Document:

EXHIBIT 10.7

                                LICENSE AGREEMENT
                                -----------------

AUDIO  MPEG, INC., a corporation organized under the laws of the Commonwealth of
Virginia,  with  an  office  at  2800 Shirlington Road, Suite 325, Arlington, VA
22206,  U.S.A.  ("Audio  MPEG");  SOCIETA'  ITALIANA  PER  LO  SVILUPPO
DELL'ELETTRONICA,  S.I.SV.EL., S.P.A., a corporation organized under the laws of
Italy,  with  headquarters  in  Via  Castagnole,  59,  I-10060  None (TO), Italy
("SISVEL"); and S-CAM CO., LTD., a corporation organized under the laws of Korea
with  headquarters  in  #303,  3rd  floor Gyeonggi Venture Center, Suwon Center,
1017,  Ingye-dong,  Paldal-gu,  Suwon, Gyeonggi-do, 442-270, Korea ("LICENSEE"),
agree  as  follows:

WHEREAS:
--------

     A.  Koninklijke  Philips  Electronics  N.V.  (Groenewoudseweg 1, NL 5600 MD
Eindhoven,  The  Netherlands),  U.S. Philips Corporation (100 East 42nd St., New
York,  NY  10070), France T l com and T l diffusion de France acting through the
France  T  l  com R&D (38-40 rue du G n ral Leclerc, F-92794 Issy-Les-Moulineaux
Cedex  09,  France),  BRW  (Bayerische  Rundfunkwerbung  GmbH,  Arnulfstra e 42,
D-80335  M nchen, Germany) and IRT (Institut f r Rundfunktechnik GmbH, Floriansm
hlstra  e 60, D-80939 M nchen, Germany) (the "Rights Holders") are the owners of
the  patents  listed  in  Enclosures  1  and  2;

     B.  Audio  MPEG  has the exclusive right to grant non-exclusive licenses to
third  parties  under  the  US  patent rights listed in Enclosure 1 for Licensed
Products  (as  hereinafter  defined);

     C.  SISVEL has the exclusive right to grant non-exclusive licenses to third
parties  under the patent rights listed in Enclosure 2 for Licensed Products (as
hereinafter  defined);

     D.  LICENSEE  and  its  Controlled  Companies  (as hereinafter defined) are
interested  in  acquiring  a non-transferable, non-assignable, and non-exclusive
license  under  the  patent  rights  listed  in  Enclosures  1  and  2;

     E.  Audio  MPEG  is  willing  to  grant  to  LICENSEE  a  non-transferable,
non-assignable,  and  non-exclusive license under the US patent rights listed in
Enclosure  1;

     F.  SISVEL  is  willing  to  grant  to  LICENSEE  a  non-transferable,
non-assignable,  and non-exclusive license under the patents listed in Enclosure
2.

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                       ARTICLE 1.  DEFINITIONS/ENCLOSURES

1.01  "Effective  Date"  shall  mean  January  1st,  2005.

     1.02  "Licensed  Products"  shall  mean  any  consumer  electronics product
sufficiently assembled to be suitable for sale to or use by an end user, covered
by  at  least  one  claim  of  the patent rights listed in Enclosure 1 or 2, and
conforming  to  the  ISO/IEC  11172-3 or ISO/IEC 13818-3.  For example, Licensed
Products  include,  but are not limited to, any hardware for transmitting and/or
receiving and/or storing and/or reproducing audio signals such as set-top boxes,
sound  boards  for  computers,  and  MP3 players, regardless of whether they are
standing  alone  or  incorporated in other products such as cellular telephones,
computers,  home  theatres, multimedia players, boom-boxes, car audio radios, or
DVD  players  with  MP3  capabilities,  which  conform to the ISO/IEC 11172-3 or
ISO/IEC  13818-3.  However,  "Licensed Products" shall not include: (a) Products
or  part  of  products  which make use of optical record carriers (and including
such carriers), such as CD, Video-CD and DVD, only carrying records in standards
other  than  MP3;  (b)  High-definition  TV  products  according  to  the "Grand
Alliance"  standard  as  provided  by  ACATS on December 7, 1994, and any of its
amendments  and/or  extensions;  (c)  products,  methods,  and/or services which
conform  to  the DAB (Digital Audio Broadcast) Standard or any of its amendments
and/or  extensions;  (d)  components,  such  as,  but not limited to, integrated
circuit  chips  or  chip  sets,  subsystem  circuit  boards (which are not PC or
TV-cards  sold  to  end-users), unless when sold to end-users to be incorporated
into  or used in combination with other products in a form that would constitute
an end user consumer electronic product, including, but not limited to, products
sold  in  kit  form.

     1.03  "US  Patents"  shall  mean  the United States patent rights listed in
Enclosure  1  to  this  Agreement,  and  any  divisional, continuation, reissue,
reexamination,  or  extension  thereof.

     1.04  "Non-US Patents" shall mean those patent rights listed in Enclosure 2
to  this Agreement, and any divisional, continuation, reissue, reexamination, or
extension  thereof.

     1.05  "Logo"  shall mean the MPEG Audio logo, as reproduced in Enclosure 5.

     1.06  "Controlling Interest" means, in case of a corporation to own, at any
time  during  the  term  of this Agreement, directly or indirectly, an amount of
that  number of shares thereof representing the right to elect a majority of the
directors  of  the  corporation or persons performing a similar function; and in
the case of any other kind of business organization, it means direct or indirect
ownership  or  control,  at  any  time during the term of this Agreement, of the
capital  thereof,  or  other  interest  therein,  by  or  through which LICENSEE
exercises,  or

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<PAGE>
has  the  power  to  exercise, in any manner, directly or indirectly, control or
direction  thereof.

     1.07 "Controlled Company" means (i) any company, including any legal entity
similar  to  a  corporation, and more generally enterprises or any other kind of
business  organizations  of  which,  on  Effective  Date or after Effective Date
LICENSEE  has  a  Controlling  Interest;  (ii)  any company, including any legal
entity  similar  to  a  corporation, and more generally enterprises or any other
kind of business organizations, which, on Effective Date or after Effective Date
is  directly  or  indirectly  under a Controlling Interest of the same entity as
LICENSEE;  and  (iii)  the  companies listed in Enclosure 3.  A company shall be
considered a Controlled Company only for the time a Controlling Interest exists.
LICENSEE  will  provide an organization chart of all of the Controlled Companies
to  SISVEL and Audio MPEG on or before LICENSEE's signature and within one month
of  any  changes  in  the  identity  or  structure  of the Controlled Companies.

ARTICLE  2.  GRANT  OF  RIGHTS

     2.01  Provided that the compensation under Article 4.01(a) and the Addendum
of  this Agreement has been paid, and the bank guarantee under Article 16.03 and
Enclosure  6  infra  has  been provided to SISVEL and Audio MPEG: (i) Audio MPEG
grants LICENSEE and its Controlled Companies a non-transferable, non-assignable,
non-exclusive  license,  with  no  right to sublicense, under the US Patents, to
make,  have  made,  use,  import,  sell,  offer to sell, or otherwise dispose of
Licensed  Products  in  the  United  States; (ii) SISVEL grants LICENSEE and its
Controlled  Companies a non-transferable, non-assignable, non-exclusive license,
with  no right to sublicense, under the Non-US Patents, to make, have made, use,
import,  sell,  offer  to sell, or otherwise dispose of Licensed Products in all
countries  of  the  world  other  than  the  United  States.

