Business
Joint Venture to Produce $22,000,000 Shaolin Temple Virtual Reality Game
Joint Venture to Produce $22,000,000 Shaolin Temple Virtual Reality Game.
About this update from Entertainment Arts Research, Inc.
[{"type":"text","content":"JOINT VENTURE (PARTNERSHIP) AGREEMENTThis JOINT VENTURE AGREEMENT (\"Agreement\") is made on ________________, 20_____ between ENTERTAINMENT ARTS RESEARCH, INC. (EARI) (a Nevada USA corporation) and BRIDGE CORP. (BRIDGE), owner of the Zhengzhou College of Economics (Zhengzhou, China), Shaolin Temple (SHAOLIN), China, and principals (PRINCIPALS) (to be named later):RECITALSThe Joint Venturers have agreed, as follows:The name of the venture to be Shaolin Virtual and Internet Games; BRIDGE agrees to provide twenty-two million dollars ($22,000,000) investment capital for the development of a “virtual” game for the Shaolin Temple, after BRIDGE obtains a license from SHAOLIN calling for a 10% royalty on revenues generated by the game, and pursuant to a “draw” schedule provided by EARI and attached herewith as EXHIBIT A;EARI agrees to pay two million two hundred thousand dollars($2,000,000) annually in arrears for its equity interest in the venture and such payments will continue until the full twenty-two million dollars ($22,000,000) plus the fees paid by BRIDGE to obtain the funds which will include origination fees, and closing costs, is paid from the joint venture revenues or a maximum of five years.It is therefore agreed: 1. Purpose. The Joint Venturers form this joint venture to develop virtual and internet games for The Shaolin Temple. The Joint Venturers appoint as their agent Cane Clark, attorneys (Nevada USA), whose duty it shall be to hold each of the undivided fractional parts in the business interest for the benefit of, and as agent for, the respective Joint Venturers. 2. Joint Venturers ( Partners). The Agent acknowledges that he has received from each of the Joint Venturers, for the purpose of this joint venture, the acceptance of this agreement of each Joint Venturer as follows:Name of Joint VenturerAuthorized Officer Name and Title Bridge Corp.40% partner Entertainment Arts Research, Inc. 40% partner Joseph Saulter, CEO Entertainment Arts Research, Inc. Jonathan Eubanks, President3. Development of Virtual and Internet Games. The Agent is authorized to receive and to hold in his own name, but on behalf of the Joint Venturers the funds to develop such games according to the agreed upon schedule (Exhibit A), the first of which is two million dollars ($2,000,00...