Document:

SETTLEMENT AGREEMENT AND RELEASE AND WAIVER OF CLAIMS

      This Settlement Agreement and Release and Waiver of Claims (hereinafter
"Agreement") is entered into this the 13th day of June 2004 by and between
Modern Worldwide Internet & Multimedia Corp. ("MODERN") and World Information
Technology, Inc., a Taiwan corporation and World Information Technology, Inc., a
Nevada corporation collectively referred to as "WORLD".

      WHEREAS MODERN and WORLD entered into certain business dealings,
arrangements and promises; and

      WHEREAS, the parties prefer to avoid the uncertainties and expense of
litigation;

      NOW, THEREFORE, in consideration of all mutual promises contained herein,
it is agreed between MODERN and WORLD as follows:

      1. WAIVER OF ALL CLAIMS. For purposes of paragraph 1, WORLD shall include
its current and former officers, partners, principals, and business entities.
MODERN knowingly and voluntarily does hereby fully and generally release and
waive any and all claims and actions against WORLD up to the date of the signing
of this Agreement, including but not limited to, claims arising out of his
business relationship with WORLD that he may now have against WORLD regardless
of whether the claims are known or unknown, accrued or unaccrued, or discovered
or not yet discovered. This full and general release and waiver includes, but is
not limited to all events, actions and inactions of WORLD. MODERN expressly
acknowledges and agrees that this release and waiver includes, but is not
limited to, claims or lawsuits arising under any federal or state statute or
local ordinance or any common law cause of action including, without limitation,
claims for breach of contract, breach of the covenant of good faith and fair
dealing, unpaid wages, negligence, gross negligence, negligent hiring, training,
retention and supervision, assault, battery, intentional infliction of emotional
distress, wrongful or unlawful discharge, defamation, fraud, deceit, or
misrepresentation, or claims of personal injury. This Agreement bars any claim
or demand for loss or damages of any kind, including costs, attorneys' fees or
other expenses.

      MODERN warrants and represents that he has not assigned any of his claims
against WORLD. Moreover, any such claims (assigned or unassigned) are hereby
waived and released by MODERN.

      MODERN knowingly and voluntarily does fully and generally release and
waive any and all actions and claims against WORLD including but not limited to,
claims arising out of any prior business dealings, contracts, agreements or any
other causes of action with WORLD regardless of whether the claims are known or
unknown, accrued or unaccrued, or discovered or not yet discovered.

                                       1
<PAGE>

      2. COVENANT NOT TO SUE. MODERN agrees that he will not bring forward any
claims against WORLD promises that he will not sue WORLD concerning any claim
that he might now have against WORLD, including, but not limited to, any claims
relating to his association with World Information Technology, Inc.

      3. COMPLETE BAR TO RECOVERY. MODERN agrees that with respect to the claims
that he is waiving herein, he is waiving not only his right to recover money or
other relief in any action that he might institute, but also that he is waiving
any right to recover money or other relief in any action that might be brought
on his behalf by any other person, entity, or agency, or any other federal,
state or local government agency or department.

      4. CONSIDERATION. In exchange for MODERN'S release and waiver of any and
all claims against WORLD, MODERN hereby transfers 1,550,000 shares of common
stock in WORLD (represented by certificate numbers 2453, 3582, 2580 and 2581
which it received from JYN Seng International Technology Ltd on December 5,
2003) to WORLD for WORLD'S cancellation from it's issued and outstanding shares
and all other promises MODERN has made herein (including, but not limited to,
those relating to confidentiality) WORLD agrees to hereby transfer the 22.5%
equity position that it holds in MODERN. MODERN shall retain ownership of
Certificate number 3637 representing 1,829,868 common shares of WORLD.

The above mentioned parties agree to keep all terms of this agreement
confidential and not to disclose any terms herein unless compelled to do so by
subpoena or Court of law.

