EXHIBIT 10.2
BENTLEY COMMUNICATIONS CORP.
0000 X. Xxxxxxxxx Xxxx, Xxxxx 000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
VOX: 000-000-0000 FAX: 000-000-0000
Agreement in Principal
(Bentley Communications Corp. and GenWorld Company, LTD)
August 04, 2000
GenWorld Company LTD.
Head Office: Cheng - The Road, Section 2, Xx. 00,
0/X, Xxxxx 0, Xxxxxx, Xxxxxx
Xxxx Xxxx Office: 00/X, Xxxxxx Xxxxxx, Xx. 0000 Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx, Xxxx Xxxx
Tel: 000-0-00000000
Fax: 000-0-00000000
Bentley Communications Corp.
0000 X. Xxxxxxxxx Xxxx., Xxxxx 000
Xxx Xxxxxxx, XX 00000
Tel: (000) 000-0000
Fax: (000) 000-0000
This document shall serve as the "Agreement in Principal" subject to the Formal
Final Agreement upon closing date. Bentley Communications Corp. hereafter
referred to "Party A" and X.X. Xxx, DBA Genworld Company Limited hereafter
referred to as "Party B". Both parties essentially agreed to the following
terms.
Party B will convey upon Closing
Property:
Merchandise: Polo-shirt (Hanger Fashion Style) 36,500 dozen (48X20') containers
Value Est: $2,000,000.00 USD
Offices: x. Xxxxx-The Rd (Taipei), 142 Sq. M
Value Est: $600,000.00 USD
x. Xxxx-Xxxx W. Rd (Taipei), 500 Sq. M.
Value Est: $1,400,000.00 USD
x. Xxxx-Xxxx St. (Taipei), 280 Sq. M.
Value Est: $700,000.00 USD
d. China (Ninbo City), 150 Sq. M.
Value Est: $100,000.00 USD
e. Genworld China Factory (Ninbo)
Value Est: $400,000.00 USD
(China Government to be repurchased)
Shareholdings:
20% Dragon Apparel Co. (Xxxxx Xxxxxxxx excl.)
Net Value Est: $1,500,000.00 USD (subject to Conf.)
20% Swiss Army (Victorinox)
Net Value Est: $10,000.00 USD (subject to Conf.)
100% GenWorld
Net Value Est: $740,000.00 USD (subject to Conf.)
Loan Status:
Cheng-The Rd $ 400,000.00 USD (Xxx Xxx Commercial Bank)
Xxxx-Xxxx St. $ 470,000.00 USD (Union Bank of Taiwan)
Genworld. $ 500,000.00 USD (X.X. Xxx)
Ming-Xxxx xx. $1,000,000.00 USD (Xxx Xxx Commercial Bank)
Total: $2,370,000.00 USD
Party A will deliver $250,000.00 USD upon Closing (minus any mutually approved
costs and expenses, ie. Containers)
Party A will issue $2,000,000.00 USD NOTE in favor of X.X. Xxx
Party A will issue 2,500,000 common 144 shares to X.X. Xxx or his assigns
(exchange)
Party A to assume $2,370,000.00 bank loan
Responsibilities Prior to Closing:
Party A must trade on the OTC BB and provide X.X. Xxx a 2 years employment
contract.
Party B must provide all relevant papers/documents including Appraisal documents
and Auditied Financials for Dragon, Victorinox and Genworld prior to the
Closing.
Both parties agree that time is of the essence. Closing is to take place on or
before September 30, 2000. This agreement can only be modified by mutual
agreement and in writing.
Signed and agreed on August 04, 2000.
For GenWorld, Dragon and Victorinox Cos.
/s/ X.X. Xxx
------------------------------
X.X. Xxx / Managing Director
Witness /s/ Xxxxxx Xxxxxx
Xxxxxxx Communications Corp.
/s/ Xxxxxx Xxx
------------------------------
Xxxxxx X. Xxx / Chairman & CEO
Witness /s/ Xxxx Xxx
