Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Coloured Industry Inc. - Exhibit 10.9

EXHIBIT 10.9 

ASSET PURCHASE AGREEMENT
(MOBILE WARRIOR
TECHNOLOGY)

THIS AGREEMENT (together with the schedules attached
hereto, this “Agreement”) dated as of January 31, 2006.

BETWEEN:

COLOURED (US) INC. a company
incorporated under the laws of State of Nevada and having a registered address
at 502 East John Street, Carson City, Nevada 89706

(herein called the “Buyer”)

AND:

ABS GLOBAL CAPITAL INC. a
company incorporated in the Republic of the Seychelles and having a registered
office at 306 Victoria House, Victoria, Mahe, Seychelles

(herein called “Seller”)

WHEREAS:

The Buyer desires to purchase and acquire from the Seller and
the Seller desires to sell and assign to the Buyer all of the Sellers rights,
title and interest in and to all of the Intellectual Property and Permits
required for the development, exploitation and use of a software application
named the Mobile Warrior technology (the “Assets”) consisting of a
location based role playing game played on mobile phone technology using a SMS -
“Short Message Service or SKT, SIM toolkit, in exchange for shares of the
Buyer.

The completion of the sale and purchase of the Assets is
contingent on the concurrent completion of the purchase (the “Share
Purchase”) whereby the Seller will acquire from the Mobile Warrior
Technology Partnership LLP (“Mobile Warrior LLP”) all of the issued share
capital of a limited company (“Holdco”) to be created by Mobile Warrior
LLP for the purposes of allowing Mobile Warrior LLP to divest itself of the
Assets;

The parties desire to enter into this Agreement to set forth
their mutual agreements concerning the above matter.

NOW, THEREFORE, in consideration of the sum of US$10.00, paid
by each party to the other, the receipt of which is mutually acknowledged and
the mutual promises of the parties hereto, and of good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, it
is mutually agreed by and between the parties hereto as follows:

1

ARTICLE 1

SALE AND TRANSFER OF ASSETS; CLOSING

1.1      Sale of Asset Subject
to the terms and conditions of this Agreement, and in reliance upon the
representations, warranties, covenants and agreements contained herein, at the
closing of the transactions contemplated hereby (the “Closing”), the
Seller will sell, convey, assign and transfer the Assets to the Buyer, and the
Buyer will purchase and acquire the Assets from the Seller, free and clear of
any claims or Encumbrances (as defined in Section 2.6) . The Assets shall
include all of the Seller’s right, title and interest in and to the following as
at the Closing Date (as defined in Section 1.3 below):

                         (i)     
Intellectual Property. All rights in and to patents and patent
applications, registered or unregistered trademarks, service marks, and
trademark or service mark registrations and applications, trade names, logos,
designs, Internet domain names, slogans and general intangibles of like nature,
together with all goodwill relating to the foregoing, copyrights, copyright
registrations, renewals and applications, Software (as defined in Section
2.7(h), licenses, agreements and all other proprietary rights, which relate to
the use and exploitation of the Assets (collectively, the “Intellectual
Property”). Intellectual Property shall also include all technology and
proprietary information developed by any employee, consultant or agent of the
Seller during the course of their employment, consultancy or agency with the
Seller;

                         (ii)    
Permits and Licenses. All rights of the Seller with respect to permits,
approvals, orders, authorizations, consents, licenses, certificates and all
pending applications therefor (collectively, “Permits”), which have been
issued or granted to, or are owned or used by, the Seller in connection with the
ownership or use of the Assets;

          1.2     
Consideration. In consideration of the sale, transfer and assignment to
the Buyer of the Assets, at the Buyer shall issue and deliver to the Seller in
consideration for the issue to the Seller, on Closing, an aggregate of 6,000,000
common shares in the capital of the Buyer (the " Shares").

          1.3     
The Closing. The parties acknowledge and agree that:

          (a)      the
Closing will take place contemporaneously with the completion of the Share
Purchase subject to the satisfaction or waiver of the Closing conditions set
forth in Articles 5 and 6 of this Agreement including, on or before February 15,
2006 (the “Closing Date”);

          (b)     
the Seller has agreed with Mobile Warrior LLP that on Closing, the Seller will
deliver 6,000,000 common shares in the capital of the Buyer to Mobile Warrior
LLP as consideration for the Share Purchase, and that conditional upon the
execution and delivery by Mobile Warrior LLP to the Buyer of a Regulation S
Investment Agreement, in a form acceptable to the Buyer, the Buyer will agree to
a transfer of the Shares as satisfaction of the Share Purchase consideration,
concurrently with the Closing.

          1.4     
Closing Obligations. At Closing, the Buyer and the Seller shall take the
following actions, in addition to such other actions as may otherwise be
required under this Agreement:

          (a)     
Conveyance Instruments. The Seller shall deliver to the Buyer or its
designee such warranty deeds, bills of sale, assignments, and other instruments
of conveyance and 

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transfer as the Buyer may reasonably request to effect the
assignment to the Buyer or its designee of the Assets.

          (b)      Consideration.
The Buyer shall deliver to the Seller the Shares which Shares will be
transferred by the Seller to Mobile Warrior LLP subject to the receipt by the
Buyer of the investment agreement referred to in Section 1.3(b) of this
Agreement.

          (c)     
Evidence of Ownership. The Seller shall deliver documentary evidence of
the Seller’s sole right, title and ownership interest in and to the Assets, such
evidence to be in a form satisfactory to the Buyer. 

          (d)      Cancellation
of Licenses The Seller shall deliver to the Buyer executed copies the
Agreements set forth in Article 6 of this Agreement.

ARTICLE 2

REPRESENTATIONS AND WARRANTIES OF THE SELLER

          To
induce the Buyer to execute, deliver and perform this Agreement, and in
acknowledgement of the Buyer’s reliance on the following representations and
warranties the Seller represents and warrants, with the Buyer as follows, as of
the date hereof and as of the Closing Date, unless otherwise specified,

          2.1     
Organization. The Seller is a corporation duly organized, validly
existing and in good standing under all applicable laws with the power and
authority to conduct its business as it is now being conducted and to own its
assets.

          2.2     
Power and Authority. The Seller has the power and authority to execute,
deliver, and perform this Agreement and the other agreements and instruments to
be executed and delivered by it in connection with the transactions contemplated
hereby, and the Seller has taken all necessary action to authorize the execution
and delivery of this Agreement and such other agreements and instruments and the
consummation of the transactions contemplated hereby, including but not limited
to the receipt of all necessary regulatory approvals including the approval of
the Seller's shareholders. This Agreement is, and the other agreements and
instruments to be executed and delivered by the Seller in connection with the
transactions contemplated hereby, when such other agreements and instruments are
executed and delivered, shall be, the valid and legally binding obligations of
the Seller enforceable against the Seller in accordance with their respective
terms.

