an OBBC wholly-owned subsidiary (a Delaware “C” corporation) to be known as
      Floating Bed, International (“FB Int’l.”), to manufacture, market and sell the
“Floating Bed.” FB
      Int’l.
      will be funded through the public markets, by debt or equity offerings or any
      combination of both, the terms of which shall be subject to OBBC’s approval, in
      the exercise of its business judgment and discretion. The parties anticipate
      entering into additional comprehensive agreements memorializing their
      understanding, as summarized in this Binding Memorandum of Understanding
      (“MOU”), including, without limitation, a license agreement and an executive
      employment agreement (the “Additional Agreements”). 

    

    4.
      Licensing and Funding: Huff and FB Inc. agree to grant FB Int’l. a non-exclusive
      license to manufacture, market and sell the “Floating Bed” for the period
      commencing on or about April 1, 2006 and ending at such time as OBBC shall
      have
      funded FB Int’l the sum of at least $500,000, at which time such license shall
      become an exclusive 10- year license, with two 10-year options, at the election
      of OBBC (the “License Period”). The license shall remain “non-exclusive” until
      OBBC has raised at least $500,000 and has funded FB Int’l.’s business operations
      in the amount of $500,000, after which time the license shall become exclusive
      to FB Int’l. However, Huff and FB Inc. further agree that they shall not grant
      any other licenses (non-exclusive or otherwise) with respect to the manufacture,
      marketing or sale of the “Floating Bed” during the License Period, so long as
      OBBC timely satisfies the “Funding Benchmarks” described in Section 6,
infra.
       

    

    Once
      OBBC
      has raised $500,000 to fund FB Int’l., the license shall become exclusive for a
      period of ten (10) years, with two additional 10-year renewal terms at the
      sole
      election of OBBC. Thereafter, FB Int’l. shall pay an additional $500,000 to Huff
      and/or FB Inc. for each of the two successive option periods, beginning after
      the tenth (10th) year, and after the twentieth (20th) year, respectively, in
      order to renew the license. 

    

    5.
      Ownership and Control: Huff shall be named the President of FB Int’l. and shall
      have majority rights with respect to the appointment of directors to FB Int’l.’s
      Board of Directors, as specified below, as well as dominion and control over
      FB
      Int’l.’s business operations and its use and application of funds. OBBC shall
      hold 100% of the stock of FB Int’l. FB Inc. and/or Huff shall be issued a
      convertible promissory note or warrant(s) for
      4.9 %
      of the presently outstanding and issued common stock of OBBC, not to exceed
      125,000,000 shares of OBBC common stock. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    The
      number of shares of OBBC common stock to be issued to Huff and/or FB Inc. shall
      be increased by three percent (3 %) in the event that no other subsidiary of
      OBBC is contributing “substantially” to OBBC, in the discretion of OBBC.

    

    Huff
      shall report directly to Joseph R. Cellura, Chairman and Chief Executive Officer
      of OBBC. The FB Int’l. Board of Directors shall consist of three (3) directors,
      two (2) appointed by Huff and/or FB Inc., and one (1) appointed by OBBC. Huff
      intends to nominate William Hickey and himself to be appointed as his directors,
      and OBBC intends to nominate Allan I. Brown as its director.

    

    6.
      Funding Benchmarks: OBBC shall raise and deposit the following sums into the
      FB
      Int’l. operating account in order to fund the business operations of FB Int’l.
      within the following designated periods: (i) $100,000 by June 1, 2006; (ii)
      an
      additional $200,000
      by August 1, 2006; and (iii) an additional $200,000 by December 31, 2006.
 

    

    If
      OBBC
      fails to raise and deposit into the FB Int’l. operating account a total of
      $300,000 by or before August 1, 2006, then the agreement between the parties,
      including this MOU and the Additional Agreements, shall become null and void,
      and of no further force or effect. In such event, any funds raised by OBBC
      and
      deposited into the FB Int’l. operating account shall be retained by Huff and/or
      FB Inc. and not returned to OBBC or to its investors. 

    

    However,
      if OBBC meets Funding Benchmark (i) but fails to meet Funding Benchmark (ii),
      OBBC still will receive five percent (5 %) of the eventual sale price of FB
      Int’l., commensurate with its investment of the first $100,000 into FB Int’l.
      Furthermore, if for any reason OBBC meets Funding Benchmarks (i) and (ii) but
      fails to meet Funding Benchmark (iii) by the dates set forth above, OBBC still
      will receive fifteen percent (15 %) of the eventual sale price, commensurate
      with its investment of the first $300,000 into FB Int’l. 

