Document:

Exhibit
      10.23

     

    THE
      INVESTOR RELATIONS GROUP INC.

    

    LETTER
      OF AGREEMENT

    

    Date:
      July 11, 2006

    

    Section
      1. Services
      to be Rendered. The
      purpose of this letter is to set forth the terms and conditions on which The
      Investor Relations Group, Inc. (“IRG”) agrees to provide Interactive Systems
      Worldwide Inc. (the “Company”) investor relations services. These services may
      include, but are not limited to: overall management of the corporate
      communications program; designing a corporate fact sheet that can readily be
      mass produced for distribution to brokers, analysts, and other industry
      personnel; securing one-on-one and group appointments with industry
      professionals for presentations by, for, and about Company management; targeted
      mailings; assistance with compiling promotional materials; writing and editing
      news releases and other corporate materials; advice on packaging the Company
      story; and, daily update reports.

    

    Section
      2. Fees.
      During
      the term of this Agreement, the Company shall pay to IRG for its services
      hereunder including investor relations services a monthly maintenance fee of
      $8,000 for a renewable term of 12 months beginning July 11, 2006. In the event
      that the Company completes a private placement which generates $1 million in
      gross proceeds during the term of this Agreement, the monthly maintenance fee
      after receipt of such funds shall increase to $12,000. Additionally, for this
      Agreement, the Company agrees to deliver to IRG 50,000 shares of the Company’s
      Common Stock within two weeks from the date hereof, issued in the name of The
      Investor Relations Group, Inc. IRG represents that it is an “accredited
      investor” and agrees to sign and deliver to the Company an Accredited Investor
      Questionnaire prior to delivery to IRG of the shares of the Company’s Common
      Stock and further agrees that the certificate for such shares of stock shall
      contain an appropriate restrictive legend. Fees are payable on or before the
      1st
      day after the beginning of each month which occurs during the Engagement Period.
      Unless other arrangements have been made and agreed upon in writing, lack of
      payment for services rendered by the 5th
      of the
      month will be considered default of this agreement, and IRG shall be entitled
      to
      cease all services on behalf of the Company until such time as payment in full
      of amounts due is made.

    

    Section
      3. Expenses.
      In
      addition to all other fees payable to IRG hereunder, the Company hereby agrees
      to reimburse IRG for all reasonable out-of-pocket expenses incurred in
      connection with the performance of services hereunder. These out-of-pocket
      expenses shall include, but are not limited to: telephone, photocopying,
      postage, messenger service, clipping service, maintaining mailing lists,
      information retrieval service, wire services, monitoring advisory service,
      all
      production costs for press releases including paper, envelopes, folding,
      insertion and delivery to the post office, all reasonable travel expenses,
      and
      all reasonable meeting expenses including rental of audio/visual equipment.
      No
      individual out-of-pocket expenses in excess of $500 will be incurred by IRG
      without obtaining the prior written consent of the Company. The Company agrees
      to remit upon the signing of this Agreement a check for $10,000 to be placed
      on
      deposit with IRG and credited to the Company against expenses incurred, on
      a
      permanent basis, throughout the program. From time to time, the Company will
      replenish the expense account as necessary to maintain a balance of $3,500.
      The
      balance of said deposit is fully refundable should the program terminate. A
      running invoice will be maintained of all expenses incurred and will be
      submitted to the Company each month.

    

