EXHIBIT 10.5
To: Herky Williams and Jerry Crutchfield
Re: Contract - Acquisition of 51% of Wilfield Entertainment
ACQUISITION OF 51% OF WILFIELD ENTERTAINMENT:
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o Wilfield Entertainment agrees to produce 13 albums within the next
year, where by Stereo Vision Entertainment, Inc. will own 51%
(fifty-one percent) of said albums.
o Stereo Vision Entertainment, Inc. will supply necessary funding for
Wilfield Entertainment projects.
o Wilfield Entertainment will repay to Stereo Vision Entertainment,
Inc. the project funding capital. After initial capital repayment
has occurred, Stereo Vision Entertainment, Inc. and Wilfield
Entertainment shall disburse the profits with 51%(fifty-one percent)
being paid to Stereo Vision Entertainment, Inc. and 49%(forty-nine
percent) being paid to Wilfield Entertainment.
o Wilfield Entertainment will at all times make available its
financial and accounting information to authorized Stereo Vision
Entertainment, Inc. auditors.
COMPENSATION:
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o 200,000 Rule 144 Restricted Shares Stereo Vision Entertainment, Inc.
Common Stock.
ARBITRATION OF DISPUTES:
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o Any and all disputes arising under or related to this contract shall
first be submitted to mediation. If not resolved it shall then be
submitted to and finally decided, by binding arbitration under
California law and under the commercial arbitration rules of the
American Arbitration Association in San Diego, California, and
judgment on any award entered therein shall be entered into any
court of competent jurisdiction over the party charged by such
award.
ASSIGNMENT OR TRANSFER OF RIGHTS:
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o Either party may assign or transfer their rights under this
agreement to a third party with the permission of the other. Such
permission will not be unreasonably withheld and such transfer not
to impede, alter or infringe on the rights of either party to this
agreement, however, prior to any sale or transfer, the selling party
agrees to give the other party the right to match any legitimate buy
out offer.
The parties agree to enter into a more detailed and formal agreement. However,
until that time this agreement shall represent the entire understanding between
the parties.
/s/ Herky Williams Date March 10, 2000
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Herky Williams
Wilfield Entertainment
/s/ Jerry Crutchfield Date March 10, 2000
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Jerry Crutchfield
Wilfield Entertainment
/s/ Lance Putnam Date April 3, 2000
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Lance Putnam-President
Stereo Vision Entertainment, Inc.
/s/ Lawrence P. Kallett Date: March 28, 2000
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Lawrence P. Kallett
Secretary-Treasurer
Stereo Vision Entertainment, Inc.
