|
THIS SETTLEMENT AND RELEASE dated effective the 8 th day of December, 2006
by:
New World Entertainment Corp.
, a company incorporated under the laws of the State
of Nevada and having an address for the purposes of this Agreement
at 510 - 999 West Hastings Street, Vancouver, British Columbia V6C
2W2
("New World")
AND:
Global Developments Inc. , a company incorporated under the laws of the State of
Delaware and having an address for the purposes of this Agreement
at 510 - 999 West Hastings Street, Vancouver, British Columbia V6C
2W2
("Global")
AND:
555 Holdings LLC. , a
company incorporated under the laws of the State of Nevada and
having an address for the purposes of this Agreement at 510 - 999
West Hastings Street, Vancouver, British Columbia V6C
2W2
("555")
AND:
Liverpoole, Inc., a
company incorporated under the laws of Antigua, and having an
address for the purposes of this Agreement at Suite 205 - 2922 Glen
Drive, Coquitlam, British Columbia
("Liverpoole")
AND:
World Mobile Network Corp, a company incorporated under the laws of Nevada, and having an
address for the purposes of this Agreement at Suite 205 - 2922 Glen
Drive, Coquitlam, British Columbia
("WMN")
WHEREAS:
|
A.
|
Pursuant to transactions and understandings made
prior to the date hereof, New World is indebted to Global and 555
in the aggregate amount of USD$3.25 million (the "Debt") of which
an amount of USD$2.585 was used by Liverpoole, Inc. a Nevis company
to acquire certain assets in May through August 2006;
|
|
B.
|
Global, 555, New World and WMN have agreed to
release New World at no cost to New World, and New World has agreed
to release Liverpoole from its obligations under a Share Exchange
Agreement dated May 12 th , 2006 (the "Share Exchange
Agreement"),
|
all on the terms and conditions set out
herein,
NOW THEREFORE THIS AGREEMENT WITNESSES that in
consideration of the mutual covenants of the parties herein
contained and for other valuable consideration, the receipt and
sufficiency of which is acknowledged by each party to the other
parties, the parties agree as follows:
1. Global
|