     2.02  LICENSEE,  for  itself and its Controlled Companies, acknowledges and
agrees  that the license granted in Article 2.01 is limited to Licensed Products
sold  or  otherwise  disposed  of  solely  for  private, non-professional use by
consumers for licensed contents and no rights or licenses are granted under this
Agreement  for  professional  uses  of  Licensed  Products.

     2.03  No  rights  are  granted under this Agreement for product features or
functions that, although covered by the US Patents and/or Non-US Patents, do not
conform  to  the  ISO/IEC  11172-3  or  ISO/IEC  13818-3.

     2.04  No  rights  granted  under  this  Agreement  extend to any product or
process, conforming to the ISO/IEC 11172-3 or ISO/IEC 13818-3 and covered by the
US  Patents  and/or  Non-US  Patents,  merely  because  it  is  used  or sold in
combination  with  a  product  licensed  under  this  Agreement.

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<PAGE>
                         ARTICLE 3.  SCOPE OF PROTECTION

     3.01  Audio  MPEG  and  SISVEL  each  represent  and  warrant  that:

     (1)  The Rights Holders are the sole and exclusive owners of the US Patents
and  Non-US  Patents;  Audio  MPEG  has the right to grant licenses under the US
Patents;  and  SISVEL  has the right to grant licenses under the Non-US Patents.

     (2) Audio MPEG and SISVEL each have the right, power and authority to enter
into  this  Agreement  on behalf of the Rights Holders and to grant LICENSEE and
its  Controlled  Companies  the  rights,  and  privileges  herein  set  forth.

     3.02  Nothing  in  this  Agreement shall be construed as: (i) a warranty or
representation by Audio MPEG and/or SISVEL as to the validity or scope of any of
the US Patents and Non-US Patents; or (ii) a warranty or representation by Audio
MPEG  and/or  SISVEL that anything made, used, imported, offered for sale, sold,
or  otherwise disposed of under any license granted in this Agreement is or will
be  free  from  infringement  of  patents  different  from  the  ones  listed in
Enclosures  1  and  2.

     3.03  LICENSEE  represents and warrants that it has the right to enter into
this  Agreement  with  Audio  MPEG and SISVEL on its behalf and on behalf of its
Controlled  Companies.

                             ARTICLE 4. COMPENSATION

     4.01  In  consideration  of  the licenses and rights granted to LICENSEE by
Audio  MPEG and SISVEL under respectively the US Patents and the Non-US Patents,
LICENSEE  shall  pay:

     (a)  a  non-refundable, non-recoupable sum of five thousand US Dollars (US$
5,000)  as  an  entrance  fee;  and

     (b)  a  royalty  as  specified in the following royalty schedule of Article
4.02  and  4.03  for  each  Licensed  Product.

     4.02  The  royalty  for  each calendar year shall be based on the number of
Licensed  Products manufactured, used, sold, offered for sale, imported, leased,
or  otherwise  disposed  of by LICENSEE and its Controlled Companies during each
calendar  year  starting  from  and

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including the year of the Effective Date of this Agreement. The royalty for each
calendar  year  shall  be  calculated  as  follows:

<TABLE>
<CAPTION>

<S>                                     <C>
Number of single mono channels in
Licensed Products per calendar year     Royalty payment
--------------------------------------  -------------------------------
On those from 1 to 800,000              US$0.30 per single mono channel
--------------------------------------  -------------------------------
On those from 800,001 to 4,000,000      US$0.20 per single mono channel
--------------------------------------  -------------------------------
On those from 4,000,001 to 8,000,000    US$0.18 per single mono channel
--------------------------------------  -------------------------------
On those from 8,000,001 to 12,000,000   US$0.16 per single mono channel
--------------------------------------  -------------------------------
On those from 12,000,001 to 20,000,000  US$0.14 per single mono channel
--------------------------------------  -------------------------------
On those exceeding 20,000,000           US$0.10 per single mono channel
--------------------------------------  -------------------------------
</TABLE>

     The above table of royalties is to be understood according to the following
example.  If,  for  instance,  800,001  single mono channels are produced in one
calendar  year  the  royalty  payment  for  that year is US$ 240,000.20. If, for
instance,  28,000,000 single mono channels are produced in one calendar year the
royalty  payment  for that year is US$ 4,160,000.00. No more than three channels
will  be  charged  for  any  single  multi-channel  sound  representation.

     Notwithstanding  the  foregoing,  with respect to the payments of royalties
for  the  licenses  granted  under this Agreement for LICENSEE'S activities from
Effective Date until five years after the Effective Date, LICENSEE will not have
to  pay  a  cumulative  amount  higher  than  US Dollars twenty-two million five
hundred thousand (US$ 22,500,000.00) for the royalties due under this Agreement.

     4.03  LICENSEE  shall divide every sum due according to Article 4.02 by the
total  number  of  channels licensed for that specific period and shall multiply
the  result  by:

     (a)  the number of channels manufactured, used, sold, or otherwise disposed
of  in  the United States for that same period. That is the amount that LICENSEE
shall  pay  to  Audio  MPEG;

     (b)  the  number  of  channels  exclusively  manufactured,  used,  sold, or
otherwise  disposed  of  in  countries different from the United States for that
same  period.  That  is  the  amount  that  LICENSEE  shall  pay  to  SISVEL.

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<PAGE>
     4.04  If  LICENSEE  purchases  Licensed Products from a third party that is
licensed  to manufacture and sell Licensed Products under the US Patents and the
Non-US  Patents,  and  such third party has fulfilled its obligations under such
license, then LICENSEE shall have no royalty obligation under this Agreement for
such  Licensed  Products  purchased from such third party. The Licensed Products
for which LICENSEE has no royalty obligation according to this Article 4.04 will
not  be  considered  when  calculating  the royalty due by LICENSEE according to
Article  4.02 above, but they need to be listed in the royalty statements as per
Article  5.03  below. If LICENSEE purchased products from an entity which either
is  not  licensed  under the US Patents and Non-US Patents or is in default of a
license  agreement  under  the  US  Patents and Non-US Patents, LICENSEE has the
obligation  to pay royalties for such products according to the general terms of
this  Agreement until this unlicensed party has entered into a license agreement
under  the  US  Patents  and  the  Non-US  Patents  and  has  cured any default.

                   ARTICLE 5.  PAYMENTS AND ROYALTY STATEMENT

     5.01  The  payment  according  to  Article  4.01(a)  is  due  to  SISVEL on
LICENSEE's  signature.

     5.02  The  payments  according  to Article 4.01(b) are due within one month
from the end of each calendar quarter beginning with the calendar quarter of the
Effective  Date  of  this  Agreement. The royalties accrued during each calendar
quarter  will  be  due  within  one month from the end of that calendar quarter.