          2.3     
No Conflict. Neither the execution and delivery of this Agreement and the
other agreements and instruments to be executed and delivered in connection with
the transactions contemplated hereby, nor the consummation of the transactions
contemplated hereby, will to the best of the Seller’s knowledge violate or
conflict with: (a) any foreign or local law, regulation, ordinance, governmental
restriction, order, judgment or decree applicable to the Seller; (b) any
provision of any charter, bylaw or other governing or organizational instrument
of the Seller; or (c) any mortgage, indenture, license, instrument, trust,
contract, agreement, or other commitment or arrangement to which the Seller is a
party or by which the Seller is bound.

          2.4      Required
Consents. No Permit (as defined in Section 1.1(a)(iv)) or approval,
authorization, consent, permission, or waiver to or from any person, or notice,
filing, or recording to or with, any person is necessary for: (a) the execution
and delivery of this Agreement and the 

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other agreements and instruments to be executed and delivered
by the Seller in connection with the transactions contemplated hereby, or the
consummation by the Seller of the transactions contemplated hereby; or (b) the
ownership and use of the Assets by the Buyer.

          2.5     
Intellectual Property.

          (a)     
On Closing, the Seller will indirectly own and has the valid right to use all of
the Intellectual Property (as defined in Section 1.1(a)(ii)) comprised in the
Assets all of which is described on Schedule “A” attached hereto.

          (b)      On
Closing, the Intellectual Property will be free and clear of all Encumbrances or
other restrictions on transfer, including but not limited to a fixed and
floating charge over the Assets (the “Security”) held by MFC Merchant
Bank SA.

          (c)      On
Closing, there will be no pending or threatened opposition, interference or
cancellation proceeding before any court or registration authority in any
jurisdiction against such registrations or against any Intellectual Property
licensed to the Seller pursuant to the License Agreements (as defined in the
next paragraph).

          (d)     Schedule
"B" attached hereto sets forth a complete and accurate list of all agreements
pertaining to the use of, or granting any right to use or practice any rights
under, any Intellectual Property (collectively, the “License
Agreements”). Except as set forth in Schedule "B", there are no settlements,
consents, judgments, or orders or other agreements which restrict any of rights
to use any Intellectual Property or permit third parties to use any Intellectual
Property which would otherwise infringe any of the Seller’s Intellectual
Property.

          (e)      To
the best of the Seller’s knowledge, no third party is misappropriating,
infringing, diluting, or violating any Intellectual Property owned by, assigned
or licensed to the Seller, and no such claims are pending against a third party
by the Seller;

          (f)      Schedule
"C" attached hereto lists all Software currently or previously owned, licensed,
sublicensed, assigned, leased, sold to or by or otherwise used by the Seller,
and identifies which is owned, licensed, sublicensed, assigned, leased, sold or
otherwise used, as the case may be. “Software” means any and all (i)
computer programs, including any and all software implementations of algorithms,
models and methodologies, whether in source code or object code or otherwise,
(ii) computer databases and computer compilations, including any and all data
and collections of data, whether machine readable or otherwise, (iii) subsequent
error corrections or updates relating to any of the foregoing, (iv)
descriptions, flow-charts and other work product used to design, plan, organize
and develop any of the foregoing, (v) Internet domain names and the technology
supporting and content contained on the respective Internet site(s), and (vi)
all end-user and programmer documentation, including user manuals and training
materials, relating to any of the foregoing;

          (g)      On
Closing, each item of Software listed in Schedule "C" will either be: (i) owned
by the Seller, (ii) currently in the public domain or otherwise available to the
Seller without the license, lease or consent of any third party, or (iii) used
under rights granted to the Seller pursuant to a written agreement, assignment,
license or lease from a third party, which written agreement, license or lease
is listed in Schedule "C". The Seller’s use of the Software set forth in
Schedule "C" does not violate the rights of any third party. With respect to the
Software set forth in Schedule "C" which the Seller purports to own, such
Software was either: (x) developed by employees of the Seller within the scope
of their employment; (y) developed by independent 

4

contractors who have assigned their rights to the Seller
pursuant to written agreements; or (z) acquired by the Seller from third
parties; and

          (h)      except
for any open-source software code set out in Schedule “C” made available to the
owner of the Assets under a free and assignable license, which the Seller will,
on Closing, will be entitled to so utilize under a license it holds from a third
party that is assignable to the Buyer, the Software does not incorporate codes
other than those developed by the Seller or its employees or consultants who
developed such codes under work for hire agreements with the Seller.

          2.6      Investor
Representations. The Seller acknowledge and agree that the Shares will be
offered and sold without such offers and sales being registered under the United
States Securities Act of 1933, as amended (the “Securities Act”) and will
be issued to the Seller in accordance with Rule 903 of Regulation S of the
Securities Act in an “offshore transaction” within the meaning of Regulation S
based on the representations and warranties of the Seller in this Agreement. As
such, the Seller further acknowledges and agrees that all Shares will, upon
issuance, be “restricted securities” within the meaning of the Securities
Act.

          2.7      Agreement
Regarding Resale. The Seller agrees to (i) resell the Shares only in
accordance with the provisions of Regulation S of the Securities Act, pursuant
to registration under the Securities Act, or pursuant to an available exemption
from registration pursuant to the Securities Act, and otherwise in accordance
with all applicable state securities laws and the laws of any other
jurisdiction. The Seller further agrees that the Buyer may require the opinion
of legal counsel reasonably acceptable to the Buyer in the event of any offer,
sale, pledge or transfer of any of the Shares by the Seller pursuant to an
exemption from registration under the Securities Act; 

        2.8      Prohibition
Against Hedging Transactions. The Seller agrees not to engage in hedging
transactions with regard to the Shares unless in compliance with the Securities
Act.

          2.9      Right
of Company to Refuse Transfer. The Seller agrees that the Buyer will refuse
to register any transfer of the Shares not made in accordance with the
provisions of Regulation S of the Securities Act, pursuant to registration under
the Securities Act, pursuant to an available exemption from registration, or
otherwise pursuant to this Agreement. 

          2.10     No
Obligation to Register. The Seller acknowledges that the Buyer has not
agreed and has no obligation to register the resale of the Shares under the
Securities Act.

          2.11    
Share Certificates. The Seller acknowledges and agrees that all
certificates representing the Shares will be endorsed with the following legend
in accordance with Regulation S of the Securities Act or such similar legend as
deemed advisable by legal counsel for the Buyer to ensure compliance with
Regulation S of the Securities Act and to reflect the status of the Shares as
restricted securities: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING 

5

TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT”.

