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      EXHIBIT
        10.20

      MUTUAL
        RELEASE AND TERMINATION

      AGREEMENT

      

      

      THIS
        MUTUAL RELEASE AND TERMINATION AGREEMENT, by Recap Marketing and Consulting,
        LLC, Hunter M. A. Carr, and Donald W. Sapaugh (collectively “Recap”) and ATSI
        Communications, Inc., a Nevada corporation (“ATSI”), is made and entered into
        this the 1st day of June, 2005, with the following covenants, agreements,
        understandings and promises having been made by RECAP to ATSI and by ATSI
        to
        RECAP

      

      WHEREAS,
        RECAP entered into a Consulting Agreement with ATSI on October 13, 2003
        (“Consulting Agreement”), and 

      

      WHEREAS,
        ATSI extended the Consulting Agreement on November 1, 2004 for a period of
        6
        months (“Extension”), and 

      

      WHEREAS,
        ATSI and RECAP amended the Consulting Agreement on March 1, 2005, and

      

      WHEREAS,
        ATSI and RECAP are mutually terminating the Consulting Agreement and agree
        to
        the following:

       

      1.
         ATSI
        shall terminate RECAP’s Agreement to provide certain consulting services
        effective August 1, 2005, and shall pay RECAP based upon the schedule attached
        hereto entitled Exhibit A.

      

      2.  RECAP
        does hereby release ATSI and all related entities and their officers, directors,
        agents, representatives, successors and assigns of and from any and all claims
        RECAP might otherwise have on account of its contract for services with ATSI.
        Further, RECAP hereby knowingly waives any claims it might have under any
        state
        or federal law or statute related to its Consulting Agreement.

      3.
         ATSI
        does
        hereby release RECAP and all related representatives, successors and assigns
        of
        and from any and all claims ATSI might otherwise have on account of its
        relationship with RECAP. Further, ATSI hereby knowingly waives any claims
        it
        might have under any state or federal law or statute related to its Consulting
        Agreement.

      

      4.
         The
        parties agree to treat the terms of this agreement in a confidential manner
        to
        the greatest extent legally permissible and reasonably possible. ATSI may
        disclose the terms of this agreement only to its attorney, board, or senior
        management.

      

      5. ATSI
        and
        RECAP declares that they execute this Agreement based on their own knowledge
        and
        investigation of the facts concerning any claims that they might have, that
        this
        Release is not executed in reliance upon any statement made by any person
        or
        party hereby released, nor is it executed in reliance upon any statement
        of any
        person connected with, or represented by, any of said persons or entities
        hereby
        released.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      7. The
        terms
        of this Agreement shall be construed under the laws of Harris County, the
        State
        of Texas.

       

      8.  This
        Agreement contains the entire agreement between the parties hereto and the
        terms
        hereof are contractual and not merely recitals.

      

      9.
         Both
        parties agree to resolve any and all disputes which may arise from this
        Agreement or any prior Agreement, via binding arbitration. Such arbitration
        may
        be initiated by either party, by providing written notice of breach or a
        dispute
        which remains unresolved for a period of at least ten (10) days.

       

      WHEREOF,
        the parties hereto have executed this Agreement the day and year first above
        written.

      

      RECAP

      Marketing
        and Consulting, LLC, and individually

      Donald
        W. Sapaugh and
        Hunter M. A. Carr

      

      

      

      By:
        /S/ Donald W. Sapaugh   Date: 
        06/01/05

      Donald
        W.
        Sapaugh

      

      By:
        /S/ Hunter
        M. A.
        Carr                    Date:
        06/01/05  

      Hunter
        M.
        A. Carr

      
 

      ATSI
        Communications, Inc.

