EX-2.2 BUSINESS DEVELOPMENT AGREEMENT

 

 

 

                         BUSINESS DEVELOPMENT AGREEMENT

 

         THIS  BUSINESS  DEVELOPMENT  AGREEMENT  (the  "Agreement")  is made and

entered  into as of  September  7, 2004 by and between  IPOINT  MEDIA LTD.  (the

"Company"), and NEOMEDIA TECHNOLOGIES, INC. ("NeoMedia").

 

                                    RECITALS:

 

         WHEREAS,  the Company desires to engage NeoMedia,  and NeoMedia desires

to be engaged by the Company, to provide certain business  development  services

in accordance with and subject to the terms and conditions of this Agreement.

 

         NOW, THEREFORE, for and in consideration of the premises and the mutual

covenants and agreements herein contained, and for other valuable consideration,

the receipt and sufficiency of which are hereby acknowledged, the parties hereby

agree as follows:

 

                                   AGREEMENT:

 

                                   ARTICLE 1.

                                   ENGAGEMENT

 

         1.1.  Engagement.  The Company  hereby engages  NeoMedia,  and NeoMedia

hereby accepts such engagement.

 

         1.2. Services. Upon the request of the Company,  NeoMedia shall perform

the services set forth on Exhibit "A" hereto.

 

                                   ARTICLE 2.

                               TERM OF ENGAGEMENT

 

         2.1.  Term.  The  engagement  of NeoMedia  pursuant to the terms hereof

shall commence on the date hereof and shall continue on a  month-to-month  basis

until  terminated  by either party by providing  thirty (30) days prior  written

notice to the other party (the "Term").

 

         2.2. Independent  Consultant.  The Company and NeoMedia acknowledge and

agree  that  NeoMedia  is an  independent  contractor  and that  nothing in this

Agreement  is  intended  to  cause  NeoMedia  to be a  fiduciary,  agent,  joint

venturer,  legal  representative,  partner  or servant  of the  Company  for any

purpose  whatsoever.  NeoMedia  agrees that the Company shall in no event assume

liability  for or be  deemed  liable  hereunder  as a  result  of any  contract,

agreement,  understanding,  debt or  obligation  entered into by NeoMedia on the

Company's behalf without the Company's prior written consent.  NeoMedia shall be

solely responsible for and shall pay all taxes,  assessments,  and fees incident

to the performance of his obligations pursuant to this Agreement.

 

 

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                                   ARTICLE 3.

                           COMPENSATION OF CONSULTANT

 

         3.1. Compensation.  As compensation for the services during the Term of

this Agreement,  the Company shall pay NeoMedia a fee payable by the issuance of

a number of shares of common stock equal to 7% of the  Company's  common  stock.

This fee shall be deemed fully earned as of the date hereof.

 

                                   ARTICLE 4.

 

                                  MISCELLANEOUS

 

         4.1.  Notices.  All notices  hereunder,  to be  effective,  shall be in

writing and shall be deemed delivered when delivered by hand, upon  confirmation

of receipt by telecopy or when sent by first-class,  certified mail, postage and

fees prepaid, as follows:

 

               (a)  for notices and communications to the Company

 

                    Ipoint-Media Ltd.

                    2a Habarzel Street

                    Tel-Aviv 61132, Israel

                    Attention: Muki Geller, Chief Executive Officer

                    Telephone: 011-972-3-7657265

                    Facsimile: 011-972-3-7657139

 

               (b)  for notices and communications to NeoMedia: