Document:

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                                                                   EXHIBIT 10.10

                           MEMORANDUM OF UNDERSTANDING

     This Memorandum of Understanding (hereinafter referred to as "MOU") made
and entered into on this 28th day of June, 1999 at U.S.A. by and between:

          UNION-TRANSPORT INC., a corporation duly organized and existing under
     the laws of the State of California, with office address at 19443 Laurel
     Park Road, Suite 107 Rancho Domingues, California 90220, U.S.A.,
     represented by its Chief Executive, Roger McFarlane (hereinafter referred
     to as "UT")

                                     - and -

          MARUBENI TRANSPORT SERVICE CORP., a corporation duly organized and
     existing under the laws of the State of California, with office address at
     444 West Ocean Blvd., Suite 1504, Long Beach, California 90802, U.S.A.,
     represented by its President, Akira Kuroiwa (hereinafter referred to as
     "MTS").

     (Each of which referred to as PARTY and jointly referred to as PARTIES.)

                               WITNESSETH: THAT -

     WHEREAS, UT and MTS have agreed to expand their business collaboration,
with a view towards forging a strategic alliance between UT Group companies and
MTS for their mutual benefit and growth;

     WHEREAS, UT and MTS have agreed to collaborate further on a project by
project basis and to enter into a definite agreement over an individual project,
if or whenever it become necessary.

     WHEREAS, in order to signify the PARTIES' agreement on the foregoing, UT
and MTS have agreed to initially enter into this MOU,

     NOW, THEREFORE, the PARTIES hereby agree as follows:

l.   The PARTIES shall hold a strategic quarterly meeting in order to conduct a
     comprehensive discussion and review of the possible areas of collaboration
     including but not limited to:

2.   Combination of the cargo volume for the negotiations with third parties

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          (1)  MTS and UT shall cooperate in developing together for the purpose
               of increasing the mutual bargaining power to get competitive
               freight rate for ocean/air and land transport.

     (ii) Utilization of each party's facilities for business expansion

          (1)  MTS and MTS's designated companies shall consider the possibility
               of utilizing UT's worldwide network on a competitive basis.

          (2)  MTS will be allowed to access to the UBase data base system and
               hyper link to UTrack tracking system via MTS website for an
               agreed upon charge.

          (3)  UT shall consider the possibility of appointing Marubeni
               Logistics Corp, a sister company of MTS, with office address at
               Shubido Yasuda Bldg., 2-9, Nishiki-cho, Kanda, Chiyoda-ku, Tokyo,
               Japan, as an agent in Japan.

     However, in the course of a collaboration on such individual projects, the
     PARTIES may hold a day-to-day meeting to discuss, develop and carry out,
     their plans at collaboration. Each PARTY shall bear any and all of its own
     expenses that it will or may incur in relation to the holding of such a
     strategic meeting or day-to-day meeting.

3.   In order to implement and maintain the business collaboration hereunder of
     the PARTIES, both PARTIES shall organize a steering committee and assign
     thereto the following personnel respectively.

                                 CHIEF ORGANIZER

     UT               Gene Ochi
                      Senior Vice President Marketing

     MTS              Akira Kuroiwa,
                      President

4.   This MOU will not preclude either PARTY from entering into a business
     collaboration with other firms/corporations engaged in the same line of
     activity/business.

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5.   All information, which one PARTY will/may receive from the other in
     connection with or by reason of this MOU and/or their business
     collaboration, shall be treated as confidential by the recipient and shall
     not be used otherwise than for the purposes of this MOU without the prior
     written consent of the PARTY providing such information.

6.   This MOU shall continue in full force for an initial period of one (1) year
     after the date of signing hereof. Thereafter, this MOU shall be
     automatically extended for additional periods of one (1) year each unless
     either PARTY informs the other PARTY of its intention to terminate this MOU
     at least two (2) months prior to the expiration of the initial term or any
     extension thereof.

