Document:

Baywood International

EXHIBIT 10.3

SETTLEMENT AGREEMENT AND GENERAL RELEASE

This SETTLEMENT AGREEMENT AND GENERAL RELEASE (the “Settlement Agreement”) is entered into as of October 9, 2009, by and between Baywood International, Inc., a Nevada corporation (the “Baywood”), Nutritional Specialties, Inc., a Nevada corporation (“NSI”) (collectively, Baywood and NSI being referred to as the “Company”), and Thomas Pinkowski, an individual residing at 3703 Calle Fino Clarete San Clemente, California 92673 ("Employee").

WHEREAS, on March 30, 2007, Baywood Acquisition, Inc., a Nevada corporation and wholly-owned subsidiary of the Company entered into an Asset Purchase Agreement pursuant to which it purchased substantially all of the assets and assumed certain liabilities of Nutritional Specialties, Inc. d/b/a LifeTime ® or LifeTime Vitamins®, a California corporation (“LifeTime”) and subsequently changed its name from Baywood Acquisition, Inc. to Nutritional Specialties, Inc. (referred to herein as “NSI”);

WHEREAS, as part of the purchase price of the assets of LifeTime, the Company and NSI issued to Employee, at the direction of LifeTime, an 8% subordinated promissory note with a face value of $350,000 (the “Note”) and an 8% convertible subordinated promissory note with a face value of $100,000 (the “Convertible Note,” and together with the Note, the “Notes”), each of which were subordinated to the Company’s senior secured indebtedness to Vineyard Bank, N.A.;

WHEREAS, as of October 9, 2009, an aggregate of $121,729.31 comprised of $94,678.35 outstanding on the Note, including accrued and unpaid interest, and $27,050.96 outstanding on the Convertible Note, including accrued and unpaid interest, remain outstanding on the Notes (in the aggregate, referred to as the “Outstanding Indebtedness”);

WHEREAS, Employee entered into an employment agreement dated March 30, 2007 (the “Employment Agreement”) pursuant to which Employee was employed by the Company as its Vice President and as President of NSI;

WHEREAS, the Company owes Employee 60,000 restricted shares of its common stock (the “Shares”), that represent the remaining unvested balance of common stock that was issued as additional consideration to Employee under the Employment Agreement;

WHEREAS, Employee owes $80,000 under an unsecured promissory note, dated December 10, 2004, payable to LifeTime with an original principal amount of $100,000 (the “LifeTime Note”);

WHEREAS, Section 3(b) of the Employment Agreement requires Employee to promptly pay the Company the remaining balance on the LifeTime Note in the event the Employment Agreement is terminated for any reason prior to the end of its term;

WHEREAS, the Company has determined that it would be in its best interest to sell substantially all of the assets of its nutraceutical business and desires to terminate its employment arrangement with Employee and Employee wishes to tender his resignation as an Officer and Employee of the Company;

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WHEREAS, given the Company’s sale of assets and the Employee’s resignation; the Company desires to pay to Employee the Outstanding Indebtedness, issue the Shares and forgive the outstanding balance on the LifeTime Note; 

WHEREAS, all references to shares of the Company’s common stock give effect to a 1 for 20 reverse stock split, effective December 18, 2007 (the “Reverse Split”); and

WHEREAS, each party desires to provide the other party with a release of any and all claims, if any, against the other, subject to the terms and conditions hereof.

NOW THEREFORE, in consideration of the premises and the undertakings set forth herein, and intending to be fully bound hereby, the parties agree:

	1.

Effective as of the date hereof, any and all agreements of whatever kind between the Company and Employee, including but not limited to the Employment Agreement, the Notes and the LifeTime Note, are hereby cancelled and terminated and shall have no further force or effect.  Neither the Company nor Employee shall have any further rights or obligations under any such agreements, under federal or state law, with respect to payment or other obligations, except to the extent set forth in this Settlement Agreement.

	2.

Employment Agreement.  With respect to the Employment Agreement, the Company and Employee agree as of the date hereof as follows:

	(a)

Employee agrees, concurrent with this Settlement Agreement, to tender his resignation and terminate the Employment Agreement pursuant to Section 5(f) of the Employment Agreement (such date, the “Termination Date”).  The Company waives any notice required by Section 5(f) of the Employment Agreement.  As of the Termination Date, Employee will no longer serve as Vice President of the Company or as President of NSI and Employee will no longer be considered an Employee, Officer or Consultant of the Company in any capacity.

	(b)

As a result of Employee terminating the Employment Agreement, the terms of the Employment Agreement shall govern the relationship between the parties except to the extent this Settlement Agreement states otherwise.  As set forth in the Employment Agreement, the Company shall pay the following amounts to Employee pursuant to Section 6(c) of the Employment Agreement: (i) any accrued but unpaid Base Salary (as determined pursuant to Section 3(a) of the Employment Agreement for services rendered through the Termination Date; and (ii) any accrued but unpaid expenses required to be reimbursed pursuant to Section 4(a) of the Employment Agreement.  Employee will be paid an additional $13042.21 for unused vacation and sick time and Employee agrees such amount is the amount owed to Employee for such benefits.  For clarity, as of the Termination Date, Employee shall receive no other compensation or benefits pursuant to the Employment Agreement.

	(c)

Restricted Shares.  Any Restricted Shares issued or issuable as described in Section 3(d) of the Employment Agreement shall be governed according to the terms and conditions of the Employment Agreement and the agreements relating to the grant of the Restricted Shares.

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	(d)

The Company hereby waives any rights it may have pursuant to Sections 7(b) – Non-Competition, 7(c) –Non-Solicitation, and 7(e) – Proprietary Information, of the Employment Agreement.

	(e)

LifeTime Note.  The Company hereby waives Employee’s obligation, pursuant to Section 3(b) of the Employment Agreement, to pay the Company the remaining balance on the LifeTime Note in the event the Employment Agreement is terminated for any reason prior to the end of its term.  For clarity, as of the Termination Date, the LifeTime Note will be cancelled and no further obligation will be owed by Employee to the Company on the LifeTime Note.

	3.

Notes and Outstanding Indebtedness.  The Company hereby agrees to pay to Employee a total of $121,729.31to cancel all Outstanding Indebtedness.  The Company shall not owe Employee any other obligations under the Notes and Employee waives any Events of Default or other rights it has or may have in the present or the future, if any, pursuant to the Notes.

	4.