    

    If,
      and
      only if and after, the foregoing Funding Benchmarks are achieved by the dates
      specified above, then OBBC shall be awarded the exclusive rights (hereinafter,
      “Rights Package ‘A’ ” to manufacture and sell the “Floating Bed” for an initial
      term of ten (10) years, with two 10-year option renewals.

    

    7.
      Use
      and Application of Operating Capital: Huff shall receive, in
      addition to his salary, $50,000 of the initial $100,000 raised by OBBC, and
      an
      additional $50,000 of the next $200,000 raised by OBBC, in recognition of his
      efforts from the inception of the business to the present date.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    8.
      Upstreaming of Revenues, Payment of Licensing Fees, and Division of Ultimate
      Sale Proceeds or Buyout: 

    

    (a)
      Huff
      shall have the right to elect to sell FB Int’l. and shall have control over the
      terms of any such sale. If and when Huff elects to sell FB Int’l. and FB Int’l.
      is sold, OBBC shall receive one (1) % of the sale proceeds for every $20,000
      invested by OBBC, up to a total of $500,000 (i.e., up to 25% of the sale
      proceeds). 

    

    (b)
      Therefore, if OBBC invests a total of $100,000 in FB Int’l., OBBC will receive
      5% of the sale proceeds, and Huff and/or FB Inc. will receive the remaining
      balance (95%) of the sale proceeds. By the same token, if OBBC invests a total
      of $500,000 in FB Int’l., OBBC will receive 25 % of the sale proceeds, and Huff
      and/or FB Inc. will receive the remaining balance (75%) of the sale proceeds.
      

    

    However,
      if OBBC invests more than $500,000 in FB Int’l., although presumably such
      additional funding will increase the value of the company and its stock for
      both
      the parties and the investors in the company, nevertheless such additional
      funding shall not change the percentage of the sale proceeds OBBC shall receive
      hereunder. In other words, OBBC shall not receive greater than 25% of the sale
      proceeds, regardless of the amount of OBBC’s investment in FB Int’l., and John
      Huff and/or FB Inc. shall be entitled to retain the remaining balance of any
      such sale proceeds. 

    

    9.
      Fees
      for Funding: OBBC shall receive thirty percent (30 %) of all monies raised
      (over
      and above the initial $500,000 investment in FB Int’l., as outlined in Paragraph
      6, supra
      (“Funding Benchmarks”)), directly related to the funding of FB Int’l., in
      consideration for its efforts. OBBC represents and warrants that all such
      payments to it shall be lawful and shall not violate any provisions of any
      state
      or federal securities laws (e.g., acting as a broker/dealer without a license).
      OBBC further represents and warrants that no approval of any court, trustee,
      committee or any other third party is necessary in order to execute and perform
      the terms hereof or of the Additional Agreements. 

     

    10.
      Executive Employment Agreement: 

    

    (A)
      Salary and Signing Bonus: Huff shall execute an “Executive Employment Agreement”
with FB Int’l. which shall include a base salary of $80,000 in the first year,
      and which shall increase in the manner set forth in the table presented below.
      As noted above, Huff and/or FB Inc. also shall receive a convertible promissory
      note for the issuance of shares of OBBC common stock equal to 4.9 % of the
      outstanding shares of OBBC common stock, not to exceed 125,000,000 shares of
      OBBC common stock, and subject to dilution on the same terms as the best
      definition available to any other member of the Board of Directors of OBBC
      or
      any other employee of or consultant to OBBC, and the face value of said
      convertible note shall be at a price equal to the price of such shares
on
      the
      day before the execution of this MOU multiplied by the number of shares
      available upon note conversion. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (B)
      Performance Bonus: In addition, as Chief Executive Officer of FB Int’l., Huff
      also shall receive a performance bonus during the first year, based upon the
      actual performance of FB Int’l.  

    

    (C)
      Incentive Compensation: During the term of Huff’s Executive Employment
      Agreement, FB Int’l. shall pay Huff, as President and Chief Executive Officer of
      FB Int’l., an annual incentive bonus calculated on the following
      basis:

    

    
      	
              Fiscal
                Year Revenues

            	 	
              Bonus

            
	
              $
                0
                - $ 2,000,000

            	 	
              10%
                of base salary

            
	
              $
                2,000,001 - $ 5,000,000

            	 	
              40%
                of base salary

            
	
              $
                5,000,001 - $ 10,000,000

            	 	
              70%
                of base salary

            
	
              In
                excess of $ 10,000,001

            	 	
              100%
                of base salary 

            

    

    

    In
      no
      event shall Huff’s annual base salary be less than $80,000, as set forth above.

