Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Sanford Exploration, Inc. - Exhibit 10.1

WRITTEN EXPLANATION OF THE VERBAL AGREEMENT BETWEEN

SANFORD EXPLORATION, INC. AND JOHN POLONI

This Executive Employment Agreement ("Agreement') is made by
and between Sanford Exploration, Inc. a Nevada Corporation ("Company") and John
Poloni ("Executive").

NOW, THEREFORE, the parties hereto agree as follows:

1.           
Employment.
Company agrees to initially employ Executive as a
Director, and Executive accepts such employment in accordance with the terms of
this Agreement and the terms of employment applicable to regular employees of
Company.

2.            Duties
of Executive.
The duties of Executive shall include the performance of
all of the duties typical of the office held by Executive as described in the
bylaws of the Company and such other duties and projects as may be assigned by a
superior officer of the Company, if any, or the board of directors of the
Company. Executive will be a member of and fully participate in the board of
directors, ensure that the geological reports are of good quality and
professionally and properly done and advise the Company on his recommendations
for the exploration program. Executive shall devote approximately four (4) hours
per week to the business of the Company and shall perform all duties in a
professional, ethical and businesslike manner. Executive may, during the term of
this Agreement, engage in any other business, either as an employee, employer,
consultant, principal, officer, director, advisor, or in any other capacity,
either with or without compensation. 

3.            Compensation.
Executive
will be paid compensation during this Agreement in the amount of five hundred
United States dollars ($500 USD) per month. 

4.           
Benefits.

A.           
Sick Leave. Executive shall be entitled to sick leave and emergency leave
according to the regular policies and procedures of Company. Additional sick
leave or emergency leave over and above paid leave provided by the Company, if
any, shall be unpaid and shall be granted at the discretion of the board of
directors.

B.            Expense
Reimbursement. Executive shall be entitled to reimbursement for all
reasonable expenses, including air travel and entertainment, incurred by
Executive in the performance of Executive's duties. Executive will maintain
records and written receipts as required by the Company policy and reasonably
requested by the board of directors to substantiate such expenses.

5.           
Term and
Termination.
A.            The
initial term of this Agreement shall continue in effect on an indeterminate
basis. This Agreement and Executive's employment may be terminated at Company's
discretion at 

- 2 -

any time, provided that Company shall provide at least thirty
(30) days prior written notice to Executive.

B.            This
Agreement may be terminated by Executive at Executive's discretion by providing
at least thirty (30) days prior written notice to Company. In the event of
termination by Executive pursuant to this subsection, Company may immediately
relieve Executive of all duties and immediately terminate this Agreement.

C.            In
the event that Executive is in breach of any material obligation owed Company in
this Agreement, habitually neglects the duties to be performed under this
Agreement, engages in any conduct which is dishonest, damages the reputation or
standing of the Company, or is convicted of any criminal act or engages in any
act of moral turpitude, then Company may terminate this Agreement without notice
to Executive.

D.            In
the event Company is acquired, or is the non-surviving party in a merger, or
sells all or substantially all of its assets, this Agreement shall
terminate.

E.            There
shall be no retirement, severance or other pay owed to the Executive upon
termination of this Agreement, other than any outstanding amounts of salary and
expenses.

6.            Governing
Law.
This Agreement shall be construed and enforced in accordance with
the laws of the State of Nevada.Filed by Automated Filing Services Inc. (604) 609-0244 - Sanford Exploration, Inc. - Exhibit 10.2

WRITTEN EXPLANATION OF THE VERBAL AGREEMENT BETWEEN

SANFORD EXPLORATION, INC. AND FIORE ALIPERTI 

This Executive Employment Agreement ("Agreement') is made and
effective by and between Sanford Exploration, Inc. a Nevada Corporation
("Company") and Fiore Aliperti ("Executive").

NOW, THEREFORE, the parties hereto agree as follows:

1.         
 Employment.
Company agrees to initially employ Executive as its
President, Chief Executive Officer, Secretary, Treasurer (Principal Executive
Officer and Principal Financial Officer) and Director and Executive accepts such
employment in accordance with the terms of this Agreement and the terms of
employment applicable to regular employees of Company.