The Shares. The Company hereby agrees to issue to Employee the Shares.  The Company shall deliver the Shares to Employee within 10 business days of the date of this Settlement Agreement, at the address set forth above.  Further, Employee agrees to provide the Company with any additional information it or its transfer agent may reasonably require in order to issue the Shares to Employee.  For clarity, the number of Shares has been adjusted to reflect the Reverse Split.

	5.

Each party agrees to refrain from any defamation, libel or slander of the other, or tortious interference with the contracts and relationships of the other.  Employee agrees he will not act in any manner that might damage the business of the Company.  Employee agrees that he will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena or other court order to do so.

	6.

For and in consideration of the undertakings set forth herein, the Company (for itself and its respective past, present and future administrators, affiliates, agents, assigns, attorneys, directors, employees, executors, heirs, insurers, parents, partners, predecessors, representatives, servants, successors, transferees, and all persons acting by, through, under or in concert with any of them) agrees to perform the obligations set forth in this Settlement Agreement and hereby absolutely and irrevocably releases, waives, relinquishes, renounces and discharges forever Employee and his past, present and future administrators, affiliates, agents, assigns, attorneys, employees, employers, executors, heirs, insurers, officers, managers, parents, partners, predecessors, representatives, servants, subpartners, successors, transferees, underwriters, clients, customers, and each of them, and all persons acting by, through, under or in concert with any of them from any claims, obligations or amounts due to the Company.

	7.

For and in consideration of the undertakings set forth herein, Employee (for himself and his respective past, present and future administrators, affiliates, agents, assigns, attorneys, employees, executors, heirs, insurers, parents, partners, predecessors, 

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representatives, servants, successors, transferees, and all persons acting by, through, under or in concert with any of them) agrees to perform the obligations set forth in this Settlement Agreement and hereby absolutely and irrevocably releases, waives, relinquishes, renounces and discharges forever the Company and its past, present and future administrators, affiliates, agents, assigns, attorneys, directors, employees, employers, executors, heirs, insurers, officers, managers, parents, partners, predecessors, representatives, servants, shareholders, subpartners, subsidiaries, successors, transferees, underwriters, clients, customers, and each of them, and all persons acting by, through, under or in concert with any of them from any claims, obligations or amounts due to Employee.

	8.

This Settlement Agreement sets forth the entire agreement of the parties relating to the subject matter hereof and supersedes any other agreement verbal or written.  Both the Company and Employee acknowledge that they have consulted legal counsel regarding the contents and effect of this Settlement Agreement and that they are entering into this Settlement Agreement knowing that doing so will terminate their right to assert any legal claims against the other party in the future with respect to claims that have been waived by the terms of this Settlement Agreement.

	9.

This Settlement Agreement shall be governed by and construed in accordance with the laws of the State of Arizona, without regard to conflicts of laws principles that would result in the application of the substantive law of another jurisdiction. This Settlement Agreement may not be amended or modified except by an instrument in writing signed by each party.

	10.

As further consideration for the release contained in this Settlement Agreement, the Company and Employee, for themselves and each of their respective successors and assigns, hereby agree, represent, and warrant that the matters released herein are not limited to matters that are known or disclosed, and the Company and Employee hereby waive any and all rights and benefits that they now have or in the future may have conferred upon them by virtue of the provisions of Section 1542 of the Civil Code of the State of California (or any other statute or common law principles of similar effect), which Section provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR

In this connection, the Company and Employee hereby agree, represent, and warrant that they realize and acknowledge that factual matters now unknown to them may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses, and expenses that are presently unknown, unanticipated, and unsuspected, and they further agree, represent, and warrant that this Settlement Agreement has been negotiated and agreed upon in light of that realization and that, except as expressly limited above, they nevertheless hereby intend to release, discharge, and acquit each other from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses, and expenses.

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THE PARTIES AGREE THIS SETTLEMENT AGREEMENT MAY BE DELIVERED AND/OR RETURNED BY TELEPHONE FACSIMILE IN ONE OR MORE COUNTERPART COPIES, AND THE PARTIES MAY RELY UPON THE SIGNATURES HERETO WHETHER IN ORIGINAL OR FACSIMILE COPY.

Dated: October 9, 2009

AGREED AND ACCEPTED

By:  Employee

/s/ Thomas Pinkowski

Name:  Thomas Pinkowski

By:  Baywood International, Inc. and duly authorized to sign:

By:  /s/ Eric Skae

Name:  Eric Skae

Title:  Chief Executive Officer

By:  Nutritional Specialties, Inc., f/k/a Baywood Acquisition, Inc., and duly authorized to sign:

By:  /s/ Neil Reithinger

Name:  Neil Reithinger

Title:  Chief Executive Officer

5Exhibit
10.1                  

     

    
      

      

    

    STOCK
PURCHASE AGREEMENT

    

    among

    

    CS
CHINA ACQUISITION CORP.

    (the
“Purchaser”),

    

    ASIA
GAMING & RESORT, LTD.

    (the
“Company”)

    

    and

    

    SPRING
FORTUNE INVESTMENT LTD

    (the
“Shareholder”)

    

    Dated
October 6, 2009

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    STOCK PURCHASE
AGREEMENT

    

    STOCK PURCHASE AGREEMENT
(“Agreement”)
dated October 6, 2009, among CS
CHINA ACQUISITION CORP., a Cayman Islands corporation (the “Purchaser”), ASIA GAMING & RESORT,
LTD., a Hong Kong corporation (the “Company”), and SPRING FORTUNE INVESTMENT LTD,
a British Virgin Islands corporation (the “Shareholder”).

     

    RECITALS:

     

    A.           The
Shareholder is the record and beneficial owner of all of the issued and
outstanding shares of capital stock of the Company;

     

    B.           Subject
to the terms and conditions of this Agreement, the Shareholder desires to sell
such shares to Purchaser, and Purchaser desires to purchase such shares from the
Shareholder.

     

    IT IS AGREED:

     

    ARTICLE
I

     

    PURCHASE AND SALE OF COMPANY
STOCK

     

    1.1           
Purchase and
Sale.  Upon the terms and subject to the conditions hereof, at
the Closing (as defined in Section 1.4), the Shareholder hereby agrees to sell,
and Purchaser agrees to purchase and pay for, the shares of Company Stock (as
defined in Section 2.3(a)) owned by the Shareholder, free and clear of all Liens
(as defined in Section 10.2(e)).

