DISTRIBUTION OF SUBSIDIARY AND RELEASE AGREEMENTDistribution Agreement |
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EXHIBIT
10.7
DISTRIBUTION OF SUBSIDIARY AND RELEASE
AGREEMENT
This
Agreement to transfer ownership of Coin Wash Associates, Inc.
(the “Agreement”) is entered into on this
20
th day
of August 2007, by and between PlanetLink Communications, Inc., as
Seller (the “Seller”) and Yaakov Fulda, also known as
Sean Fulda, (the “Buyer”). Effective April 1, 2007, the
Seller agreed to dispose of certain assets, which consisted
entirely of cash and laundry facilities such as washers and dryers,
in exchange for a general release and full indemnification so that
all expenses of the subsidiary from its inception through April 1,
2007, would be the responsibility of the Buyer, Sean
Fulda.
WHEREAS,
Seller is the owner of Coin Wash Associates, Inc. and hereby
agrees to transfer ownership of Coin Wash Associates, Inc. to
Sean Fulda.
WHEREAS,
Buyer hereby agrees to assume ownership of Coin Wash
Associates, Inc.
NOW
THEREFORE, in consideration of the premises and the
undertakings set forth herein, and intending to be fully bound
hereby,
