EX-10.3
from 8-K
3 pages
September 29, 2009 Endeavor Explorations Inc. 980 Cooperage Way Suite 601 Vancouver, British Columbia Canada V6b 0c3 Attention: Belkis Jimenez Rivero, President Dear Ms. Jimenez Rivero: Re: Asset Acquisition Agreement – MDC Gps This Non-Binding Letter of Intent Sets Out Our Understanding With Respect to Entering Into a Asset Acquisition Agreement (The “Agreement”) With Spidex Technologies (“Spidex”) and Endeavor Explorations Inc. (“Endeavor”) to Acquire Spidex’s Technology Known as MDC Gps (The “Technology”). (A) the Consideration for the Asset Acquisition Will Be 1,000,000 Restricted Shares of the Common Stock of Endeavor at a Deemed Price of $0.10 Per Share, Which Will Be Issued or Transferred to Spidex Within 30 Days From Execution of the Agreement; (B) Endeavor Will Advance Spidex US$5,000 Within 10 Days of the Signing of This Non-Binding Letter of Intent; (C) Endeavor Will Engage Spidex to Further Develop and Commercialize the Technology and Will Pay Spidex US$12,000 Per Month for a Period of One Year; (D) Endeavor Will Grant Spidex an Unrestricted License to Use and Modify the Technology That Will Trigger in the Case That Endeavor Does Not Achieve Sales at a Reasonable Commercial Level Within One Year From the Date That the Technology Is Ready for Commercial Sales; and (E) Subject to Approval of Spidex, Which Approval Will Not Be Unreasonably Withheld, Endeavor Will Have the Right to Assign It’s Entire Interest in the Technology Subject to the Following Provisions
12/34/56