     

     

    1.2           Purchase
Consideration.  The aggregate consideration (“Purchase
Consideration”) to be paid by Purchaser to the Shareholder for its shares
of Company Stock shall be (a) Ten Million Three Hundred Fifty Thousand
(10,350,000) ordinary shares, par value $0.0001 per share, of Purchaser (“Purchaser Stock”) and
(b) warrants to purchase Ten Million Three Hundred Fifty Thousand (10,350,000)
shares of Purchaser Stock substantially in the form of Exhibit A attached
hereto (“Consideration
Warrants”).  In addition, the Shareholder shall be entitled to
receive certain shares of Purchaser Stock and Consideration Warrants in
accordance with the provisions of Section 1.7.

     

    1.3           Payment of Purchase
Consideration.   A certificate or certificates
representing the number of shares of Purchaser Stock and the number of
Consideration Warrants that the Shareholder is entitled to receive shall be
issued to the Shareholder at the Closing.

     

    1.4           The
Closing.  Subject to the terms and conditions of this
Agreement, the consummation of the transactions contemplated by this Agreement
shall take place at a closing (the “Closing”) to be held
at 10:00 a.m., local time, on the fourth Business Day after the date on which
the last of the conditions to Closing set forth in Article VI is fulfilled, at
the offices of Graubard Miller, The Chrysler Building, 405 Lexington Avenue,
19th
Floor, New York, New York 10174-1901, or at such other time, date or place as
the Parties may agree upon in writing.  The date on which the Closing
takes place is referred to herein as the “Closing
Date.”

     

    
      
        
        

      

      
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    1.5           Shareholder’s and Company
Deliveries.  At the Closing, the Shareholder and the Company
shall deliver to Purchaser (a) the certificates for all of the issued and
outstanding shares of Company Stock owned by the Shareholder, duly endorsed for
transfer or with stock powers executed in blank and (b) the certificates,
opinions and other agreements and instruments contemplated by Article VI hereof
and the other provisions of this Agreement.

     

    1.6           Purchaser’s
Deliveries.  At the Closing, Purchaser shall deliver to the
Shareholder (a) a certificate representing the number of shares of Purchaser
Stock to be issued to the Shareholder, (b) a warrant certificate representing
the number of Consideration Warrants to be issued to the Shareholder and (c) the
certificates, opinions and other agreements and instruments contemplated by
Article VI hereof and the other provisions of this Agreement.

     

    1.7           Incentive Shares and
Warrants.

     

     (a)           For
each of the years from 2009 through 2012, inclusive, during which the Company
has net income after taxes, as determined in accordance with United States
generally accepted accounting principles (“U.S. GAAP”) and
reported in the Annual Report on Form 20-F filed by Purchaser for the fiscal
year in question with the United States Securities and Exchange Commission (the
“Commission”),
but as adjusted pursuant to Section 1.7(h) (“Adjusted Net Income”), that is
within a range of Adjusted Net Income specified with respect to such year in
Schedule 1.7(a)
hereto (“Incentive
Target”), Purchaser shall issue to the Shareholder the number of shares
of Purchaser Stock set forth in Schedule 1.7(a)
(“Incentive
Shares”) with respect to such year for such Incentive Target, provided
that:

     

     (i)           with
respect to the year 2009, the Shareholder shall not be entitled to receive any
Incentive Shares pursuant to this Section 1.7(a) unless, in addition to
achieving the Incentive Target, the Company’s rolling chip turnover (as such
term is commonly understood in the gaming and junket operations industry)
exceeds USD 3,668,257,008; and

     

     (ii)           with
respect to the years 2009 and 2010, the maximum aggregate number of Incentive
Shares that the Shareholder shall be entitled to receive pursuant to this
Section 1.7(a) shall be Twelve Million Fifty Thousand (12,050,000).

     

     (b)           In
addition to Incentive Shares issuable to the Shareholder pursuant to Section
1.7(a), for each of the years from 2009 through 2012, inclusive, during which
the Company has Adjusted Net Income equal to or greater than the amounts set
forth below for such year, Purchaser shall issue to the Shareholder Five Hundred
Thirty Thousand (530,000) shares of Purchaser Stock:

     

    
      
        
        

      

      
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                        2009

                      	 	 	-	 	 	$	29,000,000	 
	
                        2010

                      	 	 	-	 	 	$	60,000,000	 
	
                        2011

                      	 	 	-	 	 	$	75,000,000	 
	
                        2012

                      	 	 	-	 	 	$	82,500,000	 

              

            

          

        

      

    

     

    (c)           For
each share of Purchaser Stock issuable to the Shareholder pursuant to Sections
1.7(a) and 1.7(b), Purchaser shall issue to the Shareholder one Consideration
Warrant, provided that the maximum number of Consideration Warrants that the
Shareholder shall be entitled to receive pursuant to this Section 1.7(c) shall
be Four Million Three Hundred Thousand (4,300,000).

     

    (d)           The
numbers of shares of Purchaser Stock and Consideration Warrants set forth in
this Section 1.7 and Schedule 1.7(a) shall
be equitably adjusted to reflect appropriately the effect of any stock split,
reverse stock split, stock dividend (including any dividend or distribution of
securities convertible into shares of Purchaser Stock), extraordinary cash
dividends, reorganization, recapitalization, reclassification, combination,
exchange of shares or other like change with respect to shares of Purchaser
Stock occurring on or after the date hereof.

     

    (e)           Notwithstanding
the provisions of this Section 1.7 set forth above, if, for any fiscal year
through the fiscal year ending December 31, 2012, (i) as of the end of any
fiscal quarter during such fiscal year, the Company does not have, based on the
financial statements of the Company for such quarter, at least $10,000,000 in
cash and cash equivalents (including redeemable chips and receivables from
casinos with respect to operations during such fiscal quarter that are received
with five (5) days after the end of such fiscal quarter) and (ii) based on the
audited financial statements for such fiscal year, positive cash flow from
operations, as determined in accordance with U.S. GAAP, the Shareholder shall
not be entitled to receive one-half of the shares of Purchaser Stock it would
otherwise be entitled to receive pursuant to this Section 1.7 with respect to
such fiscal year.

     

    (f)           The
shares of Purchaser Stock and Consideration Warrants issuable pursuant to this
Section 1.7 shall be issued by Purchaser to the Shareholder within 30 days after
Purchaser has filed its Annual Report on Form 20-K for the year with respect to
such shares are issuable.

