Attached files
Exhibit 99.1
[ARMADA SPORTS & ENTERTAINMENT, INC. LOGO]
254 S Ronald Reagan Blvd, Ste 134
Longwood, FL 32750
321-295-7816
866-773-8630 (efax)
July 15, 2011
Mr. Peter Bonell
6936 Duncaster Street
Windemere, Florida 34786
RE: Letter of Termination
Dear Peter;
This letter shall constitute an immediate termination of your appointment of
June 28, 2011 (which appointment was to be effective July 15, 2011) as Chief
Operating Officer of Armada Sports & Entertainment, Inc., (Company) a wholly
owned subsidiary of Domark International, Inc.
The reason that Armada Sports & Entertainment, Inc. is taking this action at
this time is due to the following facts and circumstances:
1. On June 28, 2011, the Company entered into a letter agreement with you, which
provided for your appointment as Chief Operating Officer of the Company, with an
effective start date of July 15, 2011. The commence date of your engagement was
to be July 15, 2011 in a part time capacity (20 hours per week) through August
31, 2011. From September 1, 2011 forward, you were to be engaged on a full time
basis and agreed to devote your full time efforts to the performance of your
responsibilities to Armada. A more definitive agreement on your employment,
setting forth the terms of the June 28, 2011 letter agreement, was presented to
you last week for your review and signature as a formality of your appointment.
2. At approximately 11:00 am on Friday, July 15, after several attempts by me to
contact you to establish a meeting with you on your first start date with the
Company, I received an email from you. In the email you state that "I am
declining the opportunity as it stands currently in the contract" due to several
factors. Your email demands modifications to your existing agreement relating to
base salary, (requiring the Company to pay you double the amount of base
salary), place you in full time status as of the effective start date, amend the
grant of 100,000 shares of the Company's stock, which required you to be in
service to the Company for one year before vesting (you demanded that the stock
be vested from the date of issuance and that the issuance of the stock would be
"non refundable" (you would receive the benefit of the stock grant if you were
"terminated with or without cause prior to July 15, 2012"), the issuance of a
corporate credit card (not in the June 28 letter agreement). Your email demands
concluded with a final demand to make the modifications to your existing
agreement by the end of the day.
These demands to modify your existing agreement are not acceptable to the
company, not in the best interest of the Company and its shareholders and quite
frankly are bewildering given the fact that you had already executed an
agreement outlining the terms of your engagement on June 28.
I responded to your email requesting an in person meeting by email and phone
calls to discuss these issues and you have not responded to my request. I also
requested the name of your counsel, who you referred to in your email as the
individual who reviewed your current agreement with the Company and advised you
to demand revision of the existing agreement, for the purpose of having our
Company counsel communicate with your counsel. You did not respond to that
request either. Therefore, I have no choice but to terminate your letter
agreement, appointing you as COO, effective immediately. The Company's parent,
Domark International, Inc. will file the appropriate disclosure on form 8K
within 4 days as required by the Securities and Exchange Commission and I will
direct that your information be removed from the Company's website as soon as
the 8K is of public record.
Sincerely,
/s/ Tom Kidd
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Tom Kidd, CEO
Armada Sports & Entertainment, Inc