Document:

SHARE EXCHANGE AGREEMENT

                         GAS INVESTMENT CHINA CO., LTD.

                               FOR THE EXCHANGE OF

                                  CAPITAL STOCK

                                       OF

                              DOLCE VENTURES, INC.

                          DATED AS OF SEPTEMBER 7, 2006

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                            SHARE EXCHANGE AGREEMENT

      This  SHARE  EXCHANGE  AGREEMENT,  dated  as of  September  7,  2006  (the
"Agreement")  by and among,  GAS INVESTMENT  CHINA CO.,  LTD., an  International
Business  Company  incorporated  in the British  Virgin Islands  ("GIC"),  DOLCE
VENTURES,  INC., a Utah  corporation  ("Dolce"),  and all of the members of GIC,
whose names are set forth on Exhibit A attached hereto ("SHAREHOLDERS").

      WHEREAS, SHAREHOLDERS own 100% of the issued and outstanding capital stock
of GAS (the "GIC Shares");

      WHEREAS, SHAREHOLDERS believe it is in their best interest to exchange the
GIC Shares for shares of Series A Convertible  Preferred  Stock, par value $.001
per share,  of Dolce  ("Dolce  Shares"),  and Dolce  believes  it is in its best
interests to acquire the GIC Shares in exchange for Dolce Shares, upon the terms
and subject to the conditions set forth in this Agreement; and

      WHEREAS,  it the  intention of the parties  that:  (i) Dolce shall acquire
100% of the GIC Shares in  exchange  solely  for the amount of Dolce  Shares set
forth  herein;  (ii)  said  exchange  of  shares  shall  qualify  as a  tax-free
reorganization  under Section 368(a)(1)(B) of the Internal Revenue Code of 1986,
as amended (the "Code");  and (iii) said exchange shall qualify as a transaction
in securities exempt from registration or qualification under the Securities Act
of 1933, as amended and in effect on the date of this Agreement (the "Securities
Act").

      NOW, THEREFORE, in consideration of the mutual terms, conditions and other
agreements set forth herein, the parties hereto hereby agree as follows:

                                    ARTICLE I

                       EXCHANGE OF SHARES FOR COMMON STOCK

      Section 1.1  Agreement  to Exchange  GIC Shares for Dolce  Shares.  On the
Closing  Date (as  hereinafter  defined)  and upon the terms and  subject to the
conditions  set  forth  in this  Agreement,  SHAREHOLDERS  shall  sell,  assign,
transfer,  convey and deliver the GIC Shares,  to Dolce,  and Dolce shall accept
the GIC  Shares  from the  SHAREHOLDERS  in  exchange  for the  issuance  to the
SHAREHOLDERS  of the number of Dolce Shares set forth  opposite the names of the
SHAREHOLDERS on Exhibit A hereto.

      Section 1.2  Capitalization.  On the Closing Date,  immediately before the
transactions  to be  consummated  pursuant to this  Agreement,  Dolce shall have
authorized (a) 250,000,000 shares of Common Stock, par value $.001 per share, of
which 100,770,140 shares shall be issued and outstanding,  all of which are duly
authorized,  validly  issued  and  fully  paid;  and (b)  100,000,000  shares of
Preferred Stock,  $.001 par value, of which no shares are issued or outstanding,
but  20,000,000  shares  shall  have been  designated  as  Series A  Convertible
Preferred  Stock and  5,000,000  shares shall have been  designated  as Series B
Convertible Preferred Stock, par value $.001 per share ("Series B Stock").

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      Section 1.3 Closing.  The closing of the  exchange to be made  pursuant to
this Agreement (the "Closing")  shall take place at 10:00 a.m. E.D.T. on the day
the  conditions to closing set forth in Articles V and VI have been satisfied or
waived,  or at such other time and date as the  parties  hereto  shall  agree in
writing (the "Closing Date"),  at the offices of Guzov Ofsink,  LLC, 600 Madison
Avenue, 14th Floor, New York, New York 10022. At the Closing, SHAREHOLDERS shall
deliver to Dolce the stock  certificates  representing  100% of the GIC  Shares,
duly endorsed in blank for transfer or accompanied  by appropriate  stock powers
duly executed in blank. In full  consideration  and exchange for the GIC Shares,
Dolce shall issue and exchange with SHAREHOLDERS  14,599,942 Dolce Shares as set
forth on Exhibit A.

                                   ARTICLE II

                   REPRESENTATIONS AND WARRANTIES OF PARALLEL

      Dolce hereby represents, warrants and agrees as follows:

      Section 2.1 Corporate Organization

            a. Dolce is a corporation  duly organized,  validly  existing and in
good standing under the laws of Utah, and has all requisite  corporate power and
authority  to own its  properties  and assets and to conduct its business as now
conducted  and is  duly  qualified  to do  business  in  good  standing  in each
jurisdiction  in which the  nature  of the  business  conducted  by Dolce or the
ownership or leasing of its  properties  makes such  qualification  and being in
good standing necessary, except where the failure to be so qualified and in good
standing will not have a material  adverse  effect on the business,  operations,
properties,  assets,  condition  or  results  of  operation  of Dolce (a  "Dolce
Material Adverse Effect");

            b. Copies of the Articles of  Incorporation  and By-laws of Dolce as
well as the  Certificates  of Designation of the Series A Stock and the Series B
Stock,  with all amendments  thereto to the date hereof,  have been furnished to
GIC and the  SHAREHOLDERS,  and such copies are  accurate and complete as of the
date hereof.  The minute books of Dolce are current as required by law,  contain
the minutes of all meetings of the Board of Directors and  shareholders of Dolce
from its date of  incorporation  to the date of this  Agreement,  and adequately
reflect all material actions taken by the Board of Directors and shareholders of
Dolce.

      Section 2.2 Capitalization of Dolce. The authorized capital stock of Dolce
consists of (a) 250,000,000  shares of Common Stock,  par value $.001 per share,
of which  100,770,140  shares are issued and outstanding,  all of which are duly
authorized,  validly  issued  and  fully  paid;  and (b)  100,000,000  shares of
Preferred Stock,  $.001 par value, of which no shares are issued or outstanding,
but of which 20,000,000  shares of Series A Stock and 5,000,000 shares of Series
B Stock have been designated.  The parties agree that they have been informed of
the issuances of these Dolce Shares, and that all such issuances of Dolce Shares
pursuant to this  Agreement  will be in accordance  with the  provisions of this
Agreement.  All of the Dolce Shares to be issued pursuant to this Agreement have

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been duly authorized and will be validly issued,  fully paid and  non-assessable
and no personal liability will attach to the ownership  thereof.  As of the date
of this  Agreement  there  are and as of the  Closing  Date,  there  will be, no
outstanding  options,  warrants,  agreements,  commitments,  conversion  rights,
preemptive  rights or other  rights to  subscribe  for,  purchase  or  otherwise
acquire  any shares of capital  stock or any  un-issued  or  treasury  shares of
capital stock of Dolce.

      Section 2.3 Subsidiaries and Equity Investments. Dolce has no subsidiaries
or equity interest in any  corporation,  partnership or joint venture other than
as set forth in its filings with the Securities and Exchange Commission.

      Section  2.4  Authorization  and  Validity  of  Agreements.  Dolce has all
corporate power and authority to execute and deliver this Agreement,  to perform
its  obligations  hereunder  and to  consummate  the  transactions  contemplated
hereby.  The  execution  and  delivery  of  this  Agreement  by  Dolce  and  the
consummation  by Dolce of the  transactions  contemplated  hereby have been duly
authorized by all necessary  corporate  action of Dolce,  and no other corporate
proceedings on the part of Dolce are necessary to authorize this Agreement or to
consummate the transactions contemplated hereby.

      Section  2.5  No  Conflict  or  Violation.  The  execution,  delivery  and
performance of this Agreement by Dolce does not and will not violate or conflict
with any provision of its Articles of Incorporation or By-laws, and does not and
will not violate any  provision of law, or any order,  judgment or decree of any
court or other governmental or regulatory authority,  nor violate or result in a
breach of or  constitute  (with  due  notice or lapse of time or both) a default
under,  or give  to any  other  entity  any  right  of  termination,  amendment,
acceleration or cancellation of, any contract, lease, loan agreement,  mortgage,
security  agreement,  trust  indenture or other agreement or instrument to which
Dolce is a party or by  which  it is bound or to which  any of their  respective
properties  or  assets  is  subject,  nor  will it  result  in the  creation  or
imposition of any lien, charge or encumbrance of any kind whatsoever upon any of
the  properties  or  assets of  Dolce,  nor will it result in the  cancellation,
modification,  revocation  or  suspension  of any of the  licenses,  franchises,
permits to which Dolce is bound.

      Section 2.6 Consents and Approvals. No consent,  waiver,  authorization or
approval of any governmental or regulatory authority, domestic or foreign, or of
any other  person,  firm or  corporation,  is  required in  connection  with the
execution and delivery of this Agreement by Dolce or the performance by Dolce of
its obligations hereunder.

      Section 2.7  Absence of Certain  Changes or Events.  Since its  inception:

            a. Dolce has operated in the ordinary course of business  consistent
            with  past  practice  and there  has not been any  material  adverse
            change in the assets, properties,  business, operations,  prospects,
            net income or condition,  financial or otherwise of Dolce. As of the
            date of this  Agreement,  Dolce does not know or have reason to know
            of any event,  condition,  circumstance  or prospective  development
            which threatens or may threaten to have a material adverse effect on
            the  assets,  properties,   operations,  prospects,  net  income  or
            financial condition of Dolce;

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            b. there has not been any  declaration,  setting aside or payment of
            dividends or  distributions  with respect to shares of capital stock
            of Dolce or any  redemption,  purchase or other  acquisition  of any
            capital stock of Dolce or any other of Dolce's securities; and

            c. there has not been an increase in the compensation  payable or to
            become payable to any director or officer of Dolce.

      Section 2.8 Disclosure. This Agreement and any certificate attached hereto
or  delivered  in  accordance  with the terms hereby by or on behalf of Dolce in
connection with the  transactions  contemplated  by this  Agreement,  when taken
together,  do not contain any untrue  statement  of a material  fact or omit any
material fact necessary in order to make the statements  contained herein and/or
therein not misleading.

      Section 2.9 Survival. Each of the representations and warranties set forth
in this Article II shall be deemed  represented and made by Dolce at the Closing
as if made at such time and shall  survive the Closing for a period  terminating
on the second anniversary of the date of this Agreement.

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                                   ARTICLE III

             REPRESENTATIONS AND WARRANTIES OF GIC AND SHAREHOLDERS

      GIC and each of the SHAREHOLDERS,  severally, represent, warrant and agree
as follows:

      Section  3.1  Corporate  Organization.  GIC is a company  organized  as an
International  Business Company under the laws of the British Virgin Islands, is
duly formed or organized,  validly  existing and in good standing under the laws
of its jurisdiction of organization and has the requisite power and authority to
own, lease and operate its assets and properties and to carry on its business as
it is  now  being  or  currently  planned  by  GIC  to be  conducted.  GIC is in
possession  of  all  franchises,  grants,  authorizations,   licenses,  permits,
easements, consents, certificates,  approvals and orders ("Approvals") necessary
to own,  lease and operate the  properties it purports to own,  operate or lease
and to carry on its business as it is now being conducted, and to consummate the
transactions contemplated under this Agreement, except where the failure to have
such  Approvals  could not,  individually  or in the  aggregate,  reasonably  be
expected  to  have  a  material  adverse  effect  on the  business,  operations,
properties,  assets,  condition or results of operation of GIC. GIC has complete
and  correct  copies of the  articles  of  organization  and  bylaws or  similar
governing, organization or charter documents (collectively referred to herein as
"Charter  Documents").  GIC is not in violation of any of the  provisions of its
Charter  Documents.  GIC is in good standing in the British Virgin Islands.  The
minute books or the equivalent  contain true,  complete and accurate  records of
meetings  and  consents in lieu of meetings of its board of  directors  (and any
committees  thereof),  similar  governing  bodies and  stockholders  ("Corporate
Records") of GIC, since the time of its  organization.  The ownership records of
GIC's Shares are true,  complete and  accurate  records of the  ownership of the
Shares as of the date of such  records and contain all  transfers of such Shares
since the time of GIC's organization ("Share Records").

      Section 3.2 Capitalization of GIC; Title to the GIC Shares. On the Closing
Date,  immediately  before the  transactions to be consummated  pursuant to this
Agreement, GIC shall have authorized _________________ (___________) GIC Shares,
of which  ___________ GIC Shares will be issued and outstanding.  The GIC Shares
are the sole  outstanding  shares  of  capital  stock of GIC,  and  there are no
outstanding  options,  warrants,  agreements,  commitments,  conversion  rights,
preemptive  rights or other  rights to  subscribe  for,  purchase  or  otherwise
acquire  any shares of capital  stock or any  un-issued  or  treasury  shares of
capital stock of GIC.

      Section  3.3  Subsidiaries  and Equity  Investments;  Assets.  Each of the
subsidiaries and affiliated companies of GIC are set forth on Schedule 3.3.

      Section  3.4  Authorization  and  Validity  of  Agreements.  GIC  has  all
corporate power and authority to execute and deliver this Agreement,  to perform
its  obligations  hereunder  and to  consummate  the  transactions  contemplated
hereby. The execution and delivery of this Agreement by GIC and the consummation
of the  transactions  contemplated  hereby  have  been  duly  authorized  by all
necessary corporate action and no other corporate proceedings on the part of GIC
are  necessary to authorize  this  Agreement or to consummate  the  transactions

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contemplated  hereby. The SHAREHOLDERS have approved this Agreement on behalf of
GIC  and  no  other  stockholder   approvals  are  required  to  consummate  the
transactions  contemplated  hereby. The execution and delivery of this Agreement
by each SHAREHOLDER which is not a natural person ("Entity Shareholder") and the
consummation of the transactions  contemplated hereby by each Entity Shareholder
have been duly authorized by all necessary action by the Entity  Shareholder and
no other  proceedings  on the part of GIC or any  SHAREHOLDER  are  necessary to
authorize this Agreement or to consummate the transactions contemplated hereby.

      Section  3.5  No  Conflict  or  Violation.  The  execution,  delivery  and
performance  of this Agreement by GIC or any  SHAREHOLDER  does not and will not
violate or conflict with any provision of the constituent  documents of GIC, and
does not and will not violate any  provision  of law, or any order,  judgment or
decree of any court or other governmental or regulatory authority,  nor violate,
result in a breach of or constitute (with due notice or lapse of time or both) a
default under or give to any other entity any right of  termination,  amendment,
acceleration or cancellation of any contract,  lease, loan agreement,  mortgage,
security  agreement,  trust  indenture or other agreement or instrument to which
GIC or any SHAREHOLDER is a party or by which it is bound or to which any of its
respective  properties  or assets is  subject,  nor  result in the  creation  or
imposition of any lien, charge or encumbrance of any kind whatsoever upon any of
the  properties  or  assets  of  GIC  or  any  SHAREHOLDER,  nor  result  in the
cancellation,  modification,  revocation  or  suspension of any of the licenses,
franchises, permits to which GIC or any SHAREHOLDER is bound.

      Section  3.6  Investment  Representations.  (a) The Dolce  Shares  will be
acquired  hereunder solely for the account of the SHAREHOLDERS,  for investment,
and not with a view to the  resale or  distribution  thereof.  Each  SHAREHOLDER
understands  and is  able  to bear  any  economic  risks  associated  with  such
SHAREHOLDER'S  investment in the Dolce  Shares.  Each  SHAREHOLDER  has had full
access  to  all  the  information  such  SHAREHOLDER   considers   necessary  or
appropriate  to make an informed  investment  decision with respect to the Dolce
Shares to be acquired under this Agreement.  Each SHAREHOLDER further has had an
opportunity  to ask  questions  and receive  answers from Dolce's sole  director
regarding  Dolce and to obtain  additional  information  (to the extent  Dolce's
director  possessed such  information  or could acquire it without  unreasonable
effort  or  expense)  necessary  to verify  any  information  furnished  to such
SHAREHOLDER or to which such  SHAREHOLDER had access.  Each  SHAREHOLDER , other
than a  SHAREHOLDER  which is also a  SHAREHOLDER  (as such term is  hereinafter
defined) is an "accredited  investor" (as such term is defined in Rule 501(a) of
Regulation D promulgated  by the Securities  and Exchange  Commission  under the
Securities Act).

