Document:

Stock Purchase Agreement and Share Exchange

    SHARE
      EXCHANGE AGREEMENT

    

    THIS
      SHARE EXCHANGE AGREEMENT (the "Agreement") is entered into and effective as
      of
      January __, 2007, by and among Avalon Development Enterprises, Inc., a Florida
      corporation (the “Buyer”), Global Telecom Holdings Limited (“GTHL”), a British
      Virgin Islands corporation (the “Company”), and the shareholders of the GTHL
      more particularly described on Exhibit A attached hereto and incorporated herein
      (collectively the “Shareholders”).

     

    1.
      RECITALS

    

    This
      Agreement is entered into with reference to and in contemplation of the
      following facts, circumstances and representations:

    

      1.1. The
      Shareholders are the owners of 1,000 shares of the common stock of GTHL, which
      represent all of the issued and outstanding shares of the common stock (the
      “Shares”).

    

    1.2 Buyer
      desires to issue a total of 39,817,500 shares of its common stock (the "Buyer
      Shares") to the Shareholders in exchange for the GTHL Shares.

    

    1.3 The
      Shareholders desire to exchange the GTHL Shares for the Buyer Shares in
      accordance with the terms and conditions of this Agreement.

    

    1.4. Buyer,
      the Shareholders and GTHL desire that this transaction be
      consummated.

    

    2.
      EXCHANGE AND ISSUANCE OF SHARES

    

    2.1
      Exchange of Buyer Shares: Buyer shall exchange and deliver to the Shareholders
      a
      total of 39,817,500 restricted shares of the common stock of Buyer in accordance
      with the allocation set forth in the attached Schedule “A.”

    

    2.2
      Exchange of GTHL Shares: At the Closing, the Shareholders shall exchange and
      deliver to Buyer a total of 1,000 shares of the common stock of GTHL which
      represents one hundred percent (100%) of the issued and outstanding shares
      of
      GTHL.

    

    2.3
      Nature of Buyer Shares: The Buyer Shares shall be issued with a restrictive
      legend in accordance with the rules and regulations of the Securities and
      Exchange Commission. 

    

    2.4
      Private Sale Acknowledgment: The parties acknowledge and agree that the exchange
      and issuance of the Buyer Shares is being undertaken as a private sale pursuant
      to Section 4(2) of the Securities Act of 1933, as amended and Florida Revised
      Statutes, and is not being transacted via a broker-dealer and/or in the public
      market place.

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    3.
      REPRESENTATIONS AND WARRANTIES OF BUYER.

     

    Buyer
      represents and warrants to the Shareholders and GTHL as follows:

    

    3.1
      Organization: Buyer is a corporation duly incorporated and validly existing
      under the laws of the State of Florida and is in good standing with respect
      to
      all of its regulatory filings.

    

    3.2 Capitalization:
      The authorized capital of Buyer consists of 75,000,000 common shares with a
      par
      value $.01, of which 13,072,500 common shares have been issued and are currently
      outstanding.

     

    3.3 Books
      and
      Records: All material transactions of Buyer have been promptly and properly
      recorded or filed in or with its books and records and the Minute Book of Buyer
      contains records of all meetings and proceedings of the shareholders and
      directors thereof.

    

    3.4 Legal
      Compliance: To the best of its knowledge, Buyer is not in breach of any laws,
      ordinances, statutes, regulations, by-laws, orders or decrees to which Buyer
      is
      subject or which apply to it or any of its assets.

    

    3.5 Tax
      Returns: All tax returns and reports of Buyer required by law to be filed prior
      to the date hereof have been filed and are substantially true, complete and
      correct and all taxes and governmental charges have been paid.

    

    3.6 Adverse
      Financial Events: Buyer has not experienced nor is it aware of any occurrence
      or
      event which has had or might reasonably be expected to have a material adverse
      effect on its financial condition.

    

    3.7 Disputes,
      Claims and Investigations: There are no disputes, claims, actions, suits,
      judgments, investigations or proceedings outstanding or pending or to the
      knowledge of Buyer threatened against or affecting Buyer at law or in equity
      or
      before or by any federal, state, municipal or other governmental department,
      commission, board, bureau or agency.

     

    3.8 Employee
      Liabilities: Buyer has no known liability to former employees or any liability
      to any governmental authorities with respect to current or former
      employees.

