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" ).
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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 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;
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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 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 shares:
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