    Section
      4. Indemnification.
      The
      Company and IRG agree to defend, indemnify and hold each other, their
      affiliates, stockholders, directors, officers, agents, employees, successors
      and
      assigns (each an "Indemnified Person") harmless from and against any and all
      liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
      costs, expenses and disbursements of any kind whatsoever (including, without
      limitation, reasonable attorneys' fees) arising solely from the Company's or
      IRG's breach of their obligations, warranties and representations under this
      Agreement. It is recognized and agreed by IRG and the Company that neither
      party
      shall have any liability hereunder to any Indemnified Person arising from the
      other party’s gross negligence or willful misconduct. It is further agreed that
      the foregoing indemnity shall be in addition to any rights that either party
      may
      have at common law or otherwise, including, but not limited to, any right to
      contribution.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      5. Term
      of Agreement and Guarantee of Satisfaction.
      (a) The
      engagement of IRG under the provisions of this agreement shall commence on
      the
      date hereof and continue until May 31, 2007, subject to the right of either
      party to terminate this agreement as hereinafter provided (the “Term”). (b) The
      Company may terminate IRGs engagement hereunder, with or without cause,
      immediately at any time during this Agreement. Any fees earned by IRG for the
      period prior to termination of this agreement will be payable immediately.
      (c)
      IRG may terminate its engagement hereunder, with or without cause, at any time
      during the Term of this Agreement. The obligations of the Company under Sections
      4 and 6 shall survive termination or breach of this Agreement, with or without
      cause, by either party. In the event that IRG terminates this Agreement without
      cause, prior to 5 months from the date hereof, IRG shall immediately return
      10,000 shares of Common Stock of each month less than 5 months during which
      this
      Agreement has been in effect. In the event that the parties in their discretion
      renew this Agreement for the period commencing June 1, 2007, the Company
      contemplates granting and issuing at that time an additional 30,000 shares
      of
      the Company’s restricted stock.

    

    Section
      6. Solicitation
      of Employees.
      During
      the term of this Agreement and for the two years thereafter, the Company shall
      not, directly or indirectly: (i) influence or attempt to influence any employee
      of IRG to leave its employ; (ii) agree to aid any competitor or customer of
      IRG
      in any attempt to hire any person who was employed by IRG within the two year
      period preceding termination of this Agreement; or (iii) solicit or induce
      any
      person who was employed by IRG within the two year period preceding the
      termination of this Agreement to become employed by the Company. The Company
      acknowledges that the restrictions in this section are reasonable and necessary
      for the protection of IRG’s business.

    

    Section
      7. Severability.
      In case
      any provision of this letter Agreement shall be invalid, illegal, or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not be affected or impaired thereby.

    

    Section
      8. Consent
      to Jurisdiction.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      State of New York, and the parties hereby consent to the exclusive jurisdiction
      of the State and Federal Courts, located within the City, County and State
      of
      New York to resolve any disputes arising under this Agreement.

    

    Section
      9. Other
      Services.
      If the
      Company desires additional services not included in this Agreement, any such
      additional services shall be covered by a separate agreement between the parties
      hereto.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Please
      evidence your acceptance of the provisions of this letter by signing the copy
      of
      this letter enclosed herewith and returning it to The Investor Relations Group
      Inc., 11 Stone Street, 3th
      Floor,
      New York, NY 10004, Attention: Dian Griesel, Ph.D., Chairman &
CEO.

    
      	 	 	 
	 	 	
              Very
                truly yours,

            
	 
 	 
 	 
 
	
            	
            	/s/
              Dian
              Griesel
	 	
              
Dian
              Griesel
	 	
              Founder
                & Chairman
                

              The
                Investor Relations Group, Inc.

            

    

    

    ACCEPTED
      AND AGREED 

    AS
      OF THE
      DATE FIRST ABOVE WRITTEN:

    ____________________________________________

    Interactive
      Systems Worldwide Inc.

     

     

    By: 
      /s/
      Bernard Albanese

    
      
        

      

    

    Name: Bernard
      Albanese

    Title: Chief
      Executive OfficerExhibit
      10.24

     

    HELLER
      CAPITAL PARTNERS

    700
      East Palisade Avenue

    Englewood
      Cliffs, NJ 07632

    201-816-4235

     

    
      	 	 	
              May
                15, 2006

            

    

     

    Mr.
      Bernard Albanese

    Chairman
      and Chief Executive Officer

    Interactive
      Systems Worldwide Inc.

    2
      Andrews
      Drive, 2nd Floor

    West
      Paterson, New Jersey 07424

    

    Dear
      Mr.
      Albanese:

     

    This
      letter will confirm our understanding concerning providing assistance to
      Interactive Systems Worldwide Inc., a Delaware corporation (the “Company”). We
      have agreed as follows:

     

    1. The
      Company hereby retains Heller Capital Partners (“Heller”) on a non-exclusive
      basis to provide consulting services to the Company.

