f8k1107ex10i_intlsys.htm


    OPERATING
      AGREEMENT

    兞嚴◞帽

     

    This
      Operating Agreement (this “Agreement”) is dated October 9, 2004, and is
      entered into in Fujian, China between Hong Kong Yi Tat International Investment
      Limited, a limited company incorporated under the laws of Hong Kong Special
      Administration Region, located at located at RM1302-3 13/F Crocodile House
      II 55
      Connaught Road Central, HK(“Party A”), and Fujian Jiaoguang Media Co.,
      Ltd incorporated under the laws of the China (“Party B”), with a
      registered address at Wang Jiang Building, No. 18 Long Gu Du Jia Village, Lang
      Qi Economic Zone, Fuzhou, China, and shareholders holding 100% outstanding
      shares of Party B (the “Shareholders of Party B” or “Party C”). Party A and
      Party B, and Shareholders of Party B are referred to collectively in this
      Agreement as the “Parties.”

     

    本经营协议咨询服务协议(“本协议”)由按中国香港特别行政区法设立的法定住址为 RM1302-3
      13/F Crocodile House II 55 Connaught Road Central HK 的香港易达国际投资有限公司(“甲方”),与按中国设立的法定地址为福州市琅岐经济区龙 鼓度假村18号望江楼的有限责任公司福建教广传有限公司(“乙方”),
以及 拥有乙方100%已发行的股权的股东 (“乙方股东”或“丙方”) 协商一致,于 2004
      年 10
      月 日在福建签订。甲方和乙方总称为“各方”。

     

    RECITALS

    陈 述

    
       

      
        	
                1.  

              	
                
                  Party
                    A, a limited company incorporated under the laws of Hong Kong
                    Special
                    Administration Region, which has the expertise in the business
                    of tourism
                    and media development;

                

              


      

      
        
          	
                  1.

                	
                  
                    甲方为依中国香港特别行政区法设立的有限责任公司,专业开展旅游和传媒发展 业务;

                  

                


        

         

      

    

    
      	
              2.  

            	
              Party
                B is a limited company incorporated in Fujian, China, and is engaged
                in
                the design, production, agency and releasing of the advertisement;
                media
                publishing, enterprise image designing, service for conference and
                exhibition, celebrating design, culture and arts exchanging service
                (the
                “Business”);

            


    

    
      
        	
                2.

              	
                乙方是一家注册于福建的有限责任公司,主要从事广告设计、制作、代理、发 布,媒体出版;企业形象策划;会议展览及展示服务,庆典活动策划;会议展览 及展示服务,庆典活动策划咨询服务;开展文化及艺术交流服务活动;演出经营 经纪活动。 (“业务”
                  );

              


      

       

      
        
          	
                  3.  

                	
                  The
                    undersigned Shareholders of Party B collectively own over 100%
                    of the
                    equity interests of Party B;

                


        

        
          
            
              	
                      3.

                    	
                      
                        乙方的股东拥有乙方 100
                          %的股权;

                      

                    


            

             

             

            
              
                
                

              

              
                1

                
                  

                

              

              
                
                

              

            

             

             

             

            
              
                	
                        4.  

                      	
                        Party
                          A has established a business relationship with Party B
                          by entering into
                          the “Consulting Services Agreement” (hereinafter referred to as the
                          “Services Agreement”);

                      


              

              
                
                  
                    	
                            4.  

                          	
                            甲方已经通过签订咨询服务协议(“服务协议”)和乙方建立了业务联系;

                          


                  

                   

                

              

              
                
                  
                    
                      
                        
                          	
                                  5.  

                                	
                                  
                                    Pursuant
                                      to the above-mentioned agreement between Party
                                      A and Party B, Party B
                                      shall pay a certain amount of money to Party
                                      A. However, the relevant
                                      payable account has not been paid yet and the
                                      daily operation of Party B
                                      will have a material effect on its capacity
                                      to pay such payable account to
                                      Party A;

                                  

                                


                        

                        
                          
                            
                              	
                                      5.  