          2.12     Issuance
of Shares The Seller represents and warrants to the Buyer as follows, and
acknowledges that the Buyer is relying upon such covenants, representations and
warranties in connection with the issue of the Shares to the Seller:

          (a)     
the Seller is not a “U.S. Person” as defined by Regulation S of the Securities
Act and is not acquiring the Shares for the account or benefit of a U.S.
Person;

          (b)     
the Seller was not in the United States at the time the offer to purchase the
Shares was received or this Agreement was executed; 

          (c)      the
Seller has such knowledge, sophistication and experience in business and
financial matters such that it is capable of evaluating the merits and risks of
the investment in the Shares. The Seller has evaluated the merits and risks of
an investment in the Shares. The Seller can bear the economic risk of this
investment, and is able to afford a complete loss of this investment;

          (d)      the
Seller acknowledges that the Buyer is in the early stages of development of its
business and the Buyer’s success is subject to a number of significant risks,
including the risk that the Buyer will not be able to finance its plan of
operations. The Seller further acknowledges that (i) the Buyer has limited cash
and working capital, (ii) the Buyer will have to raise additional capital in
order to finance its plan of operations which capital may be raised by the issue
of additional shares of its common stock which will result in dilution to the
Seller, and (iii) the Buyer has no arrangements for any financing in place and
there is no assurance that any financing will be completed;

          (e)     
the Seller has been afforded access to information about the Buyer and the
Buyer’s financial condition, results of operations, business, properties,
management and prospects sufficient it to evaluate its investment in the Shares.
The Seller further represents that it has had an opportunity to ask questions
and receive answers from representatives of the Buyer regarding the business,
properties, prospects and financial condition of the Buyer, each as is necessary
to evaluate the merits and risks of investing in the Shares. The Seller believes
it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Shares. The Seller has had full opportunity to
discuss this information with the Seller’s legal and financial advisers prior to
execution of this Agreement;

          (f)      the
Seller acknowledges that the Buyer will rely on these representations in
completing the issuance of the Shares to the Seller; and

          (g)      the
  Seller acknowledges that the offering of the Shares by the Buyer has not been
  reviewed by the United States Securities and Exchange Commission or any state
  securities regulatory authority.

6

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF BUYER

          To
induce the Seller to execute, deliver and perform this Agreement, and in
acknowledgement of Seller’s reliance on the following representations and
warranties, the Buyer hereby represents and warrants to the Seller as follows as
of the date hereof and as of the Closing Date:

          3.1      Organization.
The Buyer is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Nevada, with the power and authority to
conduct its business as it is now being conducted and to own and lease its
properties and assets.

          3.2     
Power and Authority. The Buyer has the power and authority to execute,
deliver, and perform this Agreement and the other agreements and instruments to
be executed and delivered by it in connection with the transactions contemplated
hereby, and the Buyer has taken all necessary action to authorize the execution
and delivery of this Agreement and such other agreements and instruments and the
consummation of the transactions contemplated hereby. This Agreement is, and,
when such other agreements and instruments are executed and delivered, the other
agreements and instruments to be executed and delivered by the Buyer in
connection with the transactions contemplated hereby shall be, the valid and
legally binding obligations of the Buyer, enforceable in accordance with their
respective terms.

          3.3     
Broker’s or Finder’s Fees. The Buyer has not authorized any person to act
as broker, finder, or in any other similar capacity in connection with the
transactions contemplated by this Agreement.

          3.4     
No Conflict. Neither the execution and delivery by the Buyer of this
Agreement and of the other agreements and instruments to be executed and
delivered by the Buyer in connection with the transactions contemplated hereby
or thereby, nor the consummation by the Buyer of the transactions contemplated
hereby, will violate or conflict with: (a) any foreign or local law, regulation,
ordinance, governmental restriction, order, judgment or decree applicable to the
Buyer; or (b) any provision of any charter, bylaw, or other governing or
organizational instrument of the Buyer.

          3.5      Truth
at Closing. All of the representations, warranties, and agreements of the
Buyer contained in this Agreement shall be true and correct and in full force
and effect on and as of the Closing Date.

ARTICLE 4

COVENANTS OF THE SELLER PRIOR TO CLOSING

          4.1     
Required Approvals. As promptly as practicable after the Closing, the
Seller shall make all filings required by foreign or local law to be made by
them in order to consummate the transactions contemplated hereby. The Seller
shall (a) cooperate with the Buyer with respect to all filings that the Buyer
elects to make or is required by law to make in connection with the transactions
contemplated hereby, and (b) cooperate with the Buyer in obtaining any consents
of the type described in Sections 2.4 and 2.5.

7

          4.2      Prohibited
Actions. In no event, without the prior written consent of the Buyer, shall
the Seller:

          (a)      permit
any of the Assets to be subjected to any claim or Encumbrance;

          (b)      waive
any claims or rights of substantial value respecting the Assets, or sell,
transfer, or otherwise dispose of any of the Assets, except in the ordinary
course of business and consistent with past practice; or

          (c)      dispose
of, license, or permit to lapse any rights in any Intellectual Property;

          4.3      Access.
From the date of this Agreement to the Closing Date, the Seller shall: (a)
provide the Buyer with such information and access as the Buyer may from time to
time reasonably request to the Assets.

          4.4      Non-Solicitation.
Until the completion or termination of the transactions contemplated by this
Agreement, the Seller shall not, nor shall any of its representatives, solicit,
offer or encourage any sale of any of the Assets.

ARTICLE 5

CONDITIONS TO THE SELLER’S OBLIGATIONS

          Each
of the obligations of the Seller to be performed hereunder shall be subject to
the satisfaction (or waiver by the Seller) at or prior to the Closing Date of
each of the following conditions:

          5.1      Representations
and Warranties; Performance. The Buyer shall have performed and complied in
all respects with the covenants and agreements contained in this Agreement
required to be performed and complied with by it at or prior to the Closing
Date, the representations and warranties of the Buyer set forth in this
Agreement shall be true and correct in all respects as of the date hereof and as
of the Closing Date as though made at and as of the Closing Date (except as
otherwise expressly contemplated by this Agreement), and the execution and
delivery of this Agreement by the Buyer and the consummation of the transactions
contemplated hereby shall have been duly and validly authorized by the Buyer’s
Board of Directors, and the Seller shall have received a certificate to that
effect signed by the secretary of the Buyer.

          5.2     
Litigation. No Litigation shall be threatened or pending against the
Buyer or the Seller that, in the reasonable opinion of counsel for the Seller,
could result in the restraint or prohibition of any such party, or the obtaining
of damages or other relief from such party, in connection with this Agreement or
the consummation of the transactions contemplated hereby.

          5.3      Documents
Satisfactory in Form and Substance. All agreements, certificates, and other
documents delivered by the Buyer to the Seller hereunder shall be in form and
substance satisfactory to counsel for the Seller, in the exercise of such
counsel’s reasonable judgment.

          5.4     
Completion of Share Purchase. The Seller and Mobile Warrior LLP shall
have completed the Share Purchase, other than the transfer of the Shares to
Mobile Warrior LLP, such that the Seller is, on Closing, the owner of the
Assets.

