Exhibit 10.2
OPTION AGREEMENT
----------------
This Option Agreement is entered into this 19th day of
January, 1999 by and between AMJ Resources Corporation, a
Delaware Corporation ("AMJ") and TTI Industries, Inc., a Texas
Corporation ("TTI").
In consideration of the premises, mutual covenants and other
valuable consideration, the parties hereto, hereby agree as
follows:
New Products
------------
1. AMJ is the owner and developer of three new inventions:
a) Terminator Night Owl (flea trap)
b) Terminator Flower Trap (various insects trap)
c) Terminator Pyramid (fly trap),
and is in the process of acquiring an exclusive license for
the mouse trap portion of the Terminator Kitty. These
products all require additional research and development
efforts to bring them to market readiness. These inventions
are hereinafter referred to jointly as "the Products".
2. AMJ hereby grants an exclusive option to TTI to acquire
exclusive licensing rights to use, manufacture and sell the
products when they are "market ready" on such terms as are
mutually agreeable at a future date. This option shall
expire 24 months from the date hereon. It is understood
that AMJ may assign this obligation to a California Limited
Partnership for the purpose of funding the research and
development activities relating to these products. In such
case AMJ warrants that, any assignment made to such Limited
partnership shall protect the rights of TTI under this
option granted.
Governing Law
-------------
This Agreement shall be interpreted under the laws of the
State of California.
IN WITNESS WHEREOF, the parties hereto, desiring to be
legally bound have executed this Agreement the day and year first
set out herein.
AMJ Resources Corporation
By: /s/ Debra Miller
---------------------------
Debra Miller, President
TTI Industries, Incorporated
By: /s/ Frank Harrison
---------------------------
Frank Harrison, President
