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Entry into Material Agreement, Sale of Equity, Financial Statements and Exh
Item 1.01 Entry into a Material Definitive Agreement
On July 12, 2005, the Company entered into a Management Services Agreement (the "Agreement") with Personal Portals Online, Inc. ("Personal Portals"). The term of the Agreement is for twenty-four (24) months commencing as of July 1, 2005. The Agreement will be automatically extended on a year-to-year basis upon expiration of the initial term unless terminated upon thirty (30) days written notice by either party.
During the term of Agreement, Personal Portals will have primary responsibility for the management, redesign and redevelopment of the Company's web traffic operations and technology, finance and accounting including but not limited to:
i Providing day-to-day administration and operating tasks related to Web 1000 business plan;
ii Assisting in the implementation of the business strategies and plan of the Web 1000 business plan;
iii Providing leads for potential clients with respect to the Web 1000 business;
iv Negotiating agreements in the ordinary course of business;
v Identifying appropriate new management, advisors and board members as necessary;
vi Overseeing the Company's relationships with outside professionals, vendors and customers; and
vii Providing such other related services as requested by the Company and mutually agreeable to Personal Portals.
Pursuant to the Agreement, the Company will issue to Personal Portals 3,000,000 shares and its common stock $.001 per value. Personal Portals will also be paid a fee of Five Percent (5%) of the net monthly revenues of the Company's business. In addition, Personal Portals will be reimbursed for all reasonable and approved out-of-pocket expenses incurred by in the performance of the services under the Agreement.
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Make Levees, Not War
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