7.   Each PARTY warrants that the execution and performance of this MOU by both
     PARTIES have been duly authorized and will not contravene nor violate any
     statute or law or any judgment, decree or regulation of any court or
     government authority, nor be in conflict with any other contracts or
     agreement to which any of them is a party.

8.   This MOU shall not be assignable by either PARTY without the prior written
     consent of the other PARTY.

9.   All communications,. as well as reporting, between the PARTIES, shall use
     the following addresses, to wit:

          * UT
          Attention: Gene Ochi and Chas Deller
          19443 Laurel Park Road, Suite l07
          Rancho Domingues, California. 90220

          *  MTS
          Attention: Akira Kuroiwa and Keith Stites (Yasuhiro Suzuki)
          444 West Ocean Blvd., Suite 1504,
          Long Beach, California 90802

10.  This MOU shall be governed and construed by the laws of California.

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            IN WITNESS WHEREOF, the PARTIES hereunto affix their signatures on
the date and at the place first above written.

MARUBENI TRANSPORT SERVICE CORP.             UNION TRANSPORT INC.

By:                                          By:

/s/ A. KUROIWA                               /s/ G. OCHI
A. KUROIWA,                                  G. OCHI,
PRESIDENT                                    SENIOR VICE PRESIDENT MARKETING

WITNESSED BY:

            MARUBENI CORPORATION
            Logistics & Insurance Management Dept

By:

/s/ E. KURIKI
   E. KURIKI

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Appendix (1 ii (1))

MARUBENI LOGISTICS CORPORATION
Shubido Yasuda Bldg., 2-9, Nishiki-cho, Kanda, Chiyoda-ku, Tokyo, Japan

Shanghai Wai-Hong International Logistics Co., Ltd.
1 Fen Xin Road, Wai Gao Qiao Free Trade Zone, Pudong, Shanghai, China

BEIJING WAI-HONG INTERNATIONAL LOGISTICS CO., LTD.
No.2 East Road, Sanjianfang, Zhao Yang District, Beijing, China

LIMA LOGISTICS SERVICE INC (OFFICE ADDRESS)
3rd Floor, solid House Bldg, 2285 Pasong Tamo Extn., Makati, Philippines

MARUBENI EURO DISTRIBUTION GmbH
Muhlenstrasse 123, 41352 Korschenbroich, Germany<PAGE>   1

                                                                   EXHIBIT 10.11

                                     NEDBANK
                                  NEDBANK HOUSE
                20 ABCHURCH LANE, LONDON EC4N 7AD, UNITED KINGDOM
                       TELEPHONE (0171) 623-1077 (GENERAL)
    TELEPHONE (0171) 623 1329 (FOREX DEALERS) (0171) 623-2763 (CORP DEALERS)
                              FAX: (0171) 621-9304
              TELEX 886208, 8956177 (GENERAL) TELEX 8956269 (FOREX)
                          TELEGRAMS: "VASCOGAMA" LONDON

            Our Ref. CREDIT/  DJE

The Directors,
Union Transport, Inc.
P.O. Box 134
Town Mills,
Trinity Square,
St. Peter Port,
Guernsey,
Channel Islands.
                                                              2nd January, 1997.

Dear Sirs,

We are pleased to advise you that Nedcor Bank Limited, ("the Bank"), has agreed
to provide to Union Transport, Inc., ("the Borrower") a multicurrency multi
option facility (the "Facility") in the aggregate principal amount of
(pound)6,620,000 ("the Limit") or its equivalent in any other currency or
currencies at the discretion of the Bank (a "Permitted Currency") on the terms
and conditions detailed below.

1.

1.1  Conditions Precedent The Facility may only be utilised when the Bank
     notifies the Borrower that it has received, in form and substance
     satisfactory to the Bank, the documents and evidence specified in schedule
     1.