8

ARTICLE 6

CONDITIONS TO THE BUYER’S OBLIGATIONS

          Each
of the obligations of the Buyer to be performed hereunder shall be subject to
the satisfaction (or the waiver by the Buyer) at or prior to the Closing Date of
each of the following conditions:

          6.1     
Representations and Warranties; Performance. The Seller shall have
performed and complied in all respects with the covenants and agreements
contained in this Agreement required to be performed and complied with by them
at or prior to the Closing Date, the representations and warranties of the
Seller set forth in this Agreement shall be true and correct in all respects as
of the date hereof and as of the Closing Date as though made at and as of the
Closing Date (except as otherwise expressly contemplated by this Agreement), and
the execution and delivery of this Agreement by the Seller and the consummation
of the transactions contemplated hereby shall have been duly and validly
authorized by the Seller’s Board of Directors, and the Buyer shall have received
a certificate to that effect signed by the secretary of the Buyer.

          6.2      Consents.
All required approvals, consents and authorizations shall have been
obtained.

          6.3     
No Litigation. No Litigation shall be threatened or pending against the
Buyer or the Seller that, in the reasonable opinion of counsel for the Buyer,
could result in the restraint or prohibition of any such party, or the obtaining
of damages or other relief from such party, in connection with this Agreement or
the consummation of the transactions contemplated hereby.

          6.4     
Due Diligence. The Buyer shall have completed its due diligence review of
the Assets and shall have been satisfied with the findings thereof.

          6.5      Proof
of Ownership of Assets. The Seller shall have delivered to the Buyer
documentary evidence of the Seller’s sole right, title and ownership interest in
and to the Assets, such evidence to be in a form satisfactory to the Buyer in
the Buyer’s sole discretion. 

          6.6      Cancellation
of Licenses The Seller shall provide the Buyer with proof of termination of
all licenses and other rights of use of the Assets by providing to the Buyer
fully executed Termination and Release Agreements for each of the License
Agreements.

          6.7      Cancellation
of Security The Seller shall provide the Buyer with proof of the release of
the Security held by MFC Merchant Bank SA over the Assets.

          6.8      Completion
of Share Purchase. The Mobile Warrior LLP and the Seller shall have
completed the Share Purchase such that the Seller is the sole shareholder of
Holdco as at the Closing Date.

ARTICLE 7

COVENANTS OF THE SELLER AND THE BUYER FOLLOWING
CLOSING

          7.1      Allocation
of Purchase Price; Transfer Taxes.

9

          (a)      Consistent
with applicable tax rules, the Buyer shall allocate the Purchase Price to the
Assets. The Buyer shall prepare and file, in a timely fashion, forms in a manner
consistent with such allocation with the relevant tax authority. All tax returns
and reports filed or prepared by the Buyer and/or the Seller with respect to the
transactions contemplated by this Agreement shall be consistent with the
allocation made by the Buyer under this Section 7.1(a) . 

          (b)     
All sales, transfer, and similar taxes and fees (including all recording fees,
if any) incurred in connection with this Agreement and the transactions
contemplated hereby shall be borne by the Seller and the Seller shall file all
necessary documentation with respect to such taxes.

          7.2     
Further Assurances. Subject to the terms and conditions of this
Agreement, each party agrees to use all of its reasonable efforts to take, or
cause to be taken, all actions and to do or cause to be done, all things
necessary and proper or advisable to consummate and make effective the
transactions contemplated by this Agreement (including the execution and
delivery of such further instruments and documents) as the other party may
reasonably request.

          7.3     
Nondisclosure of Proprietary Data. The Parties shall hold in a fiduciary
capacity for the benefit of each other all secret or confidential information,
knowledge or data relating to the each other or any of their affiliated
companies, and their respective businesses, which shall not be or become public
knowledge. Neither Party, without the prior written consent of the other, or as
may otherwise be required by law or legal process, shall communicate or divulge
either before or after the Closing Date any such information, knowledge or data
to anyone other than the other Party and those designated by the other Party in
writing.

ARTICLE 8

SURVIVAL AND INDEMNITY

          8.1     
Survival of Representations, Warranties, etc. Each of the
representations, warranties, agreements, covenants and obligations herein is
material and shall be deemed to have been relied upon by the other party or
parties and shall survive indefinitely after the date hereof and after the
Closing and shall not merge in the performance of any obligation by any party
hereto. All rights to indemnification contained in this Agreement shall survive
the Closing indefinitely.

          8.2     
Indemnification by the Seller and Buyer. The parties shall indemnify,
defend, and hold harmless each other, and the each others representatives,
stockholders, controlling persons and affiliates, at, and at any time after, the
Closing, from and against any and all demands, claim, actions, or causes of
action, assessments, losses, damages (including incidental and consequential
damages), liabilities, costs, and expenses, including reasonable fees and
expenses of counsel, other expenses of investigation, handling, and Litigation
(as defined in Section 2.13), and settlement amounts, together with interest and
penalties (collectively, a “Loss” or “Losses”), asserted against,
resulting to, imposed upon, or incurred by the either party, directly or
indirectly, by reason of, resulting from, or arising in connection with: (i) any
breach of any representation, warranty, or agreement of either party contained
in or made pursuant to this Agreement, including the agreements and other
instruments contemplated hereby; (ii) any breach of any representation,
warranty, or agreement of either party contained in or made pursuant to this
Agreement, including the agreements and other instruments contemplated hereby,
as if such representation or warranty were made on and as of 

10

the Closing Date; (iii) any claim by any person for brokerage
or finder’s fees or commissions or similar payments based upon any agreement or
understanding alleged to have been made by any such person with either party in
connection this Agreement or any of the transactions contemplated hereby; and
(iv) to the extent not covered by the foregoing, any and all demands, claims,
actions or causes of action, assessments, losses, damages, liabilities, costs,
and expenses, including reasonable fees and expenses of counsel, other expenses
of investigation, handling, and Litigation and settlement amounts, together with
interest and penalties, incident to the foregoing.

          The
remedies provided in this Section 8.2 will not be exclusive of or limit any
other remedies that may be available to the either party to this Agreement.

ARTICLE 9

TERMINATION

          9.1      Termination.
This Agreement may be terminated at any time prior to the Closing Date:

          (a)      by
mutual written consent of the Seller and the Buyer;

          (b)     
by either the Seller or the Buyer if (i) there shall have been a material breach
of any representation, warranty, covenant or agreement set forth in this
Agreement, on the part of the Buyer, in the case of a termination by the Seller,
or on the part of the Seller, in the case of a termination by the Buyer, which
breach shall not have been cured, in the case of a representation or warranty,
prior to Closing or, in the case of a covenant or agreement, within ten (10)
business days following receipt by the breaching party of notice of such breach,
or (ii) any permanent injunction or other order of a court or other competent
authority preventing the consummation of the transactions contemplated hereby
shall have become final and non-appealable; or

          (c)     
by either the Seller or the Buyer if the transactions contemplated hereby shall
not have been consummated on or before March 31, 2006; provided,
however, that the right to terminate this Agreement pursuant to this
Section 9.1(c) shall not be available to any party whose failure to fulfill any
obligation under this Agreement has been the cause of, or resulted in, the
failure of the consummation of the transactions contemplated hereby to have
occurred on or before the aforesaid date.

