Synposis of Agreement between Shanghai Sunplus Communication Technology Co., Ltd. And Huizhou Liyin Electronics Co., Ltd. – Fujian QiaoXing Industry Co., Ltd.
Exhibit
10.2
Synposis
of Agreement between Shanghai Sunplus Communication Technology Co., Ltd. And
Huizhou Liyin Electronics Co., Ltd. – Fujian QiaoXing Industry Co.,
Ltd.
Date
of Agreement:
December
31, 2008
Parties
to Agreement:
|
Seller:
|
Shanghai
Sunplus Communication Technology Co., Ltd., a 95% Chinese subsidiary of
T-Bay Holdings, Inc. (“Sunplus”)
|
| Purchaser: | Huizhou Liyin Electronics Co., Ltd. (“Huizhou”) |
Terms:
Sunplus
is selling 80% interest of its subsidiary Fujian QiaoXing Industry Co., Ltd. to
Huizhou at a price of RMB84,000,000, with an initial payment of RMB2,000,000 to
be paid within two days of the date of the agreement and the remaining balance
of RMB82,000,000 to be paid within three months of the completion of the
transaction. The transaction is expected to be completed by March
2009.