1.2  Facility Options Subject to paragraph 2, the Facility may be utilised on
     any business day by way of the following options (each an "Option") and in
     accordance with the provisions of the schedules relating to such Options
     (such schedules form part of the terms and conditions of this facility
     letter and terms

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     used in this facility letter which are not defined herein are defined in
     the schedules):

(i)  guarantee facility (the "Guarantee Facility") for amounts of up to
     (pound)3,000,000 or its equivalent in any combination of Permitted
     Currencies and performance bond facility (the "Performance Bond Facility")
     for amounts of up to (pound)2,100,000 or its equivalent in any combination
     of Permitted Currencies (see schedule 2); and/or

(ii) letter of credit facility (the "L/C Facility") for amounts of up to
     (pound)1,520,000 or its equivalent in any combination of Permitted
     Currencies with any additional utilisation to be taken within Guarantee and
     Performance Bond Facility limits as appropriate (see schedule 3);

     provided that the aggregate of all of the utilisation under all of the
     options shall not at any time exceed the Limit.

1.3  Sterling Equivalent The Sterling equivalent of any Permitted Currency
     utilised or available to be utilised under the Facility shall be calculated
     by the Bank at any time and from time to time by reference to the Bank's
     then spot rate of exchange in the London Interbank Market for the purchase
     of the relevant Permitted Currency with sterling (the "Sterling
     Equivalent"). The aggregate Sterling Equivalents of all utilisations made
     or requested under the Facility will be calculated at such time as the Bank
     shall determine before any utilisation for the purpose of determining
     compliance with the relevant option limit and the Limit and, at any other
     time or times, and, if in any case any such limit(s) has/have been
     exceeded, then the Bank may, without prejudice to its rights under
     paragraph 2 and 3, demand immediate repayment of such amount as is
     necessary to ensure that such limit(s) are complied with.

2.   PERIOD

The Facility is available on an on-going basis until further notice subject to
the Bank's normal credit review procedures which will be undertaken at least
annually.

3.   TERMINATION

Notwithstanding any other provision of this Facility Letter, the Bank may at any
time serve notice to require the Borrower to provide the Bank with full cash
cover for the Bank's maximum liability, whether actual or contingent, under any
outstanding Letter of credit or Guarantee and to require the Borrower to execute
any such further documentation in relation to any cash cover as the Bank shall
request.

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4.   PAYMENTS

4.1  Calculation Interest and commission shall accrue from day to day and be
     computed on the basis of the actual number of days elapsed on a 365 day
     year for amounts in Sterling and South African Rand and a 360 day year for
     amounts in any Permitted Currency.

4.2  No Deductions All payments to be made to the Bank hereunder shall be made
     without set-off or counter claim and free from, clear of and without
     deduction of any taxes or any other charges or withholdings. If the
     Borrower is compelled by law to make any such deduction, the Borrower may
     do so and the Borrower will pay to the Bank such additional amounts as the
     Bank shall consider necessary to enable the Bank to receive the amount
     which would have been payable if no such deduction had been required.

4.3  Debit to Accounts The Borrower irrevocably authorises the Bank to debit any
     account the Borrower may have with the Bank with all or any amounts due
     from the Borrower to the Bank in connection with the Facility.

5.   COMPLIANCE COSTS AND INDEMNITY

5.1  Negotiation/Enforcement Expenses The Borrower agrees to reimburse the Bank
     on demand for all expenses (including legal fees) inclusive of VAT incurred
     by the Bank in connection with negotiation and administration of the
     Facility or preparation of this facility letter or any Security Document or
     in connection with the enforcement, preservation or defense of any of the
     Bank's rights in respect thereof or in respect of any Security Document.

5.2  Compliance Costs The Borrower will compensate the Bank for any cost or
     reduced return to the Bank in connection with the Bank's compliance in such
     manner as the Bank thinks fit with any and all restrictions, requirements,
     rules and regulations (whether now in force or later introduced) of the
     Bank of England or any other applicable regulatory, monetary, fiscal or
     other authority.