     5.03  LICENSEE  shall,  within  one  month  after  the end of each calendar
quarter, render to both Audio MPEG and SISVEL a full royalty statement according
to  the  form shown in Enclosure 4, including: (a) the total number of units and
channels  of  Licensed  Products manufactured, used, imported, sold, offered for
sale,  leased,  or  otherwise  disposed  of  by  LICENSEE  and/or its Controlled
Companies  in  the preceding calendar quarter licensed under this Agreement; for
each  shipment  of  those  Licensed  Products,  the  model  number sold, a brief
description  of the product (i.e. DVD/MP3 player), the brand or trademark on the
product,  the  name of the customer, the country of destination, the name of the
manufacturer,  the  country  of  manufacture, the number of units, the number of
channels;  and  the total amount due for that calendar quarter; (b) the name and
the  address of any entity not licensed under the US Patents and Non-US Patents,
and what quantity of units and channels of Licensed Products were purchased from
or  sold  to such entity; (c) the total number of units and channels of Licensed
Products that LICENSEE and/or its Controlled Companies purchased from or sold to
a  third  party  licensed  under  the  US  Patents and the Non-US Patents in the
preceding  calendar  quarter, and, for each shipment of those Licensed Products,
the model number sold, a brief description of the product (i.e. DVD/MP3 player),
the  brand or trademark on the product, the name of the customer, the country of
destination,  the  name  of  the  manufacturer,  the country of manufacture, the
number  of  units,  and  the  number  of

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channels;  (d)  the  name  and  the  address of any entity licensed under the US
Patents  and Non-US Patents, and what quantity of units and channels of Licensed
Products  were  purchased  from  or sold to such entity. For each of the reports
under  (a)  and  (c)  above, LICENSEE will specifically state (1) the quantities
manufactured,  used,  sold,  imported,  or  otherwise  disposed of in the United
States  and the corresponding amount due to Audio MPEG, including any applicable
withholding  tax  as per Article 5.07 below and the resulting net amount paid to
Audio  MPEG;  and  (2)  the  quantities  exclusively  manufactured,  used, sold,
imported, or otherwise disposed of in countries different from the United States
and the corresponding amount due to SISVEL, including any applicable withholding
tax  as  per  Article  5.07  below  and the resulting net amount paid to SISVEL.
LICENSEE  shall  render  to  both  Audio  MPEG and SISVEL the above full royalty
statement  both  in  paper and in electronic format to be sent via e-mail to the
addresses  MPEG-reporting@sisvel.it  and  MPEG-reporting@audiompeg.com.

     5.04  Licensed  Products  shall  be  deemed  made,  sold,  used, leased, or
otherwise  disposed  of,  as the case may be, when invoiced or, if not invoiced,
when shipped to a party other than LICENSEE or a Controlled Company of LICENSEE.

     5.05  Payments  to  Audio  MPEG are to be made in US$ (US Dollars) to Audio
MPEG's  bank  account  at Wachovia Bank N.A., Roanoke, VA, 24040-7314, Account #
2000014031911, Routing # 051400549, S.W.I.F.T. PNBPUS33. Audio MPEG reserves the
right  to  change  such  account.

     5.06 Payments to SISVEL are to be made in US$ (US Dollars) to SISVEL's bank
account  at  UNICREDIT  BANCA  D'IMPRESA, Filiale 8368, Via Stazione 11, I-10060
None (TO), Italy, Account N. 248.60.82, ABI 03226, CAB 01004 (IBAN IT 46 L 03226
01004  000002486082),  S.W.I.F.T.  UNCRIT2V. SISVEL reserves the right to change
such  account.

     5.07  Any  payment to Audio MPEG or SISVEL which is not made on the date(s)
specified  herein,  shall  accrue  interest  at the rate of one percent (1%) per
month  (or  part  thereof).

     5.08 If any payment under this Agreement is subject to a withholding tax by
LICENSEE's country and such tax (i) is required to be withheld from such payment
by  LICENSEE hereunder and (ii) is permitted to be withheld from such payment to
Audio  MPEG or SISVEL under an applicable tax convention, the amount of such tax
shall  be deducted from the payment by LICENSEE. LICENSEE shall promptly provide
Audio  MPEG  or SISVEL, depending on to which of the two the reduced payment was
made,  with  the proper tax certificate to obtain the corresponding tax credits.
Should  LICENSEE  fail  to  send  such a proper tax certificate within three (3)
months  from  the  date  of  the  original  payment,

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<PAGE>
LICENSEE  will  immediately transfer to Audio MPEG or SISVEL, depending on which
of  the  two received the reduced payment, the amount withheld from the original
payment  without  any  withholding of any sort.  All payments in favor of SISVEL
under  this  agreement  are  net  of any due Italian VAT (I.V.A.), therefore, if
LICENSEE  is  an  entity organized under the laws of Italy, the due VAT (I.V.A.)
must  be  added  to  any payment to SISVEL as provided for by the laws of Italy.

     5.09  Any  bank charges including those relating to the bank guarantee will
be  borne  by LICENSEE and will not be deducted by any payment made by LICENSEE.

                    ARTICLE 6.  AUDITING OF ROYALTY STATEMENT

     6.01 LICENSEE and its Controlled Companies shall keep complete and accurate
books  and  records,  including,  but not limited to, all production, purchases,
stocks,  deliveries,  and  sales records, and shall keep these books and records
available  for  at  least  a period of five (5) years following the manufacture,
sale  or  other  disposal  of  each  Licensed  Product.

     6.02  To  verify  the  accuracy  and completeness of the royalty statements
provided  for  in  Article 5, Audio MPEG and SISVEL shall each have the right to
audit  all  the above mentioned books and records of LICENSEE and its Controlled
Companies  from  time to time. Any such audit shall take place no more than once
per calendar year unless a prior audit during that year revealed a shortfall and
shall  be conducted by a public certified auditor appointed by Audio MPEG and/or
SISVEL.  Audio  MPEG  and/or  SISVEL, depending on what the case might be, shall
give  LICENSEE  written notice of such audit at least five (5) days prior to the
audit.  LICENSEE  shall  willingly co-operate and provide all such assistance in
connection  with  such audit as Audio MPEG and/or SISVEL and/or the auditors may
require.  The  audit  shall  be conducted at Audio MPEG and/or SISVEL's expense.
However,  in the event that LICENSEE has failed to submit any royalty statements
by their due date, as per Article 5 above, in respect of the period to which the
audit  relates, or in the event that a shortfall exceeding three percent (3%) of
the  amounts due is established, all costs connected to the audit, including for
example the preparation of the audit report, shall be borne by LICENSEE, without
prejudice  to  any  other  claim  or remedy as Audio MPEG and/or SISVEL may have
under  this Agreement or under applicable law. In addition to paying the royalty
for  any  established shortfall, in the event that the audit will establish that
there  is  a  discrepancy or error exceeding three percent (3%) of the number of
channels  of  Licensed Products declared, LICENSEE agrees to pay US$ 0.50 (fifty
cents)  per  channel  of  Licensed  Products  exceeding  the  number of channels
included  in  the  original statement in addition to the royalties and interests
due  under  this  Agreement to partially reimburse Audio MPEG and SISVEL for the
administrative  costs which LICENSEE understands occur to monitor this Agreement
for  non-compliance.

