Document:

SETTLEMENT AGREEMENT AND
                          MUTUAL RELEASE OF ALL CLAIMS

     This Settlement Agreement and Mutual Release of All Claims ("Agreement") is
made  on  November  8th  2004,  by  and between AMERICAN FIRE RETARDANT CORP., a
                    ---
Nevada  corporation  ("Buyer");  ALFRED  M.  BAYER  and  DARLENE  BAYER,
                       -----
("Shareholders");  and  ALCHEMCO,  INC.,  a California corporation ("Alchemco").
  ------------                                                       --------

                                    Recitals

     A.     The  parties  previously  entered into an Agreement for Purchase and
Sale  of Stock dated  October  20, 2004 (the "Purchase Agreement") whereby Buyer
                                              ------------------
acquired  Shareholders'  stock  in  Alchemco.

     B.     The  parties desire to rescind the Purchase Agreement based upon the
terms  set  forth  in  this  Agreement.

     WHEREFORE,  PREMISES  CONSIDERED,  the  parties  hereby  agree  as follows:

     1.     The Purchase Agreement and all documents executed in connection with
the  Purchase  Agreement,  including  the  Promissory  Note  in  the  amount  of
$2,953,056.47  and  the  Pledge  Agreement  securing  the  Promissory Note (such
documents  referred  to below as the "Purchase Documents") are hereby rescinded.
                                     --------------------

     2.     As consideration for the rescission and the full and complete mutual
releases  of  all claims arising under the Purchase Documents by either Buyer or
Shareholders,  Buyer  shall  pay  to   Shareholders  the   sum   of Two  Hundred
Fifty  Thousand   Dollars  ($250,000)  (the  "Settlement Amount").  Shareholders
                                             ------------------
received  Two Hundred Fifty Thousand Dollars ($250,000) as a down payment on the
purchase  price  under  the  Purchase  Documents, which amount the parties agree
shall  be  retained  by  Shareholders  as satisfaction in full of the Settlement
Amount.

     3.     With   the  exception   of  any  claims   arising   under  this
Agreement,   each  of  Shareholders  and  Alchemco,  for  itself  and  for  its
officers,  directors,  employees,  agents,  assigns, any parent, subsidiary, and
affiliated  corporations,  and  any  and  all  other related persons or entities
hereby  releases, acquits and forever discharges Buyer, its officers, directors,
employees, agents, assigns, any parent, subsidiary, and affiliated corporations,
and  any  and  all  other related persons or entities from any and all claims or
causes  of  action  that  Shareholders or Alchemco may now have or claim to have
against  Buyer  arising  out  of  or  related  to  the  Purchase  Documents.

     4.     With the exception of any claims arising under this Agreement, Buyer
for  itself  and  for  its  officers, directors, employees, agents, assigns, any
parent,  subsidiary,  and affiliated corporations, and any and all other related
persons  or  entities  hereby  releases, acquits and forever discharges each  of
Shareholders  and  Alchemco,  its  officers,  directors,  employees,  agents,
assigns,  any  parent,  subsidiary, and affiliated corporations, and any and all
other  related  persons

                                        1
<PAGE>
or  entities  from  any and all claims or causes of action Buyer may now have or
claim  to have against either Shareholders or Alchemco arising out of or related
to  Purchase  Documents.

     5.     It  is  the  intention  of  the parties that this Agreement shall be
effective  as  a full and final accord and satisfaction, and release of each and
every released matter. In furtherance of this intention, the Parties acknowledge
that  they  are  familiar  with Section 1542 of the California Civil Code, which
provides  as  follows:

     "A  general  release does not extend to claims which the creditor does
     not know or suspect to exist in his favor at the time of executing the
     release,  which  if  known  by  him  must have materially affected his
     settlement  with  the  debtor."

     The  parties  hereby waive and relinquish every right or benefit which they
have  or  may  have  under Section 1542 of the California Civil Code to the full
extent  that  they may lawfully waive such rights or benefits with regard to the
subject  matter  of  this  Agreement.  In  connection  with  such  waiver  and
relinquishment,  the parties acknowledge that they are aware that they may later
discover  facts  in  addition  to or different from those which they now know or
believe  to  be  true  with respect to the subject matter of this Agreement, but
that  it  is  their  intention hereby fully, finally, and forever, to settle and
release  all released matters, known or unknown, suspected or unsuspected, which
now exist, may exist, or previously existed between them. In furtherance of such
intention, the releases given here shall be in, and shall remain in, effect as a
full  and  complete  release,  notwithstanding the discovery or existence of any
such  additional  or  different  facts.

     6.      The  releases  in  this  Agreement  shall  extend  and inure to the
benefit  of  the  parties  and   their   past   and   present   attorneys,
officers,   employees,   directors,   agents,   alter   egos,  shareholders,
partners,  joint  venturers,  licensees,  distributors,  representatives, heirs,
executors,  administrators,  affiliates,  subsidiaries,  divisions,  legal
predecessors,  successors  and assigns, and their respective insurers, sureties,
and  underwriters.