    

    3.9
      No
      Conflicts or Agreement Violations: The execution, delivery and performance
      of
      this Agreement will not conflict with or be in violation of the articles or
      by-laws of Buyer or of any agreement to which Buyer is a party and will not
      give
      any person or company a right to terminate or cancel any agreement or right
      enjoyed by Buyer and will not result in the creation or imposition of any lien,
      encumbrance or restriction of any nature whatsoever in favor of a third party
      upon or against the assets of Buyer.

    

    3.10
      Validly Issued and Authorized Shares: That the Buyer Shares will be validly
      authorized and issued by Buyer, they will be fully paid and non-assessable
      and
      they will be issued in full compliance with all federal and state securities
      laws.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    3.11
      Corporate Authority: The officers or representatives of Buyer executing this
      Agreement represent that they have been authorized to execute this Agreement
      pursuant to a resolution of the Board of Directors and shareholders of
      Buyer.

    

    3.12
      Financial
      Statements of Buyer.
      The
      Buyer warrants and represents that the financial statements found on Schedule
      B
      fairly represent the financial position of the Buyer as at September 30, 2006.
      The Buyer further represents that no material changes have occurred since
      September 30, 2006 and no contingent liability undisclosed.

    

    

    	4.  	
            REPRESENTATIONS
              OF GTHL AND THE SHAREHOLDERS

          

    

    GTHL
      and
      the Shareholders collectively and individually hereby represent and warrant
      as
      follows:

    

    4.1 Share
      Ownership: The Shareholders are the owners, beneficially and of record, of
      the
      GTHL Shares and said shares are free and clear of all liens, encumbrances,
      claims, charges and restrictions.

    

    4.2 Transferability
      of GTHL Shares: That the Shareholders have full power to transfer the GTHL
      Shares to Buyer without obtaining the consent or approval of any other person
      or
      governmental authority.

    

    4.3 Validly
      Issued and Authorized Shares: That the GTHL Shares are validly authorized and
      issued, fully paid, and nonassessable, and the GTHL Shares have been so issued
      in full compliance with all securities laws of the State of Nevada.

    

    4.4 Organization:
      GTHL is a corporation duly incorporated and validly existing under the laws
      of
      the British Virgin islands and is in good standing with respect to all of its
      regulatory filings.

    

    4.5 Capitalization:
      The authorized capital of GTHL consists of 50,000 common shares, par value
      US$1
      of which 1,000 common shares are issued and outstanding as fully paid and
      non-assessable shares.

    

    4.6 Books
      and
      Records: All material transactions of GTHL have been promptly and properly
      recorded or filed in or with its books and records and the Minute Book of GTHL
      contains records of all meetings and proceedings of the shareholders and
      directors thereof.

     

    4.7 Legal
      Compliance: GTHL is not in breach of any laws, ordinances, statutes,
      regulations, by-laws, orders or decrees to which GTHL is subject or which apply
      to it or any of its assets.

    

    4.8
      Tax
      Returns: All tax returns and reports of GTHL required by law to be filed prior
      to the date hereof have been filed and are true, complete and correct and all
      taxes and governmental charges have been paid.

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
 

    4.9
      Adverse Financial Events: GTHL has not experienced nor is it aware of any
      occurrence or event which has had or might reasonably be expected to have a
      material adverse effect on its financial condition.

    

    4.10
      Disputes, Claims and Investigations: There are no disputes, claims, actions,
      suits, judgments, investigations or proceedings outstanding or pending or to
      the
      knowledge of GTHL threatened against or affecting GTHL at law or in equity
      or
      before or by any federal, municipal or other governmental department,
      commission, board, bureau or agency.

    

    4.11
      Employee Liabilities: GTHL has no liability to former employees or any liability
      to any government authorities with respect to current or former
      employees.

    

    4.12
      No
      Conflicts or Agreement Violations: The execution, delivery and performance
      of
      this Agreement will not conflict with or be in violation of the Articles of
      Incorporation of GTHL or of any agreement to which GTHL is a party and will
      not
      give any person or company a right to terminate or cancel any agreement or
      right
      enjoyed by GTHL and will not result in the creation or imposition of any lien,
      encumbrance or restriction of any nature whatsoever in favor of a third party
      upon or against the assets of GTHL.

