Exhibit 10.5
RELEASE AGREEMENT
THIS AGREEMENT is made the _23__ day of May 2000.
BETWEEN: STEVEN CHARLES MANTHEY (hereinafter called "Steven" of 1 Promenade
Offices Robina Town Centre Gold Coast Queensland Australia
AND: ADVANCED ENGINE TECHNOLOGY PTY LTD (hereinafter called AETP) of 1/2
Greg Chappel Drive Burleigh Heads Gold Coast Queensland Australia
AND: ADVANCED ENGINE TECHNOLOGIES, INC. (hereinafter called "AETI") of
1150 West Olympic Boulevard #1020 Los Angeles California United
States.
WHEREAS:
A. Steven is the inventor of a revolutionary engine known as the OX2 Engine;
B. AETP and Steven manufactured an OX2 Engine between May 1999 and February
2000 for the benefit of AETI and its shareholders ("OX2 Engine");
C. AETI has received the OX2 Engine;
D. The OX2 Engine is currently at the University of California at Riverside
being tested for and on behalf of AETI and its shareholders;
E. The cost of AETP to manufacture the OX2 Engine was US$321,809.00; and
F. AETP, Steven and AETI have been in disagreement as to the liability of AETI
to pay the costs of AETP to manufacture the OX2 Engine.
WHEREBY IT IS AGREED:
1. That AETI shall pay to AETP, upon execution of this Agreement, the sum of
$US300,000.00;
2. AETP, Steven and AETI hereby release the other of all liability with
respect to any and all invoices and claims arising of the manufacture of
the said OX2 Engine.
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IN WITNESS the parties hereto have duly executed this Agreement on the date
first above written.
SIGNED SEALED AND DELIVERED )
by the said )
STEVEN CHARLES MANTHEY )
in the presence of: ) /s/ Steven Charles Manthey
-----------------------------
STEVEN CHARLES MANTHEY
---------------------------------
WITNESS
THE COMMON SEAL OF ADVANCED )
ENGINE TECHNOLOGY PTY INC. was )
affixed in accordance with its articles )
of associations in the presence of: ) /s/ Steven Charles Manthey
-----------------------------
STEVEN CHARLES MANTHEY
DIRECTOR
THE COMMON SEAL OF ADVANCED )
ENGINE TECHNOLOGIES INC. was )
affixed in accordance with its articles )
of associations in the presence of: ) /s/ Carroll Shelby
-----------------------------
CARROLL SHELBY
DIRECTOR/PRESIDENT
/s/ Neil Cummings
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NEIL CUMMINGS
COMPANY SECRETARY/TREASURER
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