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Joint Venture Letter of Intent

Letter of Intent

Joint Venture Letter of Intent | Document Parties: ZEROS  ONES INC | Sports Immortals You are currently viewing:
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ZEROS ONES INC | Sports Immortals

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Title: Joint Venture Letter of Intent
Date: 4/10/2007

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EXHIBIT 10.1

March 29, 2007

 

 

Jim Platt, Vice President

Sports Immortals

6830 N. Federal Hwy

Boca Raton, FL 33487

 

 

Dear Mr. Platt,

 

Sports Immortals (“SI”) and Zeros & Ones, Inc. (“Z&O”) intend to enter into a joint venture to create a web portal that showcases SI’s extensive library of sports memorabilia (the “SI Collection”).  The SI Collection celebrates the accomplishments of famous sports legends and includes over one million mementos, such as autographed balls and equipment.  The joint venture portal will offer for sale various replicas of items in the SI Collection and other merchandise.  All revenues from operation of the portal shall be earned by the joint venture and, after deduction of expenses, split 60/40 between SI and Z&O, in accordance with their ownership percentages in the joint venture (subject to any dilution as a result of sales of equity to outside investors).  Z&O will contribute rights to all of its relevant technology for the joint venture at no additional cost.  Except as provided in the following sentence, the operations of the joint venture will be the sole “Online” showcase for the SI Collection, and once the web site is operational, the current Sports Immortals web site will become the URL for the portal.   Notwithstanding the preceding sentence, it is expected that Sports Immortals will potentially develop and operate other projects including, but not


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