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EXHIBIT
10 (b)
Private
& Confidential
Dated:
August 8, 2004
ITS
Networks Inc. (1)
And
Geeris
Holding Nederland B.V. (2)
Bridge Loan Agreement
English
Version under Dutch Law
THIS AGREEMENT
is dated August 8, 2004 and is made
BETWEEN:
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(1) |
ITS Networks Inc., incorporated under the laws of Florida, United
States of America, having its registered office at 1200 South Pine
Island Road, Plantation, Florida 33324 (hereinafter "
ITSN
") and represented in this act by Gustavo Gomez, President of the
Company and with contact address C/ Severo Ochoa 28, 9’th
floor, Marbella, 29600 Malaga, Spain; |
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(2) |
Geeris Holding Nederland B.V., incorporated under the laws of
Holland, and having registered offices at Helvoirtseweg 146,
Postbus 317, 5260 AH, Vught, The Netherlands, (hereinafter "
GEERIS"
) and represented in this act by Mr. Leonardus R. M. Geeris of age,
married, of Dutch nationality with passport number N70986464 and
domiciled at Zandpad 29, 3601 NA Maarsen, The
Netherlands |
WHEREAS
|
a) |
ITSN is in an expansion phase for which it needs approximately 3
million euros, euros which will arrive via Europartners Company
Ltd. Which have just signed an investor to inject up to 5 million
euro into ITS Networks. |
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b) |
The parties have reached an agreement to help provide a bridge loan
until the necessary funds arrive to fund the expansion of
ITSN. |
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c) |
Such Bridge financing is the subject of this agreement and will be
effected through
GEERIS
lending to the Company in the form of a short term bridge loan for
an amount of EUR 50,000 on the terms as set out herein; |
NOW IT IS HEREBY AGREED
as follows:
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1. |
Conditions of Cash Injection |
On the date hereof, the parties will enter into the Bridge Loan
Agreement based upon which
GEERIS
will provide a cash injection of EUR 50,000 on Augus
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