2.            Duties
of Executive.
The duties of Executive shall include the performance of
all of the duties typical of the office held by Executive as described in the
bylaws of the Company and such other duties and projects as may be assigned by a
superior officer of the Company, if any, or the board of directors of the
Company. Executive shall be a member of and fully participate in the board of
directors and make decisions relating to the operations, management and business
plan of the Company. Executive shall devote approximately four (4) hours per
week to the business of the Company and shall perform all duties in a
professional, ethical and businesslike manner. Executive may, during the term of
this Agreement, engage in any other business, either as an employee, employer,
consultant, principal, officer, director, advisor, or in any other capacity,
either with or without compensation. 

3.            Compensation.
Executive
will not be compensated for the performance of these services until such a time
as the Company begins to earn revenue. 

4.            Benefits.

A.           
Sick Leave. Executive shall be entitled to sick leave and emergency leave
according to the regular policies and procedures of Company. Additional sick
leave or emergency leave over and above paid leave provided by the Company, if
any, shall be unpaid and shall be granted at the discretion of the board of
directors.

B.            Expense
Reimbursement. Executive shall be entitled to reimbursement for all
reasonable expenses, including air travel and entertainment, incurred by
Executive in the performance of Executive's duties. Executive will maintain
records and written receipts as required by the Company policy and reasonably
requested by the board of directors to substantiate such expenses.

5.           
Term and
Termination.
A.            The
initial term of this Agreement shall continue in effect on an indeterminate
basis. This Agreement and Executive's employment may be terminated at Company's
discretion at 

- 2 -

any time, provided that Company shall provide at least thirty
(30) days prior written notice to Executive.

B.            This
Agreement may be terminated by Executive at Executive's discretion by providing
at least thirty (30) days prior written notice to Company. In the event of
termination by Executive pursuant to this subsection, Company may immediately
relieve Executive of all duties and immediately terminate this Agreement.

C.            In
the event that Executive is in breach of any material obligation owed Company in
this Agreement, habitually neglects the duties to be performed under this
Agreement, engages in any conduct which is dishonest, damages the reputation or
standing of the Company, or is convicted of any criminal act or engages in any
act of moral turpitude, then Company may terminate this Agreement without notice
to Executive.

D.           
In the event Company is acquired, or is the non-surviving party in a merger, or
sells all or substantially all of its assets, this Agreement shall
terminate.

E.            There
shall be no retirement, severance or other pay owed to the Executive upon
termination of this Agreement, other than any outstanding amounts of salary and
expenses. 

6.            Governing
Law.
This Agreement shall be construed and enforced in accordance with
the laws of theState of Nevada.Filed by Automated Filing Services Inc. (604) 609-0244 - Papertradex (US) Inc. - Exhibit 10.1

EXHIBIT 10.1

DATED 30 March 2004 

HBI SALES PRIVATE LIMITED 

(1) 

ZACAN HOLDINGS PROPRIETARY LIMITED 

(2) 

ICT/EUROPETEC LIMITED 

(3) 

MIR TECHNOLOGIES LLC 

(4) 

- and -

PAPERTRADEX EUROPE LIMITED

(5)

______________________________________

AGENCY EXPLOITATION AGREEMENT
for the commercial
exploitation
of the PaperTradex Technology

______________________________________

THIS AGENCY AGREEMENT is made the 30th day of
March 2004

B E T W E E N : 

	(1) 	
      HBI SALES PRIVATE LIMITED a company registered in
      Asia whose registered office is situate at 204A Mittal Towers, 6 M.G.
      Road, Bangalore 560 001, India ("the First Licensor ");

	 	 
	(2) 	
      ZACAN HOLDINGS PROPRIETARY LIMITED a company
      registered in Australia whose registered office is situate at Level 5, 49
      Market Street, Sydney, New South Wales, Australia ("the Second
      Licensor");

	 	 
	(3) 	
      ICT/EUROPETEC LIMITED a company registered in
      England and Wales whose registered office is situate at 4 Bedford Row,
      London WC1R 4DF ("the Third Licensor");

	 	 
	(4) 	
      MIR TECHNOLOGIES LLC a company registered in the
      United States whose registered office is situate at Agents and
      Corporations Inc., 1201 Orange Street, Suite 600, City of Wilmington, New
      Castle County, Delaware 19801, United States ("the Fourth Licensor")
      and

	 	 
	(5) 	
      PAPERTRADEX EUROPE LIMITED (a limited company
      registered in England and Wales) whose registered office is situated at 27
      New Bond Street, London W1S 2RH (“the Agent").

