Agreement for the Acquisition of Two Beijing Companies
Party A: Asian Star Development, Inc.
Party B: XX Xxx Tao
Based on friendly discussion, the aforementioned parties have agreed to form a
company
in Hong Kong to acquire Super Shopping Channels Ltd. (referred to hereafter as
Company A) and Beijing Kinetic Sales Network Limited (referred to hereafter as
Company B), and reached the following agreement:
(1) The Hong Kong company shall be formed by the two parties. Party A shall put
in 10
million yuan RMB or an equivalent amount in foreign currency and shall have
a 75%
share. Party B shall have a 25% share.
(2) Party B shall be responsible for acquiring 100% of the shares of Company A
and
Company B. Company A needs 10 million yuan RMB and Company B needs 8
million yuan RMB. Party A shall top up funds required for the acquisition
through a
loan to the Hong Kong company. Company A and Company B shall be responsible
for developing such investment projects as the 6-12 Convenient Store Chain
(in
cooperation with the CCG and the Chinese People's Political Consultative
conference), merchandise delivery, and Shandong Winery, etc
(3) Party A now puts in a deposit of 300,000 yuan RMB as a token of sincerity.
(4) Party B must have the contracts for the 6-12 Convenient Store Chain and the
Shandong Winery projects ready within 90 days following the signing of this
agreement. Should there be any discrepancies between the contracts and this
agreement, Party A shall have the right to demand a refund of the said
deposit from
Party B.
(5) Both parties shall each retain a copy of this agreement.
Party A: Asian Star Development, Inc. Party B: XX Xxx Tao
Representative: XXX Xxxx Bo Representative: XX Xxx Tao
Signature: [Signed] XXX Xxxx Bo Signature: [Signed] XX Xxx Tao
Date: September 10, 1998 Date: September 10, 1998
