Exhibit 10.3
Memorandum-of-Understanding
This Memorandum-of-Understanding (MOU) sets forth the principles of a marketing
and consulting agreement by and between DataWorld Solutions, Inc. ("DataWorld"),
located at 000 Xxxxxx Xxxx., Xxxxxxxxx, XX 00000 and SMG Marketing Group, Inc.
("SMG"), located at 00 Xxxxxx Xxxxxx, Xxx. #0X, Xxxxxxxx, XX 00000, fully
executed as of the last date noted below.
SMG agrees to enter into a marketing and consulting arrangement whereby SMG will
use its resources to reasonably promote, market, and sell the products and/or
services of DataWorld either individually or jointly with DataWorld, as may be
required from time-to-time to gain a competitive advantage. DataWorld and SMG
agree that the marketing effort does not guarantee that any revenue will be
generated by the SMG effort, however SMG does guarantee that all reasonable
efforts will be made to represent DataWorld in the market and to generate such
revenue.
SMG agrees to bear the reasonable costs for representing DataWorld in the
marketplace to include routine travel and expenses that may be required from
time-to-time.
As compensation for this arrangement, DataWorld grants SMG 600,000 shares of
DataWorld Solutions, Inc. common stock.
The term of this marketing agreement will be two years from the last date noted
below.
DataWorld and SMG agree that this MOU does not impact any current contracts or
pending sales that each may have in place with existing customers, nor does it
preclude either party from negotiating and/or entering into any new sales
contracts with new potential customers.
Changes to the relationship are subject to mutual agreement of each party.
In witness whereof, the parties have made and executed this
Memorandum-of-Understanding as of the first date written below.
DataWorld Solutions, Inc. SMG Marketing Group
By: By:
--------------------------- -----------------------------
Name: Xxxxxx XxXxxx Name: Xxxxxx Xxxxxx
Title: Chief Executive Officer Title: President
Date: September 10, 2001 Date: September 10, 2001
DataWorld Solutions, Inc.
000 Xxxxxx Xxxx.
Xxxxxxxxx, XX 00000
Tel: # 000-000-0000 Fax # 000-000-0000
