PAY88, INC. 1053 NORTH BARNSTEAD ROAD BARNSTEAD, NEW HAMPSHIRE 03225 June 8th, 2006Letter of Intent • June 8th, 2006 • Pay88 • Wholesale-durable goods, nec
This Letter of Intent (this "Agreement") shall set forth our mutual agreement regarding a transaction (the "Transaction") whereby Pay88, Inc. or a wholly-owned subsidiary (the "Buyer") shall acquire certain assets (including intellectual property) from Chong Qing QianBao Technology Limited Liability Company (the "Seller"), including without limitation, approximately $300,000 in cash, certain real estate holdings, its online payment platform system, software, domain name and its customer base. In consideration for the assets purchased, the Buyer shall issue preferred stock to the Seller, with certain preferences and conversion rights to be negotiated between the parties. The assets shall be delivered to the Buyer free and clear of any liens and encumbrances.