     

    2. Heller’s
      consulting services shall include matters relating to scheduling strategic
      partner and customer meeting introductions and market and investment guidance.
      In the performance of Heller’s consulting services, Heller shall comply with the
      Company’s management integrity policies and practices as made known to
      you.

     

    3. A
      person
      shall not be deemed a source introduced by Heller hereunder (or a person with
      respect to which Heller shall be entitled to a Fee, as hereafter defined),
      unless and until (a) a written disclosure of the identity of such person shall
      have been provided by Heller and received by the Company during the Term of
      this
      Agreement and prior to the Company having learned of the identity of such person
      from any other source and prior to the Company having known or had discussions
      with such person and (b) after such introduction by Heller, the Company and
      such
      person meet and discuss a possible Transaction; provided, however, that if
      the
      Company knew of a person prior to disclosure by Heller but the Company had
      not
      had any discussions with such person relating to a Transaction, and provided
      that the Company is not obligated to pay a finder’s or similar fee to any other
      person with respect to a potential Transaction with such person, Heller shall
      nonetheless be entitled to a Fee, subject to the terms herein provided. If
      a
      source is introduced to the Company by Heller during the Term, which source
      meets the criteria set forth in the first sentence of this Section 3, Heller
      shall be entitled to a Fee with respect to a Commercial Transaction or an
      M&A Transaction with such source, if, and only if, any such Transaction(s)
      closes during the Term or within the 180-Day Tail.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. In
      the
      event that the Company consummates a Transaction by means of (a) a contractual
      arrangement resulting in the generation and receipt of revenue or proceeds
      by
      the Company from a source first introduced by Heller as described in Section
      3,
      (b) the sale by the Company of any of its capital stock, warrants, or options
      to
      acquire its capital stock, or the sale of any other security convertible into
      its common stock, or notes to a source first introduced by Heller as provided
      in
      Section 3, or (c) a merger or sale of all or substantially all of the Company’s
      assets, with a person, firm, or entity or an affiliate thereof, first introduced
      to the Company by Heller as provided in Section 3, during the Term or within
      the
      180-Day Tail, then the Company shall pay to Heller the “Fee” (as hereinafter
      defined). A transaction of the type referred to in subsections (a) or (b) above
      is referred to as a “Commercial Transaction”; and a transaction of the type
      referred to in subsection (c) above is referred to as an “M&A Transaction.”
Commercial Transaction (s) and M&A Transaction(s) are collectively referred
      to herein as “Transactions.” The Company retains the right to determine all of
      the terms and conditions of any Transaction and to accept or reject any
      proposals submitted to it in its sole and absolute discretion.

     

    5. The
      term
      of this Agreement (“Term”) shall commence on the date hereof and continue until
      May 31,
      2007,
      unless extended by mutual agreement of the parties. Notwithstanding anything
      to
      the contrary contained herein, all payment obligations, if any, that arise
      during the Term or during the 180-Day Tail shall survive the end of the Term
      or
      the 180-Day Tail, subject, however, to the provisions of Section
      7(b).

     

    6. Within
      30
      days after the date hereof, as part of the consideration for Heller entering
      into this Agreement, the Company shall issue to Heller a warrant to purchase
      150,000 shares of the Company’s Common Stock at an exercise price equal to the
      volume weighted average price of the Company’s Common Stock as traded on NASDAQ
      during the five trading days prior to the date hereof.

     

    7. (a) In
      the
      event that any person, firm, entity of affiliate thereof, first introduced
      to
      the Company by Heller as provided in Section 3, enters into a Commercial
      Transaction with the Company during the Term or within 180 days after the end
      of
      the Term (the “180-Day Tail”) as provided in Section 8, the Fee to which the
      Heller shall be entitled shall be calculated as follows:

     

    (i) Five
      percent (5%) of the first one million ($1,000,000) dollars (or part thereof)
      of
      Net Proceeds (as hereinafter defined) received by the Company (and not
      subsequently returned);

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (ii) Four
      percent (4%) of the second one million ($1,000,000) dollars (or part thereof)
      of
      Net Proceeds received by the Company (and not subsequently
      returned);

     

    (iii) Three
      percent (3%) of the next two million ($2,000,000) dollars (or part thereof)
      of
      Net Proceeds received by the Company (and not subsequently returned);
      and

     

    (iv) Two
      percent (2%) of the Net Proceeds in excess of $4,000,000 received by the Company
      (and not subsequently returned).