     7.     This  Agreement  has  been  entered  into  for  the  sole purpose of
disposing  of  all  existing claims of the parties arising out of or relating to
the  Purchase  Documents.  It  is understood and agreed that none of the parties
admits  or  acknowledges any wrongdoing in connection with the matters at issue,
and  this  Agreement  has been made by the parties to settle matters relating to
the  rescission  of  the  Purchase  Documents.

     8.     Buyer   agrees   that   Buyer   and   its   officers,   directors,
employees   and   other representatives will hold in strict confidence, and will
not  use  to the detriment of Shareholders or Alchemco, any data and information
about  the  business of Alchemco obtained in connection with this transaction or
the  Purchase  Documents,  except  as  far  as  the  data and information may be
required  by  law.  Buyer  shall  promptly  return  to  Alchemco  all  data  and
information,  including worksheets, test reports, manuals, lists, memoranda, and
other  documents,  prepared by or made available to Buyer in connection with the
Purchase  Documents  and  the  transactions  thereunder.

     9.     This  Agreement  and  any  attachments  hereto  represent the entire
agreement  of the parties with respect to the subject matter hereof. The parties
declare  that  no  promise,  inducement  or agreement not expressly set forth or
incorporated  herein  has  been  made  by  the  parties.

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<PAGE>
     10.     Each  of  the  parties to this Agreement warrant and represent that
its  respective right, title and interest in and to the claims being settled and
released  hereby have not been assigned, pledged, conveyed or transferred to any
other party, person or entity. Each of the parties hereto further represents and
warrants  that  he,  she,  or  it  is  authorized  to enter into this Agreement.

     11.     This  Agreement  is the product of negotiations between the parties
and,  for the purpose of construction, the language used in this Agreement shall
not  be  construed  for  or  against  either  party.

     12.     In  the  event of any dispute between the parties arising out of or
relating  to  this  Agreement, the prevailing party shall be entitled to recover
its  reasonable  attorneys'  fees  and  costs.

     13.     This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and  the  same  Agreement.

                                    ALCHEMCO, INC., a California corporation

                                    By:
                                          ----------------------------------
                                          ALFRED M. BAYER, President

                                    By:
                                          ----------------------------------
                                          DARLENE BAYER, Secretary

                                    ----------------------------------------
                                    ALFRED M. BAYER

                                    ----------------------------------------
                                    DARLENE BAYER

                                    AMERICAN FIRE RETARDANT CORP, a
                                    Nevada corporation

                                    By:   /s/ James R. Wheeler
                                          ----------------------------------
                                          JAMES R. WHEELER, Vice President

                                    By:   /s/ Randy W Betts
                                          ----------------------------------
                                          RANDY W BETTS, CFO

                                        3
<PAGE>Exhibit 10.1

	 
	 
	
THE RESEARCH WORKS, INC.

	
623 Ocean Avenue, Sea Girt, New Jersey 08750

	
Telephone: (732) 682-4950 Web: www.stocksontheweb.com

	 

 

October 29, 2004

Mr. Rich Parlontieri

President and Chief Executive Officer

Speedemissions, Inc.

1029 Peachtree Parkway North, Suite 310

Peachtree City, GA 30269

Dear Mr. Parlontieri:

This letter agreement (the "Agreement") will confirm our understanding regarding the engagement of THE RESEARCH WORKS, INC. ("RW"), a New Jersey corporation, to provide equity research services to SPEEDEMISSIONS, INC. ("Client") a Florida corporation.

Whereas RW is an independent research firm that provides research services with respect to the securities of its clients, and whereas Client has publicly traded securities and desires RW to provide equity research services with respect to its common stock: now, therefore, in consideration of the mutual promises and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

	1.	Term. The term of this Agreement ("Term") shall commence on the date of your signing of this Agreement and shall continue through the one-year anniversary of the release of the first RW equity research report on the Client (“End of the Full Term”), unless either party terminates this Agreement, with or without cause, at an earlier date (“Early Termination Date”) upon delivery of written notice to the other party at the address set forth hereinbelow.

	2.	RW Services. RW shall prepare an equity research report on Client ("Report") in substantially the same form as samples of RW's research reports presently displayed at RW's Web site (www.stocksontheweb.com). Client shall have no editorial control over the opinions expressed in the Report, and RW shall not supply to Client a draft copy of the Report.

		RW shall complete and post a copy of the finished Report at its Web site within six (6) weeks of the date on which RW receives the payment for RW services from the Client, and RW shall update the Report on its Web site on approximately a bimonthly basis for the remainder of the Term. Client shall notify RW in writing prior to the filing of any registration statement for its shares, and again upon the effectiveness of

	 
	 		 
	

	 

		such registration, and RW shall suspend the updating of the Report during the period commencing on date of written notification of a pending registration and ending on the day following the effective date of such registration.

