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EXHIBIT 10.16
MEMORANDUM OF AGREEMENT
This
Memorandum of Agreement (hereinafter the ‘Agreement’)
is made on the 11 th day of October 2004 in Bad
Driburg Republic of Germany, by and between:
Elgrande
International, Inc.
1450
Kootenay St.
Vancouver,
B.C., V5K 4R1
Canada
a public
company incorporated in the state of Nevada; and
Walther-Glas GmbH & Co KG
Glashuettenweg 23
D-33014 Bad
Driburg-Siebenstern
Germany
a private
company incorporated in the Federal Republic of Germany
Whereas:
Elgrande International, Inc. (Elgrande) is a North
American based importer and wholesale distributor of giftware and
decorative accessories and has sole North American distribution
rights to the Love Plates line of pressed glass tableware
manufactured by Walther-Glas GmbH & Co KG,
Walther-Glas GmbH & Co KG (Walther-Glas)
manufacturers and exports pressed glass decorative accessories and
the Love Plates line of pressed glass tableware,
Elgrande is soliciting equity investment from
Walther-Glas to support expansion of operations and sales of
Walther-Glas products in the North American market, and
Walther-Glas is looking to strengthen the distribution of
Walther-Glas products within the North American marketplace through
equity investment into Elgrande.
The parties agree as follows:
·
Walther-Glas will make an equity investment in
Elgrande for an amount not less than $US 400,000 and up to $US
600,000.
·
The first $US 400,000 will be in the form of
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