MEMORANDUM OF UNDERSTANDING
BETWEEN
XX. XX XXXX WO XXXX AND SHAREHOLDERS OF XXXX XXXXX DEVELOPMENT
LIMITED
AND
TAGALDER (2000) INCORPORATED
This is to confirm that Xx. Xx Xxxx Wo Xxxx and shareholders of Xxxx Xxxxx
Development Limited ("Ng") agree to sell and Tagalder (2000) Incorporated
("Tagalder") agrees to purchase 20% of the ownership of Xxxx Xxxxx Development
Ltd. ("TSD") under the following terms and conditions.
1. "TSD" is a Hong Kong registered company:
Certificate No: 07178935-000-04-00-7
Address: Flat/RM 0000, Xxxxxx Xxxxx XXX, 00 Xxxxxx Xxxxxx,
Xxxx Xxxx
2. "TSD" is owned by "Ng".
3. "TSD" is in the business of investment, import/export, and general
trading in the plywood business. "TSD" confirmed that "TSD" has 51% ownership
in Jiangxi Xxxx Xxxxx Plywood Factory Co., Ltd ("TSPF").
4. The Price
As agreed by both parties, the purchase price of 20% of the ownership is fixed
at C$1,113,208.
5. The Management
Both parties agree that Xxxxxxxx will elect one director to the board and retain
the current management of "TSD" until further notice.
6. The Business
Both parties agree to further develop and expand the current core business
through corporate restructure and acquisition.
7. Payment
Both parties agree that Tagalder will issue common shares to pay for the
purchase.
The share price: C$0.17
Total new shares issued 6,548,280 shares.
8. Options:
Tagalder has the option to purchase additional 20% for a total of 40% at the
same terms and conditions as the first 20% within six months.
9. Official Approval
This agreement is conditional upon the following official approval:
Tagalder's Board
Regulatory Approval
Tagalder's Shareholders
10. Attachment
- Last 3-year Audited Financial Statements of Xxxx Xxxxx Development Ltd.
- Certificate of Registration of Xxxx Xxxxx Development Ltd
- Business Executive Summary
- Evaluation
11. This Memorandum of Understanding is signed on January 8, 2001 by:
Signed by Signed by
/s/ Tung Wo Xxxx Xx /s/ Xxxxx Xxx
_______________________ _______________________________
XX. XX XXXX WO XXXX XXXXXXXX (2000) INCORPORATED
DATE: JANUARY 8,2001 DATE: JANUARY 8, 2001
