SETTLEMENT AND RELEASE
AGREEMENT
This Settlement and Release
Agreement (the “Agreement”) is entered into on the 19
th day of March, 2007, by and between Fred DeVries and
Renato Mariani, of Boca Raton, Florida, (hereinafter “DeVries
and Mariani”), and Satellite Newspapers Corp., a Nevada
corporation (formerly Satellite Enterprises Corp.), of Westport,
Connecticut (hereinafter “Satellite”).
In consideration of payment by
Satellite to DeVries and Mariani the combined sum of One Hundred
Fifty Thousand ($150,000.00) U.S. Dollars, DeVries and Mariani
hereby agree to accept said payment and upon receiving full payment
from Satellite, to release and discharge Satellite and all current
and former principals, officers, agents, attorneys, employees,
heirs, administrators, executors, successors or assigns and/or
representatives of Satellite, from any and all judgments,
agreements, claims, demands, claims of action, known or unknown,
which DeVries and/or Mariani may now have or may hereafter arise
for any services completed by DeVries and/or Mariani on behalf of
Satellite, including but not limited to the One Million Four
Hundred Forty Thousand ($1,440,000.00) U.S. Dollars outstanding
judgment in the Fifteenth Judicial Circuit Court located in Palm
Beach County, Florida, claiming breach of employment agreements
against Satellite and against the Company’s CEO claiming
fraud.
Satellite hereby agrees that it will
bank wire to DeVries and Mariani on or before 4:00PM eastern
standard time on Thursday, the 22 nd day of March, 2007
Seventy Five Thousand ($75,000.00) U.S. Dollars to the trust
account of the law firm of Robert C, Maland, P.A. located at 9100
South Dadeland Boulevard, Suite 1710, Miami, Florida 33156 who is
the attorney for DeVries and Mariani (hereinafter “Attorney
Malard”).
Satellite hereby further agrees that
it will bank wire to DeVries and Mariani on or before 4:00PM
eastern standard time on Tuesday, the 19 th day of July,
2007 the remaining Seventy Five Thousand ($75,000.00) U.S. Dollars
of the total combined sum of One Hundred Fifty Thousand
($125,000.00) U.S. Dollars to Attorney Malard.
Satellite hereby agrees that until
it bank wires to DeVries and Mariani the entire funds in the sum of
One Hundred Fifty Thousand ($150,000.00) U.S. Dollars, and said
funds are received by Attorney Malard, and said funds are paid in
full on or before 4:00PM eastern standard time on Tuesday, the 19
th day of July, 2007, DeVries and Mariani are not
releasing or discharging Satellite and all current and former
principals, officers, agents, attorneys, employees, heirs,
administrators, executors, successors or assigns and/or
representatives of Satellite, from any judgments, agreements,
claims, demands, claims of action, known or unknown, which DeVries
and/or Mariani may now have or may hereafter arise for any services
completed by D
