Document:

Unassociated Document

    MAY
      2008 AMENDMENT AGREEMENT

     

    THIS
      MAY
      2008 AMENDMENT AGREEMENT (this “Agreement”)
      is
      made as of May 30, 2008, among Customer Acquisition Network Holdings, Inc.,
      a
      Delaware corporation (the “Company”),
      the
      Subsidiaries (as defined in the Buyer Note (as defined below)), and Longview
      Marquis Master Fund, L.P., a British Virgin Islands limited partnership
      (“Buyer”).

     

    WITNESSETH:

     

    WHEREAS,
      the Company, Buyer and Alpha Capital Anstalt, a Lichtenstein corporation
      (“Alpha”
and,
      together with Buyer, the “Original
      Buyers”),
      entered into that certain Securities Purchase Agreement, dated as of November
      15, 2007 (as amended, restated, supplemented or otherwise modified and in effect
      from time to time, the “Purchase
      Agreement”),
      pursuant to which the Company issued to the Original Buyers senior secured
      notes
      in an aggregate original principal amount of $5,000,000 (such notes, together
      with any promissory notes or other securities issued in exchange or substitution
      therefor or replacement thereof, and as any of the same may be amended,
      restated, supplemented or otherwise modified and in effect from time to time,
      each a “Note”
and,
      collectively, the “Notes”);

     

    WHEREAS,
      on the date hereof, Note No. VAM-001 issued to Buyer in the principal amount
      of
      $4,388,889.00 remains outstanding (the “Buyer
      Note”);
      and

     

    WHEREAS,
      the Company and Buyer desire to amend the terms of the Buyer Note as provided
      herein.

     

    NOW,
      THEREFORE, in consideration of the agreements, provisions and covenants
      contained herein and for other good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged, each of the undersigned agrees
      as
      follows:

     

    1. Amendment
      of the Buyer Note.

     

    a. Buyer
      hereby agrees with the Company that, subject to, and effective upon, the receipt
      by Buyer of cash in the amount of $50,000 (the “Cash
      Amount”),
      by
      wire transfer of immediately available funds in accordance with the instructions
      set forth on Exhibit A
      hereto,
      from the Company by no later than 5:00 p.m. New York time, on June 2, 2008
      (such
      time and date, the “Payment
      Deadline”),
      the
      definition of “Maturity
      Date”
set
      forth in the Appendix to the Buyer Note shall be amended to read in its entirety
      as follows:

     

    “Maturity
      Date”
means
      June 13, 2008.”

     

    b. In
      the
      event that Buyer does not receive the Cash Amount by the Payment Deadline,
      this
      Agreement shall be null and void and of no further force and effect, and the
      Buyer Note shall not be amended in the manner set forth in this Section 1
      (i.e., the definition of “Maturity
      Date”
in
      the
      Buyer Note shall remain as originally set forth therein).

     

    2. Representations
      and Warranties of the Company.
      The
      Company represents and warrants to Buyer that:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    a. Authorization;
      Enforcement; Validity.
      Each of
      the Company and the Subsidiaries has the requisite corporate power and authority
      to enter into and perform its obligations under this Agreement and the Buyer
      Note (as amended hereby). The execution and delivery of this Agreement by the
      Company and the Subsidiaries and the consummation of the transactions
      contemplated hereby and thereby and by the Buyer Note (as amended hereby) have
      been duly authorized by the respective boards of directors of the Company and
      the Subsidiaries, and no further consent or authorization is required by the
      Company, the Subsidiaries or their respective boards of directors or
      shareholders. This Agreement has been duly executed and delivered by the Company
      and each of the Subsidiaries, and each of this Agreement and the Buyer Note
      (as
      amended hereby) constitutes a valid and binding obligation of each of the
      Company and the Subsidiaries (as applicable), enforceable against each of the
      Company and the Subsidiaries (as applicable) in accordance with its terms,
      except as such enforceability may be limited by general principles of equity
      or
      applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
      or
      similar laws relating to, or affecting generally, the enforcement of applicable
      creditors’ rights and remedies.

     

    b. Issuance
      of Securities.
      The
      amendment of the Buyer Note is exempt from registration under the Securities
      Act
      of 1933, as amended, and applicable state securities laws, based upon the
      representation made by Buyer herein that Buyer is an “accredited
      investor.”

