On January 12, 2005, we entered into a Consulting Agreement with IMC Development Group (“IMC”), which is owned by Peter and Elizabeth Ayling. Pursuant to the Consulting Agreement, we retained IMC for a period of 18 months, which was then automatically renewable on a month-to-month basis. IMC was paid 7 pounds per month (approximately $14 per month based on current exchange rates), IMC was granted options to purchase 1,800,000 shares of common stock upon execution, of which 300,000 options vest immediately and the balance of 1,500,000 options vest over a period of three years and are exercisable at $0.10 per share. Pursuant to this Consulting Agreement, Mr. Ayling served as our Vice President of Marketing and Head of International Marketing.
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