          9.2     
Effect of Termination. Each party’s right of termination under Section
9.1 is in addition to any other rights it may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies. If this Agreement is terminated pursuant to Section 9.1, unless
otherwise specified in this Agreement, all further obligations of the parties
under this Agreement will terminate; provided, however, that if
this Agreement is terminated by a party because of the breach of this Agreement
by the other party or because one or more of the conditions to the terminating
party’s obligations under this Agreement is not satisfied as a result of the
other party’s failure to comply with its obligations under this Agreement, the
terminating party’s rights to pursue all legal remedies will survive such
termination unimpaired. 

11

ARTICLE 10

MISCELLANEOUS

          10.1      Entire
Agreement. This Agreement, and the other certificates, agreements, and other
instruments to be executed and delivered by the parties in connection with the
transactions contemplated hereby, constitute the sole understanding of the
parties with respect to the subject matter hereof and supersede all prior oral
or written agreements with respect to the subject matter hereof.

          10.2     
Parties Bound by Agreement; Successors and Assigns. The terms,
conditions, and obligations of this Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective successors and
assigns.

          10.3     
Amendments and Waivers. No modification, termination, extension, renewal
or waiver of any provision of this Agreement shall be binding upon a party
unless made in writing and signed by such party. A waiver on one occasion shall
not be construed as a waiver of any right on any future occasion. No delay or
omission by a party in exercising any of its rights hereunder shall operate as a
waiver of such rights.

          10.4      Severability.
If for any reason any term or provision of this Agreement is held to be invalid
or unenforceable, all other valid terms and provisions hereof shall remain in
full force and effect, and all of the terms and provisions of this Agreement
shall be deemed to be severable in nature. If for any reason any term or
provision containing a restriction set forth herein is held to cover an area or
to be for a length of time which is unreasonable, or in any other way is
construed to be too broad or to any extent invalid, such term or provision shall
not be determined to be null, void and of no effect, but to the extent the same
is or would be valid or enforceable under applicable law, any court of competent
jurisdiction shall construe and interpret or reform this Agreement to provide
for a restriction having the maximum enforceable area, time period and other
provisions (not greater than those contained herein) as shall be valid and
enforceable under applicable law.

          10.5      Attorney’s
Fees. Should any party hereto retain counsel for the purpose of enforcing,
or preventing the breach of, any provision hereof including, but not limited to,
the institution of any action or proceeding, whether by arbitration, judicial or
quasi-judicial action or otherwise, to enforce any provision hereof or for
damages for any alleged breach of any provision hereof, or for a declaration of
such party’s rights or obligations hereunder, then, whether such matter is
settled by negotiation, or by arbitration or judicial determination, the
prevailing party shall be entitled to be reimbursed by the losing party for all
costs and expenses incurred thereby, including, but not limited to, reasonable
attorneys’ fees for the services rendered to such prevailing party.

          10.6      Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall
for all purposes be deemed to be an original and all of which shall constitute
the same instrument.

          10.7     
Headings. The headings of the sections and paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

12

          10.8     
Expenses. Except as specifically provided herein, the Seller and the
Buyer shall each pay all costs and expenses incurred by it or on its behalf in
connection with this Agreement and the transactions contemplated hereby,
including fees and expenses of its own financial consultants, accountants, and
counsel.

          10.9      Notices.
All notices, requests, demands, claims, and other communications which are
required or may be given under this Agreement shall be in writing and shall be
deemed to have been duly given five business days after such notice, request,
demand, claim or other communication is sent, if sent by registered or certified
mail, return receipt requested, postage prepaid; and, in any case, all such
communications must be addressed to the intended recipient at the address set
forth on the first page of this Agreement. Any party may send any notice,
request, demand, claim, or other communication hereunder to the intended
recipient at the address set forth above using any other means, but no such
notice, request, demand, claim, or other communication shall be deemed to have
been duly given unless and until it actually is received by the intended
recipient. Any party may change the address to which notices, requests, demands,
claims, and other communications hereunder are to be delivered by giving the
other party notice in the manner herein set forth.

          10.10    
Governing Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Nevada without giving effect to the
principles of choice of law thereof.

          10.11    
Arbitration. Any dispute arising under or in connection with any matter
related to this Agreement or any related agreement shall be resolved exclusively
by arbitration. The arbitration shall be in conformity with and subject to the
applicable rules and procedures of the American Arbitration Association. All
parties agree to be (1) subject to the jurisdiction and venue of the arbitration
in the State of Nevada, (2) bound by the decision of the arbitrator as the final
decision with respect to the dispute and (3) subject to the jurisdiction of the
Superior Court of the State of Nevada for the purpose of confirmation and
enforcement of any award.

          10.12     References,
etc.

          (a)      Whenever
reference is made in this Agreement to any Article, Section, or paragraph, such
reference shall be deemed to apply to the specified Article, Section or
paragraph of this Agreement.

         (b)      Wherever
reference is made in this Agreement to a Schedule, such reference shall be
deemed to apply to the specified Schedule attached hereto, which are
incorporated into this Agreement and form a part hereof. All terms defined in
this Agreement shall have the same meaning in the Schedules attached hereto.

          (c)      Any
form of the word “include” when used herein is not intended to be exclusive
(e.g., “including” means “including, without limitation”).

          10.13    
No Strict Construction. The language used in this Agreement will be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any
person.

          10.14     No
Third Party Beneficiary Rights. No provision in this Agreement is intended
or shall create any rights with respect to the subject matter of this Agreement
in any third party.

13

          10.15    
Such Other Acts. The parties hereto shall do all things, take such acts
and execute such documents as are necessary to give effect to the intention
herein contemplated.

          10.16    
Electronic Means. Delivery of an executed copy of this Agreement by
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date first indicated above.

IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed on its behalf as of the date first indicated above.

	 	COLOURED (US) INC. 
	 	  	  
	 	 	 
	 	By: 	/s/ Lars Brannvall 
	 	Name: 	Lars Brannvall 
	 	Title: 	  
	 	  	  
	 	  	  
	 	  	  
	 	ABS GLOBAL CAPITAL INC. 
	 	  	  
	 	 	 
	 	By: 	/s/ Laura Mouck 
	 	Name: 	Laura Mouck 
	 	Title: 	Director 
	 	  	Equity Management Inc. 

14

SCHEDULE A

INTELLECTUAL PROPERTY

Trade Marks

There is no trademark associated with the Assets. 

Patent Applications

The is no patent application associated with the Assets 

Internet Domain Names

There is no Internet domain name associated with the Assets.

Copyright

The Owned Software described in Schedule “C” below.

