<PAGE>

                                                                    Exhibit 10.8

                     PAN ASIA COMMERCIAL BANK, TAIPEI BRANCH

                             ACKNOWLEDGEMENT OF LOAN

1.    Account Name : Kid Castle Internet Technology Corporation

2.    Condition :

<TABLE>
<CAPTION>
                                                             Duration
                                                  Maturity      of
        Financing    Financing                    period of  Financing    Repayment
          Type         Amount      Interest rate    loan       Quota       Method
       -----------  ------------   -------------  ---------  ---------  -------------
<S>    <C>          <C>            <C>            <C>        <C>        <C>
 1       Mid-Term   $ 25 million      BR+0.956%    2 years   One-time   principal and
          Loan                     (i.e., 5.25%)               loan     interest are
                                                             issued to     jointly
                                                                the       amortized
                                                             Borrower     evenly on
                                                             till its   monthly basis
                                                              expiry

       Grand Total  $ 25 million   BR : the base rate of the Bank (currently : 4.294%)
</TABLE>

3.    Security for the Loan :

      A.    joint guarantors : Wang, Kuo-An (President of the Company) and Chiu,
                               Yu-En (Vice- President of the Company);

      B.    Repayment Cheque(s) : request a total of twenty-five million NT
                               dollars of promissory note(s), which should be
                               concurrently issued by the Borrower and joint
                               guarantor(s) for the Bank, in addition, request
                               twenty-four(24) cheques in installments for the
                               Bank as backed deposits for repayment.

      C.    Auxiliary security: the Borrower must provide 30% of C/D of the Bank
                               as the pledging security for using loan quota.

4.    Other : proceed in accordance with relevant rules of the Bank.

<PAGE>

                                 Loan Agreement

This Agreement is made by and between the person/company (hereinafter referred
to as "the Contract Signatory") and Pan Asia Commercial Bank (hereinafter
referred to as "the Bank", including the Bank headquarters and all branches).
The Contract Signatory shall hold the responsibility of all obligations to the
Bank under the terms and conditions specified as follows.

General Provision :

Article 1   The Scope Of Debt

            All obligations prescribed in this Agreement include all evidence of
            debts, liabilities and obligations, such as CHEQUES, LOANS, MONEY
            ADVANCES, DEBT SECURITIES, ACCEPTANCE, ENTRUST GUARANTEE, LETTERS OF
            CREDIT ISSUING, CREDIT CARD PAYMENT AND OTHER DEBTS, INCLUDING
            ACCRUED INTEREST, DEFERRED INTEREST, DEFAULT PENALTY OR INDEMNITIES,
            AS WELL AS OTHER RELEVANT PAYMENTS RELATING TO SAID EXPENSES.

Article 2   Joint Obligations

            The Contract Signatory and other obligors jointly issue receipts or
            invoices to apply to the Bank for a loan. In the event the Bank pays
            only the other obligors who have issued receipts or invoices, it
            shall be deemed that the Contract Signatory has been paid and shall
            continue to be responsible for repaying the obligation.

Article 3   Change Notification and Document Delivery

            In the event that the name, address, organization, Articles of
            Incorporation, representative(s), the authorization of the
            representative(s) of the Contract Signatory or any other matter that
            would affect the rights and interests of the Bank is changed, the
            Contract Signatory shall forthwith notify the Bank in writing of any
            such change, and shall be liable therefor if the Bank suffers any
            damage as a result of its failure to notify. In the event the
            Contract Signatory fails to notify the Bank of a change in mailing
            address, or any occurrence or reason the Contract Signatory shall be
            liable for any resulting damage. ANY NOTICE SHALL BE DEEMED TO BE
            DELIVERED TO ALL PARTIES TO THIS AGREEMENT WHEN SENT BY THE BANK
            WITHIN THE ORDINARY TIME FRAME IN MAIL DELIVERY TO THE LATEST
            UPDATED ADDRESS NOTIFIED BY THE CONTRACT SIGNATORY TO THE BANK.

