Document:

<PAGE>   1
                                                                   EXHIBIT 10.40

                      SHARES FOR DEBT SETTLEMENT AGREEMENT

Effective: May 1, 1999

BETWEEN:

      CYBEROAD GAMING CORPORATION, a St. Kitts corporation having a place of
      business at Box 174, Basseterre, St. Kitts, West Indies

                                                                         ("CGC")

AND

      eBANX.COM(Isle of Man) LTD, an Isle of Man corporation having a place of
      business at International House, Castle Hill, Victoria Road, Douglas, Isle
      of Man, IM42 4RB

                                                                       ("eBanx")

AND

      ASANOL MANAGEMENT CORPORATION, a Torotola corporation having an address at
      Road Town, Pasea Estate, PO Box 3149 Tortola

                                                                      ("Asanol")

WHEREAS,

CGC owes $306,437.51 to Asanol as of March 31, 1999

AND

Asanol agrees that the debt is $306,437.51

AND

Asanol wishes CGC to repay that debt

<PAGE>   2

AND

Asanol is willing to accept shares of CGC in settlement

NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

1.0

      1.1   that in consideration of the payment by CGC of 200,000 common shares
            of Cyberoad Gaming Corp. and other good and valuable consideration,
            the receipt and sufficiency of which is hereby acknowledged, Asanol
            hereby grants CGC and its affiliate eBanx full and final release
            from the debt of $306,437.51.

2.0   SUCCESSORS

      This Agreement shall enure to the benefit of and shall be binding upon
      all parties and their executors, successors and assigns.

3.0   GOVERNING LAW

      This Agreement shall be governed by and construed in accordance with the
      laws of Isle of Man.

4.0   EXECUTION IN COUNTERPART

      This Amendment may be signed by the parties in as many counterparts as may
      be necessary, each of which so signed shall be deemed to be an original,
      and such counterpart together shall constitute one and the same instrument
      and notwithstanding the date of execution shall be deemed to bear the date
      as set forth below

                                       2

<PAGE>   3

IN WITNESS WHEREOF the parties have caused these presents to be executed
personally or by their duty authorized officers as of the day and year first
above written.

CYBEROAD GAMING CORPORATION

Per:
    -----------------------
Name:    Lawrence Cofield
Title: Director

ASANOL MANAGEMENT CORPORATION

Per:
    -----------------------
Name: Sergei Nitsenko
Title:

eBANX.COM (ISLE OF MAN) LTD

Per:
    -----------------------
Name: David Harris
Title: Director<PAGE>   1
                                                                   EXHIBIT 10.41

THIS ASSIGNMENT is made the 11th day of February Two Thousand BETWEEN
CYBEROAD.COM (Ireland) LTD., an Irish company, c/o Pannell Kerr Forster, 17
Percy Place, Dublin 4, Ireland (hereinafter referred to as "the Assignor") of
the one part AND CYBEROAD.COM (ISLE OF MAN) LIMITED, an Isle of Man company, of
International House, Castle Hill, Victoria Road, Douglas, Isle of Man, IM2 4RB,
United Kingdom (hereinafter referred to as "the Assignee") of the other part

WHEREAS

(A) The Assignor is entitled to the benefit of Community Trade Mark applications
set forth in the Schedule to this Deed of Assignment (hereinafter referred to as
"the Applications")

(B) The parties hereto have agreed that the Applications should be transferred
by the Assignor to the Assignee for the consideration hereinafter set forth

NOW THIS ASSIGNMENT WITNESSETH

(1) Pursuant to the Agreement and in consideration of the sum of ten Punts
(IRpunt10.00) now paid by the Assignee to the Assignor (the receipt whereof is
hereby acknowledged) the Assignor as beneficial owner hereby assigns to the
Assignee the Applications, the right, title and interest therein and all of the
rights, powers, privileges and immunities arising or accrued therefrom free from
all encumbrances to the intent that the registration of the trade marks pursuant
to the

<PAGE>   2

Applications (and of any national trade mark registrations pursuant to the
conversion of the Applications into national Applications) shall be in the name
of and shall vest in the Assignee TO HOLD unto the Assignee absolutely

(2) At the request and cost of the Assignee the Assignor shall at all times
hereafter do all such acts and execute all such documents as may reasonably be
necessary or desirable to secure the vesting in the Assignee of all the rights
as are assigned to the Assignee hereunder including without limitation, such
acts and the execution of such documents necessary or proper to obtain the
registration of the trade marks pursuant to the Applications

(3) The Assignor has not done (or omitted) and will not do (or omit to be done)
any act, matter or thing whereby registration of the trade marks applied for in
the Applications may be invalidated

(4) IT IS HEREBY CERTIFIED that the transaction hereby effected does not form
part of a larger transaction or of a series of transactions in respect of which
the amount or value or the aggregate amount or value of the consideration
exceeds five thousand Punts (IRpunt5000.00)

(5) The Assignment shall be construed in all respects in accordance with Irish
law

IN WITNESS WHEREOF the parties hereto have executed this Deed the day and year
first hereinbefore written

<PAGE>   3

                        Schedule hereinbefore referred to

                      The Community Trade Mark Applications

<TABLE>
<CAPTION>
 Trade Mark       Application   Class     Services
                  Number
 <S>              <C>           <C>       <C>
 CYBEROAD         001165752      35       Marketing distributed wide area
                                          network gaming (sportsbook and
                                          casino) systems; marketing sports and
                                          gaming Internet portals.