15

SCHEDULE B

LICENSING AGREEMENTS

License Agreements

	Agency Exploitation Agreement dated March 31, 2003 between Mobile
  Warrior
Technology Partnership LLP and LDC Network Limited as assigned to
  Coloured Industry Limited effective April 2, 2004 

Licensed Software

See Licensed Software set forth in Schedule “C” below.

16

SCHEDULE C

SOFTWARE

Technology Overview

The Company’s goal is to provide SMS-based mobile entertainment
to any owner of a mobile phone on the GSM networks. The Mobile Warrior
technology consists of a multi-player, location based mobile role-playing game.

Mobile Warrior

Mobile Warrior is a battle game set in the Viking era. Players
initially register and create a character for the game on the Company’s website,
choosing weapons and armor among other things. Players initially register and
create a character for the game on the website, choosing their weapons and armor
from a list provided. The player then sends a simple text message to the
Company’s server when they want to play the game. The LBS feature of the game
determines what other potential players are located in the sender’s vicinity,
and the server communicates this information to the sender by a text message.
Players can then choose whom they wish to challenge to a duel by sending a text
message back to the server, which then informs the player chosen. That player
may then choose whether or not they wish to play at that time. If they accept,
the game begins and both players attempt to defeat the other with attack
commands sent by text message to the server. Battles generally consist of
between five and eight text messages per player. Outcomes depend on a number of
factors including each player’s weapons, armor, experience, choice of commands
and other such factors. 

Players collect points by winning battles, which they may
redeem on the website for better weapons and armor. The game is supported by the
Company’s website on which players can check their ranking against other
players, see the results of other battles and change their weapons, armor and
other features of their characters.

System Overview

Mobile Warrior is hosted on a server owned by Trackwell, the
Icelandic company that developed this game. The game features location-based
service (LBS) technology which allows users the ability to play the games
against other registered players located in the user’s vicinity. The physical
location of the user therefore has a direct impact on the ongoing play of the
game. The result is a new dimension of interactivity in game play through a
web-based community of similar users. A graphical representation of this
connections between the servers and a player’s mobile phone is as follows:

17

 

LDT (Location Determination Technology) in the diagram refers
to software which permits the player to utilize the LBS features of our games.
This service is provided to suppliers such as CI Mobile Gaming by third party
suppliers such as Teydo (http://www.teydo.com/teydo/uk/en/). The SMS-C gateway
is the connection point between the Company’s server and a particular player’s
wireless network provider (represented by the GSM Network in the above diagram).
The SMS-C gateway provides a number of services, in particular the regulation of
the transfer of text messages to mobile phones via the wireless network
provider. There are a number of companies that aggregate gateway connections to
the SMS-C’s, ensuring a single point of access to a global network of SMS
gateways and wireless network providers.

The game is played entirely by text messages sent between a
player and the Company’s servers, and do not require any software to be
downloaded onto a player’s mobile phone. Players do not have any direct
communication with each other, protecting each player’s identity and privacy,
while still having a completely interactive experience through the game. To
illustrate, each player will go through the following series of steps 

	 	1. 	
      Once a player has registered by text message or on the
      Internet to play a game, they are sent a text message containing the
      telephone number to the server on which that particular game is stored and
      a key code for the game. When the player wishes to play, they send a text
      message through their operator’s network to our server. The key code
      indicates what game the player wants to play

 

18

	 	2. 	
      This text message, including LBS information about the
      player’s location, is received by the Company’s server. Depending on what
      message the player has sent and his/her location, the server responds
      accordingly and sends a response to the mobile phone
  user.

 

	 	3. 	
      This message triggers another message to be sent by the
      mobile phone user.

The game drives revenue-generation through the use of text
messages by the players who are charged by their wireless network provider for
each text message they send, a portion of which the Company receives by
agreement with the gateway owner through which the player registered to
play.

The game is simple, fun and easy to learn, each requiring only
the memorization of a few simple commands which they communicate by text message
to the servers. The user can access registration and support information either
through their mobile phone or, for most of the Company’s games, on the Internet.
The user can then enjoy the added benefit of joining and interacting with a
community of users with similar game-playing interests. The games can also
support Multimedia Messaging Service (MMS) technology, which will eventually
allow the addition of sound, graphics and even video. 

System specification

The interfaces below are those who are currently supported by
the platform on which Mobile Warrior is hosted. Those can be adapted and
modified the interfaces to fit the operator’s requirements.

Location determination technology (LDT). 

The platfom supports LIF’s, Mobile Location Query API
specification v1.1 or variants of it.

SMSC

	EMI Specifications 3.1.2
  
	CIMD v2.0.0
  
	SMPP 3.4 

WEB
For The WEB access the default layout is used or
can be adapted to the customer’s requirements. 

Billing

19

Mobile Warrior does not rely on any specific external billing
system and can be integrated with variety of systems. All billing relevant
parameters are stored in database and can be provided on any desired form in
real time or by post processing.

Subscriber database

The interface to the subscriber database is based on HTTP proxy
and adapted to the operator’s environment.

The interfaces above are those who are currently supported. Our
partner can adapt and modify the interfaces to fit the operator’s requirements.

Owned Software

The source code for the application “Mobile Warrior”

Licensed Software

None specifically since any such software used by the platform
is part of the agreement with the company hosting it, i.e. Trackwell.

Third Party / Open Source Software

The MW platform uses the following third party software:

	Oracle 8 database
  
	Apache 3.12 with Tom Cat
  
	JDK 1.2.2 

20

ASSIGNMENT OF INTELLECTUAL PROPERTY

                    WHEREAS
ABS GLOBAL CAPITAL INC., a company incorporated in the Republic of the
Seychelles and having a registered address at 306 Victoria House, Victoria,
Mahe, Seychelles (the “Assignor”), is the owner of all right, title and
interest in and to all of the Intellectual Property and Permits, as such terms
are defined in an Asset Purchase Agreement dated as of January 31, 2006 by and
between the Assignor and COLOURED (US) INC. (the “Assignee”); AND
WHEREAS the Assignee COLOURED (US) INC. a company incorporated under the
laws of State of Nevada and having a business address at Suite 5.15, 130
Shaftsbury Avenue, London England, (the “Assignee”), is desirous of
securing the entire right, title and interest in and to the Intellectual
Property and Permits;

                    NOW,
THEREFORE, be it known that, for good and valuable consideration the sufficiency
and receipt of which from Assignee is hereby acknowledged, we, as Assignor, have
sold, assigned, transferred, and set over, and do hereby sell, assign, transfer,
and set over unto the Assignee, its lawful successors and assigns, our entire
right, title, and interest in and to the Intellectual Property and Permits.

                    AND,
WE HEREBY further covenant and agree that We, as Assignor, will, without further
consideration, communicate with the Assignee, its successors and assigns, any
facts known to us respecting the Intellectual Property and Permits and testify
in any legal proceeding, sign all lawful papers when called upon to do so,
execute and deliver all papers that may be necessary or desirable to perfect the
title to the Intellectual Property and Permits in said Assignee, its successors
and assigns. understanding that any expense incident to the execution of such
papers shall be borne by the Assignee, its successors and assigns.