                                    	
                                      根据以上提到的甲方和乙方之间的协议,乙方应当向甲方支付一定数量的钱款。 但是,相关应当支付的数额还未被支付,并且乙方的日常经营对于其向甲方进行 支付的能力具有实质性的影响;

                                    


                            

                             

                          

                        

                      

                    

                    
                      
                        
                          
                            
                              
                                
                                  	
                                          6.  

                                        	
                                          
                                            The
                                              Parties are entering into this Agreement
                                              to clarify matters in connection
                                              with Party B’s operations.

                                          

                                        


                                

                                
                                  
                                    
                                      	
                                              6.  

                                            	
                                              各方准备签订本协议以便厘清相关和乙方经营有关的议题。

                                            


                                    

                                     

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

               

              NOW
                THEREFORE, all parties of this Agreement hereby agree as follows
                through mutual negotiations:

              鉴于此,通过双方协商,各方同意签订协议如下:

               

              
                	
                         

                      	
                        1.
                          [Party A agrees, subject to the satisfaction of the relevant
                          provisions by
                          Party B herein, as the guarantor for Party B in the contracts,
                          agreements
                          or transactions in connection with Party B’s operation between Party B and
                          any other third party, to provide full guarantee for the
                          performance of
                          such contracts, agreements or transactions by Party B.
                          Party B agrees, as
                          the counter-guarantee, to pledge all of its assets, including
                          accounts
                          receivable, to Party A. According to the aforesaid guarantee
                          arrangement,
                          Party A wishes to enter into written guarantee contracts
                          with Party B’s
                          counter-parties thereof to assume the guarantee liability
                          as the guarantor
                          when it needs; therefore, Party B and Party C shall take
                          all necessary
                          actions (including but not limited to execute relevant
                          documents and
                          transact relevant registrations) to carry out the arrangement
                          of
                          counter-guarantee to Party A.]

                      


              

              
                	
                        1.  

                      	
                        甲方同意,根据乙方对于相关规定的满意, 作为乙方在和其经营有关的与第三人 的合同,协议和交易中的担保人,提供相关合同,协议或者交易乙方完全履行的 担保。 乙方同意,作为反担保,向甲方提供其包括应收帐款在内的所有相关资产 的质押。根据前述的担保安排,甲方希望和乙方的相对方签订书面的担保合同以 承担相关担保人应承担责任。 因此,乙方和丙方应当采取所有必要的行动(包括 但不限于签订相关文件并且进行相关登记)以便实现向甲方提供的反担保。

                      


              

               

              
                	
                        2.  

                      	
                        In
                          consideration of the requirement of Article 1 herein and
                          assuring the
                          performance of the various operation agreements between
                          Party A and Party
                          B and the payment of the payables accounts by Party B to
                          Party A, Party B
                          together with its shareholders Party C hereby jointly agree
                          that Party B
                          shall not conduct any transaction which may materially
                          affects its assets,
                          obligations, rights or the operations of Party B
                          (excluding

                      


              

               

               

               

              
                
                  
                  

                

                
                  2

                  
                    

                  

                

                
                  
                  

                

              

               

               

              the
                business contracts, agreements, sell or purchase assets during Party
                B’s regular
                operation and the lien obtained by relevant counter parties due to
                such
                agreements) unless the obtainment of a prior written consent from
                Party A,
                including but not limited to the following:

              
                 

                
                  	
                          2.  

                        	
                          
                            考虑到本协议第一条的要求,为求保证甲乙双方之间达成的各类交易的履行以
                              及乙方向甲方应当支付的相关价款的支付,乙方及其股东丙方在此一致同意除非 事先获得来自甲方的书面同意,乙方不应当进行任何能够实质性影响乙方财产,
                              义务,权利或者经营的交易(排除乙方进行日常的业务活动以及由此产生的留 置)。此类交易包括但不限于以下情况:

                          

                        


                

                 

              

              
                
                  	
                           

                        	
                          2.1
                            To borrow money from any third party or assume any
                            debt;

                        


                

              

              
                	
                         

                      	
                        2.1
                          向任何第三方借款或者承担任何债务;

                      


              

              
                 

              

              
                	
                         

                      	
                        2.2
                          To sell to or acquire from any third party any asset or
                          right, including
                          but not limited to any intellectual property
                          right;

                      


              

              
                