Article 4   Calculation of Interest Rate

<PAGE>

            (1)   In addition to special clause provisions, the Contract
                  Signatory shall be responsible for the repayment of all
                  interest on its debts to the Bank on monthly basis in
                  accordance with respective interest rates agreed upon under
                  the different loan agreements between the Contract Signatory
                  and the Bank. For any debt that the Contract Signatory owes
                  the Bank and no specific interest rate is set forth in any
                  agreement, the interest rate of such debt shall be calculated
                  based on the base rate announced by the Bank on that day of
                  debt issued by the Bank plus 6% per year.

            (2)   The Contract Signatory agrees that the base rate of the Bank
                  comprises the discount rate announced by Central Bank of China
                  plus interest rate risk factors, assets risk factors for loan
                  and the operation cost of the Bank. In addition, the Contract
                  Signatory agrees that the Bank is not required to give
                  additional notification while adjusting the base rate under
                  the following situations and may calculate interest payable by
                  the Contract Signatory based on adjusted base rate starting
                  from the that date of base rate adjustment:

                A.  The Bank shall adjust the interest rate on Jan. 15th of
                    each year(postpone to the next working day if on holiday)
                    based on the calculation of interest rate risk factors of
                    the Bank by the spread between average rate paid on deposits
                    over the twelve-month period of the Bank and the discount
                    rate announced by Central Bank of China; calculate interest
                    rate risk factors of the Bank on Jul. 15th of each year
                    (postpone to the next working day if on holiday) based on
                    spread between average rate paid on deposits over the
                    six-month period of the Bank and the discount rate announced
                    by Central Bank of China; make an adjustment based on the
                    operation cost of the Bank in accordance with the latest
                    announced audited financial number of the previous year and
                    the ratio of the whole year operating cost to the total
                    assets of the Bank. The formula of calculating average
                    deposit interest rate is (interest paid on deposits over a
                    six-month or a twelve-month period) x 12 / (balance held on
                    deposit over a six-month or a twelve-month period);

                B.  The assets risk factors for a loan is regulated under the
                    Guidelines Regulating Audit of Income Taxes on
                    Profit-making-Enterprises promulgated by the Ministry of

<PAGE>

                    Finance, equivalent to 1% of the balance held on debt
                    obligations that is calculated by the finance and banking
                    industries for the estimate of their bad debts; therefore,
                    the Bank should adjust the assets risk factors for loan when
                    the 1% of the ratio of the bad debt loss to the balance of
                    debt obligation in accordance with the Guidelines Regulating
                    Audit of Income Taxes on Profit-making- Enterprises is
                    amended by the Ministry of Finance.

                C.  The Bank should adjust the interest rate on the next
                    business day of the adjustment of discount rate of the
                    Central Bank of China.

                D.  The base rate structure should be regularly reviewed by
                    the Bank. In the event the Bank finds out the base rate
                    structure factors are out of date, the Bank should amend the
                    factors and submit to the Central Bank of China for approval
                    and change the base rate as appropriate.

                E.  In the event of any significant change in financial
                    markets resulting in the divergence of the base rate of the
                    Bank from normal market rates, the Bank may make public such
                    rate difference in business premises or on the website of
                    the Bank, or newspapers or magazines ten(10) days before and
                    report such change to the Central Bank of China for
                    adjusting the base rate of the Bank.

Article 5   Acceleration Clauses

            When any one of the following events occurs, the Bank may at anytime
            reduce or cease the Contract Signatory's amount of credit line,
            shorten maturity period of the Contract Signatory's loan, or
            announce the demand date due of repaying all the obligations the
            Contract Signatory owe the Bank (including balance of the guaranteed
            loan not to be commuted by the Bank yet):

            (1)   The principal and/or interest of any payable indebtedness have
                  not been repaid in full or in any installment, or in the event
                  of non-acceptance or non-payment;

            (2)   The Contract Signatory fails to provide collateral in
                  accordance with this Agreement;