     

    c. No
      Conflicts.
      The
      execution and delivery of this Agreement by each of the Company and the
      Subsidiaries, the performance by each of the Company and the Subsidiaries (as
      applicable) of their respective obligations hereunder and under the Buyer Note
      (as amended hereby) and the consummation by each of the Company and the
      Subsidiaries (as applicable) of the transactions contemplated hereby and by
      the
      Buyer Note (as amended hereby) will not (i) result in a violation of the
      certificate of incorporation or the bylaws of the Company or the organizational
      documents of any Subsidiary; (ii) conflict with, or constitute a breach or
      default (or an event which, with the giving of notice or lapse of time or both,
      constitutes or would constitute a breach or default) under, or give to others
      any right of termination, amendment, acceleration or cancellation of, or other
      remedy with respect to, any agreement, indenture or instrument to which the
      Company or any of the Subsidiaries is a party; or (iii) result in a violation
      of
      any law, rule, regulation, order, judgment or decree (including federal and
      state securities laws and regulations) applicable to the Company or any of
      the
      Subsidiaries or by which any property or asset of the Company or any of the
      Subsidiaries is bound or affected. Neither the Company nor any of the
      Subsidiaries is required to obtain any consent, authorization or order of or,
      except as required by Section 5 below, make any filing or registration with,
      any
      court or governmental agency or any regulatory or self-regulatory agency in
      order for it to execute, deliver or perform any of its obligations under, or
      contemplated by, this Agreement or the Buyer Note (as amended
      hereby).

     

    d. Outstanding
      Notes.
      As of
      the date hereof, the Buyer Note is the only Note outstanding.

     

    3. Representation
      and Warranties of Buyer.
      Buyer
      represents and warrants to the Company that (a) Buyer is a validly existing
      limited partnership and has the requisite limited partnership power and
      authority to enter into and perform its obligations under this Agreement, (b)
      this Agreement has been duly and validly authorized, executed and delivered
      on
      behalf of Buyer and is a valid and binding agreement of Buyer, enforceable
      against Buyer in accordance with its terms, and (c) Buyer is an “accredited
      investor” as that term is defined in Rule 501(a) of Regulation D (as defined in
      the Purchase Agreement).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    4. Acknowledgment
      of the Company and the Subsidiaries.
      The
      Company and each of the Subsidiaries hereby irrevocably and unconditionally
      acknowledge, affirm and covenant to Buyer that:

     

    a. Buyer
      is
      not in default under any of the Transaction Documents and has not otherwise
      breached any obligations to the Company or any of the Subsidiaries;
      and

     

    b. there
      are
      no offsets, counterclaims or defenses to the Liabilities (as defined in the
      Security Agreement (as defined in the Purchase Agreement)) or Obligations (as
      defined in the Guaranty (as defined in the Purchase Agreement)), including
      the
      liabilities and obligations of the Company under the Buyer Note (as amended
      hereby), or to the rights, remedies or powers of Buyer in respect of any of
      the
      Liabilities or Obligations or any of the Transaction Documents, and the Company
      and each of the Subsidiaries agree not to interpose (and each does hereby waive
      and release) any such defense, set-off or counterclaim in any action brought
      by
      Buyer with respect thereto.

     

    5. Covenants. Prior
      to
      5:30 p.m., New York time, on the first Business Day (as defined in the Buyer
      Note) following the date hereof, the Company shall file a current report on
      Form
      8-K (the “Amendment
      Form 8-K”)
      with
      the Securities and Exchange Commission (the “SEC”), describing
      the terms of this Agreement and including this Agreement as an exhibit thereto,
      in the form required by the Securities Exchange Act of 1934, as amended. From
      and after the filing of this Amendment Form 8-K with the SEC, Buyer shall not
      be
      in possession of any material nonpublic information received from the Company
      or
      any of its affiliates, officers, directors, employees or agents as a result
      of
      this Agreement or any of the matters referred to herein.

