Document:

Filing

Demand Note between Adsouth Partners, Inc. and HDK Funding dated December 20, 2005

EX-10.24

- Loan Agreement with HSK Funding, Inc.

 

 

			
	 

$1,000,000

	 

	Boca Raton, Florida

December 20, 2005

 

DEMAND PROMISSORY NOTE

 

FOR VALUE RECEIVED, Adsouth Partners, Inc., a Nevada corporation with offices at 1141 South Rogers Circle, Suite 11, Boca Raton, Florida 33487 (“Payor”), hereby promises to pay on demand to order of HSK Funding (“Holder”), the principal amount of one million dollars ($1,000,000), and to pay interest on the outstanding principal amount at an interest rate equal to the lesser of eighteen percent (18%) per annum or the maximum rate of interest which may legally be charged.

 

In any legal proceeding to enforce payment of this Note, Payor waives trial by jury, claims for offset and counterclaims. Payor hereby waives presentment, demand, protest and notice of protest. Payor may prepay this Note in whole at any time and in part from time to time without payment of any penalty or premium, provided that accrued interest is paid to the date of such prepayment.

 

Payment of this Note is guaranteed by John P. Acunto, Jr.

 

This Note replaces and restates, with an increase in the principal amount, the Payor's promissory note dated December 7, 2005, in the principal amount of $500,000, payable to Holder.

 

In the event that Holder commences a legal proceeding in order to enforce its rights under this Note, Payor shall pay the reasonable legal fees and expenses incurred by Holder with respect thereto.

 

This Note shall be governed by and construed in accordance with the laws of the State of Florida applicable to agreements entered and to be performed wholly within such State without regard to principles of conflicts of laws.  IN ANY SUCH ACTION, PAYOR WAIVES ANY RIGHT TO A TRIAL BY JURY .

 

IN WITNESS WHEREOF, Payor has executed this Note on the date and year first aforesaid.

 

			
	 

	 

	 

	 

	ADSOUTH PARTNERS, INC.

	 

  

	 

  

	 

  

	 

	By:  

	/S/ Anton Lee Wingeier

	 

	Anton Lee Wingeier, CFOFiling

Consulting Agreement of Castlebridge Enterprises dated  June 15, 2005

EX-10.25

CONSULTANT AGREEMENT

PRIVILEGED AND CONFIDENTIAL

This agreement (“Agreement”) is made and entered into as of the 15th day of June 2005 hereby confirms the overall agreement and payment of Consulting Fees from Worldwide Excellence, Inc. its successors, assigns and affiliates (“WEI”), to Castlebridge Enterprises, Inc. (“Consultant”) for providing introduction to, and limited advice concerning possible deal points on a particular transaction for, Finance Sources (“Source”) as listed in Exhibit A, in accordance with, and subject to, the terms of this Agreement.

Services of Consultant/Term of Agreement:

In Connection with this Agreement, Consultant shall introduce WEI to entities (“Source”), listed in Exhibit A, who may be able to provide financing for operational capital for WEI (“Transactions”) and Consultant may assist, if and where appropriate, in the negotiations if requested by WEI.  Consultant’s services shall be performed on a non exclusive “best efforts” independent contractor basis and not as an employer/employee partner, joint venture or other similar relationship  with WEI.

This agreement will expire, at the earlier of, two (2) years from the date of this Agreement or at the closing date (“Closing Date”) of the transactions contemplated hereunder.

Consultant’s Fee:

WEI hereby agrees to pay a Consultant fee to Consultant for any direct, indirect or subsequent financing that arises from Consultant’s introductions to any Source listed in Exhibit A.  The fee for the Consultant shall include two components, described as a cash and equity component.

The cash component of Consultant’s Fee shall be Seventy Five Thousand dollars ($75,000). WEI shall provide the Consultant with the anticipated closing date. The Consultant’s Fee shall be payable at the time of the Closing Date of the Transaction which shall be defined as the date of the public merger of WEI with MFC Development Corp (MFCD), or a related entity (“Closing”).  WEI and Consultant agree that the Consultant’s Fee shall be paid directly to Consultant as follows: (1.) Fifty Thousand dollars ($50,000) at Closing. (2.) The balance of Twenty Five Thousand ($25,000) is to be paid in installments of Five Thousand ($5,000) per month commencing thirty (30) days after Closing. No monies are due if the Closing does not take place.

