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EXHIBIT 10.3
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ASSIGNMENT AGREEMENT
Effective April 19, 1999.
BETWEEN:
CYBEROAD GAMING CORPORATION, a St. Kitts corporation having a place of
business at Box 174 Basseterre St. Kitts, West Indies.
(the "Assignor")
AND
XXXXXXXX.XXX (ISLE OF MAN) LIMITED, an Isle of Man corporation having a
place of business at Xxxxxxxxxxxxx Xxxxx, Xxxxxx Xxxx, Xxxxxxxx Road,
Xxxxxxx, Isle of Man, IM2 4RB.
(the "Assignee")
1.0 ASSIGNMENT
1.1 In consideration of the sum of one hundred thousand U.S. dollars
($100,000 U.S.) and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the
Assignor hereby transfers, conveys, and assigns to the Assignee:
1.2 all of its rights, title and benefit as well as its obligations and
responsibilities pursuant to an Operating and Revenue Sharing
Management Agreement dated March 13, 1998 between the Assignor and
Internet Wagering Systems, Ltd.;
1.3 the said Agreement dated March 13, 1998;
1.4 all of its rights, title and benefit as well as its obligations and
responsibilities pursuant to a Nonexclusive License Agreement dated
March 5, 1998 between the Assignor and Internet Wagering Systems
Ltd.
1.5 the said Agreement dated March 5, 1998;
1.6 all of its rights, title and benefit as well as its obligations and
responsibilities pursuant to a Binding Letter of Intent dated March
5, 1998 between the Assignor and Internet Wagering System's Ltd; and
1.7 the said letter of Intent dated March 5, 1998.
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2.0 DOCUMENTS
The documents which are the subject of this Assignment Agreement are
attached hereto and marked Schedule "A".
3.0 SUCCESSORS
This Agreement shall entire to the benefit of the Assignee and shall be
binding upon the Assignor and its executors, successors and assigns.
4.0 GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the
laws of Isle of Man.
IN WITNESS WHEREOF the parties have caused these presents to be executed
personally or by their duly authorized officers as of the day and year first
written above.
CYBEROAD GAMING CORPORATION XXXXXXXX.XXX (ISLE OF MAN) LIMITED
Per: /s/ XXXXXXXX XXXXXXX Per: /s/ XXXX XXXXXX
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Name: Xxxxxxxx Xxxxxxx Name: Xxxx Xxxxxx
Title: Director Title: Director