      (b) No offer to enter into this Agreement has been made by Dolce to any of
the  SHAREHOLDERS in the United States.  At the times of the offer and execution
of this Agreement, each SHAREHOLDER was domiciled and resided outside the United
States.  No SHAREHOLDER,  nor any affiliate of any  SHAREHOLDER,  nor any person
acting on behalf of any  SHAREHOLDER  or any behalf of any such  affiliate,  has
engaged or will engage in any  activity  undertaken  for the purpose of, or that
reasonably could be expected to have the effect of,  conditioning the markets in
the United States for the Dolce Shares, including, but not limited to, effecting
any sale or short sale of securities through any SHAREHOLDER or any of affiliate
of any SHAREHOLDER prior to the expiration of any restricted period contained in
Regulation S  promulgated  under the  Securities  Act (any such  activity  being
defined herein as a "Directed Selling Effort"). To the best knowledge of each of

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the SHAREHOLDERs,  this Agreement and the transactions  contemplated  herein are
not  part of a plan or  scheme  to  evade  the  registration  provisions  of the
Securities Act, and the Dolce Shares are being acquired for investment  purposes
by the SHAREHOLDERs.  Each SHAREHOLDER agrees that all offers and sales of Dolce
Shares from the date hereof and through  the  expiration  of the any  restricted
period set forth in Rule 903 of  Regulation  S (as the same may be amended  from
time to time hereafter)  shall not be made to U.S. Persons or for the account or
benefit of U.S.  Persons  and shall  otherwise  be made in  compliance  with the
provisions of Regulation S and any other applicable provisions of the Securities
Act.  Neither any SHAREHOLDER nor the  representatives  of any SHAREHOLDER  have
conducted any Directed  Selling  Effort as that term is used and defined in Rule
902 of Regulation S and no SHAREHOLDER nor any representative of any SHAREHOLDER
will engage in any such Directed Selling Effort within the United States through
the expiration of any restricted period set forth in Rule 903 of Regulation S.

      Section 3.7 Brokers'  Fees.  No  SHAREHOLDER  has any liability to pay any
fees or commissions or other consideration to any broker,  finder, or agent with
respect to the transactions contemplated by this Agreement.

      Section 3.8  Disclosure.  This  Agreement,  the  schedules  hereto and any
certificate  attached hereto or delivered in accordance with the terms hereby by
or on behalf of GIC or the  SHAREHOLDERS  in  connection  with the  transactions
contemplated by this Agreement,  when taken together,  do not contain any untrue
statement  of a material  fact or omit any material  fact  necessary in order to
make the statements contained herein and/or therein not misleading.

      Section 3.8 Survival. Each of the representations and warranties set forth
in  this  Article  III  shall  be  deemed  represented  and  made by GIC and the
SHAREHOLDERS  at the  Closing  as if made at such  time and  shall  survive  the
Closing for a period  terminating on the second  anniversary of the date of this
Agreement.

                                   ARTICLE IV

                                    COVENANTS

      Section 4.1 Certain Changes and Conduct of Business.

                  a.  From and after  the date of this  Agreement  and until the
            Closing  Date,  Dolce  shall  conduct  its  business  solely  in the
            ordinary  course  consistent  with past  practices  and, in a manner
            consistent  with all  representations,  warranties  or  covenants of
            Dolce, and without the prior written consent of GIC will not, except
            as required or permitted pursuant to the terms hereof:

                  i.    make  any   material   change  in  the  conduct  of  its
                        businesses   and/or   operations   or  enter   into  any
                        transaction   other  than  in  the  ordinary  course  of
                        business consistent with past practices;

<PAGE>

                  ii.   make any  change in its  Articles  of  Incorporation  or
                        By-laws; issue any additional shares of capital stock or
                        equity securities or grant any option,  warrant or right
                        to acquire any  capital  stock or equity  securities  or
                        issue any security  convertible into or exchangeable for
                        its capital  stock or alter in any material  term of any
                        of its outstanding  securities or make any change in its
                        outstanding    shares   of   capital    stock   or   its
                        capitalization, whether by reason of a reclassification,
                        recapitalization,  stock split or combination,  exchange
                        or readjustment of shares, stock dividend or otherwise;

                  iii.  A.    incur,  assume or guarantee any  indebtedness  for
                              borrowed money, issue any notes, bonds, debentures
                              or other corporate securities or grant any option,
                              warrant or right to purchase any  thereof,  except
                              pursuant to transactions in the ordinary course of
                              business consistent with past practices; or

                        B.    issue any securities  convertible or  exchangeable
                              for debt or equity securities of Dolce;

                  iv.   make any  sale,  assignment,  transfer,  abandonment  or
                        other  conveyance  of  any  of its  assets  or any  part
                        thereof, except pursuant to transactions in the ordinary
                        course of business consistent with past practice;

                  v.    subject any of its assets,  or any part thereof,  to any
                        lien or suffer such to be imposed  other than such liens
                        as  may  arise  in  the  ordinary   course  of  business
                        consistent with past practices by operation of law which
                        will not have an Dolce Material Adverse Effect;

                  vi.   acquire any assets,  raw  materials  or  properties,  or
                        enter  into any  other  transaction,  other  than in the
                        ordinary   course  of  business   consistent  with  past
                        practices;

                  vii.  enter  into any new (or  amend  any  existing)  employee
                        benefit  plan,  program  or  arrangement  or any new (or
                        amend any existing) employment,  severance or consulting
                        agreement,   grant   any   general   increase   in   the
                        compensation  of officers or  employees  (including  any
                        such   increase   pursuant   to  any   bonus,   pension,
                        profit-sharing or other plan or commitment) or grant any
                        increase  in  the  compensation  payable  or  to  become
                        payable  to any  employee,  except  in  accordance  with
                        pre-existing  contractual  provisions or consistent with
                        past practices;

<PAGE>

                  viii. make  or   commit   to   make   any   material   capital
                        expenditures;

                  ix.   pay, loan or advance any amount to, or sell, transfer or
                        lease any  properties  or assets  to, or enter  into any
                        agreement or arrangement with, any of its affiliates;

                  x.    guarantee  any  indebtedness  for borrowed  money or any
                        other obligation of any other person;

                  xi.   fail  to  keep  in  full  force  and  effect   insurance
                        comparable in amount and scope to coverage maintained by
                        it (or on behalf of it) on the date hereof;

                  xii.  take  any  other  action  that  would  cause  any of the
                        representations  and  warranties  made  by  it  in  this
                        Agreement not to remain true and correct in all material
                        aspect;

                  xiii. make any material loan, advance or capital  contribution
                        to or investment in any person;

                  xiv.  make any material  change in any method of accounting or
                        accounting principle, method, estimate or practice;

                  xv.   settle,  release or forgive any claim or  litigation  or
                        waive any right;

                  xvi.  commit itself to do any of the foregoing.

            b. From and after the date of this Agreement, GIC will:

                  1.    continue to  maintain,  in all  material  respects,  its
                        properties  in  accordance  with present  practices in a
                        condition suitable for its current use;

                  2.    file, when due or required,  federal, state, foreign and
                        other tax returns and other reports required to be filed
                        and pay when due all taxes, assessments,  fees and other
                        charges  lawfully levied or assessed  against it, unless
                        the  validity  thereof is contested in good faith and by
                        appropriate proceedings diligently conducted;

                  3.    continue to conduct its business in the ordinary  course
                        consistent with past practices;

                  4.    keep its  books of  account,  records  and  files in the
                        ordinary   course  and  in   accordance   with  existing
                        practices; and

<PAGE>

                  5.    continue to  maintain  existing  business  relationships
                        with suppliers.

      Section 4.2 Access to  Properties  and Records.  GIC shall afford  Dolce's
accountants,  counsel and authorized representatives,  and Dolce shall afford to
GIC's  accountants,  counsel and authorized  representatives  full access during
normal  business  hours  throughout the period prior to the Closing Date (or the
earlier  termination  of this  Agreement)  to all of such  parties'  properties,
books, contracts, commitments and records and, during such period, shall furnish
promptly to the  requesting  party all other  information  concerning  the other
party's  business,   properties  and  personnel  as  the  requesting  party  may
reasonably  request,  provided that no  investigation  or receipt of information
pursuant to this Section 4.2 shall affect any  representation  or warranty of or
the conditions to the obligations of any party.

      Section 4.3 Negotiations. From and after the date hereof until the earlier
of the Closing or the termination of this Agreement,  no party to this Agreement
nor its officers or directors (subject to such director's  fiduciary duties) nor
anyone  acting  on  behalf  of any party or other  persons  shall,  directly  or
indirectly,  encourage,  solicit, engage in discussions or negotiations with, or
provide  any  information  to,  any  person,  firm,  or  other  entity  or group
concerning any merger, sale of substantial assets, purchase or sale of shares of
capital stock or similar transaction involving any party. A party shall promptly
communicate  to any other party any inquiries or  communications  concerning any
such transaction which they may receive or of which they may become aware of.

      Section   4.4    Consents    and    Approvals.    The    parties    shall:

                  i.    use their  reasonable  commercial  efforts to obtain all
                        necessary   consents,   waivers,    authorizations   and
                        approvals   of   all    governmental    and   regulatory
                        authorities,  domestic  and  foreign,  and of all  other
                        persons,  firms or  corporations  required in connection
                        with the execution,  delivery and performance by them of
                        this Agreement; and

                  ii.   diligently  assist  and  cooperate  with  each  party in
                        preparing  and  filing  all  documents  required  to  be
                        submitted by a party to any  governmental  or regulatory
                        authority,  domestic or foreign, in connection with such
                        transactions and in obtaining any governmental consents,
                        waivers,   authorizations  or  approvals  which  may  be
                        required  to  be  obtained   connection   in  with  such
                        transactions.