     

    (g)           Notwithstanding
anything to the contrary in this Section 1.7, the Shareholder shall not be
entitled to receive any shares of Purchaser Stock and Consideration Warrants
issuable pursuant to this Section 1.7 unless the conditions specified in Schedule 1.7(g) have
been fulfilled.

     

    (h)           In
computing Adjusted Net Income, there shall be added to the net income of the
Company, as determined in accordance with U.S. GAAP, amounts deducted for (i)
charges based on the valuation of the Consideration Warrants, (ii) United States
federal, state, local and territorial taxes imposed pursuant to statutory
changes enacted to be in effect after the date of this Agreement and (iii)
one-time closing costs incurred in connection with the transactions contemplated
by this Agreement, including payments made pursuant to Sections 2.17, 3.17 and
3.25 hereof.

     

    
      
        
        

      

      
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    1.8           Further Assurances;
Post-Closing Cooperation.  Subject to the terms and conditions
of this Agreement, at any time or from time to time after the Closing, each of
the Parties shall execute and deliver such other documents and instruments,
provide such materials and information and take such other actions as may
reasonably be necessary, proper or advisable, to the extent permitted by law, to
fulfill its obligations under this Agreement and the other documents relating to
the transactions contemplated by this Agreement to which it is a
party.

     

    1.9           Indemnity
Escrow.  To provide a fund for the payment amounts due to
Purchaser pursuant to the indemnity obligations of the Shareholder set forth in
Article VII, at the Closing, the Shareholder or its assigns shall deposit in
escrow ninety percent (90%) of the shares of Purchaser Stock to be issued to the
Shareholder upon the Closing (the “Escrow Fund”), to be
held for the period ending thirty (30) days after Purchaser has filed its Annual
Report on Form 20-F for the fiscal year ending December 31, 2010 (the “Escrow Period”), all
in accordance with the terms and conditions of the Escrow Agreement in the form
of Exhibit B to
be entered into among Purchaser, the Shareholder or its assigns and Continental
Stock Transfer & Trust Company (“Continental”), as
Escrow Agent (the “Escrow
Agreement”).   Notwithstanding the foregoing, one (1) year
after the Closing Date there shall be released from the Escrow Fund to the
Shareholder or its assigns all shares of Purchaser Stock in the Escrow Fund
except (a) fifteen percent (15%) of the shares of Purchaser Stock issued to the
Shareholder at the Closing and (b) such additional number of shares as are then
held in the Pending Claims Reserve (as defined in the Escrow
Agreement).

     

    1.10         Purchaser
Committee.  A committee (the “Committee”),
consisting of two directors of Purchaser who hold such positions immediately
prior to the Closing, shall represent the interests of, and act on behalf of,
Purchaser and the other Purchaser Indemnitees (as defined in Section 7.1(a)) for
the purposes of the Escrow Agreement and making those determinations hereunder
that are specifically reserved to the Committee by the terms
hereof.

     

    1.11         Certain Shareholder
Matters.

     

     (a)           The
Shareholder represents and warrants as follows:  (i) all Purchaser
Stock  to be acquired by the Shareholder pursuant to this Agreement
will be acquired for his account and not with a view towards distribution
thereof; (ii) he understands that it must bear the economic risk of the
investment in Purchaser Stock, which cannot be sold by it unless it is
registered under the Securities Act of 1933, as amended (the “Securities Act”), or
an exemption therefrom is available thereunder; (iii) it has had both the
opportunity to ask questions and receive answers from the officers and directors
of Purchaser and all persons acting on Purchaser’s behalf concerning the
business and operations of Purchaser and to obtain any additional information to
the extent Purchaser possesses or may possess such information or can acquire it
without  unreasonable effort or expense necessary to verify the
accuracy of such information; and (iv) it has had access to the Purchaser SEC
Reports (as defined in Section 3.7(a)) filed prior to the date of this
Agreement.  The Shareholder acknowledges that (v) it is either (A) an
“accredited investor” as such term is defined in Rule 501(a) promulgated under
the Securities Act or (B) a person possessing sufficient knowledge and
experience in financial and business matters to enable it to evaluate the merits
and risks of an investment in Purchaser; and (vi) it understands that the
certificates representing Purchaser Stock and Consideration Warrants to be
received by it may bear legends to the effect that such Purchaser Stock and
Consideration Warrants may not be transferred except upon compliance with (C)
the registration requirements of the Securities Act (or an exemption therefrom)
and (D) the provisions of this Agreement.

     

    
      
        
        

      

      
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    (b)           The
Shareholder represents and warrants that the execution and delivery of this
Agreement by the Shareholder does not, and the performance of its obligations
hereunder will not, require any consent, approval, authorization or permit of,
or filing with or notification to, any court, administrative agency, commission,
governmental or regulatory authority, domestic or foreign (a “Governmental
Entity”), except (i) for applicable requirements, if any, of the
Securities Act, the Securities Exchange Act of 1934, as amended (“Exchange Act”), state
securities laws (“Blue
Sky Laws”), and the rules and regulations thereunder, and (ii) where the
failure to obtain such consents, approvals, authorizations or permits, or to
make such filings or notifications, would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect (as defined in Section
10.2(a)) on the Shareholder or the Company or, after the Closing, Purchaser, or
prevent consummation of the transactions contemplated by this Agreement or
otherwise prevent the parties hereto from performing their respective
obligations under this Agreement.

     

    (c)           The
Shareholder represents and warrants that it owns its shares of Company Stock
free and clear of all Liens.

