Acquisition of Sports Shop Network LLC Asset.
Domenic Casillo:
This letter is to confirm our intent with respect to the acquisition by InoLife Technologies, Inc. a New York corporation ( “Purchaser”), of certain media assets assigned by Media Barber Corp. 20,0000 television minutes (“Barter Credits”) owned by Sports Shop Network LLC, a Florida company (“Seller”). The television minutes total up to $3,166,000 in trade-dollar value, according to a “Due Bill” Attached here to.
This letter of intent (“LOI”) sets forth a binding proposal for the terms and conditions of Purchaser’s acquisition of the Barter Credits from the Seller.
Seller:
Sports Shop Network LLC.
Purchaser:
InoLife Technologies, Inc., a New York corporation.
Asset To Be Acquired:
20,000 separate Television minutes totaling up to $3,166,000 in trade-dollar value. The “Asset” to be audited by a PCAOB firm. Purchaser is acquiring the media asset, which is owned by [Seller].
Purchase Price:
The purchase price for the media asset shall consist of the following: (1) $100,000.00 (The “Principal Amount”), (2) $25,000 within 45 days after the execution of the definitive purchase agreement(“APA”).
Funding Commitment:
Purchaser and Seller agree to work on a mutually binding funding schedule, in addition to the Purchase Price, to provide necessary working capital to bring certain operations of the media asset’s subsidiary into production. Additional capital in the amount of $500,000 will be funded over a period of 6 months after the “Principal Amount” has been paid.