            (3)   The Contract Signatory applies to the court for arranging a
                  composition, adjudicating bankruptcy or corporate
                  reorganization in accordance with Bankruptcy Law, or the
                  Taiwan Clearing House announces that the Contract Signatory is
                  a denied credit, or

<PAGE>

                  the Contract Signatory ceases the business operation or
                  redeems the indebtedness;

            (4)   Because of the death of the Contract Signatory, the heir(s) of
                  the Contract Signatory declare limited succession or waiver of
                  inheritance;

            (5)   The Contract Signatory's principal property is subject to
                  sequestration by the court owing to any criminal case;

            (6)   The interest of any payable indebtedness has not been repaid
                  in accordance with respective agreements;

            (7)   Securities are sealed up on government orders or lost, or the
                  security values under warranty are decreased or deficient to
                  guarantee the creditor's rights;

            (8)   The actual purpose of this loan is not in compliance with the
                  purpose approved by the Bank or the loan is not used as
                  appropriate;

            (9)   The Contract Signatory is under either actions of enforcement,
                  provisional seizure, provisional disposition or other safety
                  disposition, so that the Bank may not claim for the right of
                  repayment for the obligations;

            (10)  It is found that the Contract Signatory obtained this loan by
                  means of its false report or statement, hidden information, or
                  any breach of the Agreement or commitments to the Bank occurs,
                  so that the Bank deems it necessary to safeguard the
                  creditor's rights from the Contract Signatory;

            (11)  In addition to the preceding provisions, the Bank considers
                  the necessity of safekeeping the creditor's rights. If the
                  Bank can prove a concrete event as prescribed on the
                  Agreement, the Bank may accelerate the maturity period of loan
                  (with or without prior notification). If it is found that the
                  Contract Signatory has performed specific behaviors as
                  provided on Items (1) to (5) and (11), the Bank shall not give
                  any notification or reminder to the Contract Signatory in
                  advance.

Article 6   Right of Offset and Order of Priority for Satisfaction of Credit

            (1)   In the event the Contract Signatory breaches the Agreement
                  regardless of the maturity period of loan, the Bank has the
                  right to directly pay off all obligations from all kinds of
                  deposit accounts (the provision on checking account(s) is
                  prescribed in Item (2)), as well as offset the creditor's
                  rights of the Bank to the Contract

<PAGE>

                  Signatory, prior to the maturity period, by law or agreements
                  between the parties, or when the Bank has acted as spontaneous
                  agency for a third party or commissioned by any third party
                  through a transaction relationship to request the Contract
                  Signatory to repay payments.

            (2)   The Contract Signatory understands and agrees that in the
                  event the Contract Signatory breaches the Agreement of a
                  checking account with the Bank, the Bank may announce the
                  demand date due of repaying all the obligations that the
                  Contract Signatory owes to the Bank and the termination of the
                  Agreement.

                  Thereupon, the checking account(s) of the Contract Signatory
                  at the Bank shall be voided and the Bank shall immediately
                  return the balance in the checking account(s) to the Contract
                  Signatory and use said money to offset the Contract
                  Signatory's obligation to the Bank.

            (3)   The scheduled offset prescribed in the preceding two
                  paragraphs means that the right of offset shall be effective
                  upon the Bank's deduction from the accounts of the Contract
                  Signatory. Meanwhile, the bank deposit certificates, deposit
                  books, cheques or other certificates issued from the Bank to
                  the Contract Signatory will be voided within the offset amount
                  of the obligations.

            (4)   In the event the offset amount of the Contract Signatory is
                  insufficient to repay all obligations, said obligations shall
                  be offset in accordance with either Articles 321, 322 and 323
                  of the Civil Code or the order of priority for satisfaction of
                  credit designated by the Bank, depending on whether clauses
                  are in favor of the Contract Signatory.

Article 7   Guaranty on Performance of the Agreement

            In the event the principal obligor fails to perform the obligations
            incurred according to respective agreements, the Contract Signatory,
            as the guarantor, shall immediately be responsible for fulfilling
            the guarantee debts, and in addition, shall consent the following:

            (1)   The Bank may directly request the repayments for all
                  obligations from the Contract Signatory, instead of from the
                  security for all obligations.