                  	
                           

                        	
                          2.2 向任何地方出售(或者购得)任何财产或者权利,包括但不限于任何知识产
                            权;

                        


                

                 

              

              
                	
                         

                      	
                        2.3
                          To provide any guarantees to any third parties using its
                          assets or
                          intellectual property rights;

                      


              

              
                
                  	
                           

                        	
                          2.3
                            以其拥有的财产和知识产权向任何第三方提供担保;

                        


                

                 

                
                  
                    	
                             

                          	
                            2.4
                              To assign to any third party its business
                              agreements.

                          


                  

                  
                    
                      	
                               

                            	
                              2.4
                                向任何第三方转让业务合同。

                            


                    

                  

                

              

               

              
                	
                        3.  

                      	
                        In
                          order to ensure the performance of the various operation
                          agreements
                          between Party A and Party B and the payment of the various
                          payables by
                          Party B to Party A, Party B together with its shareholders
                          Party C hereby
                          jointly agree to accept, from time to time, advice regarding
                          corporate
                          policy advise provided by Party A in connection with company’s daily
                          operations, financial management and the employment and
                          dismissal of the
                          company’s employees.

                      


              

              
                
                  	
                          3.  

                        	
                          为了保证各类在甲方和乙方之间达成的经营协议的履行以及相关帐款的支付,乙方及其股东丙方在此一致同意不时地接受甲方提供的有关公司的政策的建议。 相关政策有关公司的日常经营,财政安排和公司员工的解雇和雇佣。

                        


                

                 

              

               

              
                	
                        4.  

                      	
                        Party
                          B together with its shareholders Party C hereby jointly
                          agree that Party C
                          shall appoint the person recommended by Party A as the
                          directors of Party
                          B, and Party B shall appoint Party A’s senior managers as Party B’s
                          General Manager, Chief Financial Officer, and other senior
                          officers. If
                          any of the above senior officers leaves or is dismissed
                          by Party A, he or
                          she will lose the qualification to take any position in
                          Party B and Party
                          B shall appoint other senior officers of Party A recommended
                          by Party A to
                          take such position. The person recommended by Party A in
                          accordance with
                          this Article herein should comply with the stipulation
                          on the
                          qualifications of directors, General Manager, Chief Financial
                          Officer, and
                          other senior officers pursuant to applicable
                          law.

                      


              

              
              

              
              

              
                
                

                 

                 

                
                  
                    
                    

                  

                  
                    3

                    
                      

                    

                  

                  
                    
                    

                  

                

                
 

                
                  	
                          4.  

                        	
                          乙方及其股东丙方在此一致同意丙方应当任命甲方的高级经理人员担任乙方的 总经理,首席财务官,和其他公司的高级主管。如果以上任何公司的高级主管被 甲方解雇或者自动离职,她/他自动丧失其在乙方的职务而乙方应当任命其他由 甲方介绍的甲方高级管理人员以担任相关职务。甲方依照本协议规定介绍的人员 应当符合相关适用法规定的董事,总经理,首席财务官的资质规定。

                        


                

                
                

                
                

                 

              

              
                	
                        5.  

                      	
                        Party
                          B together with its shareholders Party C hereby jointly
                          agree and confirm
                          that Party B shall seek the guarantee from Party A first
                          if it needs any
                          guarantee for its performance of any contract or loan of
                          flow capital in
                          the course of operation. In such case, Party A shall have
                          the right but
                          not the obligation to provide the appropriate guarantee
                          to Party B on its
                          own discretion. If Party A decides not to provide such
                          guarantee, Party A
                          shall issue a written notice to Party B immediately and
                          Party B shall seek
                          a guarantee from other third party.

                      


              

              
              

              
                
                  	
                          5.  

                        	
                          
                            乙方及其股东丙方在此一致同意并且确认乙方在经营中因为合同履行或者流动 资金担保而需要担保时,应当首先向甲方寻求此类担保。在这种情况下,甲方应 当拥有权利 (非义务)依据自身判断向乙方提供合适的担保。如果甲方决定不提 供此类担保,那么甲方应当立即向乙方发出书面通知并且乙方应当寻求其他第三 方获得此类担保。

                          

                        


                

                
                

                 

              

              
                
                  	
                          6.  

