Signature Leisure Inc. (SGLS)

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Form 8-K for SIGNATURE LEISURE INC

WHAT A BUMM DEAL !!!


25-Jul-2006

Entry into a Material Definitive Agreement, Other Events


Item 1.01 - Entry into a Material Definitive Agreement

Revenge LLC, Loan and Equity Purchase

On July 18, 2006, Signature Leisure entered into a LOAN AND STOCK PURCHASE AGREEMENT with REVENGE DESIGNS, LLC ("Company"), SIGNATURE LEISURE, INC.("Lender") and THOMAS CRESS and PETER COLLORAFI (collectively "Owner").

The principal terms and conditions of the agreement are as follows:

1. Lender hereby agrees to loan to Company the sum of $100,000.00, (the "Loan") as follows: The sum of $50,000.00 upon execution hereof by all parties, with the balance on or before July 31, 2006.

2. Company agrees to repay the Loan as follows:

(i) payment of the sum of $7,000.00 on each of January 1, 2007, April 1, 2007, July 1, 2007, October 1, 2007, January 1, 2008, April 1, 2008 and July 1, 2008; and

(ii) payment of the sum of $100,000.00 on October 1, 2008.

3. On or before July 31, 2006, Lender shall pay to Company the sum of $100,000.00 and shall receive the following as consideration:

(i) delivery to Lender of an ownership interest in Company equal to 25% of the equity of Company, such ownership interest to be subject to the terms of the Operating Agreement;

(ii) $1,000.00 from the proceeds of each of the first one hundred (100) cars sold by Company hereafter, as return on investment, such sums being due upon receipt and collection of good funds by Company;

Signature Leisure, Inc. nor its affiliates had any prior business or familial relationship with parties to this agreement. Mr. Carnes, President of Signature Leisure, Inc. was introduced to Thomas Cress, owner of Lingenfelter Performance Engineering by his father who has provided engine components and packaging containers to Lingenfelter Performance Engineering for many years.

Section 8 - Other Events