      Section 4.5 Public  Announcement.  Unless otherwise required by applicable
law, the parties  hereto shall consult with each other before  issuing any press
release or otherwise making any public statements with respect to this Agreement
and shall not issue any such  press  release or make any such  public  statement
prior to such consultation.

      Section  4.6 Stock  Issuance.  From and  after the date of this  Agreement
until the Closing Date,  neither Dolce nor GIC shall issue any additional shares
of its capital stock,  except that Dolce may issue up to an aggregate of 216,000
shares of Series B Stock to certain  investors  pursuant to the terms of a Stock
Purchase Agreement among Dolce, Dalian Fushi Bimetallic  Manufacturing Co., Ltd.
and the  investors  to be entered  into on the  Closing  Date,  a draft of which
agreement is attached hereto.

<PAGE>

      Section 4.7 Notwithstanding  anything to the contrary contained herein, it
is  herewith  understood  and agreed  that both GIC and Dolce may enter into and
conclude  agreements and/or financing  transactions as same relate to and/or are
contemplated by any separate written  agreements  either:  (a) annexed hereto as
exhibits;  or (b)  entered  into by Dolce  with  GIC  executed  by both  parties
subsequent to the date hereof.  These Agreements shall become,  immediately upon
execution, part of this Agreement and subject to all warranties, representations
and conditions contained herein.

                                    ARTICLE V

                CONDITIONS TO OBLIGATIONS OF GIC AND SHAREHOLDERS

      The obligations of GIC and the SHAREHOLDERS to consummate the transactions
contemplated by this Agreement are subject to the fulfillment,  at or before the
Closing  Date,  of the  following  conditions,  any one or more of which  may be
waived by both GIC and the SHAREHOLDERS in their sole discretion:

      Section 5.1  Representations  and Warranties of Dolce. All representations
and warranties  made by Dolce in this Agreement shall be true and correct on and
as of the Closing Date as if again made by Dolce as of such date.

      Section 5.2  Agreements  and  Covenants.  Dolce shall have  performed  and
complied in all material  respects to all agreements  and covenants  required by
this Agreement to be performed or complied with by it on or prior to the Closing
Date.

      Section 5.3 Consents and Approvals. Consents, waivers,  authorizations and
approvals of any governmental or regulatory authority,  domestic or foreign, and
of any other  person,  firm or  corporation,  required  in  connection  with the
execution, delivery and performance of this Agreement shall be in full force and
effect on the Closing Date.

      Section 5.4 No Violation of Orders. No preliminary or permanent injunction
or other order  issued by any court or  governmental  or  regulatory  authority,
domestic or foreign,  nor any  statute,  rule,  regulation,  decree or executive
order  promulgated  or enacted by any government or  governmental  or regulatory
authority,  which declares this Agreement invalid in any respect or prevents the
consummation of the transactions  contemplated  hereby,  or which materially and
adversely affects the assets, properties,  operations,  prospects, net income or
financial  condition  of Dolce shall be in effect;  and no action or  proceeding
before any court or governmental or regulatory  authority,  domestic or foreign,
shall have been  instituted or threatened by any government or  governmental  or
regulatory  authority,  domestic or foreign,  or by any other person,  or entity
which  seeks  to  prevent  or  delay  the   consummation  of  the   transactions
contemplated   by  this   Agreement   or  which   challenges   the  validity  or
enforceability of this Agreement.

<PAGE>

      Section 5.5 Other  Closing  Documents.  GIC shall have received such other
certificates,  instruments and documents in confirmation of the  representations
and warranties of Dolce or in furtherance of the  transactions  contemplated  by
this Agreement as GIC or its counsel may reasonably request.

                                   ARTICLE VI

                       CONDITIONS TO OBLIGATIONS OF DOLCE

      The  obligations of Dolce to consummate the  transactions  contemplated by
this Agreement are subject to the fulfillment, at or before the Closing Date, of
the following conditions, any one or more of which may be waived by Dolce in its
sole discretion:

      Section 6.1 Representations and Warranties of GIC. All representations and
warranties  made by GIC in this Agreement shall be true and correct on and as of
the Closing Date as if again made by GIC on and as of such date.

      Section  6.2  Agreements  and  Covenants.  GIC shall  have  performed  and
complied in all material  respects to all agreements  and covenants  required by
this Agreement to be performed or complied with by it on or prior to the Closing
Date.

      Section 6.3 Consents and Approvals. All consents, waivers,  authorizations
and approvals of any governmental or regulatory authority,  domestic or foreign,
and of any other person,  firm or  corporation,  required in connection with the
execution,  delivery and  performance  of this  Agreement,  shall have been duly
obtained and shall be in full force and effect on the Closing Date.

      Section 6.4 No Violation of Orders. No preliminary or permanent injunction
or  other  order  issued  by any  court  or  other  governmental  or  regulatory
authority,  domestic or foreign, nor any statute,  rule,  regulation,  decree or
executive  order  promulgated  or enacted by any government or  governmental  or
regulatory authority,  domestic or foreign, that declares this Agreement invalid
or  unenforceable  in any  respect or which  prevents  the  consummation  of the
transactions  contemplated hereby, or which materially and adversely affects the
assets, properties,  operations, prospects, net income or financial condition of
Dolce,  taken as a whole, shall be in effect; and no action or proceeding before
any court or government or regulatory authority, domestic or foreign, shall have
been  instituted or threatened by any government or  governmental  or regulatory
authority, domestic or foreign, or by any other person, or entity which seeks to
prevent  or delay the  consummation  of the  transactions  contemplated  by this
Agreement or which challenges the validity or enforceability of this Agreement.

      Section 6.5. Other Closing Documents. Dolce shall have received such other
certificates,  instruments and documents in confirmation of the  representations
and warranties of GIC or in furtherance of the transactions contemplated by this
Agreement as Dolce or its counsel may reasonably request.

<PAGE>

                                   ARTICLE VII

                           TERMINATION AND ABANDONMENT

      SECTION 7.1 Methods of  Termination.  This Agreement may be terminated and
the  transactions  contemplated  hereby may be  abandoned at any time before the
Closing:

                  a. By the  mutual  written  consent of  SHAREHOLDERS,  GIC and
                  Dolce;

                  b. By Dolce,  upon a  material  breach of any  representation,
                  warranty,  covenant  or  agreement  on the  part of GIC or the
                  SHAREHOLDERS   set  forth  in  this   Agreement,   or  if  any
                  representation  or warranty of GIC or the  SHAREHOLDERS  shall
                  become untrue,  in either case such that any of the conditions
                  set forth in Article VI hereof  would not be satisfied (a "GIC
                  Breach"),  and such breach shall,  if capable of cure, has not
                  been cured within ten (10) days after  receipt by the party in
                  breach of a notice from the non-breaching  party setting forth
                  in detail the nature of such breach;

                  c. By  GIC,  upon a  material  breach  of any  representation,
                  warranty, covenant or agreement on the part of Dolce set forth
                  in this Agreement,  or, if any  representation  or warranty of
                  Dolce shall become untrue, in either case such that any of the
                  conditions  set  forth  in  Article  V  hereof  would  not  be
                  satisfied  (a  "Dolce  Breach"),  and such  breach  shall,  if
                  capable  of cure,  not have been  cured  within  ten (10) days
                  after receipt by the party in breach of a written  notice from
                  the non-breaching  party setting forth in detail the nature of
                  such breach;

                  d. By  either  Dolce or GIC,  if the  Closing  shall  not have
                  consummated  before  ninety  (90) days after the date  hereof;
                  provided,  however,  that this  Agreement  may be  extended by
                  written  notice of either GIC or Dolce,  if the Closing  shall
                  not have been  consummated  as a result of Dolce or GIC having
                  failed  to  receive  all  required  regulatory   approvals  or
                  consents with respect to this  transaction or as the result of
                  the entering of an order as described in this  Agreement;  and
                  further  provided,  however,  that the right to terminate this
                  Agreement  under this Section 7.1(d) shall not be available to
                  any party whose failure to fulfill any obligations  under this
                  Agreement  has been the cause of, or resulted  in, the failure
                  of the Closing to occur on or before this date.

                  e. By either GIC or Dolce if a court of competent jurisdiction
                  or  governmental,   regulatory  or  administrative  agency  or
                  commission  shall  have  issued an order,  decree or ruling or
                  taken any other  action  (which  order,  decree or ruling  the
                  parties  hereto  shall use its best  efforts  to lift),  which
                  permanently  restrains,  enjoins or  otherwise  prohibits  the
                  transactions contemplated by this Agreement.