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<PAGE>
     6.03  SISVEL  and  Audio  MPEG's  right  to  audit the books and records of
LICENSEE  and  its Controlled Companies will continue to be available for SISVEL
and  Audio  MPEG  for  five  (5)  years  past  the term of this Agreement or any
termination  of  this  Agreement.

                               ARTICLE 7.  MARKING

     7.01 If requested by Audio MPEG or SISVEL, LICENSEE shall place appropriate
patent  markings  on  an  exposed surface of the Licensed Products. The content,
form,  location  and  language used in such markings shall be in accordance with
the  laws  and  practices  of  the  country  where  such  markings  are  used.

     7.02  LICENSEE  shall  provide  adequate notice throughout the distribution
chain  of Licensed Products concerning all limitations on the rights granted for
such Licensed Products under this Agreement, including written notification that
(a)  the  use  of  Licensed  Products under this Agreement is limited to private
non-professional  use  by  consumers  for  licensed  contents; (b) no rights are
granted  for  professional  use;  and (c) no rights granted under this Agreement
extend  to  any unlicensed product or process used or sold in combination with a
product  licensed  under  this  Agreement.

                             ARTICLE 8.  ASSIGNMENT

     8.01  This Agreement shall inure to the benefit of and be binding upon each
of  the parties hereto and their respective assignees. It may not be assigned in
whole  or  in  part  by LICENSEE without the prior written consent of both Audio
MPEG  and  SISVEL.

                        ARTICLE 9.  TERM OF THE AGREEMENT

     9.01  The  Agreement  shall  be  effective on the Effective Date, and shall
remain  in  force  for  a period of five (5) years from the Effective Date. Upon
expiration  of  this  five  (5)  years term the Agreement shall be automatically
extended  for  an additional period of five (5) years, unless terminated six (6)
months  prior  to  the  expiry  of  the five (5) years term by written notice by
LICENSEE  or  unless  terminated  earlier  in  accordance with the provisions of
Article  10  below.

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<PAGE>
                            ARTICLE 10.  TERMINATION

     10.01 In the event one party fails to perform any material obligation under
this  Agreement,  any  of  the other parties may terminate this Agreement at any
time by means of written notice to the other party specifying the nature of such
failure.  Such  termination shall be effective thirty (30) days after receipt of
the  notice  if  the  breaches  are not cured by then. Such right of termination
shall  not  be  exclusive of any other remedies or means of redress to which the
non-defaulting  party  may  be lawfully entitled, and all such remedies shall be
cumulative.  Any  such termination shall not affect any royalty or other payment
obligations  under  this  Agreement  accrued  prior  to  such  termination.

     10.02  Audio  MPEG  and  SISVEL may jointly or independently terminate this
Agreement  forthwith by means of notice in writing to LICENSEE in the event that
a  creditor  or  other  claimant  attempts to take possession of, or a receiver,
administrator  or  similar  officer  is  appointed  over  any  of  the assets of
LICENSEE,  or in the event that LICENSEE pledges its assets or otherwise seek to
make  or  makes  any voluntary arrangement with its creditors or seek protection
from  any court or administration order pursuant to any bankruptcy or insolvency
law,  or  takes  other  actions  indicating  impending  financial  difficulties.

     10.03  Audio  MPEG  and  SISVEL  shall  have  the  right  to  jointly  or
independently  terminate  this  Agreement  forthwith  or  to  revoke the license
respectively granted under any of the US Patents and Non-US Patents in the event
that  LICENSEE  or any of its Controlled Companies, directly or indirectly (e.g.
via  its  customers  and/or  suppliers)  brings a lawsuit or other proceeding to
contest  the  validity  or enforceability of any of the US Patents and/or Non-US
Patents.

     10.04  Audio  MPEG  and  SISVEL may jointly or independently terminate this
Agreement  forthwith  by  means  of  notice  in writing to LICENSEE in the event
LICENSEE  and/or its Controlled Companies breach Article 5, Article 6 or Article
15.

     10.05  LICENSEE  and its Controlled Companies represent and warrant that at
the time of termination or expiration of this Agreement for any reason, LICENSEE
and  its  Controlled  Companies  shall  immediately cease the manufacture, sale,
importation  or  any  other disposition of Licensed Products. Should LICENSEE or
any  of  its  Controlled Companies breach the above representation by failing to
cease  the  manufacture,  sale, importation or any other disposition of Licensed
Products  after  termination or expiration of this Agreement, LICENSEE agrees to
pay  a  penalty  in  the  amount of US Dollars ten (US$ 10.00) for each Licensed
Products  manufactured,  sold, imported or disposed of by LICENSEE or any of its
Controlled  Companies  after  termination or expiration of this Agreement. As an
exception  to

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<PAGE>
immediate  cessation,  Licensed  Products  that  are already manufactured at the
termination/expiration  date, and are included by LICENSEE and/or its Controlled
Companies  in  a  royalty  statement  forwarded  to  Audio  MPEG  and  SISVEL in
accordance  with  Article 5.03 above, and for which a royalty has been paid, may
be sold provided that LICENSEE and its Controlled Companies agree in writing not
to  oppose any proceedings that they be enjoined from any other activity if they
do  not  immediately  cease.

     10.06  Should  LICENSEE  breach Articles 4 and 5 of the Agreement by either
not providing SISVEL and Audio MPEG with a royalty statement by its due date, or
failing  to  pay the royalties due to SISVEL and Audio MPEG by the due date, any
Licensed  Products  manufactured,  put  into  use,  imported,  sold,  leased, or
otherwise  disposed  of  after the end of the last period for which LICENSEE has
both  provided SISVEL and Audio MPEG with a royalty statement in accordance with
Articles  4.02  and 5.02 above by its due date and paid to SISVEL and Audio MPEG
the corresponding royalties due according to Articles 4.02 and 5.02, will not be
covered  by  the licenses granted under Article 2.01 above, until LICENSEE cures
all of its breaches under the Agreement and SISVEL and Audio MPEG acknowledge in
writing  that all those breaches have been cured. Should LICENSEE breach Article
6  and  the  Addendum  to  this  Agreement, by refusing or obstructing the audit
according  to Article 6, Licensed Products manufactured, put into use, imported,
sold,  leased,  or  otherwise disposed of after the day SISVEL or Audio MPEG has
notified  LICENSEE  of  this  breach will not be covered by the Licenses granted
under  Article  2.01  above,  until LICENSEE cures all of its breaches under the
Agreement  and  SISVEL  and  Audio  MPEG  acknowledge  in writing that all those
breaches  have  been  cured. In both of the above cases in this Article 10.06 in
which  LICENSEE  is  in breach of this Agreement: (i) SISVEL and Audio MPEG will
have  the  right to communicate the fact that such products are not licensed and
to  exclude  the  name of LICENSEE and its Controlled Companies from any list of
companies  licensed  under  the  US Patents and Non-US Patents in good standing;
(ii)  LICENSEE  and its Controlled Companies will not have the right to claim to
be  licensed  under  the  US  Patents and Non-US Patents without specifying that
LICENSEE  is  in  breach  of  the  Agreement and therefore their products are no
longer  covered  by  the license granted under this Agreement, and LICENSEE will
not  actively  or passively communicate that it is licensed under the US Patents
and Non-US Patents. LICENSEE will ensure that each agreement, contract, invoice,
or  other  sales  document  under  which  the  products are sold will specify in
writing as a term of such sale that products are not licensed and remain subject
to  patent  rights of Audio MPEG and SISVEL if LICENSEE fails to render to Audio
MPEG  and  SISVEL  royalties and royalty statements in a full and timely manner.

