EXHIBIT 10.15
THIS AGREEMENT made as of September 3, 1999
BETWEEN:
VIBRO-TECH INDUSTRIES INC., a corporation subsisting under the laws of the state
of Delaware, having a place of business at Xxxxx 000-00000 Xxxxxxxxxx Xxxx,
Xxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0
(the "Company")
AND:
DR. FOO. XXX XXXX, of Shantou City, Guangdong Province, China
("Zhou")
WHEREAS:
A. By an agreement dated August 25, 1998 Zhou assigned certain patents and
related technology to the Company in consideration that the Company issue to
Zhou or his nominee:
(a) 2,000,000 shares on execution of the agreement of August 25, 1998;
(b) 1,000,000 shares on September 1, 1999;
(c) 1,000,000 shares on September 2000; and
(d) 1,000,000 shares on September 1, 2001;
B. The Company is proceeding to register with the Securities & Exchange
Commission of the United States;
WITNESSES THAT the parties mutually covenant and agree as follows:
1.0 The Company covenants that it has issued in the name of Pioneer Wise, and
Zhou acknowledges the issuance of, the 2,000,000 shares issued on execution of
the agreement of August 25, 1998.
2.0 The obligation of the Company to issue the remaining 3,00,000 share to Zhou
is cancelled and voided without the payment of any amount to Zhou.
3.0 As Zhou modifies products that are the subject of patents, or develops new
products that are the subject of patents, the Company will agree from time to
time with Zhou about the consideration to be paid for such modifications of new
products.
4.0 The agreement of August 25, 1998 is in all other respects acknowledged and
confirmed as an agreement between Zhou and the Company.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto on the
day and year first above written.
VIBRO-TECH INDUSTRIES, INC.
By: /s/ Xxxxxxx ChowWilliam Chow, Chairman of the Board
Signed, Sealed and Delivered by Foo )
Xxx Xxxx in the presence of: )
/s/ Chinese Character /s/ Foo Xxx Xxxx
) FOO XXX XXXX
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