Document:

EX-10.10 Release Agreement

 

EXHIBIT 10.10

RELEASE AGREEMENT

     THIS RELEASE AGREEMENT is made effective this 24th day of October, 2007, by VIDEO
SOFTWARE PARTNERS, LLC, a Texas limited liability company (“VSP”), in favor of ESPRE SOLUTIONS,
INC., a Nevada corporation, (“Espré”).

R E C I T A L S:

     WHEREAS, Espre desires to payoff its indebtedness owed to VSP with respect to Espre’s purchase
of VSP’s software products and technologies (collectively the “Intellectual Property”), as
evidenced by that one certain Non-Negotiable Promissory Note (the “Note”) and the Security
Agreement (the “Security Agreement”), dated September 10, 2004, and VSP desires to accept final
payment of Espre’s obligations to it in accordance with the terms set forth in that one certain
Purchase Agreement of even date herewith (the “Purchase Agreement”);

     WHEREAS, for purposes of entering into the Purchase Agreement and in consideration thereof,
the parties hereto desire to modify and amend all of their prior agreements, prior proposals,
understandings, and all other agreements, oral or written, between the parties hereto (collectively
referred to herein as the “Agreements”);

     WHEREAS, for the purposes of entering into the Purchase Agreement and in consideration
thereof, VSP desires to enter into this Release Agreement pursuant to which Espré shall be released
of any and all of its obligations under the Agreements, including, but not limited to the security
interest granted to VSP under the Security Agreement;

     WHEREAS, the above Recitals are true and correct and constitute an integral part of this
Agreement;

     NOW, THEREFORE, in consideration of the premises, recitals, mutual agreements and covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, VSP, for itself and all person or entities in privity with or
claiming by, through, for or under it, do hereby absolutely, irrevocably and unconditionally
acquit, release and forever discharge Espré, its subsidiaries, shareholders, directors, officers,
employees, and agents, of and from all, and all manner of action and actions, cause and causes of
action, suits, debts, dues, sums of money, accounts, covenants, contracts,

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controversies, agreements, promises, damages, judgments, executions, claims, and demands
whatsoever, in law or in equity, based upon the Agreements, including, but not limited to the
Security Agreement, which against Espré, VSP ever had, now has, or which VSP’s successor or
assigns, hereafter can, shall, or may have, for, on, or by reason of any matter, cause, or thing
whether nor not resulting from the negligence, gross negligence, or misconduct of any person and
whether or not resulting from strict liability.

     VSP warrants and represents that (i) the provisions of this Release Agreement are contractual
and not merely recital; and (ii) that the consideration recited in this Release Agreement is fair
and reasonable.

     This Release Agreement will inure to the benefit of and be binding upon VSP, its officers,
managers, members, employees, successors, assigns, and attorneys, and all persons or entities
claiming by, through, for or under them. VSP represents that it has full authority to execute this
Release Agreement and to perform the obligations required herein.

     VSP shall agree to execute such further documents and writings that may be necessary to
effectuate the terms and conditions of this Release Agreement. VSP represents and warrants that it
has authorized the persons whose signatures appear upon this Release Agreement to execute such
agreement on its behalf and for the consideration stated.

     IN WITNESS WHEREOF, VSP executes this Release Agreement to be made effective on the date first
written above.

	 	 	 	 	 
	 	VIDEO SOFTWARE PARTNERS, LLC:

 	 
	Date:                     , 2007 	/s/ Greg Somers
 	 
	 	Greg Somers, President 	 
	 	 	 
	 

2EX-10.11 Purchase Agreement

 

EXHIBIT 10.11

PURCHASE AGREEMENT

     THIS PURCHASE AGREEMENT (the “Agreement”) is made effective this 24th day of
October, 2007, by and between ESPRE SOLUTIONS, INC., a Nevada corporation, with its principal
offices located at 5700 West Plano Parkway, Suite 2600, Plano, Texas 75093 (“Espré”), and VIDEO
SOFTWARE PARTNERS, LLC, a Texas limited liability company, with its principal offices located at
118 Main Street, Webb, Iowa 51366 (“VSP”).

R E C I T A L S:

     WHEREAS, Espré and VSP entered into that one certain binding agreement, dated September 1,
2004, pursuant to which Espré agreed to acquire all of VSP’s rights in its Intellectual Property
(as hereinafter defined) for the purchase price of $2,500,000.00 (the “2004 Agreement”);

     WHEREAS, Espré issued to VSP that one certain Non-Negotiable Promissory Note (the “Note”) and
the Security Agreement (the “Security Agreement”), dated September 10, 2004, in the amount of
$2,450,000.00, pursuant to which Espré agreed to pay VSP the principal amount of said note, and
Espré granted to VSP a security interest in the Intellectual Property acquired by Espré from VSP so
as to secure the payment of said indebtedness (collectively the “Original Note and Security
Agreement”);

     WHEREAS, Espré issued to VSP that one certain Amended Non Negotiable Promissory Note, dated
March 2, 2005, in the principal amount of $2,310,000.00, the Security Agreement and the Bill of
Sale of even date herewith, pursuant to which Espré agreed to pay VSP the principal amount of said
note and, Espré granted to VSP a security interest in certain collateral acquired by Espré from VSP
so as to secure the payment of said indebtedness (collectively referred to as the “Amended Note and
Security Agreement”);

     WHEREAS, Espré and VSP entered into that one certain Forbearance Agreement, dated January 24,
2006, pursuant to which VSP agreed to forbear from exercising any remedy available to VSP under the
Original Note and Security Agreement in connection with Espré’s

 

 

agreement to make certain payments to VSP during the period of March 1, 2006 through October
1, 2006 (collectively the “Forbearance Agreement”);

     WHEREAS, Espré and VSP entered into that one certain Amended Forbearance Agreement, dated
August 28, 2006, pursuant to which VSP agreed to forbear from exercising any remedy available to
VSP under the Original Note and Security Agreement in connection with Espré’s agreement to make
certain payments to VSP during the period of September 1, 2006 through February 1, 2007
(collectively the “Amended Forbearance Agreement”);

     WHEREAS, Espré and VSP entered into that one certain Revised Payment Plan to Amended
Forbearance Agreement, dated February 1, 2007, pursuant to which VSP agreed to extend the due date
for Espré’s February 1, 2007 payment to March 15, 2007 (the “Payment Extension Agreement”);

     WHEREAS, to date, Espré has made cumulative payments to VSP of $894,500.00 and has issued to
VSP a total of 6,288,000 shares of Espré Common Stock pursuant to its obligations under the
Original Note and Security Agreement;

     WHEREAS, the parties hereto acknowledge that an outstanding balance is owed to VSP by Espré in
the amount of $1,650,000.00 under the terms of the Original Note and Security Agreement; and which
remaining balance due is confirmed in the Forbearance Agreement, the Amended Forbearance Agreement
and the Payment Extension Agreement;

     WHEREAS, Espré desires payoff its obligations to VSP relating to the purchase of the
Intellectual Property under the terms of the Original Note and Security Agreement, and VSP desires
to be paid for the Intellectual Property purchased by Espré according to the terms set forth in
this Agreement;

     WHEREAS, for purposes of entering into this Agreement and in consideration thereof, VSP
desires to credit Espré for its cumulative payments of $894,000.00 and for its issuance of
6,288,000 shares of Espré Common Stock to VSP against the amount of the Original Note and Security
Agreement;

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     WHEREAS, for purposes of entering into this Agreement and in consideration thereof, the
parties hereto desire to modify and amend the 2004 Agreement, the Original Note and Security
Agreement, the Amended Note and Security Agreement, the Forbearance Agreement, the Amended
Forbearance and the Payment Extension Agreement ( collectively referred to as the “Agreements”),
and VSP desires to release Espré of any and all of its obligations under the Agreements, including
the security interest granted to VSP under the Security Agreement;

     WHEREAS, Espré and VSP desire that this Agreement supersede all prior proposals,
understandings, and all other agreements, oral or written, between the parties hereto, including,
but not limited to, the Agreements;

     WHEREAS, the above Recitals are true and correct and constitute an integral part of this
Agreement;

     NOW, THEREFORE, in consideration of the premises, recitals, obligations, mutual covenants,
representations and warranties herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

TRANSFER OF THE INTELLECTUAL

PROPERTY AND PURCHASE PRICE

     1.01 Purchase Price. For purposes of the transaction relating to Espre’s purchase and VSP’s
sale of it Intellectual Property, VSP has acknowledged and has agreed to credit Espré for the
receipt of cumulative cash payments made to date of $894,000.00 and for its issuance to VSP of
6,288,000 shares of Espré Common Stock against the amount of $2,500,000.00, which sum represented
the original purchase price for the Intellectual Property as set forth in the 2004 Agreement. On
the terms and subject to the conditions herein expressed, and based upon the representations,
warranties and agreements contained herein, at the Closing (as hereinafter defined), VSP agrees to
sell, transfer and assign all of the rights, title and interest to the Intellectual Property and to
release its security interest in said property and in exchange for Espré’s payment of the purchase
price as described below in this Section 1.01 (the “Purchase Price”). The Purchase Price shall be
paid at the Closing in the following described manner: (i) a

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payment in the form of Espré’s check payable to the order of VSP in the amount of One Hundred
Thousand and NO/100 Dollars ($100,000.00) (the “Cash Payment”); (ii) the issuance to VSP of a stock
certificate for 1,500,000 restricted shares of Espré Common Stock (the “Stock Certificate”); and
(iii) a letter agreement, substantially in the form of Exhibit “A”, attached hereto and
incorporated herein by reference, pursuant to which Espré agrees to grant VSP a royalty fee, the
payment of which shall be made conditional upon the occurrence of certain triggering events set
forth in said letter agreement (the “Letter Agreement”). The “Intellectual Property” is defined as
all software products set forth on the Exhibit “B”, attached hereto and incorporated herein by
reference, including, but not limited to, the source codes; patents (or applications related
thereto); copyrights (or applications related thereto); trademarks (or applications related
thereto); trade names; logos; proprietary designs and service marks (or applications related
thereto); all rights to license agreements, royalty interests and other income and property
associated with said software; and all claims or causes of action for infringement thereof.

     1.02 Modification of Prior Agreements. In consideration of entering into this Agreement, VSP
hereby accepts the receipt of the cumulative cash payments paid by Espré to VSP and the issuance by
Espré to VSP of shares of Espré Common Stock, and agrees to credit Espré for said cash payments
and Espre Common Stock in connection with its purchase of VSP’s Intellectual Property, and,
furthermore, Espré and VSP have mutually agreed to amend and modify the Agreements and VSP has
agreed to enter into a release agreement pursuant to which VSP shall release Espré of its security
interest in the Intellectual Property under the Security Agreement as well as any and all of its
obligations under the Agreements.

ARTICLE II

THE CLOSING

     2.01 The Closing. The Closing under this Agreement shall occur at the offices of Espré,
located at 5700 West Plano Parkway, Plano Texas, on such date or upon such terms as VSP and Espré
may mutually agree (the “Closing”).

     2.02 Delivery of Assignment and Releases. At the Closing, VSP will deliver to Espré an
Assignment of Intellectual Property and Release Agreement in substantially the forms of Exhibits
“C” and “D”, attached hereto and incorporated herein by reference, in exchange for delivery by
Espré to VSP of the Cash Payment, the Stock Certificate and the Letter Agreement.

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF VSP

     VSP represents and warrants to Espré as follows:

     3.01 Security Interest. The Intellectual Property is secured by the Security Agreement in
favor of VSP. Upon the release of the security interest held by VSP in the Intellectual Property
under the terms of the Security Agreement, VSP will no longer hold any lien, claim or encumbrance
of any kind in the Intellectual Property VSP represents and warrants that no other person or
entity has any security interest in, or right or claim to, the Intellectual Property or any part
thereof.

     3.02 Enforceability of Agreement. VSP has all requisite power, authority and capacity to
enter into this Agreement and to perform its respective obligations hereunder. This Agreement
constitutes a valid and legally binding obligation of VSP, enforceable in accordance with its
terms. To VSP’s knowledge, neither the execution and delivery of this Agreement nor the
performance hereof will constitute or result in the breach of any term, condition or provision of,
or constitute a default under, any material agreement or other instrument to which the VSP is a
party, or under any law, regulation, judgment or order binding upon the VSP, or result in the
creation of any lien, charge or encumbrance against the Intellectual Property or Espré or any of
Espre’s assets.

     3.03 Infringement. VSP hereby represents and warrants that as of the date of this Agreement
(a) no claim or allegation has been made by any person that the Intellectual Property or any part
thereof infringes upon any United States or foreign issued patent, trade secret or copyright of
such person or entity; (b) VSP knows of no claim by any person or entity that the Intellectual
Property or any part thereof infringes upon any person’s or entity’s patent, copyright, trademark,
trade secret, or any other intellectual property of such person or entity of any applicable law or
regulation; (c) there is no pending claim by VSP against any person or entity, for infringing or
misappropriating the Intellectual Property; and (d) without limiting the foregoing, there is no
pending claim by any person or entity, against any person or entity for infringing or
misappropriating the Intellectual Property.

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     3.04 Accuracy of Representations, Warranties and Covenants. No representation or warranty
made by VSP in this Agreement, contains or will at Closing, contain any untrue statement of a
material fact, or omits or will omit to state any material fact necessary to make such
representation or warranty not misleading, in light of the circumstances in which it was made.

ARTICLE IV

COVENANTS OF ESPRE AND VSP

     Espré and VSP covenant and agree that, between the date hereof and the Closing:

     4.01 Conditions Precedent. Espré and VSP shall take all reasonable steps which are within
their power to cause to be fulfilled those conditions precedent to each other’s obligations to
consummate the transaction contemplated hereby which is dependent upon the actions of of each of
the parties hereto.

     4.02 Transfer of Interest. VSP will not, prior to Closing, transfer, pledge, assign or sell
its security interest in the Intellectual Property or any interest therein.

ARTICLE V

TERMINATION

     5.01 Termination.

     (a) Anything contained in this Agreement to the contrary notwithstanding, this Agreement may
be terminated and the transactions contemplated herein abandoned at any time prior to the Closing:

	 	(i)	 	By mutual written consent signed by Espré and VSP; or,
	 
	 	(ii)	 	By Espré or VSP, if any condition to either party’s obligations as set forth in
this Agreement has not been met and has not been waived; or,

     (b) In the event of the termination of this Agreement pursuant to the provisions hereof, this
Agreement shall immediately become void and have no effect, without any liability on the part of
any party hereto, and all expenses related hereto shall be borne by the party incurring them.

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ARTICLE VI

VSP’S INDEMNIFICATION

     6.01 Indemnification. VSP agrees to indemnify and hold Espré and its affiliates,
subsidiaries, shareholders, directors, officers, employees and agents harmless from and against any
and all claims, losses, damages, liabilities, costs or expenses (including reasonable attorneys’
fees and court costs), incurred by Espré based upon, arising out of or in respect of (a) any breach
by VSP of the terms and conditions of this Agreement or the schedules thereto; (b) any third-party
claim asserting that the Intellectual Property granted by VSP to Espré hereunder is invalid or
unenforceable; (c) any third-party claim arising as a result of any breach by VSP of its
representations and/or warranties set forth herein; and/or (d) any third party claim asserting that
VSP’s Intellectual Property infringes upon the patents, copyrights, trade secrets, trademark rights
and/or any other intellectual property rights owned by any third party. Espré shall provide VSP
prompt written notice of the assertion of any such claim.

ARTICLE VII

MISCELLANEOUS

     7.01 Expenses and Finder’s Fees. Each of the parties hereto shall bear their own expenses
incurred in connection with this Agreement and with the performance of their obligations hereunder.
Espré and VSP agree and represent to each other that no third party has brought the parties
together or been instrumental in this transaction to such an extent as to be entitled to
compensation therefore.

     7.02 Entire Agreement; Assignment. This Agreement together with the Assignment and Release(s)
constitute the entire contract and understanding between the parties hereto and supersedes all
prior agreements, arrangements and understandings relating to the subject matter hereof. The terms
and conditions of this Agreement shall inure to the benefit and be binding upon the respective
heirs, legal representatives, successors and assigns of the parties hereto. This Agreement and the
rights and obligations hereunder shall not be assignable. Nothing in this Agreement, expressed or
implied, is intended to confer upon any person, other than the parties hereto, and their respective
heirs, legal representatives, successors and assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement.

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     7.03 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Texas. Venue for any dispute arising under the terms of this Agreement shall
be in Dallas County, Texas.

     7.04 Severability. Should any phrase, clause, sentence or section of this Agreement be
judicially declared to be invalid, unenforceable or void, such decision will not have the effect of
invalidating or voiding the remainder of this Agreement, and such part of this Agreement will be
deemed to have been stricken from the Agreement and the remainder will have the same force and
effect as if such part or parts had never been included herein.

     7.05 Mutual Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the
same instrument.

     7.06 Waivers. The waiver by either party hereto of any of its rights or breaches of the other
party under this Agreement in a particular instance shall not be construed as a waiver of the same
or different rights or breaches in subsequent instances. All remedies, rights, undertakings and
obligations hereunder shall be cumulative, and none shall operate as a limitation of any other
remedy, right, undertaking or obligation thereof.

     7.07 Further Assurances. Upon Espré’s request at any time and without further consideration,
VSP agrees to execute and deliver such additional instruments of transfer and to take such other
action as Espré reasonably may require to, more effectively transfer to and vest in Espré the full
and complete ownership of the Intellectual Property as contemplated herein.

     7.08 Specific Performance. Upon failure of VSP to comply herewith, Espré may terminate this
Agreement or Espré may enforce specific performance hereof. Upon failure of Espré to comply
herewith, VSP may terminate this Agreement or VSP may enforce specific performance hereof. The
rights to specific performance under this section shall be subject to any and all rights of the
parties otherwise contained in this Agreement.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first
above written.

	 	 	 	 	 
	 	ESPRE SOLUTIONS, INC.:

 	 
	Date:                     , 2007 	/s/ Peter Leighton
 	 
	 	Peter Leighton, President 	 
	 	 	 
	 
	 	VIDEO SOFTWARE PARTNERS, LLC:

 	 
	Date:                     , 2007 	/s/ Greg Somers
 	 
	 	Greg Somers, President 	 
	 	 	 

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EXHIBIT “A”

LETTER AGREEMENT

[FOLLOWING THIS COVER PAGE.]

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EXHIBIT “B”

to

PURCHASE AGREEMENT

The Intellectual Property referenced in the Purchase Agreement is defined to include the following
described VSP software products and technologies:

	 	 	 
	CORE LIGHTING STRIKE ENCODER/DECODER

	 	VERSION 1.11
	 
	 	 
	VIDEO INTERACTIVE MULTI-POINT

	 	VERSION 1.6
	 
	 	 
	VIDEO MESSENGER PRO

	 	VERSION 4.3
	 
	 	 
	STREAMING VIDEO ENCODER/DECODER

	 	VERSION 1.10
	 
	 	 
	STILL IMAGE COMPRESSION

	 	VERSION 1.10
	 
	 	 
	POWER ZOOM

	 	VERSION 1.10
	 
	 	 
	FACIAL RECOGNITION

	 	VERSION 1.2
	 
	 	 
	LICENSING SERVER

	 	VERSION 1.0
	 
	 	 
	VM POST SERVER

	 	VERSION 1.0
	 
	 	 
	WEBSITE

	 	VERSION 2.0

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EXHIBIT “C”

to

ASSIGNMENT OF INTELLECTUAL PROPERTY

[FOLLOWING THIS COVER PAGE.]

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EXHIBIT “D”

RELEASE AGREEMENT

[FOLLOWING THIS COVER PAGE.]

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