WHEREAS 

RECITALS 

	1. 	
      The First Licensor entered into a Licence Agreement with
      Papertradex Inc. on the 12th September 2003 by which it was
      granted a licence to use, deal with and generally exploit the Rights (but
      not to sell, lease or otherwise dispose of the same) in the Territory
      defined as Asia.

	 	 
	2. 	
      The Second Licensor entered into a Licence Agreement with
      Papertradex Inc. on the 12th September 2003 by which it was
      granted a licence to use, deal with and generally exploit the Rights (but
      not to sell, lease or otherwise dispose of the same) in the Territory
      defined as Australia.

	3. 	
      The Third Licensor entered into a Licence Agreement with
      Papertradex Inc. on the 12th September 2003 by which it was granted a
      licence to use, deal with and generally exploit the rights (but not to
      sell, lease or otherwise dispose of the same) in the Territory defined as
      Europe.

	 	 
	4. 	
      The Fourth Licensor entered into a Licence Agreement with
      Papertradex Inc. on the 12th September 2003 by which it was granted a
      licence to use, deal with and generally exploit the Rights (but not to
      sell, lease or otherwise dispose of the same) in the territory defined as
      USA and Canada.

	 	 
	5. 	
      The First Licensor, the Second Licensor, the Third
      Licensor and the Fourth Licensor have agreed that it would be commercially
      advantageous for each of them to join together in the appointment of one
      agent to exploit the rights granted to each of them under their respective
      License Agreements and have agreed to appoint the Agent upon the terms and
      conditions of this Agreement.

	 	 
	6. 	
      The First Licensor, the Second Licensor, the Third
      Licensor and the Fourth Licensor have agreed that, wherever commercially
      possible or reasonable, they shall act with one voice and provide one set
      of instructions to the Agent but that each shall, where necessary or
      desirable, be able to individually to apply the terms of this Agreement to
      their own Territory and licence agreement.

IT IS AGREED as follows:

	1. 	DEFINITIONS AND INTERPRETATION
  

In this Agreement the following words
and expressions will have the following meanings:

	 	“Business Day” 	any day other than a Saturday or Sunday or
      statutory Bank Holiday;
	 	  	 
	 	“Duties 	
      duties of the Agent in relation to the commercial
      exploitation of the rights as set out in the Schedule 1 to this Agreement;
      

	 	“Exploitation Forecast” 	
      the forecasts of income and expenditure for the
      exploitation set out in Schedule 2 to this Agreement; 

	 	  	
	 	“Licensor” 	
      any one of the First Licensor, the Second Licensor, the
      Third Licensor or the Fourth Licensor; 

	 	  	
	 	“Minimum” 	
      the sum of £640,000; 

	 	 	
       

	 	“The Payment” 	
      25% of the Turnover; 

	 	 	
       

	 	“Period” 	
      each calendar quarter; 

	 	 	
       

	 	“Rights” 	
      the intellectual property rights to the technology and
      software for the Papertradex Technology listed in Schedule 3 including all
      future upgrades; 

	 	  	
	 	“Territory” 	
      the respective territory or territories defined in each
      licence agreement referred to above; 

	 	  	
	 	“Turnover” 	
      the gross income (exclusive of VAT) from the Exploitation
      of the Rights. 

Definitions used in this Agreement
shall apply to each Licensor mutatis mutandis

	2. 	DUTIES OF THE AGENT 

The agent will commercially exploit the
rights and will:

	 	(i) 	
      carry out its Duties and use its best endeavours to
      achieve an exploitation result in accordance with the Exploitation
      Forecast.

	 	 	 
	 	(ii) 	
      accept and carry out work and services related to the
      exploitation in accordance with instructions and direction given by the
      Licensors for each of their territories.