		Client may make suggestions at any time for changes regarding the factual content of the Report, but RW is under no obligation to accept such proposed changes, and RW retains exclusive control over the opinions expressed in the Report.

		Following the initial posting of the Report on its Web site, RW shall print and distribute the Report at its own expense to individual and institutional investors whom RW believes have an interest in small-capitalization stocks. The date of such printing and distribution shall be at RW’s sole discretion. RW shall also mail 100 copies of the Report to Client, and Client shall have permission to duplicate the Report at its own expense or to purchase additional original copies from RW for a nominal fee.

	3.	Fee. In consideration of RW's services, the Client shall pay to RW a fee (“Fee”) consisting of three hundred twelve thousand five hundred (312,500) shares of Client's common stock. This Fee is due and payable upon the date on which you sign this Agreement, and RW shall be under no obligation to issue any Reports until it has received the Fee. The shares shall be issued in three certificates, as follows: 260,417 of the shares for The Research Works, Inc. (c/o William J. Ritger, 623 Ocean Avenue, Sea Girt, NJ 08750; tax # 22-3173901), 34,722 of the shares for Omni Capital Corporation (c/o Robert Darbee, 33 West Main Street, POB 390, Oyster Bay, NY 11771; tax # 11-3273012); and 17,361 of the shares to Greenwich Bay Advisory Group, LLC (c/o Sanjeev Choudhary, 200 Adirondack Drive East, Greenwich, RI 02818).

		RW acknowledges that the common shares issued pursuant to this Agreement (a) have not been registered under the Securities Act of 1933, as amended (the "Act"), (b) cannot be offered or sold except pursuant to a registration statement under the Act or an exemption from registration under the Act, and (c) are being acquired for investment and not with a view to the distribution thereof. RW represents that it is an "accredited investor" as such term is defined by Rule 501(a) of Regulation D and also acknowledges that its officers and directors are capable of evaluating the merits and risks of an investment in Client's common shares.

		Should the Client terminate this Agreement prior to the End of the Full Term for any reason other than RW’s failure to perform in accordance with the terms set forth in this Agreement, then no portion of the Fee shall be refunded to the Client, except, however, that the Client may cancel this Agreement without penalty within five (5) business days of Client's entering into this Agreement, provided that the Client provides RW with written notice of such cancellation in accordance with the terms of Paragraph 6 of this Agreement.

	 
	 	2	 
	

	 

		Should the Client terminate this Agreement prior to the End of the Full Term for RW’s failure to perform in accordance with the terms set forth in this Agreement, then a percentage of the Fee shall be refunded to the Client; this percentage is the product of 50% times the result of the division of the number of days from the Early Termination Date until the End of the Full Term by the number of days from the commencement of the Term until the End of the Full Term.

		Notwithstanding the foregoing, Client shall recover the entire Fee from RW if Client terminates this Agreement based on RW's failure to release the initial Report in accordance with the time and manner mandated by Paragraph 2.

		Should RW terminate this Agreement prior to the End of the Full Term, then a percentage of the Fee shall be refunded to the Client; this percentage shall be the product of 50% times the result of the division of the number of days from the Early Termination Date until the End of the Full Term by the number of days from the commencement of the Term until the End of the Full Term.

		Notwithstanding the foregoing, RW shall refund the entire Fee to Client if RW terminates this Agreement prior to the release of the initial Report for any reason other than Client's failure to perform in accordance with the terms set forth in this Agreement.

	4.	Client’s Representations and Covenants. Client represents and covenants that:

		(a) it will notify RW in writing prior to the filing of a registration statement of any of its securities and it will not use the Report in connection with any offering of securities without the prior written consent of RW, and Client shall again notify RW upon the effectiveness of such registration statement;

		(b) it and its principals will keep confidential their knowledge of the pending release of the Report;

		(c) it will distribute the Report only in its entirety and in conformity with all securities laws;

		(d) it will cease any distribution of the Report when facts or management’s expectations are materially different from those presented or estimated in such Report;

		(e) it has received a copy of RW’s brochure and Part II of RW’s ADV application, both of which are available for viewing at RW’s web site (www.stocksontheweb.com); and 

		(f) it will indemnify and hold RW and its officers, employees and independent contractors harmless from and against any loss, damage, liability, or expense

	 
	 	3	 
	

	 

		(including reasonable attorneys' fees and other costs of litigation, regardless of outcome) arising out of or in connection with (i) any breach of the representations and covenants made by Client in this Paragraph 4, (ii) false or misleading information provided to RW by Client, or (iii) claims relating to the purchase and/or sale of Clients' securities arising from RW's relationship with Client. In any action where Client's indemnity applies, RW shall be entitled to its own separate counsel at Client's expense. Neither termination nor completion of this Agreement shall affect these indemnification provisions, which shall survive any such termination or completion and remain operative and in full force and effect.