21

EXECUTED this _____day of _____________,
  2006. 

  IN TESTIMONY WHEREOF, We have hereunto set our hands.

	
      ABS GLOBAL CAPITAL INC. 

        Per: /s/ Laura Mouck                                
          

                  Authorized Signatory 

	
      WITNESS: 

        On this 17th day of February, 2006, before me personally
          appeared Laura Mouck, who is known to me to be the individual who executed
          the foregoing instrument on behalf of the Assignor and who acknowledged
          to me that he/she executed the same and was duly authorized by the Assignor
          to do so. 

          

          Malcolm Nickerson                                     

          (Name of Witness) 

          

          

          /s/ Malcolm Nickerson                                  

          (Signature of Witness)

          

          

          Prasanmitr Thani Tower, #2404, 41 Sukhumvit S0123

          Klongtoey Nua, Wattana Bangkok 10110 Thailand                   

          (Address of Witness) 

22Filed by Automated Filing Services Inc. (604) 609-0244 - Coloured Industry Inc. - Exhibit 10.10

EXHIBIT 10.10

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

REGULATION S DEBT CONVERSION AGREEMENT

THIS AGREEMENT is made effective as of the 28th
day of February, 2006.

BETWEEN:

THE CREDITOR LISTED ON THE
EXECUTION PAGE 
TO THIS AGREEMENT

(hereinafter called the
"Creditor")

OF THE FIRST PART 

AND: 

COLOURED (US)
INC.
(formerly EMCOR HOLDINGS INC.) 
a Nevada
corporation

(hereinafter called the “Company")

OF THE SECOND PART

WHEREAS:

A.                    The
Creditor has advanced funds to the Company as a loan pending completion by the
Company of the acquisition of Coloured Industry Limited (“CI”).

B.                     The
Company has completed the acquisition of Coloured Industry.

C.                     The
Company has entered into an asset purchase agreement (the “Asset Purchase
Agreement”) for the acquisition from Colour Industry Inc. and ABS Global Capital
Inc. (collectively, the “Developers”) of certain intellectual property
previously licensed to Coloured Industry (the “Intellectual Property”).

D.                     The
acquisition of the Intellectual Property is subject to, among other things, the
approval of the managing partner and shareholders of the Developers, which
approval has been obtained.

E.                     The
Creditor has agreed to convert its loan into shares of the Company’s common
stock.

THE PARTIES HEREBY AGREE AS FOLLOWS:

1.                      
DEFINITIONS

1.1                     The
following terms will have the following meanings for all purposes of this
Agreement.

2

	 	(a) 	
      "Agreement" shall mean this Agreement, and all schedules
      and amendments to in the Agreement.

	 	 	 
	 	(b) 	
      “Common Stock” means the shares of Common Stock of the
      Company, $0.001 par value per share.

	 	 	 
	 	(c) 	
      "Exchange Act" shall mean the United States Securities
      Exchange Act of 1934, as amended.

	 	 	 
	 	(d) 	
      “Creditor” shall mean the Creditor executing the
      signature page to this Agreement.

	 	 	 
	 	(e) 	
      "Offering" shall mean the offering of the Shares by the
      Company in exchange for the cancellation of indebtedness owed by the
      Company to certain of its creditors pursuant to Regulation S of the
      Securities Act.

	 	 	 
	 	(f) 	
      “Indebtedness” means the amount of indebtedness owed by
      the Company to the Creditor pursuant to a loan or loans advanced by the
      Creditor to the Company in the aggregate amount set forth on the execution
      page to this Agreement.

	 	 	 
	 	(g) 	
      "SEC" shall mean the United States Securities and
      Exchange Commission.

	 	 	 
	 	(h) 	
      "Securities Act" shall mean the United States Securities
      Act of 1933, as amended.

	 	 	 
	 	(i) 	
      "Shares" means those shares of Common Stock to be
      purchased by the Creditor at a price of $0.25 per Share pursuant to this
      Agreement.

1.2                     All
dollar amounts referred to in this agreement are in United States funds, unless
expressly stated otherwise.

2.                      
ISSUANCE OF SHARES IN SETTLEMENT OF INDEBTEDNESS

Subject to the terms and conditions hereinafter set forth, the
Creditor hereby agrees to accept the issuance by the Company to the Creditor of
a number of Shares equal to the amount of the Indebtedness divided by a price of
$0.25 US per Share as payment in full of the Indebtedness (the “Shares”).

Upon execution of this Agreement by the Company, the Company
will deliver to the Creditor certificates representing the Shares. Upon delivery
by the Company of the certificates representing the Shares, the Indebtedness
will be deemed to be repaid in full by the Company, the Company will have no
further liability or obligation to the Creditor in respect of the Indebtedness
and the Creditor will have no further claim or action against the Company in
respect of the Indebtedness.

The Company will register the resale by the Creditor of the
Shares on any registration statement filed by the Company with the SEC pursuant
to the Securities Act as part of the process of pursuing trading of the
Company’s common stock on the NASD OTC Bulletin Board.

Any acceptance by the Company of the Creditor is conditional
upon compliance with all securities laws and other applicable laws of the
jurisdiction in which the Creditor is resident. The Creditor will deliver to the
Company all other documentation, agreements, representations and requisite
government forms required by the lawyers for the Company as required to comply
with all securities laws and other applicable laws of the jurisdiction of the
Creditor.

The Creditor hereby authorizes and directs the Company to
deliver the securities to be issued to 

3

such Creditor pursuant to this Agreement to the Creditor’s
address indicated on the signature page of this Agreement.

The Creditor acknowledges and agrees that the subscription for
the Shares and the Company's acceptance of the subscription is not subject to
any minimum subscription for the Offering.

3.                      
REGULATION S AGREEMENTS OF THE CREDITOR

3.1                     The
Creditor represents and warrants to the Company that the Creditor is not a “U.S.
Person” as defined by Regulation S of the Securities Act and is not acquiring
the Shares for the account or benefit of a U.S. Person.

A “U.S. Person” is defined by
Regulation S of the Act to be any person who is:

	 	(a) 	
      any natural person resident in the United
      States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized or
      incorporated under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity located in
      the United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar account
      (other than an estate or trust) held by a dealer or other fiduciary
      organized, incorporate, or (if an individual) resident in the United
      States; and

	 	 	 	 
	 	(g) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any
      foreign jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Creditors [as defined
      in Section 230.501(a) of the Act] who are not natural persons, estates or
      trusts.

3.2                     The
Creditor acknowledges that the Creditor was not in the United States at the time
the offer to purchase the Shares was received or at the time that this Debt
Conversion Agreement was executed. 

3.3                    
The Creditor acknowledges that the Shares are “restricted securities” within the
meaning of the Securities Act and will be issued to the Creditor in accordance
with Regulation S of the Securities Act.