	 	 	 
	 	(iii) 	
      participate in at least one monthly management meeting
      with the Licensors or as they may direct and report the exploitation
      results for the month in a format directed by the Licensors or as they may
      direct.

	 	(iv) 	
      participate as may from time to time be required in any
      other meeting with the Licensors or as they may direct.

	 	 	 
	 	(v) 	
      accept the directors and requests from the Licensors and
      carry out work resulting from the directions and requests in a proper
      manner.

	3. 	PAYMENT TO THE AGENT

	3.1 	
      In consideration of the Agent carrying out the Duties and
      giving the warranty in clause 4, the Licensors jointly agree that the
      Agent shall be entitled to an aggregate sum equal to the
Payment.

	 	 
	3.2 	
      The Payment shall be made to the Agent within fourteen
      (14) Business Days of the finalisation of the Accounts of the Partnership
      in respect of each period.

	 	 
	3.3 	
      A Certificate in writing signed by the Licensors stating
      the total amount due to the Agent shall in the absence of manifest error
      be conclusive evidence thereof.

	4. 	WARRANTY 

	 	(i) 	
      The agent hereby confirms that the Exploitation Forecast
      is reasonable and expresses the Agent’s current expectations of turnover
      and Costs as a result of the exploitation of the Rights.

	 	 	 
	 	(ii) 	
      The Agent warrants to the Licensors that the aggregate
      Turnover in any Period as a result of the Agent carrying out the Duties
      shall not be less than the Minimum in respect of the first thirty six (36)
      calendar months from the date hereof.

	5. 	INDEMNITY 

The Agent agrees to indemnify and keep
indemnified the Licensors from and against any and all losses, costs, damages,
claims, demands, expenses and liabilities incurred or suffered (together with
legal fees and costs incurred thereon) by the Licensors as a result of any
breach by the agent or its agents, employees, licensees or customers pursuant to
the terms of this Agreement provided that such liability has not been incurred
by the Agent through any default by the Licensors.

	6. 	NON COMPETITION 

For so long as this Agreement is in
existence in relation to one or more of the Licensors, the Agent undertakes and
covenants with the First Licensor, the Second Licensor, the Third Licensor and
the Fourth Licensor individually covenants that it will not during the
subsistence of this Agreement and for a term of one year after its termination
(howsoever terminated), deal with, exploit, sell, distribute or otherwise be
involved or interested in, whether directly or indirectly, any software or
technology which is similar to or in competition with the Rights.

	7. 	PROPERTY AND CONFIDENTIALITY IN THE
      RIGHTS 

	 	7.1 	
      The Rights contain confidential information of the
      Licensors and all copyright, trademarks and other intellectual property
      rights in the Rights are the exclusive property of the
Licensors.

	 	 	 	 
	 	7.2 	
      The Agent shall not:

	 	 	 	 
	 		7.2.1 	
      save as provided or agreed by the Licensors make up
      backup copies of the Rights;

	 	 	 	 
	 		7.2.2 	
      reverse compile, copy or adapt the whole or any part of
      the Rights;

	 	 	 	 
	 		7.2.3 	
      assign, transfer, sell, lease, rent, charge or otherwise
      deal in or encumber the Rights or use the Rights on behalf of any third
      party or make available the same to any third party

	 	 	 	 
	 	7.3 	
      The Agent shall:

	 	 	 	 
	 		7.3.1 	
      keep confidential the Rights and limit access to the same
      to those of its employees, agents and sub-contractors who either have a
      need to know or who are engaged in the exploitation of the
  Rights;

	 	 	 	 
	 		7.3.2 	
      maintain an up to date written record of the number of
      copies of the Rights and their location and upon request forthwith produce
      such record to the Company;

	 		7.3.3 	
      notify the Licensors immediately if the Agent becomes
      aware of any unauthorised use of the whole or any part of the Rights by
      any third party; and

	 	 	 	 
	 		7.3.4 	
      without prejudice to the foregoing take all such other
      steps as shall from time to time be necessary to protect the confidential
      information and intellectual property rights of the Licensors in the
      Rights.

