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EXHIBIT
10 (a)
Private
& Confidential
Dated:
August 8, 2004
ITS
Networks Inc. (1)
And
Volim
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)
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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)
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VOLIM Holding B.V. a Dutch registered company with offices at
Dorpstraat 1, 3611 AD OUD Zuilen, The Netherlands (hereinafter
"
VOLIM
") and represented in this act by Mr. L.L.M. Vehmeijer, of Dutch
nationality, with the same contact address as above
(hereinafter
"VEHMEIJER"
). |
WHEREAS
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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
VOLIM
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.
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Conditions of Cash Injection |
On the date hereof, the parties will enter into the Bridge Loan
Agreement based upon which
VOLIM
will provide a cash injection of EUR 50,000 on August 9, 2004
directly to the Company’s Spanish Bank Account in Madrid for
which Volim will receive 400,000 sh
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