LICENSE TERMINATION AGREEMENT
made effective September 1, 2001
of Calgary, Alberta, Canada
- and -
Niew Industries Inc., a corporation according to the laws of British Columbia
with offices in Prince George, British Columbia
A. Pursuant to an Agreement (hereinafter the Agreement) dated November 8, 1999 the Licensor
granted a license to the Licensee to practice an invention entitled "Portable Overhead Bin" protected
by Untied States Patent Application Serial Number 09\333182 filed on June 14, 1999 (now issued
as United States Patent Number 6,106,211) and Canadian Patent Application Number 2,254,702
filed on December 1, 1998;
B. The Licensee and the Licensor now desire to terminate the Agreement and release each other
from all further obligations under the Agreement on the terms set out herein:
IN CONSIDERATION of the premises and of the mutual covenants of this Agreement, the parties hereto
agree as follows:
1. That effective on the date of this termination agreement as set out above, the Agreement, dated November 8,
1999, is hereby terminated by mutual agreement of the parties thereto.
2. That effective on the date of this termination agreement as set out above, the Licensor hereby releases the
Licensee from all further obligations under the Agreement.
3. That effective on the date of this termination agreement as set out above, the Licensee hereby relinquishes all
and any rights and interest in the invention entitled "Portable Overhead Bin" granted to it by the Agreement, and
hereby recognizes the Licensor as the sole owner of all rights in the invention, with power to deal with the
invention in any manner whatsoever.
4. The Licensee agrees to pay to the Licensor the amount of ten thousand ($10,000.00) dollars (Canadian) on or
before December 31, 2002.
IN WITNESS WHEREOF , the parties hereto, intending to be legally bound hereby, have each set their hand
the day indicated.
/s/ Ian Westwood