	 	 	 	 
	 	7.4 	
      The Agent shall inform all relevant employees, agents and
      sub- contractors that the Rights constitute confidential information of
      the Licensors and that all intellectual property rights therein are the
      property of the Licensors and the Agent shall take all such steps as shall
      be necessary to ensure compliance by its employees, agents and sub-
      contractors with the provision of this clause
7.

	8. 	TERMINATION 

	 	(i) 	
      This Agreement shall terminate in the event of either of
      the parties giving to the other not less than thirty (30) Business Days
      notice in writing at any time after the third anniversary of this
      Agreement.

	 	 	 
	 	(ii) 	
      The Licensors, or any one of the Licensors in respect of
      its own rights or territories, may terminate this Agreement at any time
      upon giving not less than thirty (30) Business Days notice in writing at
      any time.

	 	 	 
	 	(iii) 	
      This Agreement may be terminated forthwith by either
      party if the other shall convene a meeting of its creditors or if a
      proposal shall be made for voluntary arrangement or a proposal for any
      other composition scheme or arrangements with (or assignment for the
      benefit of) its creditors or if the other shall be unable to pay its debts
      within the meaning of Section 123 of the Insolvency Act 1986 or if a
      Trustee, Receiver or Administrative Receiver or similar officer is
      appointed in respect of all or any part of the business or assets of the
      other or if a petition is presented or a meeting is convened for the
      purpose of considering a resolution or other steps
are

	 		
      taken for the winding-up of the other or for the making
      of an administration order (otherwise done for the purpose of an
      amalgamation or reconstruction)

	 	 	 
	 	(iv) 	
      In the event of termination for whatever reason the Agent
      shall forthwith pass to the Licensors all documents, samples and publicity
      promotional and advertising material in its possession or under its
      control and shall forthwith cease to make any representation that it is in
      any way involved with the Licensors.

	 	 	 
	 	(v) 	
      Termination for whatever reason shall not affect the
      right of the Agent to receive monies referred to in clause 3 where such
      monies have been earned prior to the date of termination.

	 	 	 
	 	(vi) 	
      The agent agrees that it shall not be entitled to any
      compensation in the event of this Agreement being terminated for whatever
      reason.

	9. 	ENTIRE AGREEMENT 

The parties acknowledge that this
Agreement constitutes the whole agreement between the parties and shall
supersede any prior agreements between the parties whether written or oral and
that any such prior agreements are cancelled as at the date hereof.

	10. 	NO PARTNERSHIP 

The parties confirm that they are not
partners or joint venturers.

	11. 	FORCE MAJEURE 

If due performance of this Agreement by
either party hereto is affected in whole or in part by reason of any event,
omission, accident or other matter beyond the reasonable control of such party,
such party shall give prompt notice thereof to the other party and shall be
under no liability for any loss, damage, injury or expense (whether direct or
consequential) suffered by the other party or parties due to the affected
performance. Such party shall use all reasonable efforts to avoid or overcome
the causes affecting performance and shall fulfil all outstanding performance as
soon as it becomes practicable to do so.

	12. 	WARRANTIES AND INDEMNITIES

	12.1 	
      Each party hereby represents and warrants to the other
      that there are no material agreements, licences or obligations known to it
      what would affect this Agreement other than previously disclosed by it and
      that each had dealt with the other in negotiating this Agreement with good
      faith

	 	 	 
	12.2 	
      Each party represents and warrants to the other
    that:

	 	 	 
		(i) 	
      the making and performance of this Agreement are within
      its powers and do not contravene any law or contractual restriction on
      it;

	 	 	 
		(ii) 	
      there are no pending or threatened claims, actions or
      proceedings which would be reasonably likely to affect materially and
      adversely the financial condition of the that party;

	 	 	 
	12.3 	
      The parties undertake to each other that each of them
      will indemnify and keep the other indemnified from and against any and all
      losses, costs, claims, demands, actions or liabilities suffered or
      incurred directly or indirectly by the other as a result of the breach by
      that party of any of the warranties referred to
above.