3.4                     The
Creditor agrees not to engage in hedging transactions with regard to the Shares
unless in compliance with the Securities Act.

3.5                     The
Creditor and the Company agree that the Company will refuse to register any
transfer of the Shares not made in accordance with the provisions of Regulation
S of the Securities Act, pursuant to registration under the Securities Act,
pursuant to an available exemption from registration, or pursuant to this
Agreement. 

4

3.6                     The
Creditor agrees to resell the Shares only in accordance with the provisions of
Regulation S of the Securities Act, pursuant to registration under the
Securities Act, or pursuant to an available exemption from registration pursuant
to the Securities Act.

3.7                     The
Creditor acknowledges and agrees that all certificates representing the Shares
will be endorsed with the following legend in accordance with Regulation S of
the Securities Act: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT”.

4.                      
REPRESENTATIONS AND WARRANTIES OF THE CREDITOR

The Creditor, represents and warrants to the Company as
follows, and acknowledges that the Company is relying upon such covenants,
representations and warranties in connection with the sale of the Shares to such
Creditor:

4.1                     The
Creditor is an investor in securities of companies in the development stage and
acknowledges that it is able to fend for itself, can bear the economic risk of
its investment, and has such knowledge and experience in financial or business
matters such that it is capable of evaluating the merits and risks of the
investment in the Shares. 

4.2                     The
Creditor has received and had opportunity to review a disclosure statement
relating to the Offering and has been afforded access to information about the
Company and the Company’s financial condition, results of operations, business,
properties, management and prospects sufficient it to evaluate its investment in
the Shares. The Creditor further represents that it has had an opportunity to
ask questions and receive answers from the directors and officers of the Company
regarding the terms and conditions of the Offering and the business, properties,
prospects and financial condition of the Company, each as is necessary to
evaluate the merits and risks of investing in the Shares. The Creditor believes
it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Shares. The Creditor has had full opportunity
to discuss this information with the Creditor’s legal and financial advisers
prior to execution of this Agreement.

4.3.                     The
Creditor acknowledges that the offering of the Shares by the Company has not
been reviewed by the SEC and that the Shares are being issued by the Company
pursuant to an exemption from registration under the Securities Act.

4.4                     The
Creditors understands that the Shares it is purchasing are characterized as
"restricted securities" under the Securities Act inasmuch as they are being
acquired from the Company in a transaction not involving a public offering and
that under such laws and applicable regulations such securities may be resold
without registration under the Securities Act only in certain limited
circumstances. In this connection, the Creditor represents that it is familiar
with SEC Rule 144, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act.

4.5                     The
Shares will be acquired by the Creditor for investment for the Creditor's own
account, not as a nominee or agent, and not with a view to the resale or
distribution of any part 

5

thereof, and that the Creditor has no present intention of
selling, granting any participation in, or otherwise distributing the same. The
Creditor does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any
third person, with respect to any of the Shares.

4.6                    
An investment in the Company is highly speculative and only Creditors who can
afford the loss of their entire investment should consider investing in the
Company and the Shares. The Creditor is financially able to bear the economic
risks of an investment in the Company.

4.7                    
The Creditor recognizes that the purchase of the Shares involves a high degree
of risk in that the Company is in the early stages of development of its
business and may require substantial funds in addition to the proceeds of this
private placement.

4.8                     The
Creditor acknowledges that no market for the Shares presently exists and none
may develop in the future and accordingly the Creditor may not be able to
liquidate its investment.

4.9                     The
Creditor is not aware of any advertisement of the Shares.

4.10                    This
Agreement has been duly authorized, validly executed and delivered by the
Creditor.

4.11                    The
Creditor has satisfied himself or herself as to the full observance of the laws
of his or her jurisdiction in connection with any invitation to subscribe for
the Shares or any use of this Agreement, including (i) the legal requirements
within his jurisdiction for the purchase of the Shares; (ii) any foreign
exchange restrictions applicable to such purchase; (iii) any governmental or
other consents that may need to be obtained; (iv) the income tax and other tax
consequences, if any, that may be relevant to an investment in the Shares; and
(v) any restrictions on transfer applicable to any disposition of the Shares
imposed by the jurisdiction in which the Creditor is resident.

5.                      
REPRESENTATIONS BY THE COMPANY

5.1                     The
Company represents and warrants to the Creditor that:

	 	(a) 	
      the Company is a corporation duly organized, existing and
      in good standing under the laws of the State of Nevada and has the
      corporate power to conduct the business which it conducts and proposes to
      conduct;

	 	 	 
	 	(b) 	
      upon issue, the Shares will be duly and validly issued,
      fully paid and non- assessable common shares in the capital of the
      Company.

6.                      
MISCELLANEOUS

6.1                     Any
notice or other communication given hereunder shall be deemed sufficient if in
writing and sent by registered or certified mail, return receipt requested,
addressed to the Company at its registered office, attention: Lars Brannvall,
Director, and to the Creditor at his/her address indicated on the last page of
this Subscription Agreement. Notices shall be deemed to have been given on the
date of mailing, except notices of change of address, which shall be deemed to
have been given when received.

6.2                     The
parties agree to execute and deliver all such further documents, agreements and
instruments and take such other and further action as may be necessary or
appropriate to carry out the purposes and intent of this Subscription
Agreement.

6.3                     This
Agreement will be governed by and construed in accordance with the laws of the
State of Nevada applicable to contracts made and to be performed therein. The
parties 

6

hereby submit to personal jurisdiction in the Courts of the
State of Nevada for the enforcement of this Agreement and waive any and all
rights under the laws of any state to object to jurisdiction within the State of
Nevada for the purposes of litigation to enforce this Agreement.

IN WITNESS WHEREOF, this Subscription Agreement is
executed as of the day and year first written above.

	Amount of Indebtedness: 	$
      85.000 
	  	Amount of Indebtedness to be Converted
      into 
	  	Shares 
	  	  
	  	  
	Number of Shares: 	340.000 Shares 
	  	Number of Shares equals Amount of 
	  	Indebtedness divided by $0.25 US per
      Share 
	  	  
	  	  
	  	  
	  	  
	Signature of Creditor: 	/s/ Peter Guldberg 
	  	
	Name of Authorized Signatory (If 	
	applicable): 	Peter Guldberg 
	  	
	Name of Creditor: 	Cisa Holding ApS 
	  	
	Address of Creditor: 	Gardes Alle 25
	  	
	  	 
	  	2900 Hellerup, Denmark
	  	  
	  	  
	ACCEPTED BY: 	  
	  	  
	COLOURED (US) INC. 	  
	  	
	Signature of Authorized Signatory: 	  /s/ Lars Brannvall 
	  	  
	Name of Authorized Signatory: 	Lars Brannvall 
	  	  
	Position of Authorized Signatory: 	Director 
	  	  
	Date of Acceptance: 	February 28, 2006

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