                        	
                          
                            In
                              the event that any of the agreements between Party
                              A and Party B
                              terminates or expires,
                              Party A shall have the right but not the obligation
                              to terminate all
                              agreements between
                              Party A and Party B including but not limited to the
                              Services
                              Agreement.

                          

                        


                

                
                

                
                  
                    	
                            6.  

                          	
                            
                              在甲方和乙方之间的协议终止或者到期的情况下,甲方拥有(非义务)终止所有
甲乙双方之间的所有协议(包括但不限于服务协议)的权利。

                            

                          


                  

                  
                  

                   

                

              

              
                
                  
                    	
                            7.  

                          	
                            
                              
                                Any
                                  amendment and supplement of this Agreement shall
                                  be made in writing. The
                                  amendment and supplement duly executed by all parties
                                  shall be deemed as a
                                  part of this Agreement and shall have the same
                                  legal effect as this
                                  Agreement.

                              

                            

                          


                  

                  
                  

                  
                    
                      	
                              7.  

                            	
                              
                                任何本协议的修正和补充应当以书面提供。 各方签署的相关修正和补充应当视 作本协议的一部份并且应当和本协议拥有相同的法律效力。

                              

                            


                    

                    
                    

                     

                  

                

                
                  
                    
                      	
                              8.  

                            	
                              
                                
                                  
                                    If
                                      any clause hereof is judged as invalid or non-enforceable
                                      according to
                                      relevant laws, such clause shall be deemed
                                      invalid only within the
                                      applicable area of the Laws and without affecting
                                      other clauses hereof in
                                      any way.

                                  

                                

                              

                            


                    

                    
                    

                    
                      
                        	
                                8.  

                              	
                                
                                  如果根据相关法律,任何条款被视作无效或者不可执行,那么该类条款应当仅 在该类法域的范围内无效并且不会影响本协议中的其他条款。

                                

                              


                      

                      
                      

                       

                    

                  

                  
                    
                      
                        	
                                9.  

                              	
                                
                                  
                                    Party
                                      B shall not assign its rights and obligations
                                      under
                                      this Agreement to any third party without the
                                      prior written consent of
                                      Party A. Party B hereby agrees that Party A
                                      may assign its rights and
                                      obligations under this Agreement as it needs
                                      and such transfer shall only
                                      be subject to a written notice sent to Party
                                      B by Party A, and no any
                                      further consent from Party B will be
                                      required.

                                  

                                

                              


                      

                      
                      

                      
                        
                          	
                                  9.  

                                	
                                  
                                    乙方不应当在未获得甲方事先书面同意的情况下将本协议中相关权利和义务转 让给任何第三方。 乙方在此同意甲方在需要时可以将其在本协议中的权利和义务
进行转让,并且相关转让仅取决于乙方向甲方发出的书面通知,并且无需自乙方 获得任何进一步的同意。

                                  

                                


                        

                        
                        

                         

                      

                    



                  
                    
                      
                      

                    

                    
                      4

                      
                        

                      

                    

                    
                      
                      

                    

                  

                

              

               

               

              
                	
                        10.  

                      	
                        All
                          parties acknowledge and confirm that any oral or written
                          materials
                          communicated pursuant to this Agreement are confidential
                          documents. All
                          parties shall keep secret of all such documents and not
                          disclose any such
                          documents to any third party without prior written consent
                          from other
                          parties unless under the following conditions: (a) such
                          documents are
                          known or shall be known by the public (excluding the receiving
                          party
                          discloses such documents to the public without authorization);
                          (b) any
                          documents disclosed in accordance with applicable laws
                          or rules or
                          regulations of stock exchange; (c) any documents required
                          to be disclosed
                          by any party to its legal counsel or financial consultant
                          for the purpose
                          of the transaction of this Agreement by any party, and
                          such legal counsel
                          or financial consultant shall also comply with the confidentiality
                          as
                          stated hereof. Any disclosure by employees or agencies
                          employed by any
                          party shall be deemed the disclosure of such party and
                          such party shall
                          assume the liabilities for its breach of contract pursuant
                          to this
                          Agreement. This Article shall survive whatever this Agreement
                          is void,
                          amended, cancelled, terminated or unable to
                          perform.

