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)
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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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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
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WHEREAS
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a)
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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)
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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)
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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;
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NOW IT
IS HEREBY AGREED as
follows:
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1.
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Conditions of Cash Injection
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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 August 9, 2
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