     

    6. Avoidance
      of Doubt.
      The
      parties hereto hereby agree, for the avoidance of doubt, that (a) the term
      “Notes”
as
      used
      in the Transaction Documents shall mean the Buyer Note, as, and to the extent,
      amended by this Agreement, and (b) the term “Liabilities”
and
      “Obligations”
as
      used
      in the Transaction Documents shall include all liabilities and obligations
      of
      the Company under this Agreement, under the Buyer Note (as amended hereby)
      and
      under the other Transaction Documents, and each of the parties hereto agrees
      not
      to take any contrary positions. 

     

    7. Reservation
      of Rights.
      Buyer
      has not hereby waived (a) any breach, default or Event of Default that may
      be
      continuing under any of the Transaction Documents or (b) any of Buyer’s rights
      or remedies arising from any such breach, default or Event of Default or
      otherwise available under the Transaction Documents or at law. Buyer expressly
      reserves all such rights and remedies.

     

    8. Successors
      and Assigns.
      This
      Agreement shall be binding upon and shall inure to the benefit of the parties
      hereto and their respective successors and permitted assigns. The successors
      and
      assigns of such entities shall include their respective receivers, trustees
      or
      debtors-in-possession.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    9. Further
      Assurances.
      The
      Company hereby agrees from time to time, as and when requested by Buyer, to
      execute and deliver or cause to be executed and delivered, all such documents,
      instruments and agreements, including secretary’s certificates, stock powers and
      irrevocable transfer agent instructions, and to take or cause to be taken such
      further or other action, as Buyer may reasonably deem necessary or desirable
      in
      order to carry out the intent and purposes of this Agreement, the Buyer Note
      (as
      amended hereby) and the other Transaction Documents.

     

    10. Rules
      of Construction.
      All
      words in the singular or plural include the singular and plural and pronouns
      stated in either the masculine, the feminine or neuter gender shall include
      the
      masculine, feminine and neuter, and the use of the word “including” in this
      Agreement shall be by way of example rather than limitation.

     

    11. Governing
      Law; Jurisdiction; Jury Trial.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the internal laws of the State of New
      York, without giving effect to any choice of law or conflict of law provision
      or
      rule (whether of the State of New York or any other jurisdiction) that would
      cause the application of the laws of any jurisdiction other than the State
      of
      New York. Each party hereby irrevocably submits to the exclusive jurisdiction
      of
      the state and federal courts sitting in the City of New York, borough of
      Manhattan, for the adjudication of any dispute hereunder or in connection
      herewith or with any transaction contemplated hereby or discussed herein, and
      hereby irrevocably waives, and agrees not to assert in any suit, action or
      proceeding, any claim that it is not personally subject to the jurisdiction
      of
      any such court, that such suit, action or proceeding is brought in an
      inconvenient forum or that the venue of such suit, action or proceeding is
      improper. Each party hereby irrevocably waives personal service of process
      and
      consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof to such party at the address for such notices to it
      under
      this Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
      TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
      CONTEMPLATED HEREBY.

     

    12. Counterparts.
      This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to each other party.
      In
      the
      event that any signature to this Agreement or any amendment hereto is delivered
      by facsimile transmission or by e-mail delivery of a “.pdf” format data file,
      such signature shall create a valid and binding obligation of the party
      executing (or on whose behalf such signature is executed) with the same force
      and effect as if such facsimile or “.pdf” signature page were an original
      thereof. No party hereto shall raise the use of a facsimile machine or e-mail
      delivery of a “.pdf” format data file to deliver a signature to this Agreement
      or any amendment hereto or the fact that such signature was transmitted or
      communicated through the use of a facsimile machine or e-mail delivery of a
      “.pdf” format data file as a defense to the formation or enforceability of a
      contract, and each party hereto forever waives any such defense.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    13. Section
      Headings.
      The
      section headings herein are for convenience of reference only, and shall not
      affect in any way the interpretation of any of the provisions
      hereof.

     

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

     

    15. Merger.
      This
      Agreement, the Buyer Note (as amended hereby) and the other Transaction
      Documents represent the final agreement of each of the parties hereto with
      respect to the matters contained herein and may not be contradicted by evidence
      of prior or contemporaneous agreements, or prior or subsequent oral agreements,
      among any of the parties hereto. Except as expressly set forth in this
      Agreement, in the Buyer Note (as amended hereby) and the other Transaction
      Documents, neither the Company nor Buyer makes any representation, warranty,
      covenant or undertaking with respect to such matters.