            (2)   After the Contract Signatory has liquidated all obligations on
                  behalf of the principal obligor, the Contract Signatory may

<PAGE>

                  request the Bank to return the security rights for all
                  obligations by law and should have no objection against defect
                  of the security. The right of claim (restrained by the
                  original creditor's right as the Principal Obligor assigned to
                  the Bank) and the right of subrogation the Contract Signatory
                  can claim, owing to part of the Contract Signatory's
                  compensation for the obligation the Principal Obligor owe to
                  the Bank, from the Principal Obligor should be compensated
                  from the creditor's remaining obligation right of the Bank to
                  the Principal Obligor.

Article 8   Supervising, Auditing, Examining and Information Providing

            The Bank may from time to time supervise the use of the credit
            facility, audit the business operations and the financial conditions
            of the Contract Signatory, inspect and control the collateral, and
            the Bank or Joint Credit Information Center may examine the relevant
            accounts, books, vouchers, documents of the Contract Signatory
            (including its consolidated financial report), to which Contract
            Signatory shall be willing to cooperate. When deemed necessary, the
            Bank or Joint Credit Information Center may request the Contract
            Signatory to prepare and deliver on a periodic basis the
            above-mentioned credit information or audited financial report
            prepared by the CPA recognized by the Bank and the working sheets of
            that auditing CPA. However, the Bank or Joint Credit Information
            Center shall have no obligations to supervise, audit inspect,
            control and examine. In the event that the Bank deems that the
            financial structure of the Contract Signatory shall be improved, the
            Bank may demand Contract Signatory to increase its capital or to
            take other actions for improving its financial structure, and
            Contract Signatory shall forthwith act accordingly.

Article 9   Personal Data Computer-Processing and Usage

            The Contract Signatory agrees that the Bank may, for specific
            purposes of evaluating the credit of the Contract Signatory, the
            estimate of credit line determination of the Bank and other business
            needs that are prescribed in the registered business items of the
            Bank, provide relevant personal information of the Contract
            Signatory, such as basic information financial statements, banking
            deposits, currency exchanges, credit card data, deals on credit,
            investigation report on credit reference, personal loan, cheque
            credit and other personal data relating to this Agreement, for the
            Bank and Joint Credit Information Center to process and use; in
            addition, the Contract Signatory agrees that banking institutions of
            the Joint Credit

<PAGE>

            Information Center members may inquire about said information in
            connection with the Contract Signatory from Joint Credit Information
            Center.

Article 10  Acknowledgement of Defect, Damage or Extermination of Certificate of
            Debt Obligation

            In the event the certificates of all obligations incurred by the
            Contract Signatory to the Bank are lost, damaged or exterminated due
            to incidents, force majeure or any causes for which the Bank shall
            not be liable, the Contract Signatory agrees to acknowledge all
            corrected amounts recorded on respective account books, vouchers,
            computer-based receipts and/or statements, debt certificates,
            duplicate copies of transaction documents of the Bank; nevertheless,
            any of false obligation amounts recorded thereon shall be corrected
            by the Bank, after the Contract Signatory has proved to be wrong on
            evidence. In addition, the Contract Signatory, upon the maturity
            period of loan, should liquidate all payments relating to the
            obligation, expenses, default penalty and the principal and interest
            at once, or issue additional debt certificate to the Bank according
            to the notification of the Bank prior to the maturity date.

Article 11  Return and Change of Collateral and Certificate

            Any person, who possesses any safekeeping receipt that describes an
            obligation deposited, or the bank book or other receiving documents
            with the identical seal of the Contract Signatory and goes to the
            Bank requesting for returning or exchanging security , its
            certificates or relevant documents, shall be regarded as the proxy
            of the Contract Signatory and the Bank shall assist in said
            processes with the proxy.