     

    1.12        Sale
Restriction.  Without the prior written consent of the
Committee, which may be given or withheld in its sole discretion, no public
market sales of shares of Purchaser Stock issued pursuant to this Agreement
shall be made for a period of one year following the Closing Date, with respect
to shares issued pursuant to Section 1.2, or, with respect to shares issued
pursuant to Section 1.7, the later of (i) one year following the Closing Date or
(ii) three (3) months following the date of their issuance.  No
private sales of shares of Purchaser Stock issued pursuant to this Agreement
shall be made during the periods referred to in the previous sentence unless the
purchaser acknowledges and agrees to the restriction stated in the preceding
sentence by delivery to Purchaser of a written document to such
effect.  The preceding provisions of this Section 1.12 shall apply
only to 90% of the shares of Purchaser Stock issued to the Shareholder pursuant
to Section 1.2 and Section 1.7.  The remaining shares of Purchaser
Stock issued to the Shareholder pursuant to Section 1.2 and Section 1.7 may be
sold or otherwise transferred by the Shareholder except as may be restricted by
the Securities Act and other United States securities laws.  The
Consideration Warrants are not transferable.  Notwithstanding the
foregoing, the Company may transfer shares of Purchaser Stock and Consideration
Warrants issued pursuant to this Agreement to employees of the Company and its
Subsidiaries (as defined in Section 2.2(a)) who are parties to Employment
Agreements (as defined in Section 5.20), to other Persons who are listed on
Schedule 1.12
and to the counter-party to the Advisor Agreement (as defined in Section 2.17),
provided that such employees, other Persons and counter-party acknowledge and
agree to the restriction stated in the first sentence of this Section 1.12 by
delivery to Purchaser of a written document to such effect. Certificates
representing shares of Purchaser Stock and Consideration Warrants issued
pursuant to this Agreement shall bear a prominent legend to the effect of the
foregoing provisions of this Section 1.12.

     

    
      
        
        

      

      
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    1.13         Outstanding Company
Derivative Securities.  The Company shall arrange that all
holders of outstanding options, warrants and other derivative securities and
rights to acquire Company Stock exercise or, for no consideration, terminate
such securities and rights prior to the Closing Date so that no such securities
or rights are outstanding upon Closing.  All Persons who receive
Company Stock as a result of such exercises shall become parties to this
Agreement on the same terms and conditions as apply to the
Shareholder.

     

    ARTICLE
II

     

    REPRESENTATIONS AND
WARRANTIES OF THE SHAREHOLDER AND THE COMPANY

     

    Subject
to the exceptions set forth in Schedule 2 (the
“Company
Schedule”), the Shareholder and the Company, jointly and severally,
hereby represent and warrant to, and covenant with, Purchaser as follows (as
used in this Article II, and elsewhere in this Agreement, the term “Company”
includes the Subsidiaries (as hereinafter defined) unless the context clearly
otherwise indicates):

     

    2.1          Organization and
Qualification.

     

    (a)           The
Company is a corporation duly incorporated, validly existing and in good
standing under the laws of Hong Kong and has the requisite corporate power and
authority to own, lease and operate its assets and properties and to carry on
its business as it is now being or currently planned by the Company to be
conducted.   The Company is in possession of all franchises,
grants, authorizations, licenses, permits, easements, consents, certificates,
approvals and orders (“Approvals”) necessary
to own, lease and operate the properties it purports to own, operate or lease
and to carry on its business as it is now being or currently planned by the
Company to be conducted, except where the failure to have such Approvals could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect on the Company.  Complete and correct copies of the
certificate of incorporation and by-laws (or other comparable governing
instruments with different names) (collectively referred to herein as “Charter Documents”)
of the Company, as amended and currently in effect, have been heretofore
delivered to Purchaser or Purchaser’s counsel.  The Company is not in
violation of any of the provisions of its Charter Documents.

     

    
      
        
        

      

      
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    (b)           The
Company is duly qualified or licensed to do business as a foreign corporation
and is in good standing in each jurisdiction where the character of the
properties owned, leased or operated by it or the nature of its activities makes
such qualification or licensing necessary, except for such failures to be so
duly qualified or licensed and in good standing that could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect on
the Company.  Each jurisdiction in which the Company is so qualified
or licensed is listed in Schedule
2.1.

     

    (c)           The
minute books of the Company contain true, complete and accurate records of all
meetings and consents in lieu of meetings of its Board of Directors (and any
committees thereof), similar governing bodies and stockholders (“Corporate Records”)
since the date of the Company’s inception.  Copies of such Corporate
Records of the Company have been heretofore delivered to Purchaser or
Purchaser’s counsel.

     

    (d)           The
stock transfer, warrant and option transfer and ownership records of the Company
contain true, complete and accurate records of the securities ownership as of
the date of such records and the transfers involving the capital stock and other
securities of the Company since the time of the Company’s
organization.  Copies of such records of the Company have been
heretofore delivered to Purchaser or Purchaser’s counsel.

     

    2.2          Subsidiaries and Gaming
Promoters.

     

    (a)           The
Company has no direct or indirect subsidiaries or participations in joint
ventures other than those listed in paragraph (a) of  Schedule 2.2 (the
“Subsidiaries”).  Except
as set forth in Schedule 2.2, the
Company owns all of the outstanding equity securities of the Subsidiaries, free
and clear of all Liens (as defined in Section 10.2(e)).  Except for
the Subsidiaries, the Company does not own, directly or indirectly, any
ownership, equity, profits or voting interest in any Person and has no agreement
or commitment to purchase any such interest, and has not agreed and is not
obligated to make nor is bound by any written, oral or other agreement,
contract, subcontract, lease, binding understanding, instrument, note, option,
warranty, purchase order, license, sublicense, insurance policy, benefit plan,
commitment or undertaking of any nature, as of the date hereof or as may
hereafter be in effect under which it may become obligated to make, any future
investment in or capital contribution to any other entity.

     

    (b)           Each
Subsidiary is duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of incorporation (as listed in Schedule 2.2) and has
the requisite corporate power and authority to own, lease and operate its assets
and properties and to carry on its business as it is now being or currently
planned by the Company to be conducted.  Each Subsidiary is in
possession of all Approvals necessary to own, lease and operate the properties
it purports to own, operate or lease and to carry on its business as it is now
being or currently planned by the Company to be conducted, except where the
failure to have such Approvals could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect on the Company or such
Subsidiary.  Complete and correct copies of the Charter Documents of
each Subsidiary, as amended and currently in effect, have been heretofore
delivered to Purchaser or Purchaser’s counsel.  No Subsidiary is in
violation of any of the provisions of its Charter Documents.

     

    
      
        
        

      

      
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    (c)           Each
Subsidiary is duly qualified or licensed to do business as a foreign corporation
or foreign limited liability company and is in good standing in each
jurisdiction where the character of the properties owned, leased or operated by
it or the nature of its activities makes such qualification or licensing
necessary, except for such failures to be so duly qualified or licensed and in
good standing that could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect on the Company or such
Subsidiary.  Each jurisdiction in which each Subsidiary is so
qualified or licensed is listed in Schedule
2.2.