     

    16. Interpretative
      Matters.
      Unless
      the context otherwise requires, (i) all references to Sections, Schedules,
      Appendices or Exhibits are to Sections, Schedules, Appendices or Exhibits
      contained in or attached to this Agreement, (b) words in the singular or plural
      include the singular and plural and pronouns stated in either the masculine,
      the
      feminine or neuter gender shall include the masculine, feminine and neuter,
      (c)
      the words “hereof,” “herein” and words of similar effect shall reference this
      Agreement in its entirety, and (d) the use of the word “including” in this
      Agreement shall be by way of example rather than limitation.

     

    17. Reaffirmation.
      Each of
      the Company and the Subsidiaries as issuer, debtor, grantor, pledgor, mortgagor,
      guarantor or assignor, or in other any other similar capacity in which such
      Person grants liens or security interests in its property or otherwise acts
      as
      accommodation party or guarantor, as the case may be, hereby (i) acknowledges
      and agrees that it has reviewed this Agreement, (ii) ratifies and reaffirms
      all
      of its obligations, contingent or otherwise, under each of the Transaction
      Documents, including the Buyer Note (as amended hereby) to which it is a party
      (after giving effect hereto) and (iii) to the extent such Person granted liens
      on or security interests in any of its property pursuant to any such Transaction
      Document as security for or otherwise guaranteed the Liabilities under or with
      respect to the Transaction Documents, ratifies and reaffirms such guarantee
      and
      grant of security interests and liens and confirms and agrees that such security
      interests and liens hereafter secure all of the Liabilities as amended hereby.
      Each of the Company and the Subsidiaries hereby consents to this Agreement
      and
      acknowledges that each of the Transaction Documents, including the Buyer Note
      (as amended hereby), remains in full force and effect and is hereby ratified
      and
      reaffirmed.

     

    [Remainder
      of page intentionally left blank; Signature page follows]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Agreement has been duly executed and delivered by each
      of
      the undersigned as of the date first above written.

     

    
      
        	 	 	 
	 	COMPANY:
	 	 
	 	
                CUSTOMER
                  ACQUISITION NETWORK HOLDINGS, INC.

              
	 	 	 
	 	By:  	/s/
                Michael D.
                Mathews
	 	Name:	Michael
                D. Mathews
	 	Title:	CEO

      

       

      
        	 	 	 
	 	SUBSIDIARIES:
	 	 
	 	
                
                  CUSTOMER
                    ACQUISITION NETWORK, INC.

                

              
	 	 	 
	 	By:  	/s/
                Michael D.
                Mathews
	 	Name:	Michael
                D. Mathews
	 	Title:	CEO

      

       

    

    
      	 	 	 
	 	
              DESKTOP
                ACQUISITION SUB, INC.

            
	 	 
	 	By:  	/s/
              Michael D.
              Mathews
	 	Name:	Michael
              D. Mathews
	 	Title:	CEO

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	BUYER:
	 	 
	 	
              LONGVIEW
                MARQUIS MASTER FUND, L.P.

            
	 	 	 
	 	By:  	Viking
              Asset
              Management, LLC
	 	Its:	Investment
              Advisor
	 	 	 
	 	By:	/s/
              S. Michael Rudolph
	 	Name:	S.
              Michael Rudolph
	 	Title:	Chief
              Financial Officer

    

     

    
      
        
        

      

      
        7EXHIBIT
      10.1

     

    

    SHARE
      SALE AND EXCHANGE AGREEMENT 

    

    This
      Agreement dated the 27th day of May, 2008, 

    

    
      	AMONG:	
              SOUND
                WORLDWIDE HOLDINGS, INC.

            

    

    (“SWW
      HOLDINGS”)

    -
      and
      -

    

    SOUND
      WORLDWIDE LIMITED

    (“SWW”)

    -
      and
      -

    

    BEST
      ALLIED INDUSTRIAL LIMITED

    (“BEST
      ALLIED”)

    -
      and
      -

    

    IVY
      S. K. LAM

    (“LAM”)

    

    WHEREAS:

    

    	A.            
            	
            SWW,
              a British Virgin Island corporation, is the beneficial owner of all
              the
              ordinary shares in the capital of BEST ALLIED;

          

    

    	B.             
              	
