Document:

Unassociated Document

    EXHIBIT
      10.22

    

    COOPERATION
      AGREEMENT

    

    THIS
      AGREEMENT is
      made
      on 1st
      December, 2005

    

    BETWEEN

    

    
      	
              (1)

            	
              Infoscience
                Holdings Limited, a company incorporated in Hong Kong whose registered
                office is at 4th
                Floor, QPL Industrial Building, 126-140 Texaco Road, Tsuen Wan, New
                Territories, Hong Kong (the "Party
                A");
                and

            

    

    

    
      	
              (2)

            	
              Infoscience
                Media Limited,
                a
                company incorporated in Hong Kong whose registered address is at
                5th
                Floor, QPL Industrial Building, 126-140 Texaco Road, Tsuen Wan, New
                Territories, Hong Kong (the "Party
                B").

            

    

    

    WHEREAS:

     

    
      	
              (A)

            	
              Party
                A is engaging in the business of producing DVD+/-R Discs (the
                "Products")
                and pursuant to a licence agreement dated 1st
                June, 2004 between Party A (as licensee) and the relevant intellectual
                property owner (the "Licence
                Agreement"),
                Party A has been duly given the licence and right by the intellectual
                property owner to produce the Products, and is also the holder of
                the
                “Licence for the Manufacture of Optical Disc/Stampers” issued by the
                Customs and Excise Department of Hong Kong (the "Manufacturing
                Licence")
                for manufacturing the Products..

            

    

    

    
      	
              (B)

            	
              Party
                B has the production facilities and labour that are capable of
                manufacturing the Products.

            

    

    

    
      	
              (C)

            	
              Both
                Parties have agreed that it would be in their common business interests
                to
                combine their respective resources referred to in recitals (A) and
                (B)
                above for the added benefit of both under the terms and conditions
                contained herein.

            

    

    

    IT
      IS HEREBY
      AGREED
      as
      follows:

    

    
      	1.	
              TERMS
                OF COOPERATION

            

    

    

    
      	
              1.1

            	
              Each
                of Party A and Party B hereby declare that as at the date of this
                Agreement, it has under its management and control the respective
                resources as follows:

            

    

    

    
      	
            	(a)	
              in
                respect of Party A, 

            

    

    

    
      	 	
              (i)

            	
              it
                has under its management and control the plant and equipment located
                at
                4th&
                5th
                Floor, QPL Industrial Building, 126-140 Texaco Road, Tsuen Wan, New
                Territories, Hong Kong, as set out in Appendix I;
                

            

    

    

    
      	 	
              (ii)

            	
              a
                copy of each of the Licence Agreement and Manufacturing Licence both
                annexed hereto and marked as Appendix II and III, respectively, and
                each
                certified as true copy by a director of Party A; and
                

            

    

    

    
      	 	
              (b)

            	
              in
                respect of Party B, it has under its management and control the plant
                and
                equipment located at 4th
                Floor, QPL Industrial Building, 126-140 Texaco Road, Tsuen Wan, New
                Territories, Hong Kong, as set out in Appendix
                IV;

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              1.2

            	
              Each
                of Parties A and B hereby agrees that during the period from 1st
                January 2006 to 31st
                December 2006 (the "Cooperation
                Period")
                to combine operationally their production facilties as respectively
                set
                out in Clause 1.1 (the "Combined
                Facilities")
                for the benefit of both under the following terms and
                conditions:

            

    

    

    
      	 	
              (a)

            	
              each
                Party shall primarily be responsible for supervising and overseeing
                the
                production activities of the production facilities under its management
                and control as referred to in Clause
                1.1;

            

    

    

    
      	 	
              (b)

            	
              it
                is acknowledged by both Parties that the scale of production and
                the
                strength of productivity of Party B is comparatively not as strong
                as
                those of Party A, and in consideration of Party A agreeing to combine
                its
                production facilities with Party B's pursuant hereto, Party B therefore
                agrees that in addition to combining production facilities, it shall
                also
                arrange to provide directly from its own resources stand-by credit
                facilities, or indirectly from any third party, to Party A, and such
                third
                party include but not limited to any licensed bank(s) in Hong Kong,
                in the
                aggregate amount of not more than HK$30,000,000 ( Hong Kong Dollars
                Thirty
                Million Only);