    

    4.13
      No
      Liens: That GTHL has not received a notice of any assignment, lien, encumbrance,
      claim or charge against the GTHL Shares.

    

    4.14
      Corporate Authority: The officers or representatives of GTHL executing this
      Agreement represent that they have been authorized to execute this Agreement
      pursuant to a resolution of the Boards of Directors and shareholders of GTHL.
      

    

    4.16
      Business of GTHL: GTHL is in the business of distribution of cell phone and
      cell
      phone related products and owns the assets and intellectual property listed
      in
      Schedule C attached hereto free of all encumbrances. The assets listed in
      Schedule C are all the assets used in the operation of GTHL’s business.

    

    4.17
      Operation: Until the Closing GTHL will continue to operate its business in
      the
      normal course and will not enter any material contracts or incur material
      obligations without the written consent of the Buyer. 

    

    5.
      REPRESENTATIONS AND WARRANTIES OF SHAREHOLDERS ALONE

    

    The
      Shareholders alone further represent and warrant to Buyer as follows with
      respect to the Buyer Shares:

    

    5.1 Financially
      Responsible: That they are financially responsible, able to meet their
      obligations and acknowledge that this investment will be
      speculative.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    5.2 Investment
      Experience: That they have had experience in the business of investments in
      one
      or more of the following: (i) investment experience with securities such as
      stocks and bonds; (ii) ownership of interests in partnerships, new ventures
      and
      start-up companies; (iii) experience in business and financial dealings; and
      that they can protect their own interests in an investment of this nature and
      they do not have an "Investor Representative", as that term is defined in
      Regulation D of the Securities Act of 1933 and do not need such an Investor
      Representative.

    

    5.3 Investment
      Risk: That they are capable of bearing the high degree of economic risks and
      burdens of this investment, including but not limited to the possibility of
      complete loss of all their investment capital and the lack of a liquid market,
      such that they may not be able to liquidate readily the investment whenever
      desired or at the then current asking price.

    

    5.4 Access
      to
      Information: That they have had access to the information regarding the
      financial condition of Buyer and they were able to request copies of such
      information, ask questions of and receive answers from Buyer regarding such
      information and any other information their desires concerning the Buyer Shares,
      and all such questions have been answered to their full
      satisfaction.

    

    5.5 Private
      Transaction: That at no time was were they presented with or solicited by any
      leaflet, public promotional meeting, circular, newspaper or magazine article,
      radio or television advertisement or any other form of general
      advertising.

    

    5.6 Investment
      Intent: The Buyer Shares are not being purchased with a view to or for the
      resale or distribution thereof and they have no present plans to enter into
      any
      contract, undertaking, agreement or arrangement for such resale or
      distribution.

    

    5.7 Due
      Diligence: That the Shareholders shall have completed a due diligence review
      of
      the affairs of Buyer and are satisfied with the results of that
      review.

    

    6.
      CLOSING, ESCROW HOLDER AND CONDITIONS TO CLOSING

    

    6.1 Exchange
      Closing: The closing of the share exchange as contemplated by this Agreement
      (the "Closing") shall take place at the offices of Anslow & Jaclin, LLP, 195
      Route 9 South, Suite 204 Manalapan, NJ 07726 or such other place as agreed
      by
      the parties at such time and place as may be agreed among by the parties, but
      in
      no event later than March 31, 2007.

    

    6.2 Closing
      Conditions: Prior to the Closing the following will be required:

    

    6.2.1. Delivery
      of GTHL Shares: The Shareholders shall deliver to Buyer the certificate or
      certificates representing the GTHL Shares, duly endorsed for transfer
      accompanied by a duly executed assignment of the GTHL Shares to Buyer. The
      Shareholders will deliver the GTHL Shares in escrow to Anslow & Jaclin, LLP,
      Attention Gregg Jaclin who will be instructed to hold the GTHL Shares in escrow
      on the terms set out in this Agreement pending Closing. 

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    If
      Closing does not occur as set out herein, Anslow & Jaclin, LLP are
      instructed and authorized to return the GTHL Shares to the Shareholders.