<PAGE>

      Section 7.2 Procedure Upon  Termination.  In the event of termination  and
abandonment of this  Agreement by GIC or Dolce pursuant to Section 7.1,  written
notice thereof shall  forthwith be given to the other parties and this Agreement
shall  terminate and the  transactions  contemplated  hereby shall be abandoned,
without further action.  If this Agreement is terminated as provided herein,  no
party to this  Agreement  shall have any liability or further  obligation to any
other party to this Agreement;  provided,  however,  that no termination of this
Agreement  pursuant to this Article VII shall relieve any party of liability for
a breach of any provision of this Agreement occurring before such termination.

                                  ARTICLE VIII

                             POST-CLOSING AGREEMENTS

      Section 8.1 Consistency in Reporting. Each party hereto agrees that if the
characterization  of any  transaction  contemplated  in  this  agreement  or any
ancillary  or  collateral  transaction  is  challenged,  each party  hereto will
testify,  affirm  and  ratify  that the  characterization  contemplated  in such
agreement was the  characterization  intended by the party;  provided,  however,
that nothing  herein shall be construed as giving rise to any  obligation if the
reporting position is determined to be incorrect by final decision of a court of
competent jurisdiction.

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

      Section  9.1  Survival  of  Provisions.  The  respective  representations,
warranties,  covenants and  agreements of each of the parties to this  Agreement
(except  covenants and agreements  which are expressly  required to be performed
and are  performed  in full on or before the  Closing  Date)  shall  survive the
Closing  Date and the  consummation  of the  transactions  contemplated  by this
Agreement, subject to Sections 2.9, 3.8 and 8.2. In the event of a breach of any
of such  representations,  warranties  or  covenants,  the  party  to whom  such
representations,  warranties  or covenants  have been made shall have all rights
and  remedies  for such  breach  available  to it under the  provisions  of this
Agreement  or  otherwise,  whether  at  law  or in  equity,  regardless  of  any
disclosure to, or investigation  made by or on behalf of such party on or before
the Closing Date.

      Section 9.2 Publicity.  No party shall cause the  publication of any press
release or other announcement with respect to this Agreement or the transactions
contemplated  hereby  without the consent of the other  parties,  unless a press
release or  announcement  is required by law. If any such  announcement or other
disclosure  is  required  by law,  the  disclosing  party  agrees  to  give  the
non-disclosing  parties  prior  notice  and an  opportunity  to  comment  on the
proposed disclosure.

<PAGE>

      Section 9.3  Successors  and Assigns.  This  Agreement  shall inure to the
benefit  of, and be  binding  upon,  the  parties  hereto  and their  respective
successors  and  assigns;  provided,  however,  that no party  shall  assign  or
delegate any of the obligations  created under this Agreement  without the prior
written consent of the other parties.

      Section 9.4 Fees and Expenses.  Except as otherwise  expressly provided in
this  Agreement,  all legal and other  fees,  costs  and  expenses  incurred  in
connection with this Agreement and the transactions contemplated hereby shall be
paid by the party incurring such fees, costs or expenses.

      Section 9.5 Notices.  All notices and other  communications  given or made
pursuant  hereto  shall be in writing  and shall be deemed to have been given or
made if in writing and  delivered  personally or sent by registered or certified
mail (postage prepaid, return receipt requested) to the parties at the following
addresses:

      If to GIC or the SHAREHOLDERS, to:

      _________________________

      with a copy to:

      Guzov Ofsink, LLC
      600 Madison Avenue, 14th Floor
      New York, New York 10022
      Attn: Darren Ofsink, Esq.
      Fax: 212-688-7273

      If to Dolce, to:

      Dolce Ventures, Inc.

or to such other persons or at such other addresses as shall be furnished by any
party by like notice to the others,  and such notice or  communication  shall be
deemed to have been  given or made as of the date so  delivered  or  mailed.  No
change in any of such addresses shall be effective insofar as notices under this
Section 9.5 are concerned  unless such changed  address is located in the United
States of America and notice of such change  shall have been given to such other
party hereto as provided in this Section 9.5

<PAGE>

      Section 9.6 Entire Agreement.  This Agreement,  together with the exhibits
hereto,  represents the entire  agreement and  understanding of the parties with
reference  to the  transactions  set  forth  herein  and no  representations  or
warranties  have been made in connection  with this  Agreement  other than those
expressly set forth herein or in the exhibits,  certificates and other documents
delivered  in  accordance   herewith.   This  Agreement   supersedes  all  prior
negotiations, discussions,  correspondence,  communications,  understandings and
agreements  between the parties relating to the subject matter of this Agreement
and all  prior  drafts of this  Agreement,  all of which  are  merged  into this
Agreement.  No prior drafts of this  Agreement  and no words or phrases from any
such  prior  drafts  shall be  admissible  into  evidence  in any action or suit
involving this Agreement.

      Section 9.7 Severability.  This Agreement shall be deemed  severable,  and
the  invalidity or  unenforceability  of any term or provision  hereof shall not
affect the validity or  enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision,  the parties  hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible so as to be valid and enforceable.

      Section  9.8  Titles  and  Headings.  The  Article  and  Section  headings
contained in this  Agreement are solely for  convenience  of reference and shall
not affect the meaning or  interpretation  of this  Agreement  or of any term or
provision hereof.

      Section 9.9  Counterparts.  This  Agreement may be executed in two or more
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall be considered one and the same agreement.

      Section 9.10 Convenience of Forum; Consent to Jurisdiction. The parties to
this Agreement,  acting for themselves and for their  respective  successors and
assigns, without regard to domicile,  citizenship or residence, hereby expressly
and  irrevocably  elect as the sole judicial forum for the  adjudication  of any
matters  arising under or in  connection  with this  Agreement,  and consent and
subject  themselves to the  jurisdiction of, the courts of the State of New York
located in County of New York,  and/or the United States  District Court for the
Southern  District  of New York,  in respect of any  matter  arising  under this
Agreement.  Service of  process,  notices and demands of such courts may be made
upon any party to this  Agreement by personal  service at any place where it may
be found or giving notice to such party as provided in Section 9.5.

      Section 9.11  Enforcement of the Agreement.  The parties hereto agree that
irreparable  damage would occur if any of the  provisions of this Agreement were
not  performed  in  accordance  with  their  specific  terms  or were  otherwise
breached.  It is  accordingly  agreed that the  parties  shall be entitled to an
injunction or injunctions  to prevent  breaches of this Agreement and to enforce
specifically  the terms and  provisions  hereto,  this being in  addition to any
other remedy to which they are entitled at law or in equity.

      Section  9.12  Governing  Law.  This  Agreement  shall be  governed by and
interpreted  and enforced in  accordance  with the laws of the State of New York
without giving effect to the choice of law provisions thereof.

<PAGE>

      Section 9.13 Amendments and Waivers. No amendment of any provision of this
Agreement  shall be valid  unless the same shall be in writing and signed by all
of  the   parties   hereto..   No   waiver   by  any   party  of  any   default,
misrepresentation,   or  breach  of  warranty  or  covenant  hereunder,  whether
intentional  or not,  shall be  deemed  to  extend  to any  prior or  subsequent
default,  misrepresentation,  or breach of  warranty or  covenant  hereunder  or
affect in any way any rights  arising by virtue of any prior or subsequent  such
occurrence.

      IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as of
the date first above written.

DOLCE VENTURES, INC.

By:____________________

Title:

GAS INVESTMENT CHINA CO., LTD.

By: ________________________

Title:

SHAREHOLDERS: See Exhibit A

<PAGE>

                                    EXHIBIT A

     Name                  Number of GIC Shares           Number of Dolce Shares
of SHAREHOLDER               Being Exchanged                  to be Received
--------------               ---------------                  --------------STOCK PURCHASE AGREEMENT

      This Stock Purchase  Agreement (this "Agreement") is made and entered into
as of August  24,  2006 by and  among  the  persons  listed  under  the  heading
"Shareholders"  on the signature page hereto  (collectively,  the "Sellers") and
Gas  Investment  China  Co.,  Ltd.,  a company  organized  under the laws of the
British Virgin Islands("Purchaser").

      WHEREAS,  Sellers are the sole record and beneficial owners of Seventy Two
Million Five Hundred Sixty Nine Thousand  Seven Hundred Sixty Four  (72,569,764)
shares of $.001 par value per share common stock of Dolce Ventures, Inc., a Utah
corporation  (the "Company") and wish to sell all of those shares (the "Stock");
and

      WHEREAS, Purchaser wishes to purchase Stock from Sellers in a private sale
that is not part of a distribution or public offering;

      NOW, THEREFORE, in the parties hereto agree as follows:

1.    Agreement to Purchase  and Sell the Stock.  Sellers will sell to Purchaser
      and  Purchaser  agrees to purchase  the Stock for a purchase  price of Six
      Hundred Seventy Five Thousand Dollars ($675,000)(the  "Purchase Price") in
      a  private  sale  exempt  from  registration  under  Section  4(1)  of the
      Securities Act of 1933, as amended (the "Act").