                     ARTICLE 11.  MOST FAVORABLE CONDITIONS

     11.01  In  the event that a license under the US Patents and Non-US Patents
as per Article 2.01 is granted by Audio MPEG and/or SISVEL for Licensed Products
to  a  third  party  under

                                       11
<PAGE>
conditions  identical  to  those  granted under this Agreement, but at a royalty
rate  more  favorable than the royalty rate in this Agreement, LICENSEE shall be
entitled  to  the  same royalty rate as applicable to such third party, provided
always  that  this  provision  shall  not  apply  in  respect  to  cross-license
agreements  or  other  agreements  providing  for  a  consideration which is not
exclusively  based  on  payment  of  royalties  and  further  provided that this
provision  shall  not  apply  in  respect to licenses or other arrangements made
pursuant  to  a court decision or the settlement of a dispute between Audio MPEG
and/or SISVEL and a third party, irrespective of the nature of such dispute, the
terms  of  the  court decision or the settlement terms, including any amount due
for  damages  for  past  infringement.

     11.02  The  term  "third  party"  as used in this Article shall not include
companies  or other legal entities related to Audio MPEG and/or SISVEL or any of
the  Rights  Holders.

                                ARTICLE 12.  LOGO

     12.01  For  the  term  of this Agreement and subject to the full and timely
performance  and  observance by LICENSEE of all its undertakings and obligations
hereunder,  LICENSEE  and  its Controlled Companies shall be entitled to use the
Logo  enclosed  in  Enclosure  5  on  the  Licensed  Products,  as  well  as  in
advertisements  and  sales  literature  for  Licensed Products, sold by LICENSEE
and/or its Controlled Companies in accordance with the instructions laid down in
Enclosure  5.

     12.02  LICENSEE  acknowledges and agrees that Audio MPEG and SISVEL make no
warranty  whatsoever  that any use of the Logo will be free from infringement of
any  intellectual  property  rights.

                           ARTICLE 13.  COMMUNICATION

     13.01  Any  communication  relating to this Agreement shall be made, in the
English  language,  to  the  following  addresses:

                                       12
<PAGE>
<TABLE>
<CAPTION>

<S>                          <C>                    <C>
for Audio MPEG:              for SISVEL:            for LICENSEE:

AUDIO MPEG, INC.             S.I.SV.EL., S.P.A.     S-CAM CO., LTD.
Gen. Richard I. Neal (Ret.)  Ing. Sandro Spina      Mr. Jason Kim
2800 Shirlington Road        Via Castagnole, 59     #303, 3rd floor Gyeonggi Venture
Suite 325                    I-10060 None (TO)      Center, Suwon Center,
Arlington, VA   22206        Italy                  1017 Ingye-dong, Paldal-gu
U.S.A.                                              Suwon, Gyeonggi-do, 442-270
                                                    Korea
Fax:  +1-703-820-4531        Fax: +39-011-9863725   Fax: +82-31-329-8729
</TABLE>

     13.02  Any  change  of  address  shall be effective in respect to the other
party  after  that  it  has  been communicated and received by fax or registered
mail,  postage  prepaid.

     13.03  If  mailed, the date of mailing of the communication shall be deemed
to  be the date on which such notice, request or communication has been received
by  the  addressee.

                     ARTICLE 14.  MODIFICATION AND ADDITIONS

     14.01  Any modification of or addition to this Agreement and its Enclosures
shall  be  made  in  written  form.

                      ARTICLE 15.  DISCLOSURE AND PUBLICITY

     15.01  LICENSEE  and  its  Controlled  Companies,  Audio  MPEG,  and SISVEL
acknowledge  and  agree that, during the term of this Agreement and for a period
of  three  (3)  years  after the last to expire of the US Patents and the Non-US
Patents,  they shall not disclose to any third party any information relating to
the terms and conditions of this Agreement. Each party may announce or otherwise
disclose  the  fact  that  this Agreement has been signed, and that there are no
legal  or  administrative  actions  pending  between  the  parties,  but not the
substance of the understanding between the parties, including but not limited to
monetary compensation. This Agreement may however, if necessary, be disclosed to
any  judicial  or  other  governmental  authority to which disclosure is legally
required.

                                       13
<PAGE>
                         ARTICLE 16. GENERAL PROVISIONS

     16.01  LICENSEE  shall  be  considered  directly  responsible  for  any
infringement and/or non-performance of any provision of this Agreement by itself
and/or  by  any  of  its  Controlled  Companies.

     16.02  Controlled  Companies  shall  not  be  considered  third  party
beneficiaries under this Agreement and shall have no right to enforce any of the
provisions  hereof  against Audio MPEG and/or SISVEL. Controlled Companies' sole
rights  and  remedies  shall  be  against  LICENSEE.

     16.03  As an assurance of fulfillment of its obligations under the terms of
this  Agreement,  including  payment of amounts due under the Agreement by their
due  date,  submission  of royalty statements by their due date, compliance with
the  audit procedures according to Article 6 above, LICENSEE will provide SISVEL
and Audio MPEG with a continuing bank guarantee from a first class international
bank  according  to  the  form  shown  in  Enclosure  6  on or before LICENSEE's
signature.  SISVEL and Audio MPEG will have independently the right to call such
bank  guarantee  each time LICENSEE should fail to fulfill its obligations under
the  terms  of  this  Agreement,  including  payment  of  amounts  due under the
Agreement by their due date, submission of royalty statements by their due date,
compliance  with  the audit procedures according to Article 6 above.  Any amount
drawn  from  the  bank  guarantee  will  not  be considered as a full or partial
fulfillment  of  any  obligations of LICENSEE under the terms of this Agreement,
including the not fulfilled obligations for which the bank guarantee was called.

