BRIDGE LOAN AGREEMENT

Bridge Loan Agreement

You are currently viewing:

This Bridge Loan Agreement involves

Europartners Company Ltd | Geeris Holding Nederland BV | ITS Networks Inc | Zandpad 29, 3601 NA

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.

Title: BRIDGE LOAN AGREEMENT
Date: 1/27/2005

Search Bridge Loan Agreement by:

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:

(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;

(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.

b)	The parties have reached an agreement to help provide a bridge loan until the necessary funds arrive to fund the expansion of ITSN.

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:

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