5.3  Default Interest If the Borrower fails to place the Bank in funds in
     respect of any amount payable as required under this facility letter, the
     Borrower shall pay to the Bank on demand interest on the overdue amount in
     the currency thereof from the date up to the date of actual payment (as
     well after as before judgment), compounded monthly, at a rate of 3% per
     annum above the cost to the Bank (as conclusively determined by the Bank)
     of funding such overdue amount from such sources and for such periods as
     the Bank may decide.

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5.4  Default Indemnity The Borrower shall indemnify the Bank on demand against
     any claim, cost, loss or expense incurred by the Bank as a result of any
     default by the Borrower in the performance of any of the Borrower's
     obligations to the Bank.

6.   MISCELLANEOUS

6.1  Waivers No failure or delay in exercising on the Bank's part any right
     hereunder shall operate as a waiver thereof, nor shall any single or
     partial exercise of any right preclude any further exercise thereof, or the
     exercise of any other right. No waiver by the Bank shall be effective
     unless it is in writing.

6.2  Information The Borrower shall provide the Bank promptly with such
     financial or other information as the Bank may from time to time reasonably
     request, including, without limitation, the following:

     Management accounts of the Borrower to include consolidated and sole Profit
     and Loss accounts and sole balance sheet monthly, within 21 days of the
     month end. (As per Union Transport Group Financial Pack requirements.)

     Management accounts of Union Ocean Transport Ltd. to include Profit and
     Loss accounts and balance sheet monthly, within 21 days of the month end.
     (As per Union Transport Group Financial Pack requirements.)

     Aged debtors schedule of Union Ocean Transport Ltd. in an agreed format,
     within 21 days of the month end.

     Management accounts of Union Ocean Transport Corp. to include Profit and
     Loss accounts and balance sheet monthly, within 21 days of the month end.
     (As per Union Transport Group Financial Pack requirements.)

     Aged debtors schedule of Union Transport Corp., in an agreed format, within
     21 days of the month end.

     such other aged debtors information as will evidence that there is
     sufficient unencumbered debtor cover for the Facility in an agreed format,
     within 21 days of the month end.

6.3  Calculations Any calculation or statement made by the Bank and notified to
     the Borrower in connection with this facility letter shall be conclusive
     and binding on the Borrower in the absence of manifest error and except on
     any question of law.

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6.4  Timings All references in this facility letter to a time of day shall, in
     the absence of any express statement to the contrary, be a reference to
     London time.

6.5  Entire Agreement The provisions of this facility letter supersede any
     correspondence, discussion, representations, statements or agreements prior
     to the Borrower's acceptance of this facility letter.

6.6  Severability If at any time any one or more of such provisions of this
     facility letter (or any part) is or becomes invalid, illegal or
     unenforceable the validity, legality and enforceability of the remaining
     provisions shall not in any way be affected or impaired.

6.7  Set off The Bank shall be entitled at any time without notice (both before
     and after demand) to set off all or part of any of the Borrower's
     liabilities now or hereafter due, owing or incurred to the Bank against any
     credit balance on any account of the Borrower with the Bank (whether
     current or otherwise or subject to notice or not or due to the Borrower or
     not).

6.8  Negative Pledge The Borrower undertakes not to alienate, sell or otherwise
     dispose of, pledge, assign or otherwise charge or encumber any of its
     assets without the Bank's prior written consent.

6.9  Notices Each notice or other communication under this facility letter shall
     be in writing and shall be given by being left at or sent by post, telex or
     fax to the Borrower or to the Bank at their respective address set out
     above or to such other address as each of them notify to the other in
     writing from time to time and if the Borrower is incorporated outside of
     England and Wales also to the Borrower at Reading Cargo Centre, Hyperion
     Way, Rose Kiln Lane, Reading Berkshire RG2 OJS. Any such notice or
     communication shall be deemed to have been given in the case of post two
     days after being put in the post and in the case of telex or facsimile when
     transmitted, provided that any communication or notice to the Bank shall be
     effective only when received.

