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EXHIBIT 10.20.1
PAYMENT AGREEMENT
THIS AGREEMENT ("Agreement") is effective this 4th day of August, 2005, and
is made by and between Epixtar Corp. ("Epixtar") and Steve Rasmussen, David
Mullaney and Brad Yeater (collectively referred to as the "former
shareholders").
WHEREAS, the former shareholders entered into an Acquisition Agreement with
Epixtar dated November 29, 2004, for the sale of all issued and outstanding
shares of the common stock of Epixtar Marketing Corp. ("EMC"), then Innovative
Marketing Strategies, Inc. ("IMS") to Epixtar;
WHEREAS, Epixtar tendered a payment to the former shareholders on the closing
date of the acquisition and executed a non-interest bearing Promissory Note (the
"Note"), dated January 7, 2005, for the remaining balance due to the former
shareholders;
WHEREAS, Epixtar acquired IMS and officially changed the name of its newly
acquired subsidiary to EMC;
WHEREAS, as of the effective date of this Agreement, the outstanding balance due
on the Note is Four Million Five Hundred Ninety-Three Thousand Eight Hundred
Twenty-Eight Dollars and Six Cents ($4,593,828.06) (the "outstanding balance");
WHEREAS, the parties have mutually agreed to set forth new terms for the
outstanding balance and payment of that balance pursuant to the Note.
NOW THEREFORE, in consideration of the premises, and for other good and valuable
consideration, their receipt and sufficiency being hereby acknowledged, the
parties hereto do mutually agree as follows:
1. The former shareholders have agreed to reduce the current outs






