MEMORANDUM OF UNDERSTANDING - JOINT VENTURE
Party A : China Sci-Technologies International Trust & Investment Co. Ltd
Address :
Party B : MYWEB XXX.XXX
Address : 000 XXXXX XXXXXX, 0xx Xxxxx , Xxx Xxxx, X.X. 10019
Both parties have agreed to form a strategic alliance partnership and also
agreed on the following points on the matter of promoting and developing the
internet stock trading market:
1. Both Parties have agreed to jointly research and develop MyWeb Set-top box
technologies on the household internet stock trading solutions, based on
MyWeb Set-top box technologies and MyWeb Online Service, and jointly focus
on the development of the internet stock trading market.
2. Party B agrees to provide Party A :
- a certain number of MyWeb set-top boxes, at a certain time frame;
- technical and service support to customers of Party A who are in the
internet stock trading business; and
- MyWeb Online Services.
3. Party A agrees to
- buy from Party B MyWeb Set-top boxes;
- use Party A's website to promote and demonstrate MyWeb's product, and
- use an effective method to rent, sell, give Set-top boxes to Party
A's users to promote the growth of internet stock trading.
4. Party B agrees to
- place a link to Party A on MyWeb Online Services "Internet Stock
Trading" site;
- allow Party A to do business promotions on MyWeb Online Service,
internet stock trading information services and customer support; and
- provide the necessary technical support.
5. Party B agrees to install MyWeb software in Party A's computers [***],
as well as provide [***] to Party A's
customers.
6. Both parties will establish a working committee to liaise with the
relevant ISPs, banks and software vendors, to launch both parties'
marketing and business plans, to provide household internet stock trading
solutions, and to increase the number of customers.
7. Both parties will discuss any matters not raised in this agreement on
another occasion. The detail execution plan and agreement will be signed
in May.
There are four copies of this agreement, whereby each party will hold two
copies.
Party A - Signature Party B - Signature
/s/ illegible /s/ illegible
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19th May 1999 19th May 1999
[***] Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the SEC.