2.    Closing And Payment.  Subject to the terms and conditions  hereof,  and in
      reliance  upon the written  representations  and  warranties of Purchaser,
      Sellers will sell and, subject to the terms and conditions  hereof, and in
      reliance  upon the  written  representations  and  warranties  of Sellers,
      Purchaser will purchase, at a single closing, the Stock. The closing shall
      be held on September 7, 2006,  or such other date as the Parties may agree
      (the "Closing  Date"),  at the offices of Guzov  Ofsink,  LLC, 600 Madison
      Avenue,  14th  Floor,  New York,  new York 10022 (the  "Closing").  At the
      Closing,  Sellers will deliver to Purchaser  original  stock  certificates
      evidencing  the Stock to be purchased  hereunder,  along with stock powers
      executed  in blank.  At the  Closing,  Purchaser  will  deliver  to Joseph
      Passalaqua,  as  agent  for  all  Sellers,  the  Purchase  Price,  by wire
      transfer, cashier's check, or by such other means as the parties may agree
      upon in writing.

3.    Representations  and Warranties of Sellers.  Sellers hereby  represent and
      warrant to Purchaser  that the  statements in the following  paragraphs of
      this Section 3 are all true and  complete as of the date hereof,  and will
      be true and complete as of the Closing Date as if first made on such date.

      3.1   Authority;  Due  Authorization.  This  Agreement  has been  duly and
            validly  executed and  delivered by Sellers,  and upon the execution
            and delivery by Purchaser of this  Agreement and the  performance by
            Purchaser of its obligations herein, will constitute, a legal, valid
            and binding  obligation of Sellers  enforceable  against  Sellers in
            accordance with its terms, except as such enforcement may be limited
            by bankruptcy or insolvency laws or other laws affecting enforcement
            of creditors' rights or by general principles of equity.

                                       1
<PAGE>

      3.2   No  Conflicts.  The  execution  and  delivery  by  Sellers  of  this
            Agreement  does  not,  and  the  performance  by  Sellers  of  their
            obligations  under  this  Agreement  and  the  consummation  of  the
            transactions  contemplated  hereby will not, conflict with or result
            in a  violation  or  breach  of  any  of the  terms,  conditions  or
            provisions of any other agreement to which Sellers are a party.

      3.3   Title to  Securities.  Sellers  are the sole  record and  beneficial
            owner  of  the  Stock  and  have  sole  managerial  and  dispositive
            authority  with  respect to the Stock.  Sellers have not granted any
            person a proxy with  respect  to the Stock  that has not  expired or
            been  validly  withdrawn.  The sale  and  delivery  of the  Stock to
            Purchaser  pursuant to this Agreement  will vest in Purchaser  legal
            and valid title to the Stock, free and clear of all liens,  security
            interests,  adverse  claims or other  encumbrances  of any character
            whatsoever  ("Encumbrances")  (other  than  Encumbrances  created by
            Purchaser and restrictions on resales of the Shares under applicable
            securities laws).

      3.4   Valid  Issuance.  The Common Stock being  purchased by the Purchaser
            hereunder is, and shall be at the Closing,  duly and validly issued,
            fully paid, and non-assessable and in each instance have been issued
            in  accordance  with the  registration  requirements  of  applicable
            securities laws, including,  without limitation,  the Securities Act
            of 1933, as amended (the "Act"), or valid exemptions therefrom.

      3.5   Corporate  Documents.  Copies of the Company's  current  articles of
            incorporation,  all amendments  thereto,  and bylaws, as of the date
            hereof,  other than a  Certificate  of  Correction  filed in August,
            2006,  have been filed as exhibits  to the  Company's  reports  (the
            "Filings") with the Securities and Exchange Commission ("SEC").

      3.6   The Company.  The Company,  and its  subsidiaries,  are corporations
            duly  incorporated,  validly existing and in good standing under the
            laws of its jurisdiction of incorporation.

      3.7   Capitalization of the Company. Immediately prior to the Closing, the
            authorized  capital stock of the Company shall consist of a total of
            250,000,000  (two hundred  fifty  million)  shares of Common  Stock,
            $.001 par value (the "Common  Stock"),  and 100,000,000 (one hundred
            million)  shares of Preferred  Stock,  $.001 par value.  Immediately
            prior to the  Closing  there  will be no shares of  preferred  stock
            outstanding  and no more than  100,770,140  shares  of Common  Stock
            outstanding.  There are no  commitments  to issue,  and there are no
            outstanding  warrants,  options,  convertible  securities  or  debt,
            preferred stock, or any other securities.  In addition, there are no
            conversion  or  exchange  privileges,  preemptive  rights,  or other
            rights or agreements  to purchase or otherwise  acquire or issue any
            securities   of  the   Company,   and  there  is  no   agreement  or
            understanding between any persons and/or entities,  which affects or
            relates to the voting or giving of written  consents with respect to
            any  security  of  the  Company  or  any   instrument   or  security
            exercisable or exchangeable for, or convertible into any security of
            the Company.

                                       2
<PAGE>

      3.8   Subsidiaries.  Other than as set forth in the  Filings,  the Company
            does not own,  directly or  indirectly,  any capital  stock or other
            equity  securities of any other  corporation,  partnership,  limited
            liability  company,  association or other business entity other than
            as set forth in the Filings. The Company is not a participant in any
            joint venture, partnership or similar arrangement.

      3.9   Financial  Statements.  The Company's financial statements contained
            in its Filings (the  "Financial  Statements")  have been prepared in
            accordance with U.S. GAAP applied on a consistent  basis  throughout
            the periods indicated and with each other, except that the unaudited
            Financial  Statements do not contain all footnotes  required by U.S.
            GAAP.  The  Financial   Statements   fairly  present  the  financial
            condition and operating  results of the Company as of the dates, and
            for the periods, indicated therein, subject to normal year-end audit
            adjustments.  Except as set forth in the Financial  Statements,  the
            Company has no material liabilities  (contingent or otherwise).  The
            Company is not a guarantor or indemnitor of any  indebtedness of any
            other person,  firm or corporation.  The Company  maintains and will
            continue to maintain a standard system of accounting established and
            administered in accordance with U.S. GAAP until Closing.

      3.10  No  Conflicts.  Neither  the  Company,  nor  any  subsidiary,  is in
            violation of, in conflict with, in breach of or in default under any
            term or  provision  of,  and no  right of any  party to  accelerate,
            terminate,  modify or cancel has come into existence  under, (i) its
            articles of incorporation or by-laws (each as may have been amended,
            supplemented or restated), (ii) any provision of any judgment, writ,
            injunction,  decree or order to which the any of them is a party; or
            (iii) any law,  statute,  rule or  regulation  applicable  to any of
            them.

      3.11  Litigation.  There is no action,  suit,  proceeding or investigation
            pending or, to the best knowledge of Sellers,  currently  threatened
            against the Company or any  subsidiary  that may affect the validity
            of this  Agreement  or the right of the  Sellers  to enter into this
            Agreement or to consummate  the  transactions  contemplated  hereby.
            There is no action, suit, proceeding or investigation pending or, to
            the best  knowledge  of Sellers,  currently  threatened  against the
            Company  or its  subsidiaries,  before any court or by or before any
            governmental body or any arbitration board or tribunal, nor is there
            any judgment, decree, injunction or order of any court, governmental
            department,   commission,   agency,  instrumentality  or  arbitrator
            against the Company or any of its subsidiaries.  The Company and its
            subsidiaries  are not a party or  subject to the  provisions  of any
            order,  writ,  injunction,  judgment  or  decree  of  any  court  or
            government  agency or  instrumentality.  There is no  action,  suit,
            proceeding  or  investigation  by  the  Company  or  any  subsidiary
            currently pending or which the Company intends to initiate. When any
            reference to the  "knowledge" or "best  knowledge" of the Company or
            Sellers  is  made in this  Agreement,  such  terms  shall  mean  the
            knowledge  that would be gained  from due  inquiry  into the matters
            referenced.

                                       3
<PAGE>

      3.12  Brokers'  Fees and  Commissions.  Neither the Company nor any of its
            officers,   directors,    employees,    stockholders,    agents   or
            representatives,  nor Seller have  employed any  investment  banker,
            broker,  or finder in connection with the transactions  contemplated
            by this  Agreement and no such person or entity is entitled to a fee
            with respect to the  transactions  contemplated  by this  Agreement,
            except that Sellers are  obligated to pay a commission of $75,000 to
            Belmont Partners, LLC from the Purchase Price.