MODERN acknowledges that the transfer of the consideration provided to WORLD or
on WORLD"S behalf pursuant to this Agreement constitutes adequate and ample
consideration for: (1) this Agreement; (2) MODERN's waiver of all claims as
provided herein; and (3) any other promises made by WORLD in this Agreement.
MODERN acknowledges that the payment of this sum includes all costs and
attorney's fees and is all that he is entitled to receive from WORLD as
settlement of any and all claims of any kind that he may now have against WORLD.

      5. ENCOURAGEMENT TO CONSULT ATTORNEY, TIME TO CONSIDER AGREEMENT. MODERN
is hereby encouraged to consult his attorney before signing this Agreement.
MODERN acknowledges that he has consulted his attorney before signing this
Agreement. In addition, MODERN acknowledges that he has had a reasonable amount
of time within which to consider this Agreement.

      6. CONFIDENTIALITY. MODERN agrees and understands that the circumstances
surrounding this Agreement are absolutely confidential. MODERN agrees not to
disclose or discuss this Agreement, the circumstances related thereto, or any
information regarding the existence or substance of this Agreement to anyone
except to an attorney or accountant with whom MODERN chooses to consult
regarding his execution of this Agreement. It is MODERN's obligation to advise
his attorney and accountant of the confidential nature of this Agreement and not
to discuss the terms of this Agreement with any other person. MODERN agrees not
to disparage WORLD to any person or entity, and specifically agrees that he will
not say anything that would adversely affect the business interests of WORLD.
WORLD agrees not to disparage MODERN to any person or entity, and specifically
agrees that they will not say anything that would adversely affect the business
interests of MODERN.

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<PAGE>

      WORLD also agrees to keep this Agreement confidential and will not
disclose or discuss this Agreement, the circumstances related thereto, or any
information regarding the existence or substance of this Agreement with anyone
outside the Company, except for legitimate business purposes including but not
limited to US public reporting requirements.

      7. BREACH OF AGREEMENT. If either party to this Agreement breaches the
promises set forth in this Agreement, the other party will be responsible to pay
all costs and attorney's fees incurred.

      8. NO ADMISSION OF WRONGDOING OR LIABILITY. MODERN agrees that neither
this Agreement nor the furnishing of any consideration under this Agreement
shall be construed as an admission by WORLD of any liability or unlawful
conduct.

      9. TAX IMPLICATIONS OF SETTLEMENT AND INDEMNIFICATION OF WORLD. MODERN
agrees and acknowledges that he bears the sole responsibility for paying any and
all federal, state or local income and employment taxes including, but not
limited to, Social Security and Medicare taxes ("FICA" and "FUTA") on any sums
paid to him or on his behalf under this Agreement. Accordingly, MODERN
understands and agrees that should the Internal Revenue Service ("IRS") or any
other state or local taxing authority or other federal, state or local agency
assert, argue or determine that any money received or paid pursuant to this
Agreement is taxable wages, income, or benefits of any kind,. MODERN will be
solely responsible for the payment of any and all taxes, contributions or
withholding that he may owe on such sums, including, but not limited to, any
related attorneys' fees, interest costs, penalties, or other charges related to
the collection of such taxes. MODERN will indemnify and/or reimburse WORLD (and
any of his assigns or other representatives ) for any and all taxes,
contributions, and withholdings that are owed (or claimed to be owed) by MODERN
on the settlement amount, regardless of whether MODERN ultimately pays such owed
or claimed amounts on his behalf. MODERN will also indemnify WORLD from any and
all costs, interest, penalties, and attorney's fees paid or owed by WORLD as a
result of any claim made by any federal, state or local agency for such unpaid
taxes, penalties, costs, interest, fees, or contributions that allegedly are
owing as a result of the amounts paid to MODERN under this Agreement.

      10. EFFECTIVE DATE. This Agreement becomes effective and enforceable upon
execution by MODERN and WORLD.

      11. ENTIRE AGREEMENT. This Agreement sets forth the entire agreement
between MODERN and WORLD and shall supersede any and all prior agreements,
representations, or understandings, whether written or oral, between the
parties, except as otherwise specified in this Agreement. MODERN acknowledges
that he has not relied on any representations, promises, or agreements of any
kind made to him in connection with his decision to sign this Agreement except
for those set forth in this Agreement.