     

    (b) Notwithstanding
      the foregoing, Heller’s entitlement to the Fee, if any, set forth in this
      Section 7(a) shall expire on December 31, 2008.

     

    (c) As
      used
      herein the term “Net Proceeds” shall mean the gross revenue of the Company in
      any applicable Commercial Transaction less: (i) all amounts paid to bettors
      as
      winnings or returns of wagers; (ii) all gaming and similar taxes or levies
      paid
      by the Company in respect of revenue from wagering; (iii) and all amounts paid
      to customers, partners, joint venturers or similar persons on a revenue sharing
      basis. For example, if a source first introduced to the Company by Heller,
      enters into a revenue sharing arrangement with the Company in which the Company
      generates $1,000,000 but the Company returns 90% thereof to bettors ($900,000),
      and pays 10% of the balance in gaming taxes ($10,000), and pays 30% of the
      balance to the party with which the Company entered into this arrangement (30%
      of $90, 000 = $27,000), Heller would receive its Fee based upon the $63,000
      remaining. In any instance where any portion of the Net Proceeds is required
      to
      be, and is, returned to the source thereof by the Company, Heller shall promptly
      return to the Company, a proportionate amount of the Fee paid to it attributable
      to the portion of the Net Proceeds which is in effect reduced by reason of
      such
      subsequent return.

     

    (d) In
      the
      event that any person, firm, entity or affiliate thereof first introduced to
      the
      Company by Heller as provided in Section 3 enters into an M&A Transaction
      with the Company during the Term or within the 180-Day Tail, the Fee to which
      the Heller shall be entitled shall be 2.5% of the Gross Proceeds of the M&A
      Transaction paid to the Company or its equity security holders, which payment
      shall be in cash or in the same form as such Gross Proceeds are paid to the
      Company or its equity security holders, at the option of the
      Company.

     

    (e) Any
      Fee
      in respect of a Commercial Transaction due to Heller shall be payable to Heller
      if, and only if, the Commercial Transaction closes and Net Proceeds are
      subsequently received by the Company or its equity security holders. Net
      Proceeds shall mean the sum of the cash consideration paid or provided to the
      Company or its equity security holders plus the “Market Price”, as defined in
      Section 7(g) of any securities delivered to the Company or its equity security
      holders as part of the consideration for the Commercial
      Transaction.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (f) Any
      Fee
      in respect of an M&A Transaction due to Heller shall be payable to Heller
      if, and only if, the M&A Transaction closes during the Term or prior to the
      end of the 180-Day Tail. “Gross Proceeds” in respect of an M&A Transaction
      shall mean the sum of the cash consideration paid or provided to the Company
      or
      its equity security holders plus the Market Price of any securities delivered
      to
      the Company or its equity security holders as part of the consideration for
      the
      M&A Transaction. 

     

    (g) The
      “Market Price” of securities delivered to the Company or any of its equity
      security holders shall be determined as set forth in the applicable Commercial
      Transaction or M&A Transaction but if none is specified then by the last
      sales price of such securities on the date received by the Company or its equity
      security holders (or, if there were no transactions on such date, the mean
      between the closing bid and asked prices on such date); provided that in the
      event securities of a nonpublic company are issued, the value of such securities
      shall be agreed upon in good faith by the parties hereto in order to determine
      the Net Proceeds or Gross Proceeds, as applicable. 

     

    (h) The
      Company shall not be obligated to pay expenses of Heller for such things as
      travel, express mail, long distance phone calls and similar
      expenses.

     

    (i) If
      the
      Net Proceeds or Gross Proceeds are provided to the Company or its equity
      security holders over time, the Fee shall be paid to Heller over time and shall
      be paid to Heller as the consideration is paid to the Company, in proportion
      to
      the Net Proceeds or Gross Proceeds, as applicable, paid to the Company or its
      equity security holders.