            SWW
              is a wholly owned subsidiary of SWW HOLDINGS, a Delaware, USA corporation
              having a class of common stock of which is registered under Section
              12(g)
              of the Securities Exchange Act of 1934;

          

    

    	C.             
            	
            BEST
              ALLIED, a Hong Kong body corporation, is a wholly owned subsidiary
              of SWW,
              having 10,000 ordinary shares (“Ordinary Shares”); and
              

          

     

    	D.            
            	
            LAM,
              a director, officer and shareholder of SWW HOLDINGS and a director
              and
              officer of BEST ALLIED, holds 6,063,750 common shares (“Common Shares”) of
              SWW HOLDINGS and wishes to purchase 100% ownership of BEST ALLIED by
              exchanging her Common Shares of SWW HOLDINGS for XXX Ordinary Shares
              of
              BEST ALLIED with SWW HOLDINGS.

          

    

    NOW
      THEREFORE, in consideration of the mutual promises set out in this Agreement
      and
      other valuable consideration, the parties hereby agree with each other as
      follows:

    

    
      
         

      

      
         

        
          

        

      

      
        -2-

      

    

    

    
      	1.	
              SHARE
                PURCHASE AND EXCHANGE

            

    

    

    	1.1           
            	
            LAM
              agrees to purchase from SWW and SWW HOLDINGS all the outstanding and
              issued Ordinary Shares of BEST ALLIED by exchanging LAM’s 6,063,750 Common
              Shares of SWW HOLDINGS for 10,000 Ordinary Shares of BEST ALLIED, and
              SWW
              and SWW HOLDINGS collectively agree to sell all the outstanding and
              issued
              Ordinary Shares of BEST ALLIED to LAM by exchanging 10,000 Ordinary
              Shares
              of BEST ALLIED for LAM’s 6,063,750 Common Shares of SWW HOLDINGS,
              effective as of April 1, 2008 (the “Effective Closing Date”) upon and
              subject to the terms and conditions of this Agreement. This share purchase
              and exchange transaction shall be hereinafter referred to as the
              “Transaction”. 

          

    

    	1.2           
            	
            Upon
              completion of the Transaction, LAM will own 100% ownership of BEST
              ALLIED
              and all existing and current operations, liabilities and assets of
              BEST
              ALLIED will remain with BEST ALLIED.

          

    

    	1.3           	
            As
              a part of this agreement, LAM agrees to resign as a director and an
              officer of SWW HOLDINGS effective as of the date of this
              agreement.

          

     

    	1.4           	
            Upon
              completion of the Transaction, SWW HOLDINGS will return the 6,063,750
              Common Shares received from LAM back to the company treasury for
              cancellation. 

          

    

    

    
      	2.	
              REPRESENTATIONS
                AND WARRANTIES OF SWW AND SWW
                HOLDINGS

            

    

    

    
      	2.1	
              SWW
                and SWW HOLDINGS represent and warrant to LAM
                that:

            

    

    SWW
      is
      the beneficial owner of the outstanding and issued Ordinary Shares of BEST
      ALLIED and has good and sufficient power, subject to the approval of its
      shareholders if applicable, authority and right to enter into and deliver this
      Agreement and to transfer or cause to transfer the beneficial title and
      ownership of the Ordinary Shares to the LAM free and clear of all liens,
      charges, encumbrances and any other rights of others.

    

    

    
      	3.	
              REPRESENTATIONS
                AND WARRANTIES OF LAM

            

    

    

    
      	3.1	
              LAM
                represents and warrants to SWW and SWW HOLDINGS
                that:

            

    

    LAM
      is
      the beneficial owner of the Common Shares and has good and sufficient power,
      authority and right to enter into and deliver this Agreement and to transfer
      or
      cause to transfer the beneficial title and ownership of the Common Shares of
      SWW
      HOLDINGS to SWW HOLDINGS free and clear of all liens, charges, encumbrances
      and
      any other rights of others.

    

    

    
      	4.	
              CLOSING
                

            

    

    

    
      	4.1	
              Closing
                Arrangements

            

    

    

    Subject
      to the terms and conditions hereof, the Transaction contemplated herein shall
      be
      closed on May 30, 2008 (the “Closing Date”) or such later or earlier date as
      agreed to by the parties at the offices of SWW HOLDINGS, situated at Flat K,
      13/F, Phase 2, Superluck Industiral Centre, 57 Sha Tsui Road, Tsuen Wan, N.
      T.
      Hong Kong Special Administration Region (“SAR”) or at such other place or places
      as may be mutually agreed upon by SWW and LAM. 