      12. AMENDMENT. This Agreement may not be amended except by written
agreement signed by both parties.

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<PAGE>

      13. GOVERNING LAW, SEVERABILITY, AND INTERPRETATION. This Agreement shall
be governed and construed in accordance with the laws of the State of New York.
If a court of competent jurisdiction declares any provision of this Agreement
illegal or unenforceable, and if it cannot be modified to be enforceable, such
provision shall immediately become null and void, leaving the remainder of this
Agreement in full force and effect.

      14. EXECUTION. The person signing on behalf of each party expressly
warrants and represents that he or she is duly authorized by the appropriate
corporate party or individual to enter into this Agreement.

HAVING ELECTED TO EXECUTE THIS AGREEMENT AND TO FULFILL THE PROMISES SET FORTH
HEREIN, MODERN FREELY AND KNOWINGLY, AND AFTER DUE REFLECTION, ENTERS INTO THIS
AGREEMENT INTENDING TO WAIVE, SETTLE, AND RELEASE WORLD OF ANY AND ALL CLAIMS
THEY HAD, NOW HAS, OR MAY HAVE AGAINST WORLD, UP TO THE DATE OF THE SIGNING OF
THIS AGREEMENT. THE OFFICER KNOWINGLY AND VOLUNTARILY EXECUTES THIS AGREEMENT ON
MODERN'S BEHALF AND ALSO ON BEHALF OF ANY OF MODERN'S HEIRS, AGENTS,
REPRESENTATIVES, SHAREHOLDERS, SUCCESSORS AND ASSIGNS THAT HE MIGHT HAVE NOW OR
IN THE FUTURE. MODERN SPECIFICALLY ACKNOWLEDGES THAT THEY HAVE READ THIS
AGREEMENT AND THAT THEY UNDERSTANDS THE TERMS AND CONDITIONS OF THIS AGREEMENT.
IN WITNESS WHEREOF, MODERN AND WORLD HAVE EXECUTED THIS SETTLEMENT AGREEMENT AND
PREFORMED A RELEASE AND WAIVER OF CLAIMS AND TRANSFERRED FAIR CONSIDERATION FOR
THIS AGREEMENT.

                                        "MODERN"
                                        MODERN WORLDWIDE INTERNET &
                                        MULTIMEDIA CORP.

                                        By:
                                        ----------------------------------------

                                        "WORLD"
                                        WORLD INFORMATION TECHNOLOGY, INC.,
                                        A TAIWAN CORPORATION

                                        By:
                                        ----------------------------------------

                                        AND

                                        WORLD INFORMATION TECHNOLOGY, INC.,
                                        A NEVADA CORPORATION

                                        By:
                                        ----------------------------------------

                                       4SETTLEMENT AGREEMENT AND RELEASE AND WAIVER OF DEBT

      This Settlement Agreement and Release and Waiver of Claims (hereinafter
"Agreement") is entered into this the 24th day of June 2004 by and between JNY
Seng International Technology, LTD ("JNY Seng"); Kuo Yu-Yen (""YU-YEN"); and
World Information Technology, Inc., a Taiwan corporation and World Information
Technology, Inc., a Nevada corporation ("WRLT") collectively referred to as
"WORLD".

      WHEREAS YU-YEN, JNY Seng and WORLD entered into certain business dealings,
arrangements and promises;

      WHEREAS, JYN Seng owns 4,500,000 shares of common shares of WRLT (the
"Shares"), the balance of it's ownership remaining from the "Common Stock
Exchange Agreement" dated June 4, 2004 between it and WORLD, and agrees to
transfer the Shares to WRLT as consideration for WORLD'S promises contained in
this Agreement related to YU-YEN,