Article 12  Signature and Seal

            The signatures and/or seals on this Agreement are personally made
            and verified by the Contract Signatory, and then :

            [X]   Respective loan agreements and/or papers made between the
                  Contract Signatory and the Bank shall be effective upon the
                  application of either the signature or the identical seal of
                  the Contract Signatory.

            [ ]   Respective loan agreements and/or papers made between the
                  Contract Signatory and the Bank shall be effective when the
                  Contract Signatory personally sign and seal thereon, and
                  complete guarantee process with the Bank's auditor.

Article 13  Applicable Law and Court Jurisdiction

            The Contract Signatory acts as Taiwanese (legal person) or foreigner

<PAGE>

            (legal person) in connection with various obligations with to the
            Bank, the condition, method and effectiveness of the Contract
            Signatory's legal behavior shall be subject to the ROC laws. All
            disputes about obligations hereunder shall be governed by
            jurisdiction of the _________District Court or the Taipei District
            Court for the first trial.

Article 14  Effectiveness of the Agreement

            The Agreement is the general clause supplemental to each loan
            contracts or documents and shall be valid after executed by the
            Contract Signatory and delivered to the Bank.

To : Pan Asia Commercial Bank

Special Clauses

-     In the event the Principal Obligor defaults to perform the responsibility
      of repaying the obligations that are under guaranty of the Contract
      Signatory, the Bank, based on the application of the Principal Obligor,
      may deem it necessary for the Principal Obligor to extend the time period
      of liquidation or repayment in installments and inform the Contract
      Signatory, and the Contract Signatory agrees to continuously hold the
      joint responsibility of repaying the obligations that are under guaranty
      of the Contract Signatory upon the written notification of the Bank is
      delivered.

-     The Contract Signatory agrees that all assets under his name will not be
      trust targets after the Principal Obligor obtains the loan and the
      Contract Signatory acts as the joint guarantor.

-     The security rights of collateral provided by the Contract Signatory on
      this Agreement will not be affected in light of future trust planning.

-     In the event any article prescribed in this Agreement conflicts with
      articles on respective loan agreements, the Contract Signatory should
      comply with articles provided on respective loan agreements.

-     The Contract Signatory declares that the above clauses have been read
      within a reasonable period of time and agrees to be bound thereby.

The Contract Signatory :

<PAGE>

Kid Castle Internet Technology Corporation Wang, Kuo-An (sealed)

Legal representative :
/s/ Wang, Kuo-An

Dated : Mar. 17th, 2004
Time         11:00, Mar. 17th, 2004
Location     8/F, 98, MingChuang Road, Hsin Tian City
Guarantee    Liu, Yi-Lin
Remark

Kid Castle Internet Technology Corporation Wang, Kuo-An (sealed)
/s/ Wang, Kuo-An

<TABLE>
<S>           <C>  <C>  <C>  <C>  <C>  <C>  <C>  <C>
Business
Uniform No.   7    0    6    7    6    6    3    0

ID No.

Address       1st floor,148, Chienkuo Road, Hsintien City
</TABLE>

<TABLE>
<S>                                         <C>
Supervisor                                  Clerk
</TABLE>

Note : in the event the Contract Signatory is an adolescent, the legal
representative of the Contract Signatory should sign and seal on the columns for
"the Contract Signatory" and "authorized seals".

Dated : Mar. 17th, 2004

<PAGE>

                              RECEIPT OF BORROWING

<TABLE>
<S>          <C>     <C>          <C>
Supervisor   Clerk   Checked by   A/C
</TABLE>

To : Pan Asia Commercial Bank

                                 (Reserved for the use of term/installment loan)
Notice is hereby given by Kid Castle Internet Technology Corporation / WANG,
KUO-AN (hereafter called the Borrower). Whereas the Borrower asked for a loan of
twenty-five million NT dollars (hereafter called the Loan) together with the
guarantor(s) on terms and conditions made as follows :

1.    The Loan shall be made to the Borrower by either being deposited into the
      Borrower's account at the Bank or paid for the application designated by
      the Borrower.