    

    6.2.2. Delivery
      of Buyer Shares: Buyer shall deliver to the Shareholders certificates
      representing the Buyer Shares registered in the names of the Shareholders as
      set
      forth in Schedule “A” to Anslow & Jaclin, LLP who will on Closing deliver
      the Buyer Shares to a representative of the Shareholders. If Closing does not
      occur as set out herein, Anslow & Jaclin, LLP are instructed and authorized
      to return the Buyer Shares to the Buyer. 

    

    

    6.2.3. Requisite
      Corporate Resolutions: Each party shall deliver to the other certified copies
      of
      resolutions from their respective Boards of Directors and shareholders
      authorizing the subject transaction.

    

    6.2.4. Satisfactory
      Completion of Due Diligence: GTHL shall deliver to the other written notice
      that
      it has completed its due diligence investigation and is satisfied with the
      results of such investigation.

    

    6.2.5. Audited
      financial statements of GTHL in US GAAP for the 2 years to the end of GHTL’s
      fiscal year end and unaudited statements for any quarters ending after the
      fiscal year end but prior to the Closing Date. GTHL agrees to provide these
      within 45 days of execution of this Agreement. 

    

    6.2.6. An
      8-K
      for filing with the SEC with registration statement level disclosure about
      the
      business and management of GTHL and the acquisition of GTHL by the Buyer, as
      prepared by the Buyer. GTHL and the Shareholders will provide full disclosure
      and assistance as requested by the Buyer and its advisors for the purpose of
      preparing such filing. 

    

    6.2.7.
       Closing
      by the Buyer of a private placement for a minimum of $500,000 in gross proceeds,
      which funds will be used in the development of the business of GTHL and for
      working capital.

    

    6.3 Close
      of
      Transaction: The subject transaction shall "close" upon the satisfaction of
      the
      above conditions.

    

    6.4 Notices:
      All notices given pursuant to this Agreement must be in writing and may be
      given
      by (1) personal delivery, or (2) registered or certified mail, return receipt
      requested, or (3) via facsimile transmission to the parties as set forth below.
      Any party hereto may by notice so given change its address for any future
      notices:

    

       
      If to Buyer:     Avalon
      Development Enterprises, Inc.

                    5113
      Central Avenue, 

    St.
      Petersberg, Florida 33710

    USA

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
 

    With
      a
      copy to:       Gregg
      E.
      Jaclin, Esq.

    Anslow
      & Jaclin, LLP 

    195
      Route
      9 South, Suite 204 

    Manalapan,
      NJ 07726

    Attention:
      Gregg Jaclin

    Tel:
      (732) 409-1212

    Fax:
      (732) 577-1188

    

    If
      to
      Company

                                and
      Shareholders     Room
      1802, North Tower, 

                                        Suntec
      Plaza, No. 197 

                                        Guangzhou
      Avenue North, 

                                        Guangzhou,
      PRC 510075

     

    7.
      COOPERATION, ARBITRATION, INTERPRETATION, MODIFICATION AND ATTORNEY
      FEES

    

    7.1
      Cooperation of Parties: The parties further agree that they will do all things
      necessary to accomplish and facilitate the purpose of this Agreement and that
      they will sign and execute any and all documents necessary to bring about and
      perfect the purposes of this Agreement.

    

    7.2
      Interpretation of Agreement: The parties agree that should any provision of
      this
      Agreement be found to be ambiguous in any way, such ambiguity shall not be
      resolved by construing such provisions or any part of or the entire Agreement
      in
      favor of or against any party herein, but rather by construing the terms of
      this
      Agreement fairly and reasonably in accordance with their generally accepted
      meaning.

    

    7.3
      Modification of Agreement: This Agreement may be amended or modified in any
      way
      at any time by an instrument in writing stating the manner in which it is
      amended or modified and signed by each of the parties hereto. Any such writing
      amending or modifying this Agreement shall be attached to and kept with this
      Agreement.

    

    7.4
      Attorney Fees: If any legal action or any arbitration or other proceeding is
      brought for the enforcement of this Agreement, or because of an alleged dispute,
      breach, default or misrepresentation in connection with any of the provisions
      of
      the Agreement, the successful or prevailing party shall be entitled to recover
      reasonable attorneys' fees and other costs incurred in that action or
      proceeding, in addition to any other relief to which it may be
      entitled.

    

    7.5
      Entire Agreement: This Agreement constitutes the entire Agreement and
      understanding of the parties hereto with respect to the matters herein set
      forth, and all prior negotiations, writings and understandings relating to
      the
      subject matter of this Agreement are merged herein and are superseded and
      canceled by this Agreement.

     

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
 

    7.6
      Counterparts: This Agreement may be signed in one or more
      counterparts.

    

    7.7
      Facsimile Transmission Signatures: A signature received pursuant to a facsimile
      transmission shall be sufficient to bind a party to this Agreement.

    

    7.8
      Accounting/Legal Fees:  Buyer
      hereby agrees to pay for any and all reasonable and necessary accounting and
      legal fees, including any audit required to comply with the filing requirements
      of the Securities and Exchange Commission.

    

    8.
      CONFIDENTIALITY AND STANDSTILL AGREEMENT

    

    8.1
       Confidentiality:
      The Shareholders and GTHL acknowledge that the Buyer is a public company and
      has
      an obligation to disclose all material information about its affairs. The
      Shareholders agree that they will not trade in the securities of the Buyer
      while
      in possession of, nor will they inform others of (except on a need to know
      basis), any non-disclosed material information about the Buyer.

    

    8.2 Standstill:
      The Shareholders and GTHL agree that they will not for a period of 90 days
      after
      execution hereof, negotiate with any party other than the Buyer as to the
      disposition or development of the Business. The parties may extend the term
      of
      this clause by mutual agreement.

     

    IN
      WITNESS WHEREOF, this Agreement is executed by the parties as of the date
      first-above written .  

     

    BUYER:

    

    AVALON
      DEVELOPMENT ENTERPRISES, INC,

    A
      Florida
      corporation 

    

    By
      /s/
      Allen Greenberg__________

    Allen
      Greenberg

    Its:
      President

    

    

    COMPANY:

    

    GLOBAL
      TELECOM HOLDINGS, LTD.,

    A
      British
      Virgin Islands corporation

    

    By:
      /s/
      Li
      Yankuan__________________

    Li
      Yankuan

    Its:
      President

     

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
 

    SHAREHOLDERS:

    

    GLOBAL
      TELECOM HOLDINGS LIMITED,
      

    a
      British
      Virgin Islands corporation, as Attorney-in-fact 

    

    By:
      /s/
      Li
      Yankuan _________________________

    Li
      Yankuan, its President

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    SCHEDULE
      “A”

    Allocation
      of Shareholders

    

    Total
      of
      39,817,500 shares to be issued as follows:

     

    

      
        	
                Li
                  Yankuan

              	
                12,343,424
                  

              
	
                Room
                  A, 1/F, Yue Fat Building, 87/91 Tai Po Road, Kowloon, Hong
                  Kong

              	 
	
                Chen
                  Haiying 

              	
                597,262
                  

              
	
                Room
                  A, 1/F, Yue Fat Building, 87/91 Tai Po Road, Kowloon, Hong
                  Kong

              	 
	
                Li
                  Hanguang

              	
                1,791,787
                  

              
	
                Room
                  A, 1/F, Yue Fat Building, 87/91 Tai Po Road, Kowloon, Hong
                  Kong

              	 
	
                Ni
                  Jingda

              	
                1,792,769
                  

              
	
                Apt
                  Dô29/FôA5Building,
                  Haojing Xuan, Regal Riviera, Yi Yuan Road, HaiZhu District, Guangzhou,
                  China

              	 
	
                Li
                  Zhikeng

              	
                1,791,787
                  

              
	
                Room
                  A, 1/F, Yue Fat Building, 87/91 Tai Po Road, Kowloon, Hong
                  Kong

              	 
	
                Li
                  Yanfen

              	
                1,791,787
                  

              
	
                Apt
                  Dô29/FôA5Building,
                  Haojing Xuan, Regal Riviera, Yi Yuan Road, HaiZhu District, Guangzhou,
                  China

              	 
	
                Wu
                  Linnian

              	
                1,393,613
                  

              
	
                Room
                  A, 1/F, Yue Fat Building, 87/91 Tai Po Road, Kowloon, Hong
                  Kong

              	 
	
                Fung
                  Sui

              	
                398,175
                  

              
	
                Room
                  A, 1/F, Yue Fat Building, 87/91 Tai Po Road, Kowloon, Hong
                  Kong

              	 
	
                Liang
                  Huiyi

              	
                796,350
                  

              
	
                Apt
                  Dô29/FôA5Building,
                  Haojing Xuan, Regal Riviera, Yi Yuan Road, HaiZhu District, Guangzhou,
                  China

              	 
	
                Henan
                  Huasheng Investment Limited

              	
                1,791,788
                  

              
	
                Apt
                  Dô29/FôA5Building,
                  Haojing Xuan, Regal Riviera, Yi Yuan Road, HaiZhu District, Guangzhou,
                  China

              	 
	
                Yan
                  Chendi

              	
                2,070,510
                  

              
	
                Room
                  904, No. 8, Hanzhong Road, Shanghai, China 200070

              	 
	
                Hui
                  Wan Sang

              	
                1,393,613
                  

              
	
                Rm
                  203, Siu Fat Ind. Bldg., 139-141 Wai Yip St, Kwun Tong, Kowloon,
                  Hong
                  Kong

              	 
	
                Kay
                  Choong Loon Stephen 

              	
                716,715
                  

              
	
                Rm
                  203, Siu Fat Ind. Bldg., 139-141 Wai Yip St, Kwun Tong, Kowloon,
                  Hong
                  Kong

              	 
	
                Investgold
                  Limited

              	
                1,393,613
                  

              
	
                Rm
                  203, Siu Fat Ind. Bldg., 139-141 Wai Yip St, Kwun Tong, Kowloon,
                  Hong Kong
                  

              	 
	
                Lee
                  Li

              	
                955,620
                  

              
	
                1B,
                  Block 1, Constellation Cove, 1 Hung Lam Drive, Tai Po, NT, Hong
                  Kong

              	 
	
                Chan
                  Chui Yin Ada

              	
                238,905
                  

              

      

    

     

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    

      
        	
                Flat
                  B, 20/F, Blk 1, Villa by the Park, Yuen Long, NT, Hong
                  Kong

              	 
	
                Wong
                  Chi Tat

              	
                238,905
                  

              
	
                Rm
                  6, 14/F, Siu Yin House, Siu Hong Court, Tuen Mun, NT, Hong
                  Kong

              	 
	
                Lee
                  Ming Michael

              	
                358,358
                  

              
	
                Rm
                  F, 10/F, Block 10, Laguna Verde, Hunghom, Kowloon, Hong
                  Kong

              	 
	
                Lun
                  Wen Lin

              	
                477,810
                  

              
	
                Rm
                  403, No. 18 Qiao Yi First Street, Tian He Bei Road, Guangzhou,
                  China

              	 
	
                Liang
                  Rui Yi

              	
                597,263
                  

              
	
                Rm
                  403, No. 18 Qiao Yi First Street, Tian He Bei Road, Guangzhou,
                  China

              	 
	
                Fintel
                  Group Limited

              	
                3,503,940
                  

              
	
                1507,
                  Greenland Commercial Land, 1258 Yuyuan Road, Shanghai China,
                  200050

              	 
	
                He
                  Junzhi

              	
                2,627,955
                  

              
	
                Rm
                  502, No. 34, 1280 Hualing Road, Shanghai, China, 200442

              	 
	
                Wu
                  Yiwen

              	
                250,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Yuan
                  Guanghui

              	
                125,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Peng
                  Lingling

              	
                175,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Hu
                  Zhihan

              	
                10,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Ma
                  Zhixin

              	
                17,236
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Xue
                  Yanfen

              	
                15,243
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                He
                  Qinger

              	
                17,136
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Zhao
                  Xiaowei

              	
                11,457
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Chen
                  Xiaoxian

              	
                11,457
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Wu
                  Zhaowei

              	
                11,457
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Chen
                  Qiuju

              	
                7,658
                  

              

      

    

     

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
 

    

      
        	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Liang
                  Siming

              	
                11,457
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Li
                  Ziyan

              	
                12,038
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Li
                  Xiaohong

              	
                5,678
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Song
                  Yanfang

              	
                5,778
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Xie
                  Xiaoping

              	
                5,778
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Deng
                  Bingzhao

              	
                7,500
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Chen
                  Shaolian

              	
                10,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Xiao
                  Jinghui

              	
                5,678
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Zhou
                  Yongkang

              	
                15,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Chen
                  Zhixiong

              	
                15,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Qin
                  Yingbo

              	
                10,000
                  

              
	
                Room
                  1802, North Tower, Suntec Plaza, No. 197 Guangzhou Avenue North,
                  Guangzhou, PRC 510075

              	 
	
                Total

              	
                39,817,500
                  

              

      

    

     

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    Schedule
      B

    Financial
      statement of Buyer as of September 30, 2006

    

    AVALON
      DEVELOPMENT ENTERPRISES, INC.

    Balance
      Sheet (Unaudited)

    September
      30, 2006

    

    
      	 	 	 	 
	
               

            	 	
               

            	 
	
              ASSETS

            	 	
               

            	 
	
              Current
                Assets:

            	 	
               

            	 
	
                  Cash
                & Cash Equivalents

            	 	
              $

            	
              2,111.63

            	 
	
                  Accounts
                Receivable

            	 	 	
              920.20
                

            	 
	
                  Employee
                Advances

            	 	 	
              499.77

            	 
	
              Total
                Current Assets

            	 	 	
              3,531.60
                

            	 
	
              Fixed
                Assets:

            	 	 	

            	 
	
                  Computer
&
                Office Equipment

            	 	 	
              14,289.29
                

            	 
	
                  Accumulated
                Depreciation

            	 	 	
              (13,714.07

            	
              )

            
	
              Total
                Fixed Assets

            	 	 	
              572.22
                

            	 
	
              TOTAL
                ASSETS

            	 	
              $

            	
              4,106.82

            	 
	
              LIABILITIES
                & STOCKHOLDERS' EQUITY

            	 	 	

            	 
	
              Liabilities

            	 	 	

            	 
	
                  Current
                Liabilities:

            	 	 	

            	 
	
                      Other
                Current Liabilities

            	 	 	

            	 
	
                          Accounts
                Payable

            	 	
              $

            	
              829.34

            	 
	
                          Accrued
                Payroll

            	 	 	
              499.77

            	 
	
                          Payroll
                Taxes Payable

            	 	 	
              130.80
                

            	 
	
                          Sales
                Tax Payable

            	 	 	
              62.91
                

            	 
	
                  Total
                Current Liabilities

            	 	 	
              1,522.82
                

            	 
	
              Total
                Liabilities

            	 	 	
              1,522.82
                

            	 
	
              Stockholders'
                Equity:

            	 	 	

            	 
	
                  Common
                Stock, $.01 par value, 75,000,000 shares

            	 	 	

            	 
	
                      authorized,
                1,494,000 shares issued & outstanding - 

            	 	 	

            	 
	
                      NOTE
                F

            	 	 	
              332.00
                

            	 
	
                  Paid
                in
                Capital

            	 	 	
              28,826.26
                

            	 
	
                  Retained
                Earnings

            	 	 	
              (26,574.26

            	
              )

            
	
              Total
                Stockholders' Equity

            	 	 	
              2,584.00
                

            	 
	
              TOTAL
                LIABILITIES & STOCKHOLDERS' EQUITY

            	 	
              $

            	
              4,106.82

            	 

    

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Schedule
      C

    

    Assets
      and Intellectual Property of Global Telecom

    

    

      As
        of November 30, 2006

      Rmb

    

     

     

     

    

      
        	
                1.

              	 	
                Cash:
                  

              	
                315,453.61

              
	
                2.

              	 	
                Bank
                  deposite: 

              	
                748.32

              
	
                3.

              	 	
                Accounts
                  Receivable:

              	
                4,355,642.35

              
	 	
                1)

              	
                Yangdong
                  Operation Department, Huizhou Branch of China Unicom

              	
                1,824,541.58

              
	 	
                2)

              	
                Guangzhou
                  YueShen Taiyang Network & Technology Co., Ltd

              	
                929,782.91

              
	 	
                3)

              	
                Mingfa
                  Operation Department, Zhongshan Branch of China Unicom

              	
                1,601,317.86

              
	
                4.

              	 	
                Other
                  accounts receivable:

              	
                1,109,957.13

              
	 	
                1)

              	
                South
                  Communication Equipment Factory

              	
                931,066.88

              
	 	
                2)

              	
                Tianhe
                  Changjiang Communication Industry Company

              	
                1,041,793.54

              
	 	
                3)

              	
                Baida
                  Net Communication

              	
                861,889.63

              
	 	
                4)

              	
                Dongshan
                  Zhongxun City

              	
                1,058,088.61

              
	 	
                5)

              	
                Yingyuan
                  Building

              	
                720,156.19

              
	 	
                6)

              	
                Huangpu
                  Store

              	
                127,920.90

              
	 	
                7)

              	
                Metro
                  Company

              	
                -290.96

              
	 	
                8)

              	
                Taicheng
                  Property Management

              	
                3,700.87

              
	 	
                9)

              	
                Xin
                  Yi Fang Company

              	
                125,000

              
	 	
                10)

              	
                Guangzhou
                  Guangxin Company

              	
                700

              
	 	
                11)

              	
                Ling
                  Yuan Xi Store

              	
                100,000

              
	 	
                12)

              	
                Guangzhou
                  YueShen Taiyang Network & Technology Co., Ltd

              	
                1,905,615.44

              
	 	
                13)

              	
                Withholding
                  Tax

              	
                -5,765,683.97

              
	
                5.

              	 	
                Advance
                  accounts

              	
                1,582,520

              
	 	
                1)

              	
                Huizhou
                  wangcai Cable Factory:

              	
                625,585.15

              
	 	
                2)

              	
                Jieyang
                  Morning Light Communication Cable Factory:

              	
                956,934.85

              
	
                6.

              	 	
                Inventory:

              	
                134,861.59

              
	
                7.

              	 	
                Fix
                  assets original value

              	
                1,215,759.79

              
	 	
                1)

              	
                5
                  cars

              	
                886,500

              
	 	 	
                ·  Toyota

              	
                148,900

              
	 	 	
                ·  ELANTRA

              	
                134,360

              
	 	 	
                ·  ELANTRA

              	
                135,400

              

      

    

     

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    

      
        	 	 	
                ·  Jetta

              	
                120,640

              
	 	 	
                ·  Passat

              	
                347,200

              
	 	
                2)

              	
                9
                  computers

              	
                112,200

              
	 	 	
                ·  One
                  SAMSUNG

              	
                7,200

              
	 	 	
                ·  Two
                  LG

              	
                12,640

              
	 	 	
                ·  Two
                  LEGEND

              	
                13,160

              
	 	 	
                ·  Four
                  IBM Luggable computers

              	
                79,200

              
	 	
                3)

              	
                5
                  electrographs:

              	
                39,675

              
	 	 	
                ·  canonôfour

              	
                36,000

              
	 	 	
                ·  Brother,
                  one

              	
                3,675

              
	 	
                4)

              	
                12
                  air-conditions

              	
                108,670

              
	 	 	
                ·  Kelong:5
                  pieces

              	
                49,300

              
	 	 	
                ·  Gree:4
                  pieces

              	
                44,400

              
	 	 	
                ·  Hualing:3
                  pieces

              	
                14,970

              
	 	
                5)

              	
                Office
                  equipment 

              	
                68,714.79

              
	 	 	
                ·  Conference
                  Table HY-A

              	
                12,000

              
	 	 	
                ·  office
                  table BD-L

              	
                8,800

              
	 	 	
                ·  office
                  table BD-MS6

              	
                6,300

              
	 	 	
                ·  office
                  table BD-M

              	
                6,000

              
	 	 	
                ·  office
                  table BD-S

              	
                3,800

              
	 	 	
                ·  a
                  set of filing cabinet

              	
                23,814.79

              
	 	 	
                ·  NP1215Canon
                  Copy machine

              	
                8,000THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY U.S. STATE
SECURITIES LAW. THEY MAY NOT BE OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT,
PLEDGE OR OTHERWISE UNLESS (I) IN COMPLIANCE WITH ALL SUCH LAWS AND (II) THE
CORPORATION HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS SATISFACTORY TO
THE CORPORATION, TO SUCH EFFECT. 

 

 

 

FOR VALUE RECEIVED, I hereby sell, assign and transfer unto ___________________________ 
_________________shares of the
Common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint _______________
attorney to transfer the said stock on the
books of New York Residential, Inc. with full power of substitution in the
premises. 

Dated: ____________________

______________________________________

(Signature)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]