Side Letter Agreement for Assignment of Agreements from Recency Media USA, Inc. to Watchit Media USA, Inc. between Cotelligent, Inc. and On-Site Media, Inc.

Summary

Cotelligent, Inc. and On-Site Media, Inc. agree that all rights and obligations of Recency Media USA, Inc. under a prior merger agreement and a business development agreement are now assigned to Watchit Media USA, Inc., a subsidiary of Cotelligent. Watchit Media will take over all responsibilities under these agreements. The original agreements remain unchanged and in effect. This agreement is effective as of December 17, 2003, and is governed by Delaware law.

EX-2.2 3 dex22.htm SIDE LETTER Side Letter

Exhibit 2.2

 

[Cotelligent, Inc. Letterhead]

 

December 17, 2003

 

Mr. Loren W. Willman

President

On-Site Media, Inc.

5275 S. Arville Street

Suite 104

Las Vegas, Nevada 89118

 

Re:    Assignment of Agreements to Watchit Media USA, Inc.

 

Dear Loren:

 

This letter agreement memorializes the agreement of Cotelligent, Inc. (“Cotelligent”) and On-Site Media, Inc. (“On-Site”) to the following:

 

1.    Effective as of the date hereof, all rights, interests and obligations of Recency Media USA, Inc. (“Recency”) under (a) the Agreement and Plan of Merger dated November 24, 2003, by and among Recency, Cotelligent, On-Site, and Certain Stockholders of On-Site (the “Merger Agreement”), and (b) the Business Development Agreement dated November 24, 2003, by and between Recency and On-Site (the “Business Development Agreement,” together with the Merger Agreement, the “Assigned Agreements”) are assigned to Watchit Media USA, Inc., a Delaware corporation and wholly-owned subsidiary of Cotelligent (“Watchit Media”).

 

2.    Watchit Media shall hereafter perform all covenants, agreements and obligations of Recency under the Assigned Agreements.

 

This letter agreement shall not constitute an amendment or waiver of any provisions of the Assigned Agreements and the provisions of the Assigned Agreements are and shall remain in full force and effect. This letter agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law principles.

 

If you are in agreement with the foregoing, please indicate your acceptance by signing in the space provided below and returning a copy of this letter agreement to the undersigned.

 

Very truly yours,

/s/    James R. Lavelle

James R. Lavelle

Chairman & CEO

COTELLIGENT, INC.


ACCEPTED AND AGREED

this 17th day of December, 2003.

 

ON-SITE MEDIA, INC.

By:  

/s/    Loren W. Willman

 
   

Loren W. Willman, President