      A
        Nevada Corporation

      

       

      By:
        /S/ Arthur
        L.
        Smith                       
        Date:
        06/01/05

           
        Arthur L. Smith

      Its:
        CEO
        & President 

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
        A

      

      Settlement
        Warrant Payments

      

      

      
        	
                Donald
                  W. Sapaugh

              	 	 	 	 	 	 	 	 	 	 	 
	
                Hunter
                  M. A. Carr

              	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	
                Shares
                  to 

              	 
	
                Total
                  Warrants Outstanding

              	 	
                Price

              	 	
                Proposal

              	 	 	 	
                Shares
                  Owed

              	 	
                be
                  Converted

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                683,500 

              	 	
                $

              	
                0.50

              	 	
                $

              	
                0.25

              	 	
                $

              	
                170,875

              	 	 	 	 	 	
                683,500
                  

              	 
	
                100,000

              	 	
                $

              	
                0.75

              	 	
                $

              	
                0.20

              	 	
                $

              	
                20,000

              	 	 	 	 	 	
                100,000
                  

              	 
	 	 	 	 	 	 	 	 	
                $

              	
                190,875

              	 	 	 	 	 	 	 
	
                Note
                  Payable

              	 	 	 	 	 	 	
                $

              	
                83,250

              	 	 	
                361,957
                  

              	 	 	
                (361,957

              	
                )

              
	
                Additional
                  Cash to Company (based upon conversion)

              	 	 	 	
                $

              	
                107,625

              	 	 	

              	 	 	 	 
	
                Interest
                  Payable - Warrants

              	 	 	 	 	 	 	 	 	 	 	
                110,000
                  

              	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Total
                  Shares

              	 	 	 	 	 	 	 	 	 	 	
                471,957
                  

              	 	 	
                421,543
                  

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

      

      

      

      Total
        shares to be issued upon execution of this Agreement 471,957

      

      Total
        shares remaining to be issued upon payment of warrants above 421,543 ($107,625)

      
 

      

      

      

      Initials

      

      _____
        ____Exhibit 10.47

LETTER AGREEMENT DATED AS OF OCTOBER 24, 2005 TERMINATING THE AMENDED AND
RESTATED AGREEMENT AND PLAN OF MERGER

                           Olympic Cascade Letterhead

October 24, 2005

Victor K. Kurylak
First Montauk Financial Corp.
Parkway 109 Office Center
328 Newman Springs Road
Red Bank, NJ 07701

Dear Victor:

Reference is made to that certain Amended and Restated Agreement and Plan of
Merger dated as of June 27, 2005 by and among First Montauk Financial Corp.
("First Montauk"), Olympic Cascade Financial Corporation ("Olympic") and OLY
Acquisition Corp. (the "Merger Agreement"). All capitalized terms herein not
otherwise defined shall have the meaning ascribed to them in the Merger
Agreement.

Pursuant to Section 9.1(a) of the Merger Agreement, Olympic and First Montauk
hereby agree to terminate the Agreement effective as of the date hereof.
Accordingly, the parties shall have no further obligation to each other arising
out of the Merger Agreement, the Merger, and the transactions contemplated
thereby, and each party agrees to bear all of its own expenses, notwithstanding
the provisions of Section 7.7.

                               Very truly yours,

                               Olympic Cascade Financial Corporation

                               By: /s/ Mark Goldwasser
                               Name: Mark Goldwasser
                               Title:  President and Chief Executive Officer

Agreed and Accepted:

First Montauk Financial Corp.

By:   /s/    Victor K. Kurylak
      Name:  Victor K. Kurylak
      Title:  Chief Executive OfficerCHARLES W. BARKLEY
                                Attorney at Law

6201 Fairview Road                                             (704) 543-8806
Suite 200                                                      (704) 552-6332
(Fax)
Charlotte, NC  28210                                           gopublic2@aol.com
                                 June 2, 2004
                          Privileged and Confidential

Mr. Howard Wayland, Jr.
Chairman
AmStar Mortgage Corporation
10851 Scarsdale Boulevard
Suite 800
Houston, TX 77089

Dear Mr. Wayland:

This letter agreement ("Agreement") confirms the terms and conditions of our
engagement by AmStar Mortgage Corporation ("Amstar" or the "Company") to render
certain legal and financial advisory services to the Company.

We have received and reviewed your Business Plan Executive Summary and certain
financial information. We understand that AmStar is a Texas corporation, formed
on October 12, 2002, actively engaged in the business of originating commercial
and mortgage loans and other lending services. We are informed that Amstar has
or intends to enter into an agreement with Peoplesway.Com, Inc., a Nevada
corporation ("Peoplesway") designed to promote the Amstar brand and mortgage
services (the "Peoplesway Arrangement").