     16.04  On  or before LICENSEE's signature, LICENSEE will provide Audio MPEG
and  SISVEL  with an organization chart showing the relationship of LICENSEE and
all  Controlled  Companies.  LICENSEE  represents  and  warrants  that  such
organization  chart  is  accurate  and  will  appropriately  authenticate  the
organization  chart. Should additional Controlled Companies arise and make, have
made,  use,  import,  sell,  offer  to  sell,  or  otherwise dispose of Licensed
Products,  such  additional  Controlled  Companies  will  automatically become a
LICENSEE  under  the  Agreement. Within thirty (30) days of any such activities:
(a)  LICENSEE will inform Audio MPEG and SISVEL of such activities; (b) LICENSEE
will  have such additional Controlled Companies execute a license agreement with
Audio MPEG and SISVEL on the same terms as this Agreement; and (c) LICENSEE will
provide  Audio  MPEG and SISVEL with an updated authenticated organization chart
showing  the  relationship  of  LICENSEE  and  all  Controlled  Companies.  Such
additional entities and all entities who are a LICENSEE under the Agreement will
be  liable  jointly  and severally for any payments due under this Agreement for
Licensed  Products  made,  have  made, used, imported, sold, offered to sell, or
otherwise  disposed  of  at  any  time  by  LICENSEE  and  Controlled Companies.

                                       14
<PAGE>
                           ARTICLE 17.  MISCELLANEOUS

     17.01  This  Agreement  sets  forth  the entire agreement and understanding
between  the parties as to the subject matter hereof and supersedes and replaces
all  prior  arrangements,  discussions  and  understandings  between the parties
relating  thereto.

     17.02  All  definitions  and  Enclosures  form  an  integral  part  of this
Agreement.

     17.03  This  Agreement is in the English language and 3 (three) copies have
been executed. Audio MPEG, SISVEL, and LICENSEE shall receive 1 (one) copy each.

     17.04  Should any provision of this Agreement be finally determined void or
unenforceable  in  any  judicial proceeding, such determination shall not affect
the  operation  of the remaining provisions hereof. In such event, to the extent
possible,  such  void  or  unenforceable provision shall be conformed to a valid
provision  closest  to  the  intended  effect  of  the  invalid or unenforceable
provision.

                           ARTICLE 18.  APPLICABLE LAW

     18.01  This  Agreement  shall  be governed by, interpreted and construed in
accordance  with  the  laws  of  Germany.

                            ARTICLE 19.  JURISDICTION

     19.01  Any  disputes  arising  between  the  parties  under  this Agreement
(including  any  question  regarding its existence, validity or termination) not
resolved between or among the parties shall be litigated in the court located in
Mannheim,  Germany, and the parties agree not to challenge personal jurisdiction
in this forum. However, in case Audio MPEG and/or SISVEL is the plaintiff, Audio
MPEG  and/or  SISVEL  may at their sole discretion alternatively submit any such
dispute to the competent courts in the venue of LICENSEE's registered office, or
to  any  of  the  competent  courts  where  LICENSEE's  Licensed  Products  are
manufactured,  used,  sold,  leased  or  otherwise  disposed.

                                       15
<PAGE>
     AS  WITNESS,  the parties hereto have caused this Agreement to be signed on
the  date  first  written  below.

<TABLE>
<CAPTION>

<S>                             <C>                       <C>
Audio MPEG, Inc.                S.I.SV.EL., S.p.A.        S-Cam Co., Ltd.

By: \S\ Richard Neal            By: \s\ Sandro Spina      By: \s\ Jason Kim

Name: Gen. Richard Neal (Ret.)  Name: Ing. Sandro Spina   Name: Mr. Jason Kim

Date: 5-12-2005                 Date: 5-12-2005           Date: 5-12-2005

</TABLE>

                                       16
<PAGE>EXHIBIT 10.9

The  bank  shall  explain  the  key contents of this contract and distribute the
copies  of  this  contract and the bank's standard contract of loan transaction.

CONTRACT  OF  LOAN  (LIMIT)  TRANSACTION

-------
Revenue
Stamp
-------

To  Korea  Exim  Bank                              Date   2003.  03.

Name                             (Sign)
      ---------------------------------
Address:

  I  understand  that  in the loan transaction with Korea Exim Bank (hereinafter
referred to as the "Bank") according to the conditions hereinafter, the standard
contract  of  loan  transaction  will be applied. I duly recognize the following
articles.

ARTICLE  1  CONDITIONS  OF  TRANSACTION

  The  conditions  of  transaction  are  as  follows.

  (In  the  event  there  are  multiple choices, please listen to the employee's
explanation  and  place  an  "x"  mark  inside  the  appropriate  "[  ]")

                                        1
<PAGE>
<TABLE>
<CAPTION>

<S>              <C>
Loan subject     Comprehensive export funds
(Loan type)      (Import fund loan on deeds)
---------------  --------------------------------------------------------------------------------
                 [x] Limit transaction
Transaction      [ ] Revolving credit transaction
classification   [ ] Spent credit transaction
---------------  --------------------------------------------------------------------------------
Loan(limit)      [ ] In the range of four hundred thousand USD ($400,000 US)
Amount           [ ]
---------------  --------------------------------------------------------------------------------
Purpose of
fund             Purchase of facility materials
---------------  --------------------------------------------------------------------------------
Loan (limit
transaction)     [x] From commencement of loan within 2 years
period           [ ] From     to
---------------  --------------------------------------------------------------------------------
Interest
rate             Percentage per annum decided by Korean Exim Bank
---------------  --------------------------------------------------------------------------------
Arrears
Compensation
interest         Percentage per annum decided by Korean Exim Bank
---------------  --------------------------------------------------------------------------------
Calculation      A. Won currency : 365 days considered as 1 year, interest is calculated
of interest      on a daily basis.
and arrears      B. Foreign currency : 360 days consiered as 1 year, interest is
compensation     calculated on a daily basis.
---------------  --------------------------------------------------------------------------------
                 Independent loan amount is decided hereinafter for each transaction.
Independent      [ ] Amount required for production within ( ) % of balance of
loan amount      amount already received subtracted from contract fee of export
(applies to      contract, export credit market or product supply contract
limit            [ ] Within ( ) % of import fee or pre-import fee
transaction)     [ ] Miscellaneous :
---------------  --------------------------------------------------------------------------------
Independent      [ ] On each independent loan, within the period from
loan period      initial loan date ( ) plus ( ) days
(applies to      [ ] On each independent loan, within the period from initial
limit            loan date plus ( ) months
transaction)     [ ] Miscellaneous:
---------------  --------------------------------------------------------------------------------
                 [ ] Execute the whole amount on commencement of loan
                 [ ] Part  execution after confirmation of the bank of asset purpose and required
                     amount based on documentary evidence and spot goods
Method of        [ ] Execute as required by the customer with preset credentials
loan             [ ] Miscellaneous:
execution            (                                                         )
---------------  --------------------------------------------------------------------------------
                 [ ] Repayment of                       within expiry of loan
                 [ ] Repayment of the whole amount on expiry of loan. Installment
                 repayment is possible with the bank's approval.
                 [ ] First repayment after        (   ) months, installment
                 repayment for (  ) according to installment repayment date chart
                 [ ] Defer payment for ( ) years ( ) months after commencement,
                 installment repayment afterwards according to installment repayment date chart.
                 [ ] Miscellaneous:
                     (                                                         )
                 [ ] Any bank deposit repayments through ATMs or electronic banking
Method of        means after bank business hours may not be recorded as being repaid
repayment        on the day
---------------  --------------------------------------------------------------------------------
                 [ ] Initial interest will be paid within ( ) months of commencement,
                 latter interests will be paid within ( ) months of the day after
                 final calculation of paid interest
                 [ ] Paid according to a separate installment repayment date chart
Time and         [ ] Miscellaneous
method of            (                                                         )
interest         [ ] Any bank deposit repayments through ATMs or electronic banking
payment and      means after bank business hours may not be recorded as being repaid
method           on the day
---------------  --------------------------------------------------------------------------------
</TABLE>

                                        2
<PAGE>
1.  In the event interests, installment payment or installment payment principal
and  interest  is  not  paid by the due date, arrears compensation shall be made
according  to  the  amount  that  was  to  be  paid.