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7.   LAW AND JURISDICTION

This facility shall be governed by and construed in all respects in accordance
with English law. For the exclusive benefit of the Bank, the Bank and the
Borrower irrevocably agree that the English courts are to have jurisdiction to
settle any disputes which may arise out of or in connection with the Facility
and that the Borrower submits to the jurisdiction of such courts for such
purpose. Any address to which paragraph 6.9 hereof permits the Bank to deliver
notices to the Borrower shall be an effective address for service on the
Borrower of proceedings in the English courts. Nothing contained in this
paragraph shall limit the Bank's rights to take proceedings against the Borrower
in the courts of any country in which it has assets or in any other courts of
competent jurisdiction, nor shall the taking of proceedings in one or more
jurisdictions preclude the taking of proceedings in any other jurisdiction,
whether concurrently or not.

This offer is available for acceptances until 16 February 1997 after which it
will cease to be valid unless otherwise agreed by the Bank. Please indicate your
acceptance by having authorized officials sign the attached copy of this
facility letter, initial each of the pages of the Schedules thereto and return
it to the Bank.

                                Yours faithfully,
                              for and on behalf of
                                NEDCOR BANK LTD.

/s/ [Illegible]                             /s/ [Illegible]
AUTHORISED SIGNATORY                       AUTHORISED SIGNATORY
----------------------------               ----------------------------

<PAGE>   7

We, refer to the letter dated 2 January 1997 from Nedcor Bank Limited to us of
which the aforegoing is a copy and hereby agree to, and accept, the terms
thereof.

                              For and on behalf of

               /s/ Illegible                           /s/ Illegible
               Authorised Signatory                    Authorised Signatory

                                                         Date 24 January 1997
                                                             ----------------

Signed in accordance with a resolution passed by a properly constituted board
meeting: a certified copy of which is attached.

<PAGE>   8

                                   SCHEDULE 1

                              CONDITIONS PRECEDENT

Each of the following in form and substance satisfactory to the Bank.

1.   The duplicate original of this facility letter duly signed on behalf of the
     Borrower.

2.   Originals of the following security documents (the "Security Documents"):

     a.   General counter indemnity from the Borrower to support any Guarantees.
          Performance Bonds or Letters of Credit issued on its or its
          subsidiaries behalf.
     b.   Unlimited guarantee from Union Ocean Transport Ltd. First Debenture
          over the fixed and floating assets of Union Ocean Transport Ltd.
     c.   Unlimited guarantee from Union Air Transport Ltd.
     d.   First Debenture over the fixed and floating assets of Union Air
          Transport Ltd.
     e.   Subordination of loan agreement from Union Air Transport Ltd. to cover
          a minimum sum of (pound)250,000 lent to the Borrower
     f.   Unlimited guarantee from Union-Transport Corp.
     g.   First charge over the receivables of Union-Transport Corp.
     h.   Guarantee from PTR Holdings Inc. in favour of Union Ocean Transport
          Ltd. in the sum of US$4,500,000
     i.   Guarantee from each Associate for which a Guarantee, Performance Bond
          or Letter of Credit is issued.

(each security provider either singly or jointly to be hereinafter referred to
as the "Security Provider").

3.   A copy, certified as true complete and up to date by the secretary or a
     director of the Borrower and the Security Providers of a resolution of the
     Board of directors of the Borrower and the Security Providers, approving
     the Borrower's and the Security Provider's entry into and performance of
     each of the documents to which it is a party and giving details of the
     officers of the Borrower and the Security Providers authorised to sign each
     of the documents to which it is a party and any communications and
     documents relating thereto;

4.   A legal opinion in relation to the Borrower and the Security Provider which
     is incorporated outside England and any Security Document executed or to be
     executed by it.