As a part of the Peoplesway Arrangement, Amstar has agreed to use its reasonable
best efforts to register certain securities with the United States Securities &
Exchange Commission under the Securities Act of 1933, as amended. As a result,
you require certain financial consulting services pertaining to the legal,
accounting and trading market aspects of the intended transaction. To partially
fulfill your obligations thereunder, you have engaged us as legal counsel and
financial consultants on the terms set forth herein.

You have engaged our services to prepare or review Substantially all the
documentation to be submitted to regulatory authorities and distributed to
prospective investors, advise as to compliance requirements, assist in the
structure of the plan of corporate finance, and introduce the Company to
commercial and merchant banks, investment banks, private funds and other
financiers, all as may be necessary or appropriate.

<PAGE>

Mr. Howard Wayland, Jr.
June 2, 2004
Page Two

1. Services. The services to be performed shall be on a reasonable best efforts
basis and may be briefly outlined as follows:

      a. Preparation and drafting of a registration statement to be filed with
the United States Securities & Exchange Commission, certain state securities
regulatory commissions, and documents necessary to obtain listing on an exchange
or in a trading market;

      b. Suitable corporate authorization, resolutions, minutes, and by-laws,
including any necessary amendments, change of domicile or associated filings;

      c. Due diligence, document review, document preparation, attendance at
board and shareholder meetings, preparation of required shareholder notices and
related corporate work necessary to effect the filing;

      d. Filing, review, preparation and/or submission of all exhibits required
by Regulation S-B;

      e. Telephone conferences as needed with regulators, auditors,
underwriters, consultants and management; f. Related and associated conferences,
documents and other matters necessary to effect the filing.

      g. Possible letters of intent, placement agent agreements or similar
requirements for ongoing corporate financing and/or investment banking
relationships.

      h. Preparation of documents necessary for listing to the OTC Bulletin
Board;

      i. Obtain CUSIP numbers, documents necessary for listings in manuals with
Standard & Poors;

      j. Obtain CIK number and open Edgar account with the SEC;

      k. Selection, assistance and application necessary to obtain a transfer
agency agreement with a duly qualified transfer agent;

      l. Assistance in selection of company auditors, telephone consultation and
document review, and related services necessary to procurement of an audit by a
PCAOB certified auditor in compliance with Regulation S-X, including the costs
of an initial audit.

      m. Introduction to broker/dealers, investor relations experts and other
persons; and Mr. Howard Wayland, Jr. June 2, 2004 Page Three

                                       2
<PAGE>

Mr. Howard Wayland, Jr.
June 2, 2004
Page Three

      n. Furnish such other legal counsel and financial advisory services
necessary or appropriate to consummate the intended transaction, including
structure and bylaws of an audit committee sufficient to maintain Sarbanes-Oxley
Compliance.

      2. Appearances by Mr. Monroe. We understand that Peoplesway will make Pete
Monroe, its Chairman, available for appearances and attendance at up to four (4)
AmStar sponsored events during the first year of this Agreement. Mr. Monroe's
appearances are expected to include such events as lectures, seminars or
meetings with prospects, joint venture arrangements, or communications to the
investment community. We each agree that Mr. Monroe will be given at least 30
days advance notice and shall be subject to Mr. Monroe's availability. You agree
that all costs of travel (business class or better), accommodations (business
class or better), meals and an unallocated per diem expense allowance of $250
per day will be paid by AmStar.

      3. Fees. The Company agrees to pay for our services a legal and financial
advisory fee as follows:

      a. An initial payment of $15,000, payable upon execution of this
agreement, which shall partially defer the initial retainer to the Company's
auditors;

      b. Six monthly payments of $5,000 beginning July 1, 2004 and continuing
each month thereafter until fully paid; and

      c. An Advisory Fee of 300,000 shares of common stock, based on the
Company's proposed capitalization of 11,000,000 total common shares at the time
of the filing of the registration statement payable upon execution of this
agreement.