                      


              

              
                
                  	
                          10.  

                        	
                          各方认识到并且确认任何通过 口头或者书面传递和的材料均为机密文件。各方
                            应当对此类文件采取保密措施并且在没有获得其他方书面同意的情况下不向任 何第三方泄露此类文件,除非在以下情况下: (a)此类文件已被或者应当被公
                            众知晓。 (排除接受方在未获授权的情况下将此类文件向公众公开); (b) 任 何依照适用的法律法规及证券交易规则对文件所做的披露;(c)任何一方要求 把任何文件向其律师或者财务顾问进行披露以便由该方或者其律师和财务顾问 操作的本协议下的交易。但是该律师和财务顾问也应当遵守本协议的保密规定。 各方的雇员或者代理人所做的披露应当视作该方所做的披露并且该方应当承当 所有违反本协议保密条款的责任。 本条款不因本协议的无效,修改, 取消,终止 或者无法履行而失效。

                        


                

                 

                
                  
                    
                      
                        	
                                11.  

                              	
                                
                                  
                                    This
                                      Agreement shall be governed by and construed
                                      in
                                      accordance with PRC law.

                                  

                                

                              


                      

                      
                      

                      
                        
                          	
                                  11.  

                                	
                                  
                                    本协议应当适用中华人民共和国法律并进行解释。

                                  

                                


                        

                        
                        

                         

                      

                    

                  

                

                
                  
                    
                      
                        
                          	
                                  12.  

                                	
                                  
                                    
                                      The
                                        parties shall strive to settle any dispute
                                        arising from
                                        the interpretation or performance of this
                                        Agreement through friendly
                                        consultation. In case no settlement can be
                                        reached through consultation,
                                        each party can submit such matter to China
                                        International Economic and
                                        Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with
                                        its rules of CIETAC. The arbitration proceedings
                                        shall take place in
                                        Beijing and shall be conducted in Chinese.
                                        Any resulting arbitration award
                                        shall be final and conclusive and binding
                                        upon all the
                                        parties.

                                    

                                  

                                


                        

                        
                        

                        
                          
                            	
                                    12.  

                                  	
                                    
                                      各方应当尽力通过友好协商解决任何对于本协议的解释和履行而产生的纠纷。
如果无法通过协商解决纠纷,每一方都可以诉诸中国贸促会仲裁委员会并接受其
                                        规则进行仲裁。 仲裁应当在北京以中文进行。任何仲裁决议应当为终局并且对协 议各方具有约束力。

                                    

                                  


                          

                          
                          

                           

                        

                      

                    

                  

                

              

               

              
                
                  
                  

                

                
                  5

                  
                    

                  

                

                
                  
                  

                

              

               

               

               

              
                	
                        13.  

                      	
                        This
                          Agreement shall be executed by a duly authorized representative
                          of each
                          party as of the date first written above and become effective
                          simultaneously. 

                      


              

              
                
                  	
                          13.  

                        	
                          本协议应由各方授权的代表在以上确定的日期签署,在签署的同时本协议生效。

                        


                

                 

                
                   

                  
                    	
                            14.  

                          	
                            
                              Notwithstanding
                                Article 13 hereof, the parties confirm that this
                                Agreement shall
                                constitute the entire agreement of the Parties with
                                respect to the subject
                                matters therein and supersedes and replaces all prior
                                or contemporaneous
                                verbal and written agreements and
                                understandings.

                            

                          


                  

                  
                    
                      	
                              14.  

                            	
                              尽管有本协议第13 条的规定,各方确认本协议应当就其中规定的事项构成一 份完整的协议,并且应当替代所有以前达成的所有口头和书面的协议和备忘录。

                            


                    

                     

                     

                     

                  

                

              

              
                	
                        15.  

