Exhibit 10.8(a)
 
AMENDMENT NO. 1 TO THE DEBT REPAYMENT AND SET-OFF AGREEMENT

This AMENDMENT NO. 1 TO THE DEBT REPAYMENT AND SET-OFF AGREEMENT (this
“Amendment”), is entered into on December 22, 2008, by and among (i) NIVS
IntelliMedia Technology Group, Inc., a Delaware corporation (“NIVS USA”),
Niveous Holding Company Limited, a British Virgin Islands corporation (“NIVS
BVI”), NIVS (HZ) Audio & Video Tech Company Limited (“NIVS PRC”), NIVS
International (H.K.) Limited (“NIVS HK”), and NIVS (HZ) Audio & Video Tech
Company Limited Shenzhen Branch (“NIVS Shenzhen”); (ii) Tianfu Li, NIVS USA’s
Chief Executive Officer and Chairman of the Board, an individual residing in the
People’s Republic of China (“PRC”) and holder of PRC identity card no.
440106196907021831; and (iii) each of NIVS Investment (SZ) Co., Ltd., Zhongkena
Technology Development, Xentsan Technology (SZ) Co., Ltd., Korea Hyundai Light &
Electric (Int’l) Holding, NIVS Information & Technology (HZ) Co., Ltd., and
Hyundai Light & Electric (HZ) Co., Ltd. (collectively, the “Related
Companies”).  For purposes of this Amendment, all currency amounts have been
converted into US Dollars. NIVS USA, NIVS BVI, NIVS PRC, NIVS HK, NIVS Shenzhen,
Tianfu Li and the Related Companies are collectively referred to herein as the
“Parties.” Terms not defined in this Amendment shall have such meanings as set
forth in the Agreement (as defined below).
 
RECITALS

WHEREAS, the Parties entered into that certain Debt Repayment and Set-Off
Agreement dated and effective as of November 28, 2008 (the “Agreement”);
 
WHEREAS, the Parties desire to amend the Agreement by entering into this
Amendment to correct loan amounts referenced in the Agreement; and
 
WHEREAS, Section 3 of the Agreement states that the Parties shall execute and
deliver from time to time after the date of the Agreement, upon written request,
all such further documents and instruments and shall do and perform all such
acts as may be reasonably necessary to give full effect to the intent of the
Agreement.
 
NOW, THEREFORE, for good and valuable consideration and in consideration of the
respective representations, warranties, covenants and agreements set forth in
the Agreement and this Amendment, the Parties hereby agree to amend the
Agreement as follows:
 
AGREEMENT

1. The sixth Recital of the Agreement is hereby amended and restated in its
entirety as follows:

WHEREAS, as of the date of this Agreement, the NIVS Group has outstanding loan
amounts of US$8,838,159 owed to Mr. Li (the “Li Debt”), and Mr. Li, through the
Related Companies, has an aggregate outstanding loan amount of US$996,433 owed
to the NIVS Group (the “Related Companies’ Debt”), in such amounts and between
such parties as set forth in Appendix A;

2. The seventh Recital of the Agreement is hereby amended and restated in its
entirety as follows:

WHEREAS, the parties to this Agreement desire to have the Related Companies’
Debt repaid in full and set off against the Li Debt such that, after giving
effect to the transactions contemplated by this Agreement, the Related
Companies’ Debt will no longer be outstanding and neither Mr. Li nor any of the
Related Companies will owe to the NIVS Group any loan amount; and
 
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3. Section 1(b) of the Agreement is hereby amended and restated in its entirety
as follows:

b.           The NIVS Group hereby sets off an aggregate amount of US$996,433
(the “Repayment Amount”) of the Li Debt as set forth in Appendix A, such that
the Li Debt remaining after deducting the Repayment Amount is equal to an
aggregate amount of US$7,841,726 (the “Remaining Debt”). The Repayment Amount is
hereby fully repaid and extinguished in its entirety, and the NIVS Group does
not owe any loan amount to Mr. Li or any of the Related Companies other than the
Remaining Debt.  Mr. Li and the Related Companies hereby agree and acknowledge
the foregoing set-off.

4. Appendix A to the Agreement is hereby amended and restated in its entirety as
set forth on Appendix A attached hereto.

5. Except as amended herein, the Agreement shall remain in full force and
effect.

6. This Amendment may be executed and delivered in any number of facsimile
counterparts, each of which shall be an original, but which together constitute
one and the same instrument.

[SIGNATURE PAGE FOLLOWS]
 
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IN WITNESS WHEREOF, each of the Parties hereto has executed this Amendment as of
the date first set forth above.

NIVS IntelliMedia Technology Group, Inc.
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
Niveous Holding Company Limited
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
NIVS (HZ) Audio & Video Tech Company Limited
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
NIVS International (H.K.) Limited
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
NIVS (HZ) Audio & Video Tech Company Limited Shenzhen Branch
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
Tianfu Li
 
/s/ Tianfu Li                                             
Tianfu Li
 
 
NIVS Investment (SZ) Co., Ltd.
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
Zhongkena Technology Development
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
Xentsan Technology (SZ) Co., Ltd.
 
By:           /s/ Tianfu Li                                  
 
Name:      ________________________
 
Title:        ________________________
 
Korea Hyundai Light & Electric (Int’l) Holding
 
By:           /s/ [ILLEGIBLE]                           
 
Name:      ________________________
 
Title:        ________________________
 
NIVS Information & Technology (HZ) Co., Ltd.
 
By:           /s/ [ILLEGIBLE]                           
 
Name:      ________________________
 
Title:        ________________________
 
Hyundai Light & Electric (HZ) Co., Ltd.
 
By:           /s/ [ILLEGIBLE]                           
 
Name:      ________________________
 
Title:        ________________________
 
     

 
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APPENDIX A

LOAN AND REPAYMENT INFORMATION

The Related Companies’ Debt (amount owed by Mr. Tianfu Li, through the Related
Companies, to the NIVS Group) is as set forth below and is as repaid in such
manner as set forth below (for purposes of this Agreement, all currency amounts
have been converted into US Dollars):

Related Companies
Amounts owed by Related Company to the NIVS Group as of November 28, 2008
Amounts Repaid
Method of Repayment
Remaining Amount Outstanding After Effect of this Agreement
NIVS Investment (SZ) Co., Ltd.
-
-
-
$    -
Zhongkena Technology Development
-
-
-
-
Xentsan Technology (SZ) Co., Ltd.
-
-
-
-
Korea Hyundai Light & Electric (Int'l) Holding
$996,433
$996,433
Set off against the Li Debt
-
NIVS Information & Technology (HZ) Co., Ltd.
-
-
-
-
Hyundai Light & Electric (HZ) Co., Ltd.
-
-
-
-
Other Entities Affiliated with Mr. Li
-
-
-
     -
         
Total amount owed by any Affiliated Party to NIVS Group after the effect of this
Agreement
     
-

The Li Debt (amount owed by the NIVS Group to Mr. Tianfu Li) is US$8,838,159,
and the Li Debt is set off as set forth below, in addition to the table above
(for purposes of this Agreement, all currency amounts have been converted into
US Dollars):

The Li Debt
 
$8,838,159
Amount of the Related Companies’ Debt Repaid via Set-Off Against the Li Debt
(see table above)
 
$996,433
The NIVS Group’s Remaining Debt owed to Mr. Tianfu Li after the Effect of this
Agreement
 
$7,841,726

 
A-1

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