     

    
      
         

      

      
         

        
          

        

      

      
        -3-

      

    

     

    
      	4.2	
              Documents
                to be Delivered by LAM

            

    

    

    At
      or
      before the Closing Date, LAM shall execute or cause to be executed, and shall
      deliver, or cause to be delivered, to SWW and SWW HOLDINGS all documents,
      instruments and things which are to be delivered by LAM pursuant to the
      provisions of this Agreement and all documents necessary to effect the
      transactions contemplated by this Agreement.

    

    Without
      restrictions, LAM shall, upon Closing, deliver or cause to be delivered to
      SWW
      and SWW HOLDINGS: 

    

    	(a)    
                 	
            a
              duly executed Stock Power and other instruments of transfer deemed
              necessary to effectuate the transactions contemplated hereby executed
              by
              LAM in favor of SWW HOLDINGS in respect of the 6,063,750 Common Shares
              of
              SWW HOLDINGS belonging to LAM, accompanied by a valid share certificate
              or
              certificates, as the case may be, evidencing the 6,063,730 Common Shares
              of SWW HOLDINGS or documentary evidence satisfactory to SWW HOLDINGS
              that
              the said Common Shares are legally owned by LAM immediately before
              the
              contemplated transfer; 

          

    

    	(b)     
                	
            a
              cross receipt duly executed by LAM thereby acknowledging the receipt
              of
              the Ordinary Shares of BEST ALLIED from LAM; and
              

          

    

    	(c)       
              	
            a
              copy of the Mutual Settlement and Release Agreement duly executed by
              LAM
              and BEST ALLIED.

          

    

    	4.3           	
            Documents
              to be Delivered by SWW and SWW HOLDINGS

          

    

    At
      or
      before the Closing Date, SWW and SWW HOLDINGS shall execute or cause to be
      executed, and shall deliver, or cause to be delivered, to LAM all documents,
      instruments and things which are to be delivered by SWW and SWW HOLDINGS
      pursuant to the provisions of this Agreement.

    

    Without
      restrictions, SWW and SWW HOLDINGS shall, upon Closing, deliver or cause to
      be
      delivered to LAM: 

    

    	(d)        
             	
            a
              duly executed Stock Power and other instruments of transfer deemed
              necessary to effectuate the transactions contemplated hereby duly executed
              by SWW in favor of LAM with respect to all the Ordinary Shares of BEST
              ALLIED, accompanied by a valid share certificate or certificates as
              the
              case may be evidencing the such shares of BEST ALLIED or documentary
              evidence satisfactory to LAM that the said Ordinary Shares are legally
              owned by SWW immediately before the contemplated
              transfer;

          

     

    
      
         

      

      
         

        
          

        

      

      
        -4-

      

    

    
 

    	(e)          	
            a
              cross receipt duly executed by SWW and SWW HOLDINGS thereby acknowledging
              the receipt of the 6,063,730 Common Shares of SWW
              HOLDINGS;

          

    	 	 

    	(f)          	
            a
              copy of the Mutual Settlement and Release Agreement duly executed by
              SWW
              and SWW HOLDINGS; and

          

     

    	(g)          	
            all
              the statutory books and records of BEST ALLIED, share certificate books
              with counterfoil, tax returns, accounts books, common seal, certificate
              of
              incorporation, business registration certificate, the available copies
              of
              the Memorandum and Articles of Association of BEST ALLIED, chops, cheque
              books and all other documents relating to BEST ALLIED which are in
              the
              possession of SWW.

          

    

    

    
      
        	5.	
                MISCELLANEOUS
                  CONDITIONS

              

      

    

    

    	5.1           	
            The
              parties shall execute and deliver all such further documents and
              instruments and do all acts and things as the other party may, either
              before or after the Closing Date, reasonably require to effectively
              carry
              out or better evidence or perfect the full intent and meaning of this
              Agreement.

          

    

    	5.2           	
            This
              Agreement will enure to the benefit of, and be binding upon, the
              respective heirs, executors, administrators, successors and permitted
              assigns of the parties.