     

    (d)           The
minute books of each Subsidiary contain true, complete and accurate records of
all meetings and consents in lieu of meetings of its Board of Directors (and any
committees thereof), similar governing bodies and stockholders since the date of
the Subsidiary’s inception.  Copies of the Corporate Records of each
Subsidiary have been heretofore delivered to Purchaser or Purchaser’s
counsel.

     

    (e)           The
authorized and outstanding capital stock or other equity interests of each
Subsidiary are set forth in Schedule
2.2.  There are no outstanding options, warrants or other
rights to purchase securities of any Subsidiary.

     

    (f)           Each
entity with which the Company has an agreement (“Profits Interest
Agreement”) to acquire, effective as of the Closing, 100% of the profits
that such entity earns from its operations as the operator of a “VIP Room” at a
casino (each such entity, individually, an “Gaming Promoter,” and
such entities, collectively, the “Gaming Promoters”) is
set forth in Schedule
2.2.  Each Gaming Promoter is in good standing under the law of
its jurisdiction of organization and has, or will have on the Closing Date, all
necessary Approvals to operate its business, none of which Approvals will expire
prior to December 31, 2009.

     

    2.3          Capitalization.

     

    (a)           The
authorized capital stock of the Company consists of 100,000,000 shares of common
stock, par value $0.0012821 per share (the “Company Stock”), of
which 10,000,000 shares are issued and outstanding as of the date of this
Agreement, all of which are validly issued, fully paid and nonassessable, except
that subscriptions in the aggregate amount of $1,282 are
receivable.

     

    (b)           No
shares of Company Stock are reserved for issuance upon the exercise of
outstanding options to purchase Company Stock granted to employees of the
Company or other parties, and no shares of Company Stock are reserved for
issuance upon the exercise of outstanding warrants or other rights to purchase
Company Stock.  All outstanding shares of Company Stock have been
issued and granted in compliance with all applicable securities laws and (in all
material respects) other applicable laws and regulations.

     

    
      
        
        

      

      
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    (c)           Except
as set forth in Schedule 2.3 or as
set forth elsewhere in this Section 2.3, there are no subscriptions, options,
warrants, equity securities, partnership interests or similar ownership
interests, calls, rights (including preemptive rights except such preemptive
rights as may be set forth in applicable Charter Documents or relevant state
law), commitments or agreements of any character to which the Company is a party
or by which it is bound obligating the Company to issue, deliver or sell, or
cause to be issued, delivered or sold, or repurchase, redeem or otherwise
acquire, or cause the repurchase, redemption or acquisition of, any shares of
capital stock or similar ownership interests of the Company or obligating the
Company to grant, extend, accelerate the vesting of or enter into any such
subscription, option, warrant, equity security, call, right, commitment or
agreement.

     

    (d)           Except
as contemplated by this Agreement and except as set forth in Schedule 2.3, there
are no registration rights, and there is no voting trust, proxy, rights plan,
antitakeover plan or other agreement or understanding to which the Company is a
party or by which the Company is bound with respect to any equity security of
any class of the Company.

     

    (e)           Except
as set forth in Schedule 2.3, no
outstanding shares of Company Stock are unvested or are subject to a repurchase
option, risk of forfeiture or other condition under any applicable agreement
with the Company.

     

    2.4          Authority Relative to this
Agreement.  Each of the Company and the Shareholder has all
necessary corporate power and authority to execute and deliver this Agreement
and to perform its obligations hereunder and, to consummate the transactions
contemplated hereby.  The execution and delivery of this Agreement and
the consummation by the Company and the Shareholder of the transactions
contemplated hereby have been duly and validly authorized by all necessary
corporate action on the part of the Company and the Shareholder (including the
approval by its Board of Directors and shareholders, subject in all cases to the
satisfaction of the terms and conditions of this Agreement, including the
conditions set forth in Article VI), and no other corporate proceedings on the
part of the Company, the Shareholder or their shareholders are necessary to
authorize this Agreement or to consummate the transactions contemplated hereby
pursuant to the applicable law of Hong Kong, with respect to the Company, and
the applicable law of the British Virgin Islands, with respect to the
Shareholder, and the terms and conditions of this Agreement.  This
Agreement has been duly and validly executed and delivered by the Company and
the Shareholder and, assuming the due authorization, execution and delivery
thereof by the other parties hereto, constitutes the legal and binding
obligation of the Company and the Shareholder, enforceable against the Company
and the Shareholder in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors’ rights generally and by general principles of
equity.

     

    
      
        
        

      

      
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    2.5          No Conflict; Required
Filings and Consents.

     

    (a)           The
execution and delivery of this Agreement by the Company and the Shareholder do
not, and the performance of this Agreement by the Company and the Shareholder
shall not (i) conflict with or violate the Charter Documents of the Company or
any Subsidiary or any Legal Requirements (as defined in Section 10.2(b)), (ii)
result in any breach of or constitute a default (or an event that with notice or
lapse of time or both would become a default) under, or materially impair the
Company’s rights or alter the rights or obligations of any third party under, or
give to others any rights of termination, amendment, acceleration or
cancellation of, or result in the creation of a lien or encumbrance on any of
the properties or assets of the Company pursuant to, any Company Contracts (as
defined in Section 2.19(a)), or (iii) result in the triggering, acceleration or
increase of any payment to any Person pursuant to any Company Contract,
including any “change in control” or similar provision of any Company Contract,
except for any such conflicts, violations, breaches, defaults, triggerings,
accelerations, increases or other occurrences that would not, individually and
in the aggregate, have a Material Adverse Effect on the Company.

     

    (b)           The
execution and delivery of this Agreement by the Company and the Shareholder does
not, and the performance of their obligations hereunder will not, require any
consent, approval, authorization or permit of, or filing with or notification
to, any Governmental Entity or other third party (including, without limitation,
lenders and lessors, except (i) for applicable requirements, if any, of the
Securities Act, the Exchange Act or Blue Sky Laws, and the rules and regulations
thereunder, and appropriate documents received from or filed with the relevant
authorities of other jurisdictions in which the Company is licensed or qualified
to do business, (ii) the consents, approvals, authorizations and permits
described in Schedule
2.5, and (iii) where the failure to obtain such consents, approvals,
authorizations or permits, or to make such filings or notifications, would not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect on the Company or, after the Closing, Purchaser, or prevent
consummation of the transactions contemplated by this Agreement or otherwise
prevent the parties hereto from performing their obligations under this
Agreement.