    

    11.
      Office and Manufacturing Facilities: FB Int’l. shall maintain a corporate office
      within Los Angeles County, California, and shall maintain or select such
      manufacturing facilities as it deems appropriate in Fairfield, Iowa or in any
      other location in or outside of the continental United States. 

    

    12.
      Business Plan: Huff and/or FB Inc. shall prepare and deliver to OBBC an
      acceptable comprehensive business plan, which shall include, among other items,
      detailed projections for the 12-month period and the 24-month period following
      the execution of this MOU, which business plan shall be incorporated as an
      exhibit to the “License Agreement” to be executed between the parties.

    
      	 	 	 	 
	Investor:	 	 	Developer:
	Signed and Accepted:	 	 	Signed and
              Accepted:
	
               

              
                

              

               

              
                

              

               

              
                

              

              
              

            	 	 	
               

               

            
	
              Joseph Cellura

              Chairman and CEO

              Orbit Brands Corporation

              (“OBBC”)

            	 	 	
              John
                R.
                Huff

              President

              Floating Bed, Inc.

              (“FB Inc.”)

            
	 	 	 	 
	 	 	 	 
	 	 	 	
              

              John
                R. Huff, individuallyExhibit
      10.59

     

    THIS
      PROMISSORY NOTE AND THE SECURITIES PURCHASABLE UPON EXERCISE OF THE RIGHTS
      CONTAINED IN THIS PROMISSORY NOTE (COLLECTIVELY, THE “SECURITIES”) HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). THE
      SECURITIES MAY NOT BE SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED
      OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE OPINION OF COUNSEL
      SATISFACTORY TO THE HOLDER HEREOF (M2B, INC.), AN EXEMPTION FROM SUCH
      REGISTRATION UNDER THE SECURITIES ACT IS APPLICABLE TO SUCH PROPOSED EXERCISE,
      SALE, ASSIGNMENT, PLEDGE, TRANSFER OR OTHER DISPOSITION.

    

    CONVERTIBLE
      PROMISSORY NOTE

    

    
      	$46,000.00	
              April
                19, 2006

            

    

    Los
      Angeles, California

    

    FOR
      VALUE
      RECEIVED, ITREX INTERNATIONAL CORPORATION, a Delaware corporation (“Itrex” or
      the “Borrower”), a wholly-owned subsidiary of Orbit Brands Corporation (“Orbit”
or the “Company”), hereby promises to pay to M2B, Inc. (“Holder”), the sum of
      Forty-Six Thousand Dollars ($46,000.00) one year from the date of this
      Convertible Promissory Note (the “Maturity Date”), together with accrued
      interest thereon. Borrower shall repay the principal and any accrued but unpaid
      interest due under this Promissory Note (the “Note”) on the Maturity Date, by
      check or wire transfer to the party who is the registered holder of this Note
      (“Holder’s Agent”). Whenever any payment to be made hereunder falls due on a
      Saturday, Sunday or business holiday in Los Angeles, California, such payment
      may be made on the next succeeding business day, and such extension of time
      will, in such case, be included in computing interest, if any, in connection
      with such payment. 

    

    Interest
      shall accrue on the principal amount of this Convertible Promissory Note (the
      “Note”) at a fixed simple rate of twelve percent (12%) per annum, calculated on
      the actual number of days elapsed, on the basis of a 360-day year. Interest
      shall be payable in kind (convertible into shares of the Company’s common stock)
      or cash. The principal and all accrued interest may be converted into fully
      paid
      and nonassessable shares of common stock of the Company at the conversion price
      (defined hereinbelow) at the option of the Company, in the event that the
      principal and all accrued interest are not paid in full in cash on the Maturity
      Date.

    

    The
      conversion price shall be $0.0003 per share (the “Conversion Price”). Any
      fractional shares issuable upon conversion of this Note shall be rounded down
      to
      the nearest whole share. The Company intends that all such shares issuable
      upon
      conversion of the Note shall be registered pursuant to Section 1145 of the
      Bankruptcy Code (Title 11, United States Code, Section 1145). 

    

    The
      Conversion Price and the number of shares issuable upon conversion shall be
      proportionally adjusted upon the occurrence of an “Adjustment Event,” defined as
      any reclassification of the Company’s common stock, recapitalization, merger or
      consolidation, or like capital adjustment affecting the number of outstanding
      shares of common stock of the Company. The good faith determination by the
      Company’s Board of Directors as to what adjustments, amendments or arrangements
      shall be made to the Conversion Price, and the extent thereof, shall be final
      and conclusive, provided that the Conversion Price is adjusted in a manner
      that
      is no less favorable than the manner of adjustment used as to any other person
      with similar adjustment rights. 

