EXHIBIT 10.22
[This Agreement now between Grand International Communications and Princeton
Publishing, Inc., as assignee of Raven Press, Inc.]
April 28, 1992
Mr. Don Embinder, Publisher
Jock Magazine
Dear Mr. Embinder,
Grand International Communications owes Raven Press $170,000. Since you say
that you cannot pay this debt, and you do not have the financial resources to
continue this publication, we have no choice but to accept your offer of a 20
year lease on the publication and any other entities emerging from it. In
addition, Jock will pay back the $170,000 debt to Raven Press at the rate of
$8,000.00 per month.
Raven will guarantee payment to Xxxxx on a per issue basis of $2,500.00 per
issue and will pay you a royalty of 10 cents per copy on sales over 25,000
copies per issue.
We accept your offer immediately based on the July 1992 issue. Please signify
your acceptance and agreement by signing below:
Thank you.
Agreed by:
/s/
Xxxxxx Embinder
Grand International Communications
Agreed by:
/s/
Raven Press, Inc.
Xxxx Xxxxxxx
