AGREEMENT FOR THE SALE AND PURCHASE OF INTELLECTUAL PROPERTY RIGHTS

 

                                DATED 26 MAY 2005

                                -----------------

 

 

 

 

 

 

 

 

 

                                 24 HOLDINGS INC

 

 

                                     - and -

 

 

                            24 STORE (EUROPE) LIMITED

 

 

                                     - and -

 

 

                                  INFINICOM AB

 

 

 

 

 

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                     AGREEMENT FOR THE SALE AND PURCHASE OF

                          INTELLECTUAL PROPERTY RIGHTS

 

                 -----------------------------------------------

 

 

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THIS AGREEMENT is made the 26th Day of May, 2005

 

BETWEEN:

 

     (1)  24 Holdings Inc a company registered in Delaware whose registered

          office is at c/o Cyberia House Church Street Basingstoke Hampshire

          RG21 7QN ("24 Holding" or collectively with 24 Store "the Seller")

 

     (2)  24 Store (Europe) Limited whose registered office is at Cyberia House

          Church Street Basingstoke Hampshire ("24 Store" or collectively with

          24 Holding "the Seller")

 

     (3)  Infinicom AB whose registered office is at Karlaplan 2, 114 60

          Stockholm Sweden ("the Buyer")

 

 

NOW IT IS AGREED as follows:

 

     1.   Definitions

 

     1.1  In this Agreement:

 

     "Completion Date"                  means the performance by the parties of

                                        their obligations contained in clauses 3

                                        and 4 of this Agreement

 

     "Consideration"                    means the sum of (i) three hundred and

                                        fifty thousands British Pounds Sterling

                                        (GBP 350,000) and (ii) the amount to be

                                        determined by the parties in connection

                                        with the Completion Date.

 

     "Intellectual Property Rights"     means the trademarks and domain names

                                        listed in Schedule 1 hereto and any

                                        trademark and domain name registered or

                                        otherwise acquired by the Seller after

                                        the date of this Agreement but on or

                                        before the Completion Date.

 

 

     1.2  In this Agreement, unless the context otherwise requires, a reference

          to:

 

          1.2.1     a Clause or Schedule is a reference to a clause of and

                    schedule to this Agreement;

 

          1.2.2     a document  "in the agreed  form" is a reference  to a

                    document in the form  approved by the parties to this

                    Agreement;

 

          1.2.3     "costs" includes a reference to costs, charges and expenses

                    of every description;

 

          1.2.4     a "person" includes a reference to an individual,

                    partnership,  unincorporated association or body corporate

                    wherever situate;

 

          1.2.5     words, expressions or abbreviations detailed in the

                    Schedules shall have the same meaning in this Agreement

                    except where otherwise provided.

 

     1.3  The Schedules form part of this Agreement and shall be interpreted and

          construed as though they were set out in this Agreement.

 

     1.4  The headings to Clauses, Schedules and paragraphs of the Schedules are

          for convenience only and shall not affect the interpretation or

          construction of this Agreement.