2.  In  the  event  the  debt is not discharged at the expiry of the loan or the
interest  of  the  expiry  date  lost  according  to  standard  contract of loan
transaction  Article  7 (including standard contract of loan transaction Article
9,  redemption  debt  of  discount  bill),  arrears  compensation  shall be made
according  to  the  amount  of  loan  remaining.

ARTICLE  3  SPENDING  AND  REVOLVING  MAINTENANCE  OF  LIMIT  TRANSACTION

1. For spending, application for each independent loan will be made within range
confirmed  through  documentary  evidence  of asset purpose and the amount spent
(such  as  trade  contract)  and  is  not  greater than the loan limit amount in
Article 1 that is the sum of applied loan and the total of each independent loan
(including  approved  amount  not  withdrawn) until the date of application. The
bank  may  confirm  this  and  approve  of  it  at  its  own  discretion.

2.  For  revolving,  application  for  each independent loan will be made within
range  confirmed  through  documentary  evidence of asset purpose and the amount
spent  (such as trade contract) and is not greater than the loan limit amount in
Article  1  that  is  the  sum  of  applied  loan  and  the loan balance of each
independent  loan  (including  approved  amount not withdrawn) until the date of
application.  The bank may confirm this and approve of it at its own discretion.

3. In the event of repayment through revolving, the loan amount limit within the
loan  limit  transaction  period  in  Article 1 will be revived as to the repaid
amount.  The  same  is  not  true  for  spending  type.

ARTICLE  4  INDEPENDENT  LOAN  INTEREST  RATE  FOR  LIMIT  TRANSACTION
For  limit transaction, the independent loan interest rate for limit transaction
is  decided  by  the  clauses  hereinafter.

1. Loan interest rate for fixed interest loan (including added interests) : Loan
interest  rate  on  the  date  of  application  of  independent  loan  approval

2. Loan interest rate for variable interest loan : Standard interest rate is the
standard interest rate for corresponding initial date of interest, added rate at
the  added  rate  of  date  of  approval  of  loan.

ARTICLE  5  TOTAL  AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT REPAYMENT DATE
CHART

1.  For  installment  repayment  loan,  the total amount of debt will be decided
after  the  execution.

   The  method  of  execution will be based on installment repayment date chart,
receipts  and  other  evidences.

2. Install repayment date chart affixed to the contract shall be recorded by the
bank  on  confirmation  of total loan amount according to Article 1 and shall be
notified  to  the  debtor  and  joint  sureties.

                                        3
<PAGE>
ARTICLE  6  REDUCTION  AND  SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide
to reduce the loan (line) amount in Article 1 through notice or temporarily stop
the loan execution regardless of the transaction period due to sudden changes in
national  economy  and  financial state or significant deterioration of personal
credit  state  of  the  loanee.  In  this  event the loanee shall pay any amount
exceeding  the  line  due  to  the  reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons
stated  in  Clause  once  such matters are solved and normal loan transaction is
possible.

ARTICLE  7  SERVICE  CHARGE  FOR  REMAINING  LIMIT  IN  THE  CONTRACT

1.  For  limit  transaction or foreign currency loan and there exists a separate
clause  for  any  remaining  amount  within  the  credit limit set in Article 1,
service  charge  shall  be  paid  according  to  the standards set by the clause
(hereinafter  referred  to  as  "contract  service  charge").

2.  In  the  event  the  payment  of contract service charge is delayed, arrears
compensation  shall  be  made  for  the  delayed amount according to the arrears
compensation  rate.

ARTICLE  8  REVENUE  STAMP

1.  Revenue  stamp cost incurred by this contract shall be paid by ([ ]loanee, [
]bank,  [  ]loanee  and  bank  50%  each  ).

2.  In the event the bank pays the revenue stamp cost that was to be paid by the
loanee  according  to Clause 1, it shall be paid within a short period according
to  bank's  standard  contract  of  loan  transaction  Article  4.

ARTICLE  9  REPAYMENT  CURRENCY  AND  EXCHANGE  RATES

Principal  and  interest  of  foreign  currency  loan  may be repaid with loaned
currency  or  with won currency. Exchange rate in the event of repayment through
won  currency  the  telegraph  transfer  sales  rate  towards  customer shall be
applied.

ARTICLE  10  SECURITY  AND  INSURANCE

1.  The  loanee will pledge any buildings or installed facilities along with the
land  or  building  it  is  built  on and including any miscellaneous facilities
within  as  a  security  to the bank unless otherwise stated by the bank. If the
bank  so  requests, the loanee shall enter into an insurance of the type and the
amount  agreed  by  the  bank  and  place a pledge for the bank on the insurance
claim.

2.  If  the  items  in  Clause  1  is  transferred  to another through export or
technology  contract,  on  reception  of  the bill of debt, surety of payment or
trust  contract  offered, the debtor shall immediately offer the above as pledge
to  the  bank  as part of the items in Clause 1 regardless of bank's export loan
deferred  payment  finance  agreement  with  the  debtor.

ARTICLE  11  PREMATURE  REPAYMENT

1. For export fund loan deferred payment finance (includes technology fund loan,
technology  finance  and  foreign  investment  related loans), to repay the loan
before  the  expiry  date,  the  details must be discussed with the bank 30 days
before  the  planned  repayment  date.

2. In the event of loan repayment in Article 1 before its expiry, and there is a
pre-existing  clause  on premature repayment amount, the service charge shall be
made  according  to  the  standards  set  in  the  clause.

                                        4
<PAGE>
ARTICLE  12  DUTY  OF  MAINTENANCE  OF  REPAYMENT  MEANS

1.  I  shall maintain adequate financial ratio as shown below for the purpose of
maintaining  repayment  means  for  the  debts incurred by this contract. In the
event  of  other  clauses  such  as Financial Structure Improvement, it shall be
affixed  to  the  end of this transaction contract and considered a part of this
transaction  contract.