<PAGE>   9

                                   SCHEDULE 2

                                   GUARANTEES

1.   Utilisation and mechanics

     The Borrower may request the issue of guarantees, indemnities, or other
     obligations to secure banking facilities with other banks (a "Guarantee")
     in sterling and/or in Permitted Currencies or performance bonds
     undertakings (a "Performance Bond") on its own behalf or on behalf of
     subsidiaries (each an "Associate") with a maximum validity of 12 months by
     sending to the Bank within a reasonable timescale prior to the date on
     which the Borrower wishes the Guarantee or Performance Bond to be issued
     notice specifying the details of the beneficiary, the validity period
     together with the full text of the Guarantee or Performance Bond.

     The Bank will be under no obligation to accept such a request but if it
     does it will require a properly completed and executed counter-indemnity
     from the Borrower in the Bank's standard form from time to time and
     supporting board resolutions and/or other corporate approval documentation
     in form and substance satisfactory to the Bank.

2.   Commission

     The rate of commission for issuing Guarantees will be calculated on the
     maximum amount of the Bank's actual and/or contingent liability as
     determined by the Bank under the relevant Guarantee. Such commission will
     be due and payable in advance on the date of issue of the relevant
     Guarantee and thereafter at the rate of:

     An establishment fee of (pound)200 for each Guarantee or Performance Bond

     0.75% per annum or part thereof where the liability secured is a lending
     facility with another bank.

     0.6% per annum or part thereof where the liability secured is a Performance
     Bond.

     or such other rate as agreed between the Bank and the Borrower from time to
     time.

3.   Cash Cover

<PAGE>   10

     Without prejudice to the Bank's rights under any other document held or to
     be held by the Bank in connection with the Facility, the Borrower hereby
     irrevocably and unconditionally undertakes that, in respect of any payment
     made by the Bank under any Guarantee, the Borrower will provide the Bank
     with cleared funds to such account as specified by the Bank in the
     appropriate currency to enable the Bank to apply the same in making such
     payment.

<PAGE>   11

                                   SCHEDULE 3

                           LETTERS OF CREDIT FACILITY

1.   Utilisation and mechanics

     The Borrower may request the Bank to open documentary letters of credit
     ("Letters of Credit") on its own behalf or on behalf of subsidiaries (each
     an "Associate") in sterling and/or in Permitted Currencies payment to be
     either at sight or on deferred terms of up to days after issuance of such
     Letter of Credit.

     The Bank will be under no obligation to accept such a request but if it
     does the Bank will require:

     (a)  all Letters of Credit opened to be on a full recourse basis and
          subject to I.C.C. Uniform Customs and Practice for Documentary Credits
          as currently in force and from time to time amended and otherwise in a
          form and upon terms satisfactory to the Bank;

     (b)  applications for Letters of Credit to be made on the Bank's standard
          application form, or in such other manner as shall be agreed between
          the Bank and the Borrower from time to time, such applications to be
          received by a reasonable period prior to the date on which the
          Borrower wishes the Letter of Credit to be opened and;

     (c)  the Borrower to execute a letter of pledge and other documentation
          prior to the date on which the Borrower wishes the Letter of Credit to
          be opened.

2.   Charges

     The Borrower shall be charged an issuance fee calculated on the maximum
     available amount (at the time such fee is payable) of each Letter of Credit
     issued at the Bank's standard tariff from time to time, payable in advance
     upon the issuance of such Letter of Credit for the period from issuance of
     such Letter of Credit to its expiry date.

     All other charges will be in accordance with the tariff set out in Schedule
     4.

<PAGE>   12

3.   Cash Cover

     Without prejudice to the Bank's right under any other document held or to
     be held by the Bank in connection with the Facility, the Borrower hereby
     irrevocably and unconditionally undertakes that, in respect of any payment
     made by the Bank under each Letter of Credit the Borrower will provide the
     Bank with cleared funds to such account as specified by the Bank in the
     appropriate currency to enable the Bank to apply the same in making such
     payment.

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