Promissory Note between JAWZ Inc. and Thomson Kernaghan & Co., Ltd. dated March 15, 2001

Summary

JAWZ Inc., a Delaware corporation, promises to pay $850,000 to Thomson Kernaghan & Co., Ltd. on demand. The note allows JAWZ Inc. to prepay any or all of the amount at any time without penalty. Both parties agree to enter into additional agreements by March 30, 2001, to secure this and previous promissory notes. The note waives certain formalities such as demand for payment and notice of non-payment.

EX-2.5 6 o05541ex2-5.txt EXHIBIT 2.5 1 Exhibit 2.5 March 15, 2001 PROMISSORY NOTE Amount Due: $ 850,000 USD. Promissor: JAWZ Inc. Promissee: Thomson Kernaghan & Co., Ltd. JAWZ Inc., (the "Promissor") a business incorporated in the State of Delaware, United States, for value received, hereby promises to pay on demand, to or to the order of Thomson Kernaghan & Co., Ltd. (the "Promissee"), the sum of EIGHT HUNDRED FIFTY THOUSAND DOLLARS ($ 850,000) from the date hereof, in lawful money of the United States of America. The Promissor shall have the right at any time to prepay all or any part of the principal sum or so much thereof as remains from time to time unpaid hereunder without notice and without payment of any penalty. The Promissor hereby waives demand and presentment for payment, notice of non-payment, protest and notice of protest of this promissory note. The Promissor and the Promissee hereby agree that on or before March 30, 2001, the Promissor and the Promissee will enter into agreements to secure this promissory note and promissory notes previously issued by the Promissor on each of December 13, 2000, January 26, 2001, February 14, 2001 and February 27, 2001. IN WITNESS WHEREOF the Promissor has executed this promissory note as of the 15th day of March, 2001. JAWZ INC. /s/ "Riaz Mamdani" ------------------------------------- Riaz Mamdani, Chief Financial Officer