      WHEREAS, as of this date, the Company's directly-owned subsidiary,
International YU-YENful Shopping Mall, had receivables of $1,775,997 from YU-YEN
(the "Debt"), its shareholder. This amount was advanced to this shareholder to
seek a potential investment opportunity during 2003 and YU-YEN is obligated to
repay these sums back to WORLD but has no capability to do so and is relying on
the Shares of JNY Seng as consideration for such repayment;

      WHEREAS, YU-YEN and JNY Seng are related parties and JNY Seng derives
benefit from YU-YEN being released from the Debt and

      WHEREAS, the parties prefer to avoid the uncertainties and expense of
litigation;

      NOW, THEREFORE, in consideration of all mutual promises contained herein,
it is agreed between YU-YEN, JYN Seng and WORLD as follows:

      1. WAIVER OF CLAIMS. WORLD knowingly and voluntarily does hereby release,
discharge and waive the Debt of YU-YEN. YU-YEN expressly acknowledges and agrees
that this release and waiver is limited to the Note.

      YU-YEN knowingly and voluntarily does fully and generally release and
waive any and all actions and claims against WORLD including but not limited to,
claims arising out of any prior business dealings, contracts, agreements or any
other causes of action with WORLD regardless of whether the claims are known or
unknown, accrued or unaccrued, or discovered or not yet discovered.

      2. COVENANT NOT TO SUE. YU-YEN agrees that he will not bring forward any
claims against WORLD promises that he will not sue WORLD concerning any claim
that he might now have against WORLD, including, but not limited to, any claims
relating to his association with World Information Technology, Inc.

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<PAGE>

      3. COMPLETE BAR TO RECOVERY. YU-YEN agrees that with respect to the claims
that he is waiving herein, he is waiving not only his right to recover money or
other relief in any action that he might institute, but also that he is waiving
any right to recover money or other relief in any action that might be brought
on his behalf by any other person, entity, or agency, or any other federal,
state or local government agency or department.

      4. CONSIDERATION. In exchange for WORLD'S release of the Debt of YU-YEN,
JNY Seng hereby transfers 3,500,000 shares of common stock in WORLD (represented
by certificate numbers 2588, 2589, 2590, 2593, 2594, 2595, 2596, 2597, 2598,
2599. 2600, 2601, 2602, 2603, 2604, 2605 and 2606 to WORLD for WORLD'S
cancellation from it's issued and outstanding shares and all other promises
YU-YEN an JNY Seng has made herein (including, but not limited to, those
relating to confidentiality) WORLD agrees to discharge the Debt.

The above mentioned parties agree to keep all terms of this agreement
confidential and not to disclose any terms herein unless compelled to do so by
subpoena or Court of law.

YU-YEN and JNY Seng acknowledge that the transfer of the consideration provided
to WORLD or on WORLD"S behalf pursuant to this Agreement constitutes adequate
and ample consideration for: (1) this Agreement; (2) YU-YEN and JNY Seng waiver
of all claims as provided herein; and (3) any other promises made by WORLD in
this Agreement. YU-YEN and JNY Seng acknowledge that the payment of this sum
includes all costs and attorney's fees and is all that he is entitled to receive
from WORLD as settlement of any and all claims of any kind that he may now have
against WORLD.

      5. ENCOURAGEMENT TO CONSULT ATTORNEY, TIME TO CONSIDER AGREEMENT. YU-YEN
and JNY Seng are hereby encouraged to consult his attorney before signing this
Agreement. YU-YEN and JNY Seng acknowledge that each has consulted their
attorney before signing this Agreement. In addition, YU-YEN and JNY Seng
acknowledge that he has had a reasonable amount of time within which to consider
this Agreement.

      6. CONFIDENTIALITY. YU-YEN and JNY Seng agree and understand that the
circumstances surrounding this Agreement are absolutely confidential. YU-YEN and
JNY Seng agree not to disclose or discuss this Agreement, the circumstances
related thereto, or any information regarding the existence or substance of this
Agreement to anyone except to an attorney or accountant with whom YU-YEN and JNY
Seng chooses to consult regarding his execution of this Agreement. It is YU-YEN
and JNY Seng's obligation to advise his attorney and accountant of the
confidential nature of this Agreement and not to discuss the terms of this
Agreement with any other person. YU-YEN and JNY Seng agree not to disparage
WORLD to any person or entity, and specifically agree that he will not say
anything that would adversely affect the business interests of WORLD. WORLD
agrees not to disparage YU-YEN or JNY Seng to any person or entity, and
specifically agrees that they will not say anything that would adversely affect
the business interests of YU-YENor JNY Seng.

      WORLD also agrees to keep this Agreement confidential and will not
disclose or discuss this Agreement, the circumstances related thereto, or any
information regarding the existence or substance of this Agreement with anyone
outside the Company, except for legitimate business purposes including but not
limited to US public reporting requirements.

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<PAGE>

      7. BREACH OF AGREEMENT. If either party to this Agreement breaches the
promises set forth in this Agreement, the other party will be responsible to pay
all costs and attorney's fees incurred.

      8. NO ADMISSION OF WRONGDOING OR LIABILITY. YU-YEN and JNY Seng agree that
neither this Agreement nor the furnishing of any consideration under this
Agreement shall be construed as an admission by WORLD of any liability or
unlawful conduct.

      9. TAX IMPLICATIONS OF SETTLEMENT AND INDEMNIFICATION OF WORLD. YU-YEN and
JNY Seng agree and acknowledge that they bear the sole responsibility for paying
any and all federal, state or local income and employment taxes including, but
not limited to, Social Security and Medicare taxes ("FICA" and "FUTA") on any
sums paid to him or on his behalf under this Agreement. Accordingly, YU-YEN and
JNY Seng understand and agree that should the Internal Revenue Service ("IRS")
or any other state or local taxing authority or other federal, state or local
agency assert, argue or determine that any money received or paid pursuant to
this Agreement is taxable wages, income, or benefits of any kind,. YU-YEN and
JNY Seng will be solely responsible for the payment of any and all taxes,
contributions or withholding that he may owe on such sums, including, but not
limited to, any related attorneys' fees, interest costs, penalties, or other
charges related to the collection of such taxes. YU-YEN and JNY Seng will
indemnify and/or reimburse WORLD (and any of his assigns or other
representatives ) for any and all taxes, contributions, and withholdings that
are owed (or claimed to be owed) by YU-YEN and JNY Seng on the settlement
amount, regardless of whether YU-YEN ultimately pays such owed or claimed
amounts on his behalf. YU-YEN and JNY Seng will also indemnify WORLD from any
and all costs, interest, penalties, and attorney's fees paid or owed by WORLD as
a result of any claim made by any federal, state or local agency for such unpaid
taxes, penalties, costs, interest, fees, or contributions that allegedly are
owing as a result of the amounts paid to YU-YEN and JNY Seng under this
Agreement.

      10. EFFECTIVE DATE. This Agreement becomes effective and enforceable upon
execution by YU-YEN, JNY Seng and WORLD.

      11. ENTIRE AGREEMENT. This Agreement sets forth the entire agreement
between YU-YEN JNY Seng and WORLD and shall supersede any and all prior
agreements, representations, or understandings, whether written or oral, between
the parties, except as otherwise specified in this Agreement. YU-YEN and JNY
Seng acknowledges that he has not relied on any representations, promises, or
agreements of any kind made to him in connection with his decision to sign this
Agreement except for those set forth in this Agreement.

      12. AMENDMENT. This Agreement may not be amended except by written
agreement signed by both parties.

      13. GOVERNING LAW, SEVERABILITY, AND INTERPRETATION. This Agreement shall
be governed and construed in accordance with the laws of the State of New York
and Taiwan. If a court of competent jurisdiction declares any provision of this
Agreement illegal or unenforceable, and if it cannot be modified to be
enforceable, such provision shall immediately become null and void, leaving the
remainder of this Agreement in full force and effect.

      14. EXECUTION. The person signing on behalf of each party expressly
warrants and represents that he or she is duly authorized by the appropriate
corporate party or individual to enter into this Agreement.