The equity component of the Consultant’s fee shall be in the form of warrants. At the Closing Date of the Transaction, WEI shall deliver to Consultant One Hundred and Fifty Thousand (150,000) warrants with exercise price and all other provisions that are no less favorable to Consultant than the exercise price and provisions provided to any other party that receives warrants resulting from this Transaction (current estimated exercised prices are, year #1 = $1.00, year 2 = $1.-25, year #3 = $1.50).  These warrants will expire within three (3) years from the issue date. The warrant agreement will provide for all normal registration, piggyback and other provisions.

Indemnification:

WEI agrees to indemnify Consultant and its officers, directors, shareholders, successors, assigns, employees, agents, affiliates and representatives (collectively referred to as the “Consultant Indemnified Parties”) and defend and hold each of them free and harmless from and against any losses, claims, damages, expenses including attorney fees and expenses, liabilities, actions, proceedings, judgments, investigations, inquires or threats thereof to which the Consultant Indemnified Parties may become subject to arising out of, or in connection with, the rendering of services by Consultant in connection with any transaction to the fullest extent under applicable law, including anything which is due to an act, omission, misrepresentation, or breach by the WEI of any contractual obligation in respect of a transaction.

Agreement Governance:

This Agreement shall be governed by the substantive laws of the State of New York.  The parties to this Agreement hereby expressly and irrevocably agree that any action, suit or proceeding arising out of this Agreement and the transactions contemplated hereby may be instituted in accordance with the rules of the American Arbitration Association (AAA) under its jurisdiction conducted in the County of Los Angeles, State of California and, by execution of  this Agreement, the parties expressly waive any objection to the venue or jurisdiction of any such action, suit or proceeding, and irrevocably submit to the jurisdiction noted herein.

Entire Agreement

This Agreement incorporates the entire understanding and agreement of the parties with respect to the Agreement and may not be amended or modified except in a writing executed by the WEI and Consultant and shall be binding upon and inure to the benefit of WEI, Consultant, the Consultant Indemnified Parties and their respective successors and assigns.

Please confirm that the foregoing is in accordance with your understanding  of our agreement by signing and returning a copy of this letter.

Accepted and Agreed:

			
	Worldwide Excellence, Inc.

	 
	Castlebridge Enterprises, Inc.

	 
	 
	 

	/s/ Jeffrey Edell

	 
	/s/ Roger A. Burlage

	Jeffrey Edell, CEO & President

	 
	Roger A. Burlage, President

	 
	 
	 

	 
	 
	 

	Nancy Duitch, CEOEx 10.1 Supermax Agreement

    Exhibit
      10.1

     

    
      DEVELOPMENT
        AGREEMENT

      

      In
        this
        Agreement AOB
        BIOTECH INC.
        ("Developer"), a California registered company, doing business at 301 North
        Lake
        Ave., Pasadena and SuperMax
        USA, INC.
        ("Contractor"), 

      located
        at Japan, agrees that on August,2005.

      

      AOB
        BIOTECH INC. is to develop five formulas for SuperMax USA, INC. described
        herein
        under the following terms and conditions:

      

      1.
        Background

      

      SUPERMAX
        USA, INC. desires to develop supplement formulas for Prostate
        Care,
        Diabetes
        Supplements,
        Child
        Supplements,
        Joint
        Care,
        and
Men’s
        Formula.
        AOB
        BIOTECH

      INC.
        possesses technology and expertise relating to Prostate Care, Diabetes
        Supplements, Child Supplements, Joint Care, and Men’s Formula. In light of these
        facts, AOB BIOTECH 

      INC.
        and
        SUPERMAX USA, INC. entered into a preliminary Development Agreement on (August,
        2005) in order that AOB BIOTECH INC. develops five supplement formulas for
        

      SUPERMAX
        USA, INC. 

      

      2.
        Definitions

      

      a)  Field:
        shall mean human health products.

      

      	b)  	
              Products:
                shall mean all five formulas of which AOB BIOTECH INC. produces for
                SUPERMAX USA, INC.