            

    

    

    
      	 	
              (c)

            	
              as
                regards direct costs of production, save for rent and public utilities,
                being used in the Combined Facilities during the Cooperation
                Period:

            

    

    

    
      	 	
              (i)

            	
              Party
                A shall be solely responsible for duly paying all licensee fees to
                the
                intellectual property rights owner in connection with producing the
                Products and making all other payments to the relevant third parties
                which
                Party A is liable and that Party B shall not be held responsible
                or liable
                whatsoever for paying any third parties or any liabilities arising
                therefrom; and

            

    

    

    
      	 	
              (ii)

            	
              Party
                B shall be solely responsible for all the recurrent costs and expenses
                incurred therein; and

            

    

    

    
      	 	
              (d)

            	
              the
                legal title and full beneficial ownership of the first Five Million
                (*5,000,000*) units of the Products produced by the Combined Facilities
                within each whole month during the Cooperation Period (the “Minimum
                Quantity”)
                shall belong to Party B and in this connection, Party B shall have
                the
                right:

            

    

    

    
      	 	
              (i)
                

            	
              to
                sell the Minimum Quantity to third party buyers at the prevailing
                market
                price; and/or 

            

    

    

    
      	 	
              (ii)
                

            	
              to
                sell the Minimum Quantity to Party A at the prevailing market price
                and/or
                at a favourable price and terms as agreed between both Parties,
                

            

    

     

    
      
        	 	
                 

              	
                
                  and
                    in both cases, Party B shall be entitled to keep all the profits
                    arising
                    therefrom;
                    and

                

              

      

    

     

    
      	 	
              (e)

            	
              the
                legal title and full beneficial ownership of the all units in excess
                of
                the Minimum Quantity of the Products produced by the Combined Facilities
                within each whole month during the Cooperation Period shall belong
                to
                Party A.

            

    

    
    

     

    
      	
              1.3

            	
              This
                Agreement shall terminate upon the happening of the following events,
                whichever is the earliest:

            

    

    

    
      	 	
              (a)

            	
              automatically
                upon expiration of the Cooperation Period (unless extended as mutually
                agreed);

            

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    
      	
            	(b)	
              upon
                mutual agreement in writing; and

            

    

    

    
      	 	
              (c)

            	
              there
                is any material breach of its obligations in this Agreement by any
                one
                Party and who fails to remedy such breach within the reasonable period
                designated in writing by the innocent Party, upon giving notice to
                the
                breaching Party by the innocent
                Party.

            

    

    

    
      	2.	
              REPRESENTATIONS
                AND
                WARRANTIES

            

    

    

    
      	 	
              Each
                Party hereby represents, warrants and undertakes to the other as
                follows,
                and acknowledges that such other Party is entering into this Agreement
                on
                the basis of, and in reliance on, such representations, warranties
                and
                undertakings:

            

    

    

    
      	 	
              (a)

            	
              it
                has the power and authority to enter into and perform its obligations
                pursuant to this Agreement; 

            

    

    

    
      	 	
              (c)

            	
              neither
                this Agreement nor its performance hereunder requires any licence,
                consent
                or other approval which has not already been obtained; and
                

            

    

    

    
      	 	
              (d)

            	
              that
                this Agreement constitutes valid, legal and binding obligations upon,
                and
                enforceable against, it, in accordance with its
                terms.

            

    

    

    
      	3.	
              GENERAL

            

    

    

    
      	
              3.1

            	
              Parties
                shall not assign, transfer, charge and/or deal in any other manner
                with
                this Agreement or any of its rights arising hereunder or purport
                so to do,
                or sub-contract any or all of its obligations under this Agreement,
                without the prior written consent of the other party.
                

            

    

    

    
      	
              3.2

            	
              The
                invalidity, illegality or unenforceability of any provision herein
                shall
                not affect the other provisions and this Agreement shall be given
                effect
                as if the invalid, illegal or unenforceable provision had been deleted
                and
                replaced with a provision with a similar economic effect to that
                intended
                by the Parties.

            

      	 	 

    

    
      	
              3.3

            	
              This
                Agreement sets out the entire agreement and understanding between
                the
                Parties relating to the subject matter hereof and shall not be altered
                or
                supplemented except by a written instrument signed by the
                Parties.