	5.	Solicitor’s fee. Client acknowledges that RW shall pay to Omni a solicitor's fee equal to 42,083 shares of Client's common stock, plus $6,875.00.

	6.	Impaired provision. If any provision of this Agreement is held invalid, illegal or unenforceable in any respect (an "Impaired Provision"),

		(a) such Impaired Provision shall be interpreted in such a manner as to preserve, to the maximum extent possible, the intent of the parties,

		(b) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and

		(c) such decision shall not affect the validity, legality or enforceability of such Impaired Provision under other circumstances. The parties agree to negotiate in good faith and agree upon a provision to substitute for the Impaired Provision in the circumstances in which the Impaired Provision is invalid, illegal or unenforceable.

	7.	Severability of Provisions. If any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon any other covenant or provision unless so expressed herein.

	8.	Non-Waiver. The failure of any party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of any party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

	9.	Notices. Any notice or other communication under this Agreement shall be in writing and shall be deemed to have been duly given: (a) upon facsimile transmission (with written transmission confirmation report) at the number designated below; (b) when delivered personally against receipt therefore; (c) one day after being sent by Federal

	 
	 	4	 
	

	 

		Express or similar overnight delivery; or (d) five (5) business days after being mailed registered or certified mail, postage prepaid. The addresses for such communications shall be as set forth below or to such other address as a party shall give by notice hereunder to the other party to this Agreement.

	 	
If to Client:
	
Speedemissions, Inc.

	 	 	
1029 Peachtree Parkway North, Suite 310

	 	 	
Peachtree City, GA 30269

	 	 	
Attention: Rich Parlontieri, President and CEO

	 	 	 
	 	
If to RW:
	
The Research Works, Inc.

	 	 	
623 Ocean Avenue, Sea Girt, NJ 08750

	 	 	
Attention: William Ritger, President

	10.	Governing Law / Arbitration. The terms of this Agreement will be governed by and interpreted in accordance with the internal laws of the State of ArizonaNew Jersey, without regard to the principles of conflict of laws. Any controversy, dispute or claim between the parties relating to this Agreement shall be resolved by binding arbitration in MaricopaMonmouth County, New Jersey, in accordance with the rules of the American Arbitration Association. Prior to the selection of the arbitrators of the binding arbitration, the parties shall first attempt non-binding mediation before a mediator selected by said Association. Each party shall bear its own costs relating to such mediation, including attorney’s fees and expenses. The parties agree that in the event that any controversy, dispute or claim between the parties relating to this Agreement is resolved by binding arbitration, the prevailing party, if any, as determined by the arbitrator’s award, shall be entitled to reimbursement of all expenses incurred in the arbitration including reasonable attorneys’ fees, provided that in no event shall the arbitrator have the authority to award punitive damages. Judgment on the award may be entered in any court having jurisdiction over the award.

	11.	Integration. This Agreement sets forth the entire agreement between the parties with regard to the subject matter hereof. All prior agreements, covenants, representations, and warranties, expressed or implied, oral or written, with respect to the subject matter hereof, are contained herein. All prior or contemporaneous conversations, possible and alleged agreements, representations, covenants, and warranties, with respect to the subject matter hereof, are waived, merged, and superseded hereby. This is an integrated agreement.

	12.	Entire agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and shall not be modified, except by a written document signed by the parties.

	13.	Paragraph headings. The paragraph headings used in this Agreement are included solely for convenience and shall not affect or be used in connection with the interpretation of this Agreement.

	 
	 	5	 
	

	 

	14.	Counterparts. This Agreement may be executed in counterpart signatures, each of which shall be deemed an original, but all of which, when taken together, shall constitute one and the same instrument, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original thereof.

Please confirm your agreement with the foregoing by signing and returning one copy of this letter to the undersigned whereupon this letter shall become a binding Agreement as of the day and year first written above. The offer to enter into this Agreement shall expire 21 days from the date of this letter.

	
Very truly yours, 
	 
	 	 
	
THE RESEARCH WORKS, INC.
	 
	 	 
	
By:
	
/s/ William J. Ritger
	 
	 	
William J. Ritger
	 
	 	
President
	 
	 	 
	 	 
	 	 
	
ACCEPTED AND AGREED:
	 
	 	 
	
SPEEDEMISSIONS, INC.
	 
	 	 
	 	 
	
By:
	
/s/ Rich Parlontieri
	 
	 	
Rich Parlontieri
	 
	 	
President and Chief Executive Officer
	 
	 	 
	 	 
	
Reminder: Please remember to initial each page.

	 
	 	6

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