EXHIBIT 10.23
Memorandum of Understanding
May 26, 2005
Terms of Agreement between Richard H. Murray (RHM) and QI Systems Inc. (QI) and Matthew Yugovich (Matt)
Whereas:
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• | QI has entered into an ADVERTISING AND PROMOTIONAL SERVICE AGREEMENT with Hobsen Lorenze Bowersock and Associates, 207 North Moss Road, Winter Springs, FL 32708 |
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• | QI and Matt have requested RHM to provide 500,000 currently issued free-standing shares of QI to pay part of the fee for the above agreement |
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It is hereby agreed as follows: | |
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• | RHM will arrange delivery of 500,000 unrestricted shares to QI for payment to Hobson, Lorenze, Bowersock and Associates |
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• | In return, QI agrees to issue RHM 812,500 restricted shares. |
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• | QI will be responsible for the tax consequence, if any, to RHM caused by the transfer of these shares |
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• | Parties hereto hereby agree to take all actions necessary to give effect to this agreement without delay |
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This memorandum is hereby agreed by the following: | |
By:
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/s/ RICHARD H. MURRAY | |
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Richard H. Murray | |
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/s/ MATHEW YUGOVICH | |
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Matthew Yugovich | |
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/s/ STEVEN GARMAN | |
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Steven Garman, | |