            

    

    

    
      	
              3.4

            	
              This
                Agreement shall supersede all and any previous agreements, or
                arrangements, between the Parties relating to the subject matter
                hereof
                and all or any such previous agreements or arrangements shall cease
                and
                determine with effect from the date
                hereof.

            

    

    

    
      	3.5	
              No
                variation of this Agreement shall be effective unless it is made
                in
                writing, refers specifically to this Agreement and is signed by the
                Parties. 

            

    

    

    
      	
              3.6

            	
              Each
                Party hereby undertakes to the other Party that it will do all such
                acts
                and things and execute all such agreements and documents as may be
                necessary or desirable to carry into, or give legal effect, to the
                provisions of this Agreement.

            

    

    

    
      	3.7	
              Time
                shall be the essence in respect of the obligations of the Parties
                set out
                herein.

            

    

    

    
      	4.	
              LAW
                AND JURISDICTION

            

    

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      Hong

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    Kong
      and
      each of the Parties hereby irrevocably submits to the jurisdiction of the Hong
      Kong Courts.

     

    

    IN
      WITNESS
      whereof
      this Agreement has been entered into the day and year first before
      written.

     

    
       

        
          	
                  SIGNED
                    by

                	
                  )
                    For and on behalf of Infoscience

                
	 	
                  )  
                    Holdings Limited

                
	
                  for
                    and on behalf of Infoscience Holdings Limited

                	
                  )

                
	
                  in
                    the presence of:

                	
                  )
                    /s/ Fan Chun Wang

                  
                    

                  
Authorized
                  Signature (s)
	 	 

        

      

      

       

        
          	
                  SIGNED
                    by

                	
                  )
                    For and on behalf of Infoscience

                
	 	
                  )  
                    Media Limited

                
	
                  for
                    and on behalf of Infoscience Media Limited

                	
                  )

                
	
                  in
                    the presence of:

                	
                  )
                    /s/ Wong Hiu Ming
                    

                  
Authorized Signature (s)
	 	 

        

       

      
        
          
          

        

        -4-EXHIBIT
      10.23

     

    COOPERATION
      AGREEMENT

    

    

    THIS
      AGREEMENT is
      made
      on 1st
      January,
      2006

    

    BETWEEN

    

    
      	
              (1)

            	
              Mega
                Century Limited, a company incorporated in Hong Kong whose registered
                office is at 3rd
                Floor, Block A, A3 Fortune Factory Building, 40 Lee Chung Street,
                Chai
                Wan, Hong Kong (the "Party
                A");
                and

            

    

    

    
      	
              (2)

            	
              Infosmart
                Technology Limited,
                a
                company incorporated in Hong Kong whose registered address is at
                Unit A2,
                18th
                Floor, Fortune Factory Building, 40 Lee Chung Street, Chai Wan, Hong
                Kong
                (the "Party
                B").

            

    

    

    WHEREAS:

     

    
      	
              (A)

            	
              Party
                A is engaging in the business of producing DVD+/-R Discs (the
                "Products")
                and pursuant to a licence agreement dated 29th
                January, 2004 between Party A (as licensee) and the relevant intellectual
                property owner (the "Licence
                Agreement"),
                Party A has been duly given the licence and right by the intellectual
                property owner to produce the Products, and is also the holder of
                the
                “Licence for the Manufacture of Optical Disc/Stampers” issued by the
                Customs and Excise Department of Hong Kong (the "Manufacturing
                Licence")
                for manufacturing the Products. 

            

    

    

    
      	(B)	
              Party
                B has the requisite production facilities and labour that are capable
                of
                manufacturing the Products.

            

    

    

    
      	
              (C)

            	
              Both
                Parties have agreed that it would be in their common business interests
                to
                combine their respective resources referred to in recitals (A) and
                (B)
                above for the added benefit of both under the terms and conditions
                contained herein.

