NOTICE OF TERMINATION August 1, 2007
NOTICE OF TERMINATION
August 1, 2007
To: Shenzhen
iASPEC Software Engineering Company Limited
c/o Irish Mag, Inc.
Unit D, Block 0
Xxxx Xx Xxxxx Xxxx
Xxxxxxxxxxxx
Xxxxxxxx, Xxxxxxxxx, 000000
People's Republic of China
Cc: Xx.
Xxxxx Xxxx Xxx
Xx. Xxxxxx Xxx
Re: Notice of Termination of Amended and Restated Business Turnkey Agreement
Gentlemen:
We refer to the Management Service Agreement ("MSA"), effective as of July 1, 2007, among Public Security Technology (PRC) Co. Ltd., formerly Bo Hai Wen Technology (Shenzhen) Company Limited ("PST"), Shenzhen iASPEC Software Engineering Company Limited ("iASPEC"), Xx. Xxxxx Xxxx Xxx ("Xx. Xxx") and Xx. Xxxxxx Xxx ("Xx. Xxx", and together with Xx. Xxx, the "iASPEC Shareholders"), pursuant to which the parties have agreed to replace, as of July 1, 2007, that certain Xxxxxxx and Restated Business Turnkey Agreement (the "Turnkey Agreement"), dated as of January 31, 2007, among PST, iASPEC and the iASPEC Shareholders, the effective date of the MSA.
As you know, Section 7 of the Turnkey Agreement provides that the Turnkey Agreement shall remain in full force and effect until June 22, 2021, and may only be terminated early in the sole discretion of PST, by the delivery of a notice of such termination to iASPEC. Therefore, in accordance with Section 7 of the Turnkey Agreement, PST hereby gives notice to iASPEC and the iASPEC Shareholders that the Turnkey Agreement is terminated, effective as of July 1, 2007 (the "Termination Date").
As of the Termination Date, the Turnkey Agreement will be deemed in all instances and for all purposes to be fully and finally surrendered and terminated, and none of the parties thereto will have any further rights or obligations thereunder; provided, however, that the rights, liabilities and obligations of the parties arising under the Turnkey Agreement prior to the Termination Date, including, but not limited to the obligation of iASPEC and PST to make payments under the Turnkey Agreement, will survive after the Termination Date to the extent provided for in the MSA.
[REMAINDER OF XXXX LEFT INTENTIONALLY BLANK]
If the foregoing provisions correctly state our understanding with respect to the above matters, please indicate your agreement by signing two copies of this letter in the space provided below and returning one of the copies to us.
Very truly yours, | |
PUBLIC SECURITY TECHNOLOGY (PRC) CO. LTD. | |
By: /s/ Xxxxx Xxxx Xxx | |
Xxxxx Xxxx Xxx | |
Director |
Acknowledged this 1st day of August, 2007:
iASPEC:
SHENZHEN iASPEC SOFTWARE
ENGINEERING COMPANY LIMITED
By: /s/ Xxxxx Xxxx Xxx
Xxxxx Xxxx Xxx
President
iASPEC SHAREHOLDERS:
By: /s/ Xxxxx Xxxx Xxx
Xxxxx Xxxx Xxx
By: /s/ Xxx
Xxx Cai
Xxx Xxx Cai