2.    The terms and repayment of the Loan are made in accordance with the
      following Schedule (3) :

            (1)   This Loan runs during the period from _______ to _____,
                  wherein the interest shall be paid every _______ month(s)
                  after the Loan has been issued; the principal shall be repaid
                  at once upon its expiry (the end of the aforementioned
                  period).

            (2)   This Loan runs during the period from ______ to ________ ; the
                  principal shall be paid in ________ installments and the first
                  installment thereof starts on ________ after the Loan has been
                  issued; the rest of principal shall be repaid in equal
                  installments every _______ month(s); the interest shall be
                  paid every ________ month(s).

            (3)   This Loan runs for 2 years and x months during the period from
                  Mar. 30th, 2004 to Mar. 30th, 2006; the principal and interest
                  shall be paid in 24 installments; the first installment shall
                  be on Apr. 30th, 2004 and principal and interest shall be
                  repaid in equal installments every 1 month(s) from the 2nd
                  installments.

                  The Borrower should ask for a receipt of interest repayment
                  from the Bankas evidence.

3.    The interest on the Loan shall be repaid in accordance with Item (1) as
      follows :

            (1)   The Borrower shall pay interest on the Loan at the rate of
                  5.25% per annum (calculated based on the base interest rate
                  and the margin


<PAGE>

                  standard of the Bank upon signing of the Loan Agreement), the
                  said interest rate may float at any time according to the
                  Bank's adjustments to the base interest rate after the signing
                  of the Loan Agreement. In addition, the interest rate shall be
                  adjusted based on the interest rate standard of the Bank every
                  ________ month(s) thereupon after the signing of the Loan
                  Agreement.

            (2)   The Borrower shall pay interest on the Loan at the rate of ___
                  per annum (calculated based on the base interest rate and the
                  margin standard of the Bank upon signing of the Loan
                  Agreement), the said interest rate shall be adjusted based on
                  the base interest rate and the margin standard of the Bank
                  every _______ month(s) thereupon after the signing of the Loan
                  Agreement.

            (3)   The Borrower shall pay interest on the Loan at the rate of per
                  ___ annum.

4.    The Borrower agrees that the Bank may review the interest rate of this
      Loan in accordance with "Rules Relating to Loan Interest Rate" of the Bank
      every _____ month(s) after the Loan has been issued. In the event the
      condition of the Borrower is in consistent with the Rules, the Borrower
      agrees that the Bank may readjust the interest rate of this Loan as
      appropriate to follow.

5.    In the event the borrower fails to repay the Loan at once upon its expiry
      or when the Loan is deemed due in full, the Borrower shall pay the
      interest for deferred interest based on the agreed interest rate.

6.    In the event the Borrower repays the principal, the unpaid payable
      interest or the delinquent principal and interest, the remaining sum of
      the reimbursement shall be calculated based on 10% of the Loan interest as
      penalty if the reimbursements are made in less than six months from the
      specified date, or 20% of the Loan interest as penalty if paid more than
      six months after the specified date.

7.    The Borrower and the guarantor(s) is/are willing to regard additional Loan
      Agreement signed as a part of this Acknowledgement of Loan.

8.    Any indebtedness owed by the Borrower and the guarantor(s) to the Bank
      shall be governed by and construed under the jurisdiction of the _______
      District Court or the Taipei District Court for the first trial of such
      lawsuits.

Borrower :  Kid Castle Internet Technology Corporation
            /s/ Wang, Kuo-Am

Address :   1st floor,148, Chienkuo Road, Hsintien City

<PAGE>

Guarantor : /s/ Wang, Kuo-An

Address :   8th floor,156, Chienkuo Road, DaFeng Li (Village), 8 Lin
            (Neighborhood ), Hsintien City, Taipei County

Guarantor : /s/ Chiu, Yu-En

Address :   No. 71, Sec. 1, Nanchang Road, LongFu Li (Village), 2 Lin
            (Neighborhood ), Chung-Cheng District, Taipei City

Guarantor : nil
Address :   nil

Guarantor : nil
Address :   nil

Dated : March 17th, 2004