	13. 	NOTICES AND OTHER MATTERS

	13.1 	
      Any notice to be given pursuant to the terms of this
      Agreement shall be in writing delivered by hand or by first class mail or
      by facsimile. Any such notice shall be delivered (i) in the case of a
      company registered in England and Wales, to its registered office address
      or to such other address in England as may subsequently be notified by
      notice given pursuant to the terms of this clause, and (ii) in the case of
      an individual, or of an organisation other than a company registered in
      England and Wales, to an address in England notified by notice given
      pursuant to the terms of this clause. Any notice given shall be deemed to
      be given, in the case of a notice delivered by hand, on the Business Day
      following receipt, in the case of a notice delivered by pre-paid first
      class mail from England, three Business Days after posting, and in the
      case of a notice given by facsimile, on the first Business Day following
      transmission. In proving service by mail it shall be sufficient to show
      that the envelope containing the notice was properly addressed, stamped
      and posted.

	 	 
	13.2 	
      No failure or delay on the part of any party to exercise
      any power, right or remedy under this agreement shall operate as a waiver
      thereof nor shall any single or partial exercise by that party of any
      power, right or remedy preclude any other or further exercise of any other
      power, right or remedy. The remedies of each of
the

		
      parties provided by this Agreement are cumulative and are
      not exclusive of any remedies provided by law.

	 	 
	13.3 	
      If any provision of this agreement shall be found by any
      court or administrative body of competent jurisdiction to be invalid or
      unenforceable the invalidity or unenforceability of such provision shall
      not affect the other provisions of this Agreement and all provisions not
      affected by such invalidity or unenforceability shall remain in full force
      and effect. The parties hereby agree to attempt to substitute for any
      invalid or unenforceable provision a valid or enforceable provision which
      achieves to the greatest extent possible the economic legal and commercial
      objectives of the invalid or unenforceable provision.

	 	 
	13.4 	
      This agreement shall be governed by and construed in
      accordance with English law and shall be subject to the exclusive
      jurisdiction of the English Courts.

	14. 	ASSIGNMENT 

This Agreement shall not be assigned by
any party without the written consent of the others save that in the case of an
assignment by one of the Licensors consent shall not be necessary from the other
Licensors and the Agent shall not be entitled to unreasonably withhold or delay
its consent.

	15. 	AGREEMENT MODIFICATION

Any agreement to change the terms of
this Agreement in any way shall be valid only if the change is made in writing
and approved by mutual agreement of authorised representatives of the parties
hereto.

IN WITNESS WHEREOF the parties have executed this
instrument as a deed and have delivered it upon dating it.

SCHEDULE 1

The Agent’s Duties

The Agent will commercially exploit the Rights and its duties
will include, but are not restricted to, the following:

	(i) 	
      carrying out its Duties and using its best endeavours to
      achieve an exploitation result in accordance with the Exploitation
      Forecast;

	 	 
	(ii) 	
      accepting and carrying out work and services related to
      the exploitation in accordance with instructions and directions given by
      the Licensors;

	 	 
	(iii) 	
      participating in at least one monthly management meeting
      with the Licensors or as they may otherwise direct and reporting the
      exploitation results for the month in a format directed by the
      Licensors;

	 	 
	(iv) 	
      participating as may from time to time be required in any
      other meeting with the Licensors or as they may otherwise
direct;

	 	 
	(v) 	
      accepting the directions and requests from the Licensors
      or as they may otherwise direct and carrying out work resulting from the
      directions and requests in a proper manner;

	 	 
	(vi) 	
      providing quarterly reviews of the public reactions to
      the Rights and a financial comparison between actual performance and
      results against those in the Exploitation forecast;

	 	 
	(vii) 	
      discussing possible changes to the financial assumptions
      in sufficient time before the end of the financial year to enable budgets
      to be prepared for the following year;

	 	 
	(viii) 	
      undertaking any other duties or activities relating to
      the Rights which may reasonably be requested by the
  Licensors.

SCHEDULE 2

Exploitation Forecast

SCHEDULE 3

The Rights

INTRODUCTION
The PaperTradex technology and platform
is owned by PaperTradex Inc., “the Company” and has to date entered into a range
of reseller and exploitation agreements with companies in Europe, Asia,
Australia and North America.

The idea to the PaperTradex application came from the
management team that has spent a number of years in the graphic and printing
industry and the chaos conditions that exists in getting good quotes on large
printing jobs being unable to farm the request out to more than just a handful
of printers.

PRODUCT BACKGROUND
PaperTradex will be a neutral
intermediary hosting several market-making mechanisms to mediate transactions
between print buyers and vendors. Value is added to buyers and vendors through
more efficient buying processes, increased market liquidity and reduced
cost.

Detailed profiling of customers upon registration will ensure
the high quality of marketplace matching and encourage participants to move away
from existing relationships and traditional buying patterns. Profiling will
enable buyers to control who bids on their jobs and allow them to specify which
of the existing vendors must receive the RFQ (request for quotation).

PaperTradex will act as a clearing-house. Printers will invoice
if for jobs arranged via the system and it will in turn invoice print buyers.
Upon receipt of payment PaperTradex will deduct transaction fees (and annual
subscriptions) at the appropriate rate and forward payment to the printer.

Buyers will remain anonymous in the PaperTradex marketplace.
This minimises both collusion to avoid transaction fees as well as unwanted
follow up from unsuccessful vendors. Vendors will be guaranteed payment by
PaperTradex and will not require a buyer’s identity for credit checking
purposes.

THE SERVICES
Registered buyers will submit detailed
order specifications through the wizards and also specify a number of order
specific parameters such as timing, unusual delivery requirements etc to ensure
that only vendors with the capacity to fulfil the order quote.

The PaperTradex system will distribute the order specification
to all the capable preferred vendors held in the buyer’s profile and to a number
of other vendors with the correct profiles. The identify of the buyer will
remain anonymous. The vendors’ quotes will be compiled into a table and the
buyer will choose a price/vendor combination. Unsuccessful vendors will be
notified immediately.

Once a bid or quote is accepted the buyer’s identity and
location will be revealed and the transaction will be recorded. Acceptance of a
quote will imply a binding contract between the buyer, vendor and PaperTradex.
Delivery is the responsibility of the vendor.

MARKET DEFINITION
Buyers of print either source jobs
themselves or use the services of print brokers. Print brokers charge up to 10%
finders fee for their services. Both brokers and individual buyers currently
establish the most competitive price for their printing through a laborious and
time 

consuming fax and telephone search Request For Quotation (RFQ)
process. Due to the effort involved only a few regional vendors are contacted
for a particular job.

The forecast for ‘cross media services’ such as Internet
related printing is forecast to grow at a rate of 15% per annum for the next
five to eight years (Financial Times Survey: Printing – “Pressing on with high
technology” 18/5/2000). The segment of the buyer market which is considered
likely to adopt Internet solutions to source its printing are buyers of
promotional printing (Raine Consulting Inc: Transition of the Printing Industry
to the Internet: The First Wave). These jobs are unique, high value added and
managed by professional buyers. This segment represents at least 33% of the
total market (British Printing Industry Federation & German Bundesverband
Druk und Medien). Assuming average of 10% in fees can be passed on to the
vendors, then the Company is situated in a £650m market in Europe alone.

MARKETING AND SALES STRATEGY
The Company will use
Tele-marketing, Direct Marketing, Event Marketing, Trade Advertising, PR and
sales force visits as marketing tools to attract customers. The marketing mix
will vary from country to country depending on the levels of competition,
Internet penetration and availability of data in each one. With resellers in
place in 4 major regions being, Europe, Asia, Australia and the US, the sales
and marketing effort, although different will have the same main focus:

	Initial Contact is made through direct mailing (where addresses are
  available) and this is followed up with Telemarketing to the top vendors and
  buyers in each market.
  
	The Telemarketing is followed up by an email that explains how to register
  with the system and which contains the terms of membership.
  
	Advertising and PR is carried out in the Trade and Daily press throughout
  the recruitment cycle. PR campaigns will also precede the main marketing drive
  where possible.
  
	Event marketing will be aimed at professionals and decision makers in the
  advertising, design and graphic agencies where ‘hipness’ will be a key driver.

  
	A small sales force will be the most effective means of registering the
  largest buyers and the public institutions where supplier relationships are
  most ingrained. 

