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BRIDGE LOAN AGREEMENT

Bridge Loan Agreement

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This Bridge Loan Agreement involves

ITS NETWORKS INC

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Title: BRIDGE LOAN AGREEMENT
Date: 12/29/2005

BRIDGE LOAN AGREEMENT, Parties: its networks inc
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PRIVATE & CONFIDENTIAL

 

 

                              DATED : JUNE 6, 2005

 

                              TELECONNECT INC.           (1)

 

                                       AND

 

                        Geeris Holding Nederland B.V     (2)

 

 

 

 

                               BRIDGE LOAN AGREEMENT

 

 

                         ENGLISH VERSION UNDER DUTCH LAW

 

<PAGE>

 

THIS AGREEMENT is dated June 6, 2005 and is made BETWEEN:

 

(1)     TELECONNECT 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 "TC") and represented in this act

       by Gustavo Gomez, President of the Company and with contact address:

       Parque Tecnologico de Andalucia (PTA), Edif. Estepona. Malaga Business

       Park 2, C/ Severo Ochoa, n(0) 16-20, 1(a), Campanillas, Malaga, 28590,

       Spain.

 

(2)     Geeris Holding Nederland B.V., incorporated under the laws of Holand, 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 2 million

       euros

 

(B)     The Parties have reached an agreement to help provide a bridge loan until

       the necessary funds arrive to fund the expansion of TC.

 

(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 100,000 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 100,000 on

       June 8, 2005 directly to the Company's Spanish Bank Account in Madrid for

       which GEERIS will receive 2,000,000 shares:

 

                Beneficiary:   ITS NETWORKS INC.

                Bank name:     BBVA EMPRESAS

                               C/ Serrano 32, Madrid

                              28001 Madrid Spain

                              Tel:   0034 91


 
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