                      	
                        The
                          term of this agreement is ten (10) years unless early termination
                          occurs
                          in accordance with relevant provisions herein or in any
                          other relevant
                          agreements reached by all parties. This Agreement may be
                          extended only
                          upon Party A’s written confirmation prior to the expiration of this
                          Agreement and the extended term shall be determined by
                          the Parties hereto
                          through mutual consultation. During the aforesaid term,
                          if Party A or
                          Party B is terminated at expiration of the operation term
                          (including any
                          extension of such term) or by any other reason, this Agreement
                          shall be
                          terminated upon such termination of such party, unless
                          such party has
                          already assigned its rights and obligations in accordance
                          with Article 9
                          hereof.

                      


              

              
              

              
                
                  	
                          15.  

                        	
                          本协议期限是十年,除非根据相应规定提前终止或者各方另行达成协议。 本协 议只能由各方在到期迁通过书面协议进行继展并且继展期只能通过双方协商确 定。在以上所述的协议期间,甲方或者乙方在经营期间终止(包含继展期)或者 任何其他原因,本协议应当在相应方终止之时终止,除非该方已经根据本协议第 九条将相关权利和义务转移。

                        


                

                
                

                 

              

              
                	
                        16.  

                      	
                        This
                          Agreement shall be terminated on the expiration date unless
                          it is renewed
                          in accordance with the relevant provision herein. During
                          the valid term of
                          this Agreement, Party B shall not terminate this Agreement.
                          Notwithstanding the above stipulation, Party A shall have
                          the right to
                          terminate this Agreement at any time by issuing a thirty
                          (30) days prior
                          written notice to Party B.

                      


              

              
                
                  	
                          16.  

                        	
                          除非根据本协议相应规定终止,本协议应当在到期时终止。 在有效期间, 乙方 不得终止本协议。尽管有以上规定,甲方通过提前三十天发出书面通知,拥有在 任何 时间终止本协议的权利。

                        


                

              

               

              
                
                  	
                          17.  

                        	
                          This
                            Agreement has been executed in four (4) duplicate originals
                            in English,
                            each Party has received one (1) duplicate original, and
                            all originals
                            shall be equally valid. 

                        


                

                
                  
                    	
                            17.  

                          	
                            本协议有四份英语副本,每一方保留一份副本并且每一份拥有相同的效力。

                          


                  

                

                 

              

               

              [SIGNATURE
                PAGE FOLLOWS]

               

               

              
                
                  
                  

                

                
                  6

                  
                    

                  

                

                
                  
                  

                

              

               

               

               

              [Signature
                Page]

               

              IN
                WITNESS WHEREOF each party hereto
                have caused this Agreement duly executed by itself or a duly authorized
                representative on its behalf as of the date first written above.


              

                
                  	
                          PARTY
                            A:

                        	
                          
                            Hong
                              Kong Yi Tat International Investment Limited

                          

                        	
                          For
                            and on behalf of

                        
	 	
                          Legal/Authorized
                            Representative

                        	
                          
                            Hong
                              Kong Yi Tat International Investment
                              Limited

                          

                        
	 	 	
                          /s/

                        
	 	 	
                          Authorized
                            Signature(s)

                        
	 	
                          Name:____________________________

                        	 
	 	 	 
	 	
                          Title:
                            ____________________________

                        	 


                

              

            

          

        

      

    

     

     

    
      
        	
                PARTY
                  B:

              	
                Fujian
                  Jiaoguang Media Co., Ltd.

              	
                 

              
	 	
                Legal/Authorized
                  Representative:  /s/

              	
                 

              
	 	 	
                 

              
	 	 	 
	 	
                Name:____________________________

              	 
	 	 	 
	 	
                Title:
                  ____________________________

              	 


      

    

     

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      SIGNATURE
        PAGE FOR SHAREHOLDERS OF PARTY B

      


      


      


      


      SHAREHOLDERS
        OF PARTY B

      


      


      /s/
        Chen Minhua                                                                                               

      By:  CHEN
        Minhua

      (PRC
        ID
        Card No. 362133195701293336)

      Shares
        of
        Fujian Jiaoguang Media Co., Ltd. Owned by CHEN Minhua: 50%

      


      


      


      /s/
        Fan Yaning                                                                                     

      By:  FAN
        Yanling

      (PRC
        ID
        Card No. 142724197302033128)

      Shares
        of
        Fujian Jiaoguang Media Co., Ltd. Owned by FAN Yanling: 50%