            

    

    

    IT
      IS HEREBY
      AGREED
      as
      follows:

    

    
      	1.	
              TERMS
                OF COOPERATION

            

    

    

    
      	
              1.1

            	
              Each
                of Party A and Party B hereby declares that as at the date of this
                Agreement, it has under its management and control the respective
                resources as follows:

            

    

    

    
      	 	
              (a)

            	
              in
                respect of Party A, a copy of each of the Licence Agreement and
                ManufacturingLicence, both annexed hereto and marked as Appendix
                I and
                Appendix II, respectively, and each certified as true copy by a director
                of Party A; and 

            

    

    

    
      	 	
              (b)

            	
              in
                respect of Party B, with details of plant and equipment currently
                located
                at Unit A2, 18th
                Floor, Fortune Factory Building, 40 Lee Chung Street, Chai Wan, Hong
                Kong,
                the particulars of which are set out in Appendix III, [with an updated
                list as 31st
                March of each year not later than 28th
                April of that year as Clause 2.2

            

    

    

    
      	
              1.2

            	
              Each
                of Parties A and B hereby agrees that during the period from 1st
                January 2006 to 31st
                December 2006 (the "Cooperation
                Period")
                to combine operationally their
                production

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    faculties
      as respectively set out in Clause 1.1 (the "Combined
      Facilities")
      for
      the benefit of both under the following terms and conditions:

    

    
      	 	
              (a)

            	
              each
                Party shall primarily be responsible for supervising and overseeing
                the
                proper application of their respective resources (as respectively
                referred
                to in Clause 1.1 above) being contributed by each Party under this
                Agreement with its management and control as referred to in Clause
                1.1;

            

    

    

    
      	
            	(b)	
              Party
                B shall use the Combined Facilities to manufacture the Products and
                sell
                such Products at Party B’s own discretion at different price and quantity
                to whatever person and party. 

            

    

    

    
      	 	
              (c)

            	
              In
                respect of the Products being manufactured through using the Combined
                Resources under this Agreement: 

            

    

    

    
      	 	
              (i)

            	
              Party
                A shall be solely responsible for duly paying all licensee fees to
                the
                intellectual property rights owner in connection with producing the
                Products and making all other payments to the relevant third parties
                which
                Party A is liable and that Party B shall not be held responsible
                or liable
                whatsoever for paying any third parties or any liabilities arising
                therefrom; and

            

    

    

    
      	 	
              (ii)

            	
              Party
                B shall be solely responsible for all the recurrent costs and expenses
                incurred therein for those Products being sold by Party B;
                

            

    

    

    
      	 	
              (d)

            	
              Party
                B hereby undertakes with Party A that Party B will increase the resources
                within the tenure of this Agreement, which shall include plant and
                equipment, for a minimum monthly production capability of up to Six
                Million and Five Hundred Thousand ( *6,500,000*) Unit of DVD+R (the
                “Minimum
                Quantity”).
                The legal title and full beneficial ownership of the Minimum Quantity
                of
                the Products manufactured by the Combined Facilities within each
                whole
                month during the Cooperation Period shall belong to Party B and in
                this
                connection, Party B shall have the
                right:

            

    

    

    
      	 	
              (i)
                

            	
              to
                sell such Products to third party buyers at the prevailing market
                price;
                and/or 

            

    

    

    
      	 	
              (ii)
                

            	
              to
                sell such Products to Party A at the prevailing market price and/or
                at a
                favourable price and terms as agreed between both Parties,
                

            

    

     

    
      	 	 	and in both cases, Party B shall be entitled to
              keep all
              the profits arising therefrom; and

      	 	 	 

      	 	
              (e)

            	
              Excluding
                those quantities being sold by Party A to Party B pursuant to Clause
                1.2(b), for all units manufactured in excess of the Minimum Quantity
                with
                the Combined Facilities within each whole month during the Cooperation
                Period, the direct production cost shall be wholly borne by Party
                B and
                the gross profits, which is the difference between the net sales
                revenue
                and the respective direct production cost, shall be shared between
                Party A
                and Party B in the proportion of 30:70
                respectively.

            

    

    
    

     

    
      	
              1.3

            	
              This
                Agreement shall terminate upon the happening of the following events,
                whichever is the earliest:

            

    

    

    
      	 	
              (a)

            	
              automatically
                upon expiration of the Cooperation Period (unless extended as mutually
                agreed);

            

    

    

    
      	
            	(b)	
              upon
                mutual agreement in writing;
                and

            

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              there
                is any material breach of its obligations in this Agreement by any
                one
                Party and who fails to remedy such breach within the reasonable period
                designated in writing by the innocent Party, upon giving notice to
                the
                breaching Party by the innocent
                Party.