      3.13  Securities  Laws.  The Company has  complied  in all  respects  with
            applicable federal and state securities laws, rules and regulations,
            including the Sarbanes  Oxley Act of 2002,  as such laws,  rules and
            regulations apply to the Company and its securities;  and all shares
            of capital stock of the Company have been issued in accordance  with
            applicable federal and state securities laws, rules and regulations.
            There  are no stop  orders  in  effect  with  respect  to any of the
            Company's securities.

      3.14  Books and Financial  Records.  All the accounts,  books,  registers,
            ledgers,  Board minutes and financial and other material  records of
            whatsoever  kind of each of the  Company and its  subsidiaries  have
            been fully properly and accurately kept and completed;  there are no
            material  inaccuracies  or  discrepancies  of any kind  contained or
            reflected therein; and they give and reflect a true and fair view of
            the financial, contractual and legal position of each company.

      3.15  Employee  Benefit  Plans.  The Company  does not have any  "Employee
            Benefit  Plan" as defined  in the U.S.  Employee  Retirement  Income
            Security Act of 1974 or similar plans under applicable laws.

      3.16  Tax  Returns,  Payments and  Elections.  Each of the Company and its
            subsidiaries  has timely filed all Tax (as defined  below)  returns,
            statements,  reports,  declarations  and other  forms and  documents
            (including,  without  limitation,  estimated Tax returns and reports
            and  material  information  returns  and  reports)  ("Tax  Returns")
            required  pursuant  to  applicable  law to be  filed  with  any  Tax
            Authority  (as defined  below),  all such Tax Returns are  accurate,
            complete  and  correct  in all  material  respects,  and each  Group
            Company has timely  paid all Taxes due.  Each of the Company and its
            subsidiaries  has  withheld or  collected  from each payment made to
            each of its employees,  the amount of all Taxes (including,  but not
            limited to,  United  States  income taxes and other  foreign  taxes)
            required  to be withheld or  collected  therefrom,  and has paid the
            same to the proper Tax  Authority.  For purposes of this  Agreement,
            the following  terms have the following  meanings:  "Tax" (and, with
            correlative meaning,  "Taxes" and "Taxable") means any and all taxes
            including,  without limitation,  (i) any net income,  alternative or
            add-on minimum tax, gross income,  gross  receipts,  sales,  use, ad
            valorem,  transfer,  franchise,  profits,  value  added,  net worth,
            license, withholding, payroll, employment, excise, severance, stamp,
            occupation, premium, property, environmental or windfall profit tax,
            custom, duty or other tax, governmental fee or other like assessment
            or charge of any kind whatsoever,  together with any interest or any
            penalty,  addition to tax or additional amount imposed by any United
            States, local or foreign  governmental  authority or regulatory body
            responsible for the imposition of any such tax (domestic or foreign)
            (a "Tax  Authority"),  (ii) any  liability  for the  payment  of any
            amounts of the type  described  in (i) as a result of being a member
            of an  affiliated,  consolidated,  combined or unitary group for any
            taxable  period or as the result of being a transferee  or successor
            thereof  and (iii) any  liability  for the payment of any amounts of
            the type  described  in (i) or (ii) as a result  of any  express  or
            implied obligation to indemnify any other person.

                                       4
<PAGE>

      3.17  Minute  Books.  The  minute  books  of each of the  Company  and its
            subsidiaries contain a complete summary of all meetings of directors
            and stockholders since the time of incorporation of such company and
            reflect all transactions  referred to in such minutes  accurately in
            all material respects.

      3.18  Labor  Agreements and Actions;  Employee  Compensation.  Neither the
            Company,  nor any of its subsidiaries is bound by or subject to (and
            none of its  assets or  properties  is bound by or  subject  to) any
            written  or  oral,  express  or  implied,  contract,  commitment  or
            arrangement  with any labor union,  and no labor union has requested
            or has sought to represent any of the employees,  representatives or
            agents of any such company.

      3.19  Investment Company.  The Company is not an "investment company" or a
            company "controlled" by an "investment  company," within the meaning
            of the Investment Company Act of 1940, as amended.

      3.20  `34 Act Reports.  To the best knowledge of the Sellers,  none of the
            Company's  Flings,  contains any untrue statement of a material fact
            or omits to state a material fact  necessary to make the  statements
            therein not misleading,  in light of the circumstances in which they
            were made.

      3.21  Material  Agreements.  The Company is not a party to or bound by any
            contracts, including, but not limited to:

                                       5
<PAGE>

            3.21.1 employment, advisory or consulting contract;

            3.21.2 plan providing for employee benefits of any nature;

            3.21.3 lease with respect to any property or equipment;

            3.21.4 contract,  agreement,  understanding  or  commitment  for any
                  future expenditure in excess of $1,000 in the aggregate;

            3.21.5 contract  or  commitment  pursuant  to which it has  assumed,
                  guaranteed,  endorsed,  or  otherwise  become  liable  for any
                  obligation of any other person, entity or organization;

            3.21.6 agreement with any person relating to the dividend,  purchase
                  or sale  of  securities,  that  has not  been  settled  by the
                  delivery or payment of securities  when due, and which remains
                  unsettled upon the date of the Agreement.

      3.22  No  Disagreements  with  Accountants  and  Lawyers.   There  are  no
            disagreements  of  any  kind  presently   existing,   or  reasonably
            anticipated  by the Company to arise,  between the  accountants  and
            lawyers formerly or presently  employed by the Company.  The Company
            is current with respect to fees owed to its accountants and lawyers.

4.    Representations  and Warranties of Purchaser.  Purchaser hereby represents
      and warrants to Sellers that the statements in the following paragraphs of
      this Section 4 are all true and complete as of the date hereof:

      4.1   Exempt Transaction. Purchaser understands that the offering and sale
            of the Stock is intended to be exempt  from  registration  under the
            Act and exempt from  registration or  qualification  under any state
            law.

      4.2   Authorization.  Purchaser  represents  that it has  full  power  and
            authority to enter into this Agreement. This Agreement has been duly
            and  validly  executed  and  delivered  by  Purchaser,  and upon the
            execution  and  delivery  by  Sellers  of  this  Agreement  and  the
            performance by Sellers of their obligations herein, will constitute,
            a legal,  valid and  binding  obligation  of  Purchaser  enforceable
            against  Purchaser  in  accordance  with its  terms,  except as such
            enforcement may be limited by bankruptcy or insolvency laws or other
            laws  affecting  enforcement  of  creditors'  rights  or by  general
            principles of equity.

      4.3   Purchase  for Own  Account.  The Stock to be  purchased by Purchaser
            hereunder  will be  acquired  for  investment  for  Purchaser's  own
            account,  not as a  nominee  or  agent,  and not  with a view to the
            public resale or distribution  thereof, and Purchaser has no present
            intention of selling,  granting any  participation  in, or otherwise
            distributing the same.

                                       6
<PAGE>

      4.4   Investment  Experience.  The Purchaser understands that the purchase
            of the Stock involves substantial risk.

5.    Conditions to Purchaser's Obligations at the Closing.

      5.1   Conditions  to  Each  Closing.  Subject  to the  terms  hereof,  the
            obligation  of the Purchaser to purchase the Stock at the Closing is
            subject to the fulfillment, prior to the Closing to the satisfaction
            of the Purchaser,  of the following conditions,  the waiver of which
            shall not be effective  against  Purchaser  without  written consent
            thereto:

            5.1.1 Representations   and   Warranties   True  and  Correct.   The
                  representations  and  warranties  made by Sellers in Section 3
                  hereof  shall be true and correct and  complete as of the date
                  hereof,  and shall be true and correct and  complete as of the
                  date of the Closing  with the same force and effect as if they
                  had been made on and as of such date.

            5.1.2 Performance of  Obligations.  The Sellers shall have performed
                  and complied with all  agreements,  obligations and conditions
                  contained in this  Agreement that are required to be performed
                  or complied with by it on or before the Closing.

            5.1.3 Securities  Laws.  The  offer  and  sale of the  Stock  to the
                  Purchaser  pursuant to this Agreement shall be exempt from the
                  registration   and/or   qualification   requirements   of  all
                  applicable securities laws.

            5.1.4 Change in Board of Directors and Management. The Sellers shall
                  cause (i) the  current  members of the Board of  Directors  to
                  appoint  Purchaser's  appointees  to the  Board  and to resign
                  their positions on the Company's  Board,  and (ii) the current
                  officers of the Company to resign their  positions as officers
                  of the Company.

            5.1.5 Assumption  of  Liabilities.  Sellers shall cause Pegasus Tel,
                  Inc. ("Pegasus") to assume all liabilities of the Company, and
                  with respect to any liability as of the Closing Date,  whether
                  contingent  or  otherwise,  which was not  assumed  or paid by
                  Pegasus (collectively "Liabilities"), the Sellers hereby agree
                  to  indemnify,  defend  and hold  harmless  Purchaser  and the
                  Company from and against any and all claims,  expenses  and/or
                  losses  which may be incurred by the Company or  Purchaser  in
                  connection with a Liability.