     

    2.6           Compliance.  The
Company has complied with and is not in violation of any Legal Requirements with
respect to the conduct of its business, or the ownership or operation of its
business, except for failures to comply or violations which, individually or in
the aggregate, have not had and are not reasonably likely to have a Material
Adverse Effect on the Company.  Except as set forth in Schedule 2.6, no
written notice of non-compliance with any Legal Requirements has been received
by the Company (and the Company has no knowledge of any such notice delivered to
any other Person).  The Company is not in violation of any term of any
Company Contract (as defined in Section 2.19(a)(i)), except for failures to
comply or violations which, individually or in the aggregate, have not had and
are not reasonably likely to have a Material Adverse Effect on the
Company.

     

    
      
        
        

      

      
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    2.7          Financial
Statements.

     

    (a)           The
Company will provide to Purchaser a correct and complete copy of the audited
consolidated financial statements (including any related notes thereto) of the
Company for the fiscal years ended December 31, 2008, December 31, 2007 and
December 31, 2006 (the “Audited Financial
Statements”).  The Audited Financial Statements will be
prepared in accordance with the rules and regulations of any applicable
Governmental Entity and with U.S. GAAP applied on a consistent basis throughout
the periods involved (except as may be indicated in the notes thereto), and each
will fairly presents in all material respects the financial position of the
Company at the respective dates thereof and the results of its operations and
cash flows for the periods indicated.

     

    (b)           The
Company will provide to Purchaser a correct and complete copy of the unaudited
consolidated financial statements (including, in each case, any related notes
thereto) of the Company for the six month period ended June 30, 2009 (the “Unaudited Financial
Statements”).  The Unaudited Financial Statements will comply
as to form in all material respects, and were prepared in accordance, with the
rules and regulations of any applicable Governmental Entity and with U.S. GAAP
applied on a consistent basis throughout the periods involved (except as may be
indicated in the notes thereto), are consistent with the Audited Financial
Statements and will fairly present in all material respects the financial
position of the Company at the date thereof and the results of its operations
and cash flows for the period indicated, except that such statements do not
contain all notes and disclosures required by U.S. GAAP and are subject to
normal year-end and audit adjustments that are not reasonably expected to have a
Material Adverse Effect upon the Company.

     

    (c)           The
books of account, and other similar books and records of the Company have been
maintained in accordance with good business practice, are complete and correct
in all material respects and there have been no material transactions that are
required to be set forth therein which have not been so set forth.

     

    (d)           The
accounts and notes receivable of the Company reflected on the balance sheets
included in the Audited Financial Statements and the Unaudited Financial
Statements (i) arose from bona fide sales transactions in the ordinary course of
business and are payable on ordinary trade terms, (ii) are legal, valid and
binding obligations of the respective debtors enforceable in accordance with
their terms, except as such may be limited by bankruptcy, insolvency,
reorganization, or other similar laws affecting creditors’ rights generally, and
by general equitable principles, (iii) are not to the Company’s knowledge
subject to any valid set-off or counterclaim except to the extent set forth in
such balance sheet contained therein, (iv) are collectible in the ordinary
course of business consistent with past practice in the aggregate recorded
amounts thereof, net of any applicable reserve reflected in such balance sheet
referenced above, and (v) are not the subject of any actions or proceedings
brought by or on behalf of the Company.

     

    (e)           The
Company has provided to Purchaser a correct and complete copy of the audited
consolidated financial statements (including any related notes thereto) of
certain of the Gaming Promoters for the fiscal years ended December 31, 2008,
December 31, 2007 and December 31, 2006 (the “Audited Gaming Promoter
Financial Statements”).  The Audited Gaming Promoter Financial
Statements were prepared in accordance with the rules and regulations of any
applicable Governmental Entity and with U.S. GAAP applied on a consistent basis
throughout the periods involved (except as may be indicated in the notes
thereto), and each fairly presents in all material respects the financial
position of the Gaming Promoters included therein at the respective dates
thereof and the results of its operations and cash flows for the periods
indicated.

     

    
      
        
        

      

      
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    (f)           The
Company has provided to Purchaser a correct and complete copy of the unaudited
consolidated financial statements (including, in each case, any related notes
thereto) of certain of the Gaming Promoters for the six month period ended June
30, 2009 (the “Unaudited Gaming Promoter Financial
Statements”).  The Unaudited Gaming Promoter Financial
Statements comply as to form in all material respects, and were prepared in
accordance, with the rules and regulations of any applicable Governmental Entity
and with U.S. GAAP applied on a consistent basis throughout the periods involved
(except as may be indicated in the notes thereto), are consistent with the
Audited Gaming Promoter Financial Statements and fairly present in all material
respects the financial position of the Gaming Promoters included therein at the
date thereof and the results of its operations and cash flows for the period
indicated, except that such statements do not contain all notes and disclosures
required by U.S. GAAP and are subject to normal year-end and audit adjustments
that are not reasonably expected to have a Material Adverse Effect upon such
Gaming Promoters.

     

    (g)           The
Company has provided to Purchaser a correct and complete copy of the proforma
consolidating financial statements (including, in each case, any related notes
thereto) of the Company and its Subsidiaries and certain of the Gaming Promoters
for the year ended December 31, 2008 and the six month period ended June 30,
2009 (the “Unaudited Proforma Financial
Statements”).  The Unaudited Proforma Financial Statements
comply as to form in all material respects, and were prepared in accordance,
with the rules and regulations of any applicable Governmental Entity and with
U.S. GAAP applied on a consistent basis throughout the periods involved (except
as may be indicated in the notes thereto), are consistent with the financial
statements referred to in the prior subsections of this Section 2.7 and are
based on estimates and assumptions set forth in the Unaudited Proforma Financial
Statements that the Company believes are reasonable and
appropriate.

     

    2.8           No Undisclosed
Liabilities.  Except as set forth in Schedule 2.8, the
Company has no liabilities (absolute, accrued, contingent or otherwise) of a
nature required under U.S. GAAP to be disclosed on a balance sheet or in the
related notes to financial statements that are, individually or in the
aggregate, material to the business, results of operations or financial
condition of the Company, except: (i) liabilities provided for in or otherwise
disclosed in the interim balance sheet included in the Unaudited Financial
Statements or in the notes to the Audited Financial Statements, and (ii) such
liabilities arising in the ordinary course of the Company’s business since
December 31, 2008, none of which would reasonably be expected to have a Material
Adverse Effect on the Company.