     

    8. Subject
      to the terms of Section 5, the Fee shall be paid to Heller within 5 business
      days after the closing of the Commercial Transaction or M&A Transaction. The
      Fee shall be earned and payable if the Commercial Transaction or M&A
      Transaction is consummated during the Term, or within 180 days thereafter to
      a
      person, firm or entity or affiliate thereof first introduced to the Company
      by
      Heller (as provided in Section 3) during the Term. Within ten (10) days after
      the end of the Term, Heller shall provide the Company with a list of the names
      of the persons, firms and entities to whom Heller has introduced the Company
      during the Term. Unless disputed by the Company, the names on such list shall
      be
      the only persons who, if they enter into Transactions with the Company as herein
      provided, will entitle Heller to a Fee if a Commercial Transaction or M&A
      Transaction occurs as herein provided.

     

    9. This
      Agreement may be terminated by the Company or by Heller upon 30 days notice
      to
      the other, provided that if Heller terminates this Agreement it shall return
      to
      the Company for cancellation warrants to purchase 75,000 shares or the benefit
      achieved by Heller if it had previously exercised such warrants. In the event
      of
      any such termination, Heller shall nonetheless be entitled to a Fee with respect
      to a Commercial Transaction or an M&A Transaction, if any, as provided in
      the last sentence of Section 3.

     

    10. The
      parties hereto hereby agree to execute any and all such further documents or
      instruments reasonably required by either party to carry out and effectuate
      the
      terms and conditions of this Agreement. This Agreement may only be assigned
      with
      written approval by both parties. This Agreement shall be binding upon and
      shall
      inure to the benefit of the parties hereto and their respective successors,
      assigns and legal representatives.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    11. No
      amendments, modifications or additions to this Agreement shall be binding unless
      in writing and signed by both parties. In the event any provision in this
      Agreement is held to be invalid, void, or unenforceable, all other provisions
      of
      the Agreement shall, nonetheless, remain in full force and effect and shall
      in
      no way be effected, impaired, or invalidated. The language used in this
      Agreement shall be deemed to be the language chosen by the parties hereto to
      express their mutual intent, and no rule of strict construction will be applied
      against any person.

     

    12. The
      terms
      of this Agreement shall be interpreted in accordance with the internal laws
      of
      the State of New York, without giving effect to any choice of law or conflict
      of
      law provision or rule (whether of the State of New York or any other
      jurisdiction) that would cause the application of the laws of any jurisdiction
      other than the State of New York. The parties hereto: (i) agree that any dispute
      shall be heard in and by state or federal court located within the Southern
      District of New York; (ii) hereby waive any objection to jurisdiction of said
      courts with respect to any action instituted against them as provided herein;
      and (iii) agree not to assert any defense based on lack of jurisdiction. Each
      party hereto also waives personal service of any and all process upon it and
      consents that all such service of process shall be made by certified mail
      directly to said party at the address set forth below the signature of each
      part’s authorized representative.

     

    13. This
      Agreement constitutes the entire agreement between the parties and supercedes
      all prior understandings, and any memoranda of understanding with respect to
      the
      subject matter hereof.

     

    14. Any
      fee
      payable to the Company hereunder shall be reduced by an amount equal to any
      fee
      or other remuneration directly or indirectly paid or payable to the Heller
      by
      the party to the Transaction other than the Company or any affiliates of such
      other party.

     

    15. It
      is
      understood that the Heller is an independent contractor and shall not be
      considered (as the agent of the Company for any purposes whatsoever, and the
      Heller is not granted any right or authority to assume or create any obligation
      or liability, express or implied, on the Company’s behalf, or to bind the
      Company in any manner or thing whatsoever.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    If
      the
      foregoing reflects your understanding of the terms of our agreement, please
      sign
      the duplicate copy of this letter and return it to me.

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	 
	 	
              Interactive
                Systems Worldwide Inc.

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Bernard Albanese 
	 	
              
Name: Bernard
              Albanese
	 	
              Title: Chairman
                and Chief Executive Officer

            

    

    
      	 	 	 
	 	 
	 	
              Heller
                Capital Partners

            
	 
 	 
 	 
 
	
            	        
              	/s/
              Ronald I. Heller
	 	
              

              Name:
                

            
	 	
              Title:
                Chief Investment Officer

            

    

     

    
      
        
        

      

      
        6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]