                                       3
<PAGE>

HAVING ELECTED TO EXECUTE THIS AGREEMENT AND TO FULFILL THE PROMISES SET FORTH
HEREIN, YU-YEN AND JNY SENG FREELY AND KNOWINGLY, AND AFTER DUE REFLECTION,
ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE, AND RELEASE WORLD OF ANY
AND ALL CLAIMS THEY HAD, NOW HAS, OR MAY HAVE AGAINST WORLD, UP TO THE DATE OF
THE SIGNING OF THIS AGREEMENT. THE OFFICER KNOWINGLY AND VOLUNTARILY EXECUTES
THIS AGREEMENT ON YU-YEN AND JNY SENG'S BEHALF AND ALSO ON BEHALF OF ANY OF
YU-YEN AND JNY SENG'S HEIRS, AGENTS, REPRESENTATIVES, SHAREHOLDERS, SUCCESSORS
AND ASSIGNS THAT HE MIGHT HAVE NOW OR IN THE FUTURE. YU-YEN AND JNY SENG
SPECIFICALLY ACKNOWLEDGES THAT THEY HAVE READ THIS AGREEMENT AND THAT THEY
UNDERSTANDS THE TERMS AND CONDITIONS OF THIS AGREEMENT. IN WITNESS WHEREOF,
YU-YEN AND JNY SENG AND WORLD HAVE EXECUTED THIS SETTLEMENT AGREEMENT AND
PREFORMED A RELEASE AND WAIVER OF CLAIMS AND TRANSFERRED FAIR CONSIDERATION FOR
THIS AGREEMENT.

                                        "YU-YEN"
                                        KUO YU-YEN

                                        By:
                                           -------------------------------------

                                        AND

                                        "JNY Seng"
                                        JNY SENG INTERNATIONAL TECHNOLOGY, LTD

                                        By:
                                           -------------------------------------

                                        "WORLD"
                                        WORLD INFORMATION TECHNOLOGY, INC.,
                                        A TAIWAN CORPORATION

                                        By:
                                           -------------------------------------

                                        AND

                                        WORLD INFORMATION TECHNOLOGY, INC.,
                                        A NEVADA CORPORATION

                                        By:
                                           -------------------------------------

                                       4
<PAGE>

                 ACTION IN WRITING BY THE BOARD OF DIRECTORS OF
                       WORLD INFORMATION TECHNOLOGY, INC.

The undersigned, being Board of Directors of World Information Technology, Inc.,
a Nevada Corporation and World Information Inc., a Taiwan Corporation (the
"Corporation or Company"), do hereby approve these actions by this instrument in
writing in accordance with the laws of the State of Nevada and Taiwan,
respectfully.

      The Settlement Agreement and Release and Waiver of Debt entered into the
      24nd day of June 2004 by and between Kuo Yu-Yen ("YU-YEN"), JNY Seng
      International Technology LTD ("JNY Seng") and the Corporation. In exchange
      for YU-YEN'S release of debt and waiver of any and all claims against the
      Company, JNY Seng has transferred 3,500,000 shares of common stock in the
      Company to Company for our cancellation from the issued and outstanding
      shares and all other promises YU-YEN and JNY Seng have made therein
      (including, but not limited to, those relating to confidentiality) the
      Company has agreed to discharge $1,775,997.00 of debt owing to the
      Company. The Board herby authorizes and directs our Officers to implement
      this agreement with YU-YEN and JNY Seng including the return and the
      cancellation of the 3,500,000 shares of Company stock from the issued and
      outstanding on the Company's books. The agreement is attached hereto and
      incorporated herein.

Executed and Agreed.

                                        WORLD INFORMATION TECHNOLOGY, INC.
                                        A TAIWAN COMPANY

                                        Signatures of Directors:

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                                        WORLD INFORMATION TECHNOLOGY, INC.
                                        A NEVADA COMPANY

                                        Signatures of Directors:

                                                               date
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                                       5

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