     

    
      
        
        

      

      
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    2.9           Absence of Certain Changes
or Events.  Except as set forth in Schedule 2.9 or in
the Unaudited Financial Statements and the Unaudited Gaming Promoter Financial
Statements, since December 31, 2008, there has not been: (i) any Material
Adverse Effect on the Company or the Gaming Promoters, (ii) any declaration,
setting aside or payment of any dividend on, or other distribution (whether in
cash, stock or property) in respect of, any of the Company’s stock, or any
purchase, redemption or other acquisition by the Company of any of the Company’s
capital stock or any other securities of the Company or any options, warrants,
calls or rights to acquire any such shares or other securities, (iii) any split,
combination or reclassification of any of the Company’s capital stock, (iv) any
granting by the Company of any increase in compensation or fringe benefits,
except for normal increases of cash compensation in the ordinary course of
business consistent with past practice, or any payment by the Company of any
bonus, except for bonuses made in the ordinary course of business consistent
with past practice, or any granting by the Company of any increase in severance
or termination pay or any entry by the Company into any currently effective
employment, severance, termination or indemnification agreement or any agreement
the benefits of which are contingent or the terms of which are materially
altered upon the occurrence of a transaction involving the Company of the nature
contemplated hereby, (v) entry by the Company into any licensing or other
agreement with regard to the acquisition or disposition of any Intellectual
Property (as defined in Section 2.18) other than licenses in the ordinary course
of business consistent with past practice or any amendment or consent with
respect to any licensing agreement filed or required to be filed by the Company
with respect to any Governmental Entity, (vi) any material change by the Company
or the Gaming Promoters in their respective accounting methods, principles or
practices, (vii) any change in the auditors of the Company or the Gaming
Promoters, (viii) any issuance of capital stock of the Company, (ix) any
revaluation by the Company of any of its assets, including, without limitation,
writing down the value of capitalized inventory or writing off notes or accounts
receivable or any sale of assets of the Company other than in the ordinary
course of business, or (x) any agreement, whether written or oral, to do any of
the foregoing.

     

    2.10           Litigation.  There
are no claims, suits, actions or proceedings pending or, to the knowledge of the
Company, threatened against the Company or the Gaming Promoters before any
court, governmental department, commission, agency, instrumentality or
authority, or any arbitrator that seeks to restrain or enjoin the consummation
of the transactions contemplated by this Agreement or which could reasonably be
expected, either singularly or in the aggregate with all such claims, actions or
proceedings, to have a Material Adverse Effect on the Company or the Gaming
Promoters or have a Material Adverse Effect on the ability of the parties hereto
to consummate the transactions contemplated by this Agreement.

     

    
      
        
        

      

      
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    2.11       Employee Benefit
Plans.

     

    (a)           Schedule 2.11 lists
all material employee compensation, incentive, fringe or benefit plans,
programs, policies, commitments or other arrangements (whether or not set forth
in a written document) covering any active or former employee, director or
consultant of the Company, or any trade or business (whether or not
incorporated) which is under common control with the Company, with respect to
which the Company has liability (individually, a “Plan” and,
collectively, the “Plans”).  All
Plans have been maintained and administered in all material respects in
compliance with their respective terms and with the requirements prescribed by
any and all statutes, orders, rules and regulations which are applicable to such
Plans and all liabilities with respect to the Plans have been properly reflected
in the financial statements and records of the Company.  No suit,
action or other litigation (excluding claims for benefits incurred in the
ordinary course of Plan activities) has been brought, or, to the knowledge of
the Company, is threatened, against or with respect to any
Plan.  There are no audits, inquiries or proceedings pending or, to
the knowledge of the Company, threatened by any governmental agency with respect
to any Plan.  All contributions, reserves or premium payments required
to be made or accrued as of the date hereof to the Plans have been timely made
or accrued. The Company does not have any plan or commitment to establish any
new Plan, to modify any Plan (except to the extent required by law or to conform
any such Plan to the requirements of any applicable law, in each case as
previously disclosed to Purchaser in writing, or as required by this Agreement),
or to enter into any new Plan.  Each Plan can be amended, terminated
or otherwise discontinued after the Closing in accordance with its terms,
without liability to Purchaser or the Company (other than ordinary
administration expenses and expense for benefits accrued but not yet
paid).

     

    (b)           Except
as disclosed in Schedule 2.11, neither the
execution and delivery of this Agreement nor the consummation of the
transactions contemplated hereby will (i) result in any payment (including
severance, unemployment compensation, golden parachute, bonus or otherwise)
becoming due to any stockholder, director or employee of the Company under any
Plan or otherwise, (ii) materially increase any benefits otherwise payable under
any Plan, or (iii) result in the acceleration of the time of payment or vesting
of any such benefits.

     

    2.12         Labor
Matters.  The Company is not a party to any collective
bargaining agreement or other labor union contract applicable to persons
employed by the Company and the Company does not know of any activities or
proceedings of any labor union or other labor organization to organize any such
employees.  The Company is not the subject of any proceeding asserting
that it has committed an unfair labor practice or seeking to compel it to
bargain with any labor organization which, if successfully, could have a
Material Adverse Effect upon the Company.

     

    2.13         Restrictions on Business
Activities.  Except as disclosed in Schedule 2.13, there
is no agreement, commitment, judgment, injunction, order or decree binding upon
the Company or its assets or to which the Company is a party which has or could
reasonably be expected to have the effect of prohibiting or materially impairing
any business practice of the Company, any acquisition of property by the Company
or the conduct of business by the Company as currently conducted other than such
effects, individually or in the aggregate, which have not had and would not
reasonably be expected to have a Material Adverse Effect on the
Company.

     

    
      
        
        

      

      
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    2.14        Title to
Property.

     

    (a)           The
Company owns no real property and has no leases or other interests in any real
property.

     

    (b)           The
Company has good and marketable title to the personal property and other assets
owned by it, and all such Personal Property is held free and clear of all
Liens.

     

    (c)           The
Company is in possession of, or has valid and effective rights to, all
properties, assets and rights (including Intellectual Property) required for the
conduct of its business in the ordinary course.

     

    2.15        Taxes.

     

    (a)           Definition of
Taxes.  For the purposes of this Agreement, “Tax” or “Taxes” refers to any
and all federal, state, local and foreign taxes, including, without limitation,
gross receipts, income, profits, sