ASSIGNMENT OF RIGHTS AGREEMENT
This is is an Assignment of Rights Agreement dated the 16th day of April, 2001, effective the 1st day of May, 2001 (“Effective Date”), by and between TelZuit Technologies, Inc. (“TelZuit”), a Florida corporation with its principal place of business in Florida and Stephan V. Kroecker (“Assignee”), of Florida.
WHEREAS, TelZuit wishes to assure itself the rights of the Assignee as described in this Agreement and Assignee is willing to assign to TelZuit his rights upon the terms and conditions hereinafter provided.
WHEREAS, Stephan V. Kroecker as CEO/President of TelZuit Technologies, Inc., has been authorized by the Board of Directors of TelZuit to enter into this agreement;
WHEREAS, Stephan V. Kroecker as Inventor and Designer of the Independence Unit and its Accessories has sole rights thereto and sole authority to assign those rights;
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereto hereby agree as follows:
The Assignee agrees to surrender all rights for equity labor, material and Intellectual Properties of the Independence Unit and its Accessories including but not limited to the CPS Module, the 25 Meter Wireless Unit and the Medical Monitoring Patches. All of the aforementioned products are to be hereinafter referenced as “The Unit”. In return TelZuit agrees to pay Assignee the sum of Four Hundred, Fifty Thousand Dollars ($450.000.00). This sum shall be due and payable when all manufacturing engineering for “The Unit” has been completed and “The Unit” has been fully tested and approved by all necessary authorities and “The Unit” has been patented and is ready for market. The purchase sum shall then be paid at the rate of $6.00 per Unit sold. Payment to Assignee shall be due and payable sixty (60) days in arrears of