Global Epoint Inc – ‘10KSB’ for 12/31/99 – EX-10.32

On:  Friday, 6/2/00, at 4:49pm ET   ·   For:  12/31/99   ·   Accession #:  950123-0-5556   ·   File #:  1-15775

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Annual Report — Small Business   —   Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB       On-Point Technology Systems, Inc.                     51    294K 
 2: EX-10.26.1  Amendment No. 4 to Loan and Security Agreement         3     14K 
 3: EX-10.28.2  English Translation of Contract                       13     44K 
 4: EX-10.32    Stipulated Judgment Against Us Telecard, Inc.          3     14K 
 5: EX-27       Financial Data Schedule                                1      6K 

EX-10.32   —   Stipulated Judgment Against Us Telecard, Inc.

EX-10.32
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                                                                   EXHIBIT 10.32

MILES D. SCULLY (SBN 135853)                                                    
KEVIN W. ALEXANDER (SBN 175204)                                                 
GORDON & REES, LLP                                                              
101 West Broadway, Suite 1600                                                   
San Diego, CA 92101                                                             
Telephone:  (619) 696-6700                                                      
Facsimile:   (619) 696-7124                                                     

Attorneys for Plaintiff                                                         
ON-POINT TECHNOLOGY SYSTEMS, INC.                                               

      SUPERIOR COURT OF CALIFORNIA-COUNTY OF SAN DIEGO

ON-POINT TECHNOLOGY SYSTEMS,          )   CASE NO.  GIC735997                   
INC., a Nevada Corporation,           )                                         
)   
Plaintiff,                      )   STIPULATED JUDGMENT             
)   
vs.                                )                                      
)   
U.S. TELECARD, INC., a Georgia        )                                         
corporation, RICK ARRINGTON and       )                                         
DOES 1-200, inclusive,                )                                         
)   
Defendants.                     )                                   
______________________________________)                                         

       WHEREAS, plaintiff On-Point Technology Systems, Inc. ("On-Point")
filed the instant action on or about September 24, 1999, alleging causes of     
action against defendants U.S. Telecard, Inc. ("Telecard") and Rick Arrington   
("Arrington") for declaratory relief, breach of written contract, breach of the 
implied covenant of good faith and fair dealing, account stated and common      
count, among others;                                                            

      WHEREAS, On-Point, Telecard and Arrington desire to enter into a
Stipulated Judgment with respect to claims at issue in the instant action;      

IT IS HEREBY STIPULATED by and between the parties that:  

    1.        Judgment is awarded in favor of On-Point and against
Telecard on all causes of action, and On-Point is to recover damages from       
Telecard in the amount of eight hundred thousand dollars ($800,000.00);         

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EX-10.32
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       2.        Telecard shall satisfy said Judgment by paying On-Point
six thousand dollars ($6,000.00) per month, for 60 consecutive months, beginning
April 10, 2000 and becoming due on the tenth day of each successive month       
thereafter until March 10, 2004, and by paying On-Point an additional five      
hundred thousand dollars ($500,000.00) on or before April 10, 2004.  The above  
payments shall be made by check or draft payable to On-Point, on or before the  
dates set forth herein, and delivered to On-Point's place of business located at
1370 W. San Marcos Blvd., Suite 100, San Marcos, CA 92069, Attn: Frederick      
Sandvick. In the event that Telecard fails to make timely payment to On-Point   
pursuant to this paragraph, the entire Judgment amount shall become due and     
payable immediately to On-Point.                                                

   3.        On-Point shall dismiss all claims against Arrington
without prejudice.                                                              

          4.        Telecard and Arrington shall waive all applicable statutes
of limitations in connection with the claims alleged by On-Point for a period   
of six years from the date of entry of this Judgment.                           

DATED: November 12, 1999         ON-POINT TECHNOLOGY SYSTEMS, INC.              

             By:  /s/ Frederick Sandvick
                               ---------------------------------------
            Frederick Sandvick
                 Chief Executive Officer

DATED: November 12, 1999         U.S. TELECARD, INC.                            

        By: /s/ Rick Arrington
                               ---------------------------------------
          Rick Arrington
                   Chief Executive Officer

DATED: November 12,  1999        By: /s/ Rick Arrington                         
                               ---------------------------------------
        RICK ARRINGTON

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DATED: November 15, 1999         GORDON & REES, LLP                             

         By: /s/ Miles D. Scully
                                 ---------------------------------------
         MILES D. SCULLY
            KEVIN W. ALEXANDER
                 Attorneys for Plaintiff
                          ON-POINT TECHNOLOGY SYSTEMS, INC

DATED: November ___, 1999        By: /s/ Alan B. Waln                           
                                 ---------------------------------------
      ALAN B. WALN
                 Attorney for Defendants
                                U.S. TELECARD, INC. and RICK ARRINGTON

        IT IS HEREBY ADJUDGED, ORDERED AND DECREED that plaintiff On-Point
is entitled to JUDGMENT against Telecard, and that damages are awarded in favor 
of On-Point and against Telecard, pursuant to the stipulation herein.           

DATED: December 15, 1999             J. Richard Haden                           
   -----------------             ---------------------------------------
                     JUDGE OF THE SUPERIOR COURT

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STIPULATION TO RESPOND TO COMPLAINT 

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10KSB’ Filing		Date		First		Last			Other Filings
		4/10/04		2
		3/10/04		2
Filed on:		6/2/00
		4/10/00		2
For Period End:		12/31/99
		12/15/99		3
		11/15/99		3
		11/12/99		2					10-Q
		9/24/99		1
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