            5.1.6 Spinoff.  Sellers  shall  cause the  Company  and its Board of
                  Directors to pass such  resolutions as may be necessary to set
                  a record date for a spinoff of Pegasus which shall be no later
                  than October 15, 2006 and to authorize a spinoff of Pegasus to
                  the  shareholders  of the Company in accordance with SEC Staff
                  Legal  Bulletin No. 4 dated  September 16, 1997 and such other
                  laws and regulations as may be applicable to such  transaction
                  (the "Spinoff").

                                       7
<PAGE>

6.    Conditions to Sellers' Obligations at the Closing.

      6.1   The  obligations of the Sellers under this Agreement with respect to
            the Investor are subject to the fulfillment at or before the Closing
            of the following conditions:

            6.1.1 Representations   and  Warranties.   The  representations  and
                  warranties  of the  Purchaser  contained  in  Section 4 hereof
                  shall be true and correct as of such Closing.

            6.1.2 Payment of Purchase  Price.  Purchaser shall have delivered to
                  the Sellers the Purchase Price.

7.    Seller's Covenants.

      7.1   Spinoff.  By November 15, 2006,  Sellers  shall have taken all steps
            necessary to effect the Spinoff and Sellers  hereby agree to pay all
            expenses necessary to effect the Spinoff, including, but not limited
            to,  attorney's  fees,  transfer  agent  fees  and  filing  fees and
            expenses.  Purchaser  agrees to cause the  Company  to  provide  any
            assistance  reasonably  necessary to effect the Spinoff which cannot
            be performed by Pegasus or Sellers; provided,  however, that neither
            Purchaser  nor the  Company  shall  have any  obligation  to pay any
            monies to accomplish the Spinoff.

8.    Indemnification.

      8.1   Sellers shall indemnify and hold  Purchasers,  the Company and their
            affiliates,  officers, directors,  employees, agents, successors and
            assigns  harmless  from  and  against  any  claim,   action,   suit,
            proceeding,  loss, liability, damage or expense (including,  without
            limitation,  reasonable  attorneys'  fees),  directly or  indirectly
            arising from or related to any breach by Sellers of this  Agreement,
            including, but not limited to, Sellers' representations,  warranties
            or covenants  hereunder.  Each Seller's  liability  pursuant to this
            indemnification  provision shall be apportioned  based on the number
            of Shares  sold to  Purchaser  as  compared  to the total  number of
            Shares sold to Purchaser.

      8.2   Purchaser shall indemnify and hold Sellers harmless from and against
            any claim,  action, suit,  proceeding,  loss,  liability,  damage or
            expense (including, without limitation,  reasonable attorneys' fees)
            directly  or  indirectly  arising  from or  related to any breach by
            Purchaser  of  this  Agreement,   including,  but  not  limited  to,
            Purchaser's representations, warranties or covenants hereunder.

                                       8
<PAGE>

9.    General Provisions.

      9.1   Successors  and Assigns.  The terms and conditions of this Agreement
            shall  inure to the  benefit of and be binding  upon the  respective
            successors and assigns of the parties.

      9.2   Governing Law; Jurisdiction. Any dispute, disagreement,  conflict of
            interpretation   or  claim  arising  out  of  or  relating  to  this
            Agreement, or its enforcement,  shall be governed by the laws of the
            State of New York.  Sellers and  Purchaser  hereby  irrevocably  and
            unconditionally  submit,  for themselves and their property,  to the
            nonexclusive  jurisdiction  of the Supreme Court of the State of New
            York  sitting in New York County and of the United  States  District
            Court of the Southern  District of New York, and any appellate court
            from any  thereof,  in any action or  proceeding  arising  out of or
            relating to this Agreement, or for recognition or enforcement of any
            judgment,  and each of the parties  hereto  hereby  irrevocably  and
            unconditionally agrees that all claims in respect of any such action
            or proceeding may be heard and determined in such New York State or,
            to the extent  permitted by law, in such Federal court.  Each of the
            parties  hereto  agrees that a final  judgment in any such action or
            proceeding  shall  be  conclusive  and  may  be  enforced  in  other
            jurisdictions  by  suit  on  the  judgment  or in any  other  manner
            provided by law. Each party hereby  irrevocably and  unconditionally
            waives,  to the fullest extent it may legally and effectively do so,
            any  objection  which it may now or hereafter  have to the laying of
            venue of any suit,  action or proceeding  arising out of or relating
            to this  Agreement  in any  court  referred  to  above.  Each of the
            parties  hereto hereby  irrevocably  waives,  to the fullest  extent
            permitted  by law,  the  defense  of an  inconvenient  forum  to the
            maintenance  of such action or  proceeding  in any such court.  Each
            party to this Agreement  irrevocably  consents to service of process
            in the manner provided for notices below.  Nothing in this Agreement
            will  affect  the  right  of any  party to this  Agreement  to serve
            process in any other  manner  permitted  by law.  EACH PARTY  HERETO
            HEREBY WAIVES,  TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE  LAW,
            ANY  RIGHT IT MAY HAVE TO A TRIAL  BY JURY IN ANY  LEGAL  PROCEEDING
            DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO THIS AGREEMENT
            OR THE TRANSACTIONS  CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
            TORT OR ANY OTHER  THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
            REPRESENTATIVE,   AGENT  OR   ATTORNEY   OF  ANY  OTHER   PARTY  HAS
            REPRESENTED,  EXPRESSLY  OR  OTHERWISE,  THAT SUCH OTHER PARTY WOULD
            NOT,  IN THE EVENT OF  LITIGATION,  SEEK TO  ENFORCE  THE  FOREGOING
            WAIVER AND (B)  ACKNOWLEDGES  THAT IT AND THE OTHER  PARTIES  HERETO
            HAVE BEEN  INDUCED  TO ENTER INTO THIS  AGREEMENT  BY,  AMONG  OTHER
            THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

                                       9
<PAGE>

      9.3   Counterparts.  This  Agreement  may  be  executed  in  two  or  more
            counterparts,  each of which shall be deemed an original, but all of
            which  together  shall  constitute  one and the  same  agreement.  A
            telefaxed copy of this Agreement shall be deemed an original.

      9.4   Headings.  The headings and captions used in this Agreement are used
            for  convenience  only and are not to be considered in construing or
            interpreting  this  Agreement.  All  references in this Agreement to
            sections, paragraphs, exhibits and schedules shall, unless otherwise
            provided,  refer to sections and paragraphs  hereof and exhibits and
            schedules  attached hereto,  all of which exhibits and schedules are
            incorporated herein by this reference.

      9.5   Costs,  Expenses.  Each  party  hereto  shall  bear its own costs in
            connection  with the  preparation,  execution  and  delivery of this
            Agreement.

      9.6   Amendments  and Waivers.  Any term of this  Agreement may be amended
            and the  observance  of any  term of this  Agreement  may be  waived
            (either   generally   or  in  a   particular   instance  and  either
            retroactively  or  prospectively),  only with the written consent of
            Sellers and the  Purchaser.  No delay or  omission  to exercise  any
            right,  power,  or remedy  accruing to  Purchaser,  upon any breach,
            default or  noncompliance  of Sellers  under  this  Agreement  shall
            impair any such right,  power, or remedy,  nor shall it be construed
            to be a waiver of any such breach, default or noncompliance,  or any
            acquiescence   therein,  or  of  any  similar  breach,   default  or
            noncompliance thereafter occurring. All remedies,  either under this
            Agreement,  by law, or  otherwise  afforded to  Purchaser,  shall be
            cumulative and not alternative.

      9.7   Severability.  If one or more  provisions of this Agreement are held
            to be unenforceable under applicable law, such provision(s) shall be
            excluded from this Agreement and the balance of the Agreement  shall
            be interpreted as if such provision(s) were so excluded and shall be
            enforceable in accordance with its terms.

      9.8   Entire  Agreement.  This  Agreement,  together with all exhibits and
            schedules hereto, constitutes the entire agreement and understanding
            of the  parties  with  respect  to the  subject  matter  hereof  and
            supersedes   any  and  all   prior   negotiations,   correspondence,
            agreements, understandings duties or obligations between the parties
            with respect to the subject matter hereof.

      9.9   Further Assurances.  From and after the date of this Agreement, upon
            the request of the Purchaser or Sellers, Purchaser and Sellers shall
            execute and deliver such instruments, documents or other writings as
            may be  reasonably  necessary  or desirable to confirm and carry out
            and to effectuate fully the intent and purposes of this Agreement.

                                       10
<PAGE>

      IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as of
the date first written above.

GAS INVESTMENT CHINA CO., LTD.

By:____________________________

Title:_________________________

SHAREHOLDERS:

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