                                 42       Computer software and network systems
                                          development; computer network
                                          management and support; developing
                                          and managing distributed wide area
                                          network gaming (sportsbook and casino)
                                          systems; developing and managing
                                          sports and gaming
</TABLE>

<PAGE>   4

                                 Schedule contd

<TABLE>
<CAPTION>
 Trade Mark       Application   Class     Services
                  Number
 <S>              <C>           <C>       <C>
 CYBEROAD.COM     001166172      35       Marketing distributed wide area
                                          network gaming (sportsbook and casino)
                                          systems; marketing sports and gaming
                                          Internet portals.

                                 42       Computer software and network systems
                                          development; computer network
                                          management and support; developing and
                                          managing distributed wide area network
                                          gaming (sportsbook and casino)
                                          systems; developing and managing
                                          sports and gaming Internet portals.

</TABLE>

<PAGE>   5

THE COMMON SEAL OF

CYBEROAD.COM (IRELAND) LTD.

was hereunto affixed in the presence of:-

/s/ KRISTA WILSON
-----------------------------------
Krista Wilson
-------------------
Corporate Secretary

THE COMMON SEAL OF

CYBEROAD.COM (ISLE OF MAN) LIMITED

was hereunto affixed in the presence of: -

/s/ KRISTA WILSON
-----------------------------------

/s/ Krista Wilson
-----------------------------------
   Corporate Secretary<PAGE>   1
                                                                   EXHIBIT 10.42

                         Kazootek.com Technologies Inc.
                 620 -1380 Burrard Street, Vancouver, BC V6Z 2H3
                   Phone: (604) 601-5330 Fax: (604) 601-5331

January 31, 2000

Stig Lyren
12444-63A Avenue
Surrey, BC
V3X 2C7

Dear Stig,

LETTER OF EMPLOYMENT

We have pleasure in offering you a position with Kazootek.com under the
following terms and conditions:

APPOINTMENT:             Chief Financial Officer

COMMENCEMENT DATE:       February 7, 2000

PROBATIONARY PERIOD:     Six months

SALARY:                  CDN$80,000.00 per annum paid out on 15th and the last
                         day of the month.

LEAVE ENTITLEMENT:       You are entitled to 3 weeks paid vacation per
                         completed year of service.

                         Leave shall be taken by arrangement with your
                         supervisor. The timing of such leave will be dependent
                         upon the exigencies of the Company's business but,
                         where practicable, to suit your convenience.

MEDICAL:                 A.   MSP

                              The Company will pay your MSP on the first day of
                              your employment.

                         B.   Medical and Dental Coverage:

                              The Company will provide medical, dental and
                              insurance coverage in accordance with the policy
                              governing at the time being in force.

STOCK OPTIONS:           After the probationary period, you will receive in an
                         amount of 20,000 shares at current market price as at
                         time of issuance, and as set forth in accompanying
                         stock option agreement.

<PAGE>   2
                         Kazootek.com Technologies Inc.
                620 -1380 Burrard Street, Vancouver, BC V6Z 2H3
                   Phone: (604) 601-5330 Fax: (604) 601-5331

TERMINATION OF EMPLOYMENT:
A.   Termination of your employment can be effected by either party at any time
     during the probationary period without notice or payment in lieu.
     Upon successful completion of the probationary period, notice of
     termination by either party should be two weeks notice or payment in lieu
     thereof.
b.   The Company may terminate your employment at any time without notice or
     payment in lieu of notice, if, in the opinion of the Company, you are
     guilty of any act of dishonesty, misconduct or neglect of duty.

AMENDMENTS:
Should there at any time in the future be a change in the policies of the
Company, it may be necessary to vary the terms and conditions of your
employment but the Company would, in such circumstance, ensure prior notice be
given unto you.

If you are prepared to accept this offer, please confirm your acceptance by
signing the copy of the letter.

Yours truly,
Kazootek.com Technologies Inc.

/s/ PAUL MARI
-----------------
Paul Mari
President

I accept and agree to the terms and conditions set above:

/s/ STIG LYREN
-----------------
Stig Lyren

FEBRUARY 7/00
-----------------
(Date)

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