ASSIGNMENT AGREEMENT
This ASSIGNMENT AGREEMENT between Xx. Xxx X. Xxxx and SAR Trading Limited,
is made and entered into this 18th day of June, 1999 by and between:
XXX X. XXXX
President, SAR TRADING LIMITED
Tropic Isle Building
P.O. Box 438
Road Town, Tortola
British Virgin Islands
(hereinafter "Assignor")
AND
SAR TRADING LIMITED
Tropic Isle Building
P.O. Box 438
Road Town, Tortola
British Virgin Islands
(hereinafter "Assignee")
AND
POWERSOFT TECHNOLOGIES, INC.
0000-000 Xxxx Xxxxxxx Xxxxxx
XX Xxx 00000
Xxxxxxxxx, X.X.
Xxxxxx X0X 0X0
(hereinafter "Creditor")
THE PARTIES HERETO AGREE AS FOLLOWS:
1. The Assignor has heretofore owed a debt of $1,365,278.00 to Powersoft
Technologies, Inc., (hereinafter "Creditor"), whose address is 0000-000
Xxxx Xxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0.
2. Assignor hereby assigns the $1,365,278.00 liability to Assignee.
3. Assignee accepts said assignment, including all the terms of the original
contract between Creditor and Assignor, which contract is incorporated
herein by reference.
4. Creditor agrees to said assignment.
IN WITNESS WHEREOF the Parties hereto execute this assignment agreement, which
shall be effective as of the 18th day of June, 1999.
/s/ Xxx X. Xxxx
-------------------------------------
Xxx X. Xxxx, President
SAR TRADING LIMITED
/s/ Xxx X. Xxxx
-------------------------------------
Xxx X. Xxxx, Director
SAR TRADING LIMITED
/s/ Xxxxxx X. Xxxxx
-------------------------------------
Xxxxxx X. Xxxxx, Director
POWERSOFT TECHNOLOGIES, INC.
2