      These fees will defray the costs of our services and the legal and
accounting fees incurred in connection with the filing of a suitable
registration statement as outlined in your Strategic Alliance Agreement with
Peoplesway.com, Inc. You may incur other fees which are not included. Examples
of such fees might be filing fees with the SEC or state blue sky authorities;
initial or annual listings in approved manuals such as Standard & Poor's; state
filing fees or taxes for any changes in corporate structure; printing of stock
certificates; fees payable to transfer agents; underwriting discounts,
commissions or selling agent fees or expenses; or other fees to third parties.

                                       3
<PAGE>

Mr. Howard Wayland, Jr.
June 2, 2004
Page Four

3. Expenses. The Company agrees to reimburse us for all of its reasonable,
documented out-of-pocket costs that may be reasonably incurred in the
performance of our duties under this Agreement. Such expenses may include
travel, accommodations, telephone, computer, courier and supplies. Except for
exigent circumstances, we will seek your prior approval for all sums in excess
of $250. All such fees, expenses and costs will be billed as incurred and are
payable by the Company when invoiced. Upon expiration of the Agreement any
unreimbursed fees and expenses will be immediately due and payable.

4. Cooperation and Indemnification. The Company agrees to cooperate fully in
providing required documentation for due diligence, assist in the preparation
and review of required documentation, and response to regulatory comments.
Management must also be reasonably accessible from time to time for personal and
telephone conferences.

The adequacy and accuracy of representations concerning the financial condition
of the Company, its operations, management, properties and structure are the
responsibility and representation of the Company and its management. Any
information furnished to me will be deemed to be full, accurate and fair
disclosure. In the event that any matter becomes untrue or misleading, even if
it was true when the representation was made, you will immediately bring the
change of circumstances to my attention. In addition to the payment of fees and
reimbursement of fees and expenses provided for above, the Company agrees to
indemnify us and our affiliates with regard to the matters contemplated herein.

5. Matters Relating to Engagement. The Company acknowledges that we shall act as
an independent contractor, and any duties arising out of its engagement
hereunder shall be owed solely to the Company. The Company further acknowledges
that we may perform certain of the services described herein through one or more
of its affiliates.

      The Company recognizes and confirms that in performing its duties pursuant
to this Agreement, we will be using and relying on information furnished by the
Company (the "Disclosures"), and shall make its officers, directors, employees,
independent accountants and legal counsel reasonably available as needed from
time to time. The Company insures that all Disclosures furnished shall be
accurate and complete in all material respects. If any Disclosure subsequently
becomes materially inaccurate, incomplete or misleading you will notify us
promptly.

6. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of North Carolina without regard to the
conflict of laws provisions thereof.

                                       4
<PAGE>

Howard Wayland, Jr.
June 2, 2004
Page Five

We must disclose to you that I have consulted with Peoplesway.Com, Inc. and its
principals ("Peoplesway") in connection with certain legal matters, including
the legal effects and structure of your intended strategic alliance agreement.
In addition, I have known Michael J. Killman, your auditor, in various
capacities for nearly twenty years. Mr. Killman and I are currently officers and
directors in two enterprises and we have had business dealings with one another
from time to time over the years. These associations could be construed as a
conflict of interest with our representation of you.

      Your signature below will indicate our disclosure of these potential
conflicts of interest to you and your waiver thereof. Notwithstanding this
waiver, I represent and warrant to you that I have the control and authority
necessary to assure my independence in the rendering of legal services and to
assure compliance with all applicable ethical standards.

      If you have any questions or comments regarding the contents of these
disclosures, please feel free to ask us about these matters at your earliest
convenience.

      Please confirm that the foregoing correctly sets forth our agreement by
signing below in the space provided and returning this Agreement to us.

      We look forward to working with you on this exciting engagement.

                                           Very truly yours,

                                           /s/ Charles W. Barkley
                                           -------------------------------------
                                               Charles W. Barkley

CWB/js

AGREED TO AND ACCEPTED
AMSTAR MORTGAGE CORPORATION

By:______________________________
Name: Howard Wayland, Jr.
Title: Chairman

                                       5

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