            

      

      3.
        Compensation

      

      	a)  	
              SuperMax
                USA Inc. will pay AOB BIOTECH INC. $500,000.00
                for the five formulas given to SUPERMAX USA,
                INC.

            

      

      4.
        Proprietary
        Rights

      

      	a)  	
              SUPERMAX
                USA, INC. will retain title to and ownership of all technology (including,
                without limitation, all patents, inventions, and data relating thereto)
                relating to formulas developed by AOB BIOTECH INC. as a result of
                the
                Development Program or otherwise.

            

      

      AOB
        BIOTECH INC. shall grant to SUPERMAX USA, INC. five formulas to supplements
        which AOB BIOTECH INC. will not sell to any other third party. SUPERMAX USA,
        INC. 

      will
        be
        given the five formulas.

      

      5.
        Confidentiality
        and Disclosure

      

      	a)  	
              Each
                party agrees to keep confidential and to not use for any purpose
                other
                than as set forth herein all technical information and materials
                supplied
                by the other hereunder and any information a party may acquire about
                the
                other or its activities as a result of entering into this Agreement,
                provided that such obligation shall not apply to technical information
                or
                material which: (i) was in the receiving party's possession without
                restriction prior to receipt from the other party or its Affiliates;
                (ii)
                was in the public domain at the time of receipt; (iii) becomes part
                of the
                public domain through no fault of the receiving party; (iv) shall
                be
                lawfully received from a third party with a right of further disclosure;
                (v) shall be required to be disclosed by law, by regulation or by
                the
                rules of any securities exchange.

            

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      6.
        Disclaimer
        of Warranty

      

      	a)  	
              AOB
                BIOTECH INC. makes no representations or warranties, express or implied,
                other than those specified in this agreement, with respect to any
                services, technology, products or materials supplied to SUPERMAX
                USA, INC.
                hereunder, including without limitation any warranties of merchantability
                or fitness for a particular purpose.

            

      

      7.
        Government
        Approvals

      

      	a)  	
              SUPERMAX
                USA, INC. shall be responsible for conducting all necessary testing
                as
                well as determining what, if any, government approvals are required
                for
                the use and sale of Products developed hereunder and shall comply
                with all
                such requirements prior to and following the sale or distribution
                of such
                Products.

            

      

      8.
        Waiver

      

      	a)  	
              Any
                waiver by either party of a breach of any provision of this Agreement
                shall not operate as or be construed to be a waiver of any further
                breach
                of the same or other provisions of this Agreement. The failure of
                a party
                to insist upon strict adherence to any term of this Agreement on
                one or
                more occasions shall not be considered a waiver or deprive that party
                of
                the right thereafter to insist upon strict adherence to that term
                or any
                other term of this Agreement. Any waiver must be in
                writing.

            

      

      9.
        Notices

      

      Any
        legal
        notice required or permitted hereunder shall be considered properly given
        if in
        writing and sent by first class mail, certified mail or by email to the party
        being notified 

      at
        their
        address.

      

      Such
        notice shall be effective upon receipt or upon refusal to accept such notice.
        In
        any case, notice shall be presumed effective no later than five (5) days
        after
        such notice is sent.

      

      Neither
        party shall originate any publicity, news release or public announcement,
        written or oral, relating to this Agreement, including its existence, without
        the written approval of the

      other
        party.

      

      10.
        Entire
        Understanding

      

      This
        Agreement may be executed by the parties hereto in counterparts, each of
        which
        when so executed and delivered shall be considered to be an original, but
        all
        such counterparts 

      shall
        together constitute but one and the same instrument. This Agreement constitutes
        the entire understanding between the parties with respect to the subject
        matter
        hereof and 

      supersedes
        all previous agreements related thereto, provided, however, that no variation
        or
        modification of this Agreement or any of the terms hereof shall be valid
        unless
        in 

      writing
        and signed by the parties hereto.

    

    
      
 

      WITNESS
        the signature of both parties by their duly authorized officers:

       

       

    

    AOB
      BIOTECH INC.

    

    /s/
      Nelson Liao

    

    Nelson
      Liao

    Chief
      Executive Officer

    

     

    SuperMax
      USA, Inc.

    

    /s/
      Hideki Shibata

    

    Hideki
      Shibata

    President

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