The company envisage that each major region can initially be
serviced by a small reseller and exploitation team of 2 – 4 people that mainly
focus on local telemarketing and sales as well as some customer support. They
will be supported by a European headquarter team for the technical system, as
well as advice on new marketing initiatives. As each regional team is a reseller
the initial cost to the Company will be minimal to none, as each reseller will
carry its own cost for getting the business off the ground.

REVENUE
Currently the Global Printing Market is worth
£250 Billion. Europe accounts for approximately 31% of this value at £78 Billion
(Trendwatch: “Global Perspective”, World leaders in Print, Düsseldorf, May
2000). The printing industry is rapidly becoming a commodity suitable for
purchase via an exchange and with an industry that is forecasted to grow of 15%
p.a. for the next five to eight years for ‘cross media services’ such as
Internet related printing (Financial Times Survey: Printing – “Pressing on with
high technology” 18/5/2000), the market is more than ready for a PaperTradex
application.

In Europe there are approximately 94,000 printers and
inefficient traditional buying processes result in inefficiency and a lack of
transparency in this valuable market. With only a handful of players in the
market, the Company aim to become one of the main players in this industry.

IN WITNESS WHEREOF the parties have executed this
instrument as a deed and have delivered it upon dating it.

	EXECUTED As A Deed By 	) 
	HBI SALES PRIVATE LIMITED 	) 
	Acting By 	) 
	A Director And By 	) 
	A Director/Secretary 	) 
	  	  
	In The Presents Of 	  
	  	         /s/
      Peter Hilton
      
	Witness Signature /s/ Lone Christensen 	         Director 
	  	  
	Name LONE CHRISTENSEN 	  
	  	          
	Address 1 Court Royal, London	         Director/Secretary
      
	 	 
	                 
      SW15 2BA 	 
	  	  
	Occupation PA 	  
	  	  
		  
	  	  
	EXECUTED As A Deed By 	) 
	ZACAN HOLDINGS PROPRIETARY LIMITED 	) 
	Acting By 	) 
	A Director And By 	) 
	A Director/Secretary 	) 
	  	  
	In The Presents Of 	  
	  	         /s/
      Bob Spears 
	Witness Signature /s/ Gus O’Connell
      	         Director 
	  	  
	Name GUS O’CONNELL 	  
	  	         
	Address 201 Sussex Street 	         Director/Secretary
      
	 	 
	                Sydney	 
	  	  
	Occupation Sales 	  
	  	  
	EXECUTED As A Deed By 	) 
	ICT/EUROTETEC LIMITED 	) 
	Acting By 	) 
	A Director And By 	) 
	A Director/Secretary 	) 
	  	  
	In The Presents Of 	  
	  	         /s/
      John Bailey
	Witness Signature 	         Director 
	  	  
	Name .................................................
    	  
	  	         /s/
      John Bailey
	Address .............................................
    	         Director/Secretary
      
	  	  
	                 
         .............................................
    	  
	  	  
	Occupation ...........................................
    	  

	EXECUTED As A Deed By 	) 
	MIR TECHNOLOGIES LLC 	) 
	Acting By 	) 
	A Director And By 	) 
	A Director/Secretary 	) 
	  	  
	In The Presents Of 	  
	  	         /s/
      Timothy Cocker 
	Witness Signature /s/ Rebecca Poncini 	         Director 
	  	  
	Name REBECCA PONCINI 	  
	  	          
	Address 7131 Spicer Drive  	         Director/Secretary
      
	 	 
	                Citrus
      Heights, CA95621 	 
	  	  
	Occupation Engineer Technician 	  
	  	  
	EXECUTED As A Deed By 	) 
	PAPERTRADEX EUROPE LIMITED 	) 
	Acting By 	) 
	A Director And By 	) 
	A Director/Secretary 	) 
	  	  
	In The Presents Of 	  
	  	         /s/
      S. John 
	Witness Signature /s/ Ulrik DeBo 	         Director 
	  	  
	Name ULRIK DEBO 	         /s/ Mark Gebhard
      for pp Kingsland 
	  	         (Services)
      Limited 
	Address 91 Breakspears Road 	         Director/Secretary
      
	 	 
	                London
      SE7 1TX	 
	  	  
	Occupation Sales

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