    

    Conversion
      of all or a part of this Note shall be effectuated by submitting a written
      notice (the “Notice of Conversion”) in the form of Notice of Conversion attached
      hereto as Exhibit “1” and incorporated herein by reference, executed by the
      Company, evidencing the Company’s intention to convert this Note or a specified
      portion thereof. No fraction of a share will be issued on conversion, but the
      number of shares issuable shall be rounded down to the nearest whole share.
      The
      date on which Notice of Conversion is given (the “Conversion Date”) shall be
      deemed to be the date on which the Holder or Holder’s Agent first receives the
      Notice of Conversion. Certificates representing Common Stock upon conversion
      will be delivered to the Holder or Holder’s Agent within ten (10) trading days,
      subject to reasonable delay for processing by the Company’s transfer agent, if
      any, from the date the Notice of Conversion is delivered to the Holder or
      Holder’s Agent (“Delivery Date”). Delivery of shares upon conversion shall be
      made to the address specified by the Holder or the Holder’s Agent in the
      Company’s Notice of Conversion.

      

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    Any
      notice herein required or permitted to be given shall be presented in writing
      and sent by means of certified or registered mail, express mail, or other
      overnight delivery service, hand-delivery confirmed by signed receipt, or
      facsimile transmission (followed by prompt transmission of the original of
      such
      notice by any of the foregoing means or by regular U.S. Mail), in each case
      with
      proper postage or other charges prepaid and addressed or directed to the Holder
      or to the Holder’s Agent at their respective addresses. Such notice(s) shall be
      deemed given when actually issued. Any party may change its address and
      facsimile number for receipt of notices by service of notice to the other party
      as herein provided.

    

    The
      following events shall constitute an “Event of Default” hereunder:

    

    
      	 	
              (a)

            	
              If
                the Company fails to issue shares of common stock to the Holder or
                the
                Holder’s Agent, which shares can be immediately resold in the public
                securities market, or if it fails to cause its Transfer Agent to
                issue
                shares of common stock upon the proper exercise by the Company of
                its
                conversion rights in accordance with the terms of this Note;
                or

            

    

    

    
      	 	
              (b)

            	
              If
                Borrower shall, without cause, fail to perform or observe, in any
                material
                respect, any other material covenant, term, provision, condition,
                agreement or obligation of Borrower under this Note, and such failure
                shall continue uncured for a period of thirty (30) days after written
                notice thereof shall have been provided to Borrower with respect
                to such
                failure.

            

    

    

    Borrower
      hereby waives demand for payment, notice of nonpayment, presentment, notice
      of
      dishonor, protest, and notice of protest. If default shall occur in the payment
      of this Note, Borrower shall pay the Holder or Holder’s Agent hereof its costs
      of collection, including but not limited to its reasonable attorneys’ fees.

    

    This
      Note
      shall be governed by the internal laws of the State of California.

    

    This
      Note
      constitutes the entire agreement between the parties, and none of the parties
      is
      relying on any prior or contemporaneous oral representation or promise, or
      any
      omission of any information, in entering into this Note.

    

    IN
      WITNESS WHEREOF, Borrower has caused this Note to be signed in its name, by
      its
      duly authorized representative, on or as of the date first written above.

     

    
      	 	 	 
	 	
              ITREX
                INTERNATIONAL CORPORATION

            
	 
 	 
 	 
 
	 	By  	 
	 	
              

              Joseph
                R. Cellura

            
	 	
              Chief
                Executive Officer

            

    

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    EXHIBIT
      “1”

    

    NOTICE
      OF
      CONVERSION

    

    (To
      be
      executed by the Company in order to convert the Convertible Promissory
      Note)

     

    Orbit
      Brands Corporation, a Delaware corporation (“Orbit” or the “Company”), hereby
      irrevocably elects to convert $ ______________ of the principal/interest amount
      of the above Convertible Promissory Note, dated April
      19,
      2006, into shares of Common Stock of the “Company”, according to the conditions
      hereof, as of the date written below.

    

    Date
      of
      Conversion: ______________________________________________________________

    

    Conversion
      Price: $_____________________(at
      $.0003 per share)__________________________

    

    Principal
      being converted: $ ________________________________________________________  

    

    Accrued
      Interest being converted: $ __________________________________________________ 

    

    Number
      of
      shares of Common Stock to be
      issued: _______________________________________

    

    Name: _________________________________________________________________________

    

    Address: _______________________________________________________________________

    

    
      	 	 	 
	 	
              ORBIT
                BRANDS CORPORATION,

              a
                Delaware corporation

            
	 
 	 
 	 
 
	 	By  	 
	 	
              
Joseph
              R. Cellura
	 	Chairman
              and Chief Executive Officer

    

    

    
      
         

      

      
        3

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