Classification     20  .     20  .     20  .     20  .     20  .
--------------     -----     -----     -----     -----     -----
 Debt ratio            %         %         %         %         %
 Self asset ratio      %         %         %         %         %
 (      )ratio         %         %         %         %         %
 (      )ratio         %         %         %         %         %

2. In the event of the following, the bank shall be consulted and agreed upon in
advance.

     1.  Merger,  business transfer/acquisition and other sale/rent of important
assets
     2.  Investment  on  fixed  assets  for  reasons other than specified in the
contract
     3.  Surety  for  other's  debts
     4.  Entering  new  business  or  foreign  investment
     5.  Company  structure  work  out,  privatization, or any other significant
management  changes

3.  I  shall agree to the acts of following sections if the bank so requires for
the  maintenance  of  the  transaction  contract.

     1.  Sales  of  owned  real  estates  or  securities
     2.  Investment  of  majority  shareholder
     3.  Issuance  of new shares to be purchased or publicization of the company

4.  The  1st  and  the  3rd  Clause  will only be applied in the presence of any
special  agreements  for  each  Clause  between  the  loanee  and  the  bank.

ARTICLE  13  SUBMISSION  OF  DATA

1.  I  agree  to  submit the following documents stated below in each respective
period and any other documents required for the maintenance of the loan contract
on  the bank's request according to bank's standard contract of loan transaction
Article  17  and  Article  19.

     1.  Each  quarter  :  Surtax returns, trial balance of totals and balances,
statement  of  current  debts,  sales  estimates  to  customers  and  of  items
     2.  Each  half-year  :  Half-year  accounts  report,  surtax returns, trial
balance  of  totals and balances, statement of current debts, sales estimates to
customers  and  of  items
     3.  Each  year : Certified public accountant's inspection report (financial
statement  of  settlements),  related  statement  of  settlements,  corporation
registration  transcript,  business  registry,  shareholders  book,  article  of
corporation,  summary  sheet of earned income tax collected, estimated statement
of settlements (3 years), state of major business relations, copies each permits
and  technology  permit  related  documents  (KS,  ISO,  patent  rights,  etc),
labor-management  dispute  statement,  miscellaneous  product  descriptions,
concentric  trades  reference  data,  etc.
     4.  On  demand : Trial balance of totals and balances, statement of current
debts,  documentary  evidence  of  asset  spendings,  etc.

2.  I  agree to submission of the following documents on request of the bank for
the  purpose  of  the  company's  foreign  currency  risk  state and maintenance
conditions  in  evaluating  credit  information.

     1.  Foreign currency risk maintenance structure and maintenance regulations
conditions
     2.  Foreign  currency  supply  and  application  statement
     3.  Foreign  currency  derivative  product  trade  statement

3.  I  agree to submit, on request of the bank, the financial state, loan target
business  state,  the  finance and economic environment of the target country or
invested  country  and  other required data of the opposite contracting party of
any  export  contract, technology contract, import contract and joint investment
contract  (hereinafter  referred  to  as  "loan  target  contract").

4.  I shall submit data on foreign investment, foreign business or current state
of  important  resource  development  project  related  to this contract every 6
months  or  as  requested  by  the  bank.

5.  If  any imported items related to this contract was imported for the purpose
of  sales  or has been converted for the purpose of sales, its monthly store and
sales  state  (number, amount, sold company, date of sale, receipt of cost, etc)
shall  be  reported  to  the  bank  by  the  10th  of  the  following  month.

                                        5
<PAGE>
ARTICLE  14  FULFILLMENT  AND  MODIFICATION  OF  LOAN  CONSIDERATION  CONTRACT

1.  I  shall  carry out any business related to this contract as to the terms of
the  loan  consideration  contract.

2.  I  shall  not  change the terms of loan consideration contract without prior
approval  of  the  bank.

3.  In  the  event  there  has  been  a  breach  or  possible  breach  of a loan
consideration  contract  by  the  debtor  or  the  opposing  party  of  the loan
consideration  contract,  I  shall  submit  detailed  report including contents,
reason  and  solutions  to  the  bank  immediately.

4.  I  shall  maintain  the  effect of loan consideration contract and approval,
registration,  and  declaration  in  Article  16  Clause  3.

5.  In  the event of related government branch's action, labour dispute or court
action  that  could  effect the loan consideration contract, I shall immediately
inform  the  bank.

6.  If Clauses 1 through 5 is not is not carried without a reason, I shall agree
to  any  actions  by  the  bank.

ARTICLE  15  APPROVAL  OF  COST  OF  CONTRACT  FULFILLMENT

1.  I  shall  fulfill  the  sections  hereinafter.

   1.  Any  advancement  payment  deposited  in  relation  to loan consideration
contract  shall  only  be  used  for  purposes  approved  by  the  bank.
   2. For import funds loan, any import items related with the contract may only
be  used  for  the  purposes  declared when applying for the loan. If there is a
significant reason, the items maybe used for other purposes with the approval of
the  bank.

ARTICLE  16  DECLARATION  AND  GUARANTEES

1.  I  declare  and  guarantee to the bank the following sections to be true and
accurate.

   1.The  opposing  party  in  the  loan  consideration contract was established
according  to the law of the related country and has capacity of rights, action,
right  to  agree  to  loan  consideration  contract  and capacity to fulfill the
contract.
   2.  The loan consideration contract has passed the internal procedures of the
related  parties  (resolution  of  board  of directors, etc) and was established
legally  according  to  the  law  of  the  related  country.
   3.  The  opposing  party  and  the  debtor  have  both  carried out approval,
registration  and  declaration  responsibilities for the effect, maintenance and
debt fulfillment of loan consideration contract, including the related country's
import/export,  foreign  investment,  primary  resource development approval and
remittance  approval.
   4.  Neither  the  debtor  nor  the opposing party is under any breach of debt
contract  and  has  arrayed  tax  payment  of  the  government  or  other public
institutions.
   5.  Neither  the  debtor  nor  the  opposing  party has experienced action or
bureaucratic procedures or arbitration that could seriously effect the financial
status of the respective parties, and is not under any possible circumstances to
be  part  of  any  such  action.
   6. The loan consideration contract is an act of commercial affair between the
debtor  and the opposing party and the opposing party has given up the rights to
any  primary  immunities  he  holds or may hold in the future in relation to the
loan  consideration  contract.
   7. The loan consideration contract is in accordance with the primary contract
and  any bill of debt, guarantees or trust chapter was submitted by the opposing
parting  was  issued  in  full  compliance.
   8. All data, information and documentary evidences submitted by the debtor on
the  debtor,  opposing  party  and  the  related  country are accurate and true.
   9.  Financial statements of the debtor, subsidiary company or related company
submitted  by the debtor is accurate and was made in accordance with the general
accounting  principle.
  10.  The  debtor  has  not received any financial support from other financial
institutions  in  relation  to the business receiving support from the bank, and
will  not  receive  any  overlapping  financial  support  in  the  future.

ARTICLE  17  MISCELLANEOUS  SPECIAL  CLAUSES

                                  (Name)                                  (Sign)
----------------------------------------     -----------------------------------

  I have  received the bank's standard contract of loan transaction and the copy
of  this  contract,  and  have  sufficiently  heard  and understood its contents

                                  (Name)                                  (Sign)
----------------------------------------     -----------------------------------

                                        6
<PAGE>

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