            

    

    

    
      	2.	
              REPRESENTATIONS
                AND
                WARRANTIES AND
                UNDERTAKINGS

            

    

    

    
      	
              2.1

            	
              Each
                Party hereby represents, warrants and undertakes to the other as
                follows,
                and acknowledges that such other Party is entering into this Agreement
                on
                the basis of, and in reliance on, such representations, warranties
                and
                undertakings:

            

    

    

    
      	 	
              (a)

            	
              it
                has the power and authority to enter into and perform its obligations
                pursuant to this Agreement; 

            

    

    

    
      	 	
              (c)

            	
              neither
                this Agreement nor its performance hereunder requires any licence,
                consent
                or other approval which has not already been obtained; and
                

            

    

    

    
      	 	
              (d)

            	
              that
                this Agreement constitutes valid, legal and binding obligations upon,
                and
                enforceable against, it, in accordance with its
                terms.

            

    

    

    
      	
              2.2

            	
              Party
                B hereby undertakes with Party A that in respect of the details of
                the
                plant and equipment referred to in Clause 1.1(b) above, Party B shall
                provide to Party A an updated list thereof as of 31st
                March in that year and that such list shall be provided on a date
                not
                later than 28th
                April of that year.

            

    

     

    
      	3.	
              GENERAL

            

    

    

    
      	
              3.1

            	
              Parties
                shall not assign, transfer, charge and/or deal in any other manner
                with
                this Agreement or any of its rights arising hereunder or purport
                so to do,
                or sub-contract any or all of its obligations under this Agreement,
                without the prior written consent of the other party.
                

            

    

    

    
      	
              3.2

            	
              The
                invalidity, illegality or unenforceability of any provision herein
                shall
                not affect the other provisions and this Agreement shall be given
                effect
                as if the invalid, illegal or unenforceable provision had been deleted
                and
                replaced with a provision with a similar economic effect to that
                intended
                by the Parties.

            

      	 	 

    

    
      	
              3.3

            	
              This
                Agreement sets out the entire agreement and understanding between
                the
                Parties relating to the subject matter hereof and shall not be altered
                or
                supplemented except by a written instrument signed by the
                Parties.

            

    

    

    
      	
              3.4

            	
              This
                Agreement shall supersede all and any previous agreements, or
                arrangements, between the Parties relating to the subject matter
                hereof
                and all or any such previous agreements or arrangements shall cease
                and
                determine with effect from the date
                hereof.

            

    

    

    
      	3.5	
              No
                variation of this Agreement shall be effective unless it is made
                in
                writing, refers specifically to this Agreement and is signed by the
                Parties. 

            

    

    

    
      	
              3.6

            	
              Each
                Party hereby undertakes to the other Party that it will do all such
                acts
                and things and execute all such agreements and documents as may be
                necessary or desirable to carry into, or give legal effect, to the
                provisions of this Agreement.

            

    

    

    
      	3.7	
              Time
                shall be the essence in respect of the obligations of the Parties
                set out
                herein.

            

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    
      	4.	
              LAW
                AND JURISDICTION

            

    

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      Hong
      Kong and each of the Parties hereby irrevocably submits to the jurisdiction
      of
      the Hong Kong Courts.

     

    

    IN
      WITNESS
      whereof
      this Agreement has been entered into the day and year first before
      written.

     

      
        	
                SIGNED
                  by

              	
                )
                  For and Behalf of Mega Century

              
	 	
                )  
                  Limited

              
	
                for
                  and on behalf of Mega Century Limited

              	
                )

              
	
                in
                  the presence of:

              	
                )
                  /s/ Cheung Suen Kuen

              
	 	 Authorized
                Signature (s)

      

    

     

      
        	
                SIGNED
                  by

              	
                )
                  For and on behalf of Infosmart 

              
	 	
                ) 
                  Technology Limited

              
	
                for
                  and on behalf of Infosmart Technology Limited

              	
                )

              
	
                in
                  the presence of:

              	
                )
                  /s/ Kwok Chung

              
	 	 Authorized
                Signature (s)

      

     

    
      
        
        

      

      -4-

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