          

    

    	5.3           	
            This
              Agreement shall be governed by and construed in accordance with the
              laws
              of Hong Kong SAR applicable therein and the parties submit to the
              jurisdiction of the courts of Hong Kong
              SAR.

          

    

    	5.4           	
            Time
              will be of the essence of this Agreement.

          

    

    	5.5           	
            This
              Agreement constitutes the entire agreement between the parties. There
              are
              not and shall not be any oral statements, representations, warranties,
              undertakings or agreements between the parties other than this Agreement.
              This Agreement may not be amended or modified in any respect except
              by
              written instruments signed by SWW, SWW HOLDINGS and LAM as coupled
              by
              notice thereof to all parties of this Agreement whose interest in
              substance is being affected by the amendment or
              modification.

          

    

    	5.6           	
            This
              Agreement may be executed in any number of counterparts with the same
              effect as if all the parties had all signed the same document. All
              counterparts shall be construed together and shall constitute one and
              the
              same agreement.

          

    

    	5.7           	
            This
              Agreement may be executed by the parties and transmitted by facsimile
              transmission and if so executed and transmitted this Agreement shall
              be
              for all purposes as effective as if the parties had delivered an executed
              original Agreement.

          

     

    
      
         

      

      
         

        
          

        

      

      
        -5-

      

    

    
 

    	5.8           	
            Subject
              to other express terms of this Agreement, any party hereto which is
              entitled to the benefits of this Agreement may, and has the right to,
              waive any term or conditions hereof at any time on or prior to the
              Closing
              Date provided, however, that such waiver shall be evidenced by written
              instrument duly executed on behalf of such
              party.

          

     

    	5.9           	
            Each
              party has agreed to pay their own respective attorney’s fees and transfer
              taxes incurred in connection with the matters contemplated by this
              Agreement.

          

     

    
      	
              6.0
                

            	
              The
                parties hereby acknowledge that a Current Report on Form 8-K will
                be
                required to be filed with the Securities and Exchange Commission
                no later
                than four (4) business days after the consummation of the transactions
                contemplated by this Agreement and hereby covenant to work together
                to
                file such report with the SEC by such deadline as well as work together
                to
                prepare and file all other documents and reports which may be required
                to
                be filed with the SEC or other government
                agency.

            

    

     

    
      	
              6.1

            	
              The
                parties hereby acknowledge that each party will be required to file
                a Form
                4 with the SEC no later than the second (2nd)
                business day after the consummation of the transactions contemplated
                by
                this Agreement therein reporting their acquisition or disposition
                of the
                Ordinary Shares of BEST ALLIED or shares of SWW, as the case may
                be, and
                hereby acknowledge that such filing is the personal responsibility
                of such
                person.

            

    

     

    
      	
              6.2.

            	
              Upon
                the consummation of the transactions contemplated by this Agreement,
                SWW
                and SWW HOLDINGS will release LAM from all known and unknown liabilities
                owed or owing to LAM. 

            

    

    

    

    IN
      WITNESS WHEREOF this Agreement has been executed by the parties hereto as of
      the
      date first written above.

    

    For
      and
      on behalf of SOUND WORLDWIDE HOLDINGS, INC. by: 

    

    Per:
      /s/
      Roger K. W.
      Fan                                      

                                 
      Roger K. W. Fan, C.E.O. and Director

    

    

    For
      and
      on behalf of SOUND WORLDWIDE LIMITED, by: 

    

    Per:
      /s/
      Roger K. W.
      Fan                                     

                           
      Roger K. W. Fan, President and Director

    

    

    For
      and
      on behalf of BEST ALLIED INDUSTRIAL LIMITED, by:

    

    Per: /s/
      Ivy S. K.
      Lam                                          
 

                           Ivy
      S. K.
      Lam, Director

    

    
      
         

      

      
         

        
          

        

      

      
        -6-

      

    

    

     

    

    Per:
      /s/
      Roger K. W.
      Fan                                    
 

                          
      Roger K. W. Fan, Director 

    

     

    By
      Ivy S.
      K. Lam, being the owner of 6,063,750 Common Shares:

    

    By:
      /s/
      Ivy S. K.
      Lam                                             

                          
      Ivy S. K. Lam

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