EXHIBIT 10.7
AGREEMENT IN PRINCIPAL
(DRAGON APPAREL INTERNATIONAL CO., AND BENTLEY COMMUNICATIONS CORP.)
THIS DOCUMENT SHALL SERVE AS THE "AGREEMENT IN PRINCIPAL" SUBJECT TO THE FINAL
AGREEMENT UPON CLOSING DATE. CLOSING DATE IS TO TAKE PLACE ON OR BEFORE NOVEMBER
30, 2000.
DRAGON APPAREL INTERNATIONAL CO., LTD. HEREAFTER REFERRED TO AS "PARTY A" AND
BENTLEY COMMUNICATIONS CORP., HEREAFTER REFERRED TO AS "PARTY B".
PARTY A IS HEREBY AUTHORIZED XX. XXXXXX MA TO MAKE THE FOLLOWING DECLARATIONS
WITH PARTY B:
"PARTY A AGREES TO DELIVER 100% SHARE (USD 6,000,000) OF DRAGON APPAREL
INTERNATIONAL CO., LTD. TO THE PARTY B THROUGH THE MUTUALLY AGREEABLE ESCROW
AGENT IN TAIWAN PRIOR TO THE CLOSING DATE".
ALL THE CONTENTS IN THIS "AGREEMENT IN PRINCIPAL" ARE SUBJECT TO BE EFFECTIVE AS
TO ALL THE PAYMENT (USD 6,000,000) HAVE BEEN RECEIVED AND SIGNED THE FINAL
AGREEMENT BY PARTY A.
SIGNED AND AGREED ON SEPTEMBER 28, 2000
FOR
DRAGON APPAREL INTERNATIONAL CO., LTD.
/s/ Xxxxxx Ma /s/ X.X. Xxx
------------------------------- -------------------------------
XXXXXX MA (MANAGING DIRECTOR) X.X. XXX
WITNESS
FOR BENTLEY COMMUNICATIONS CORP.
/s/ Xxxxxx X. Xxx.
-------------------------------
XXXXXX X. XXX
SUBJECT TO:
1. Acceptable business plan by Xxxx Xxx and Co.
2. Mutually agreeable payment schedule
3. 2 years audited U.S. G.A.P. financials to September 30, 2000 by Xxxx
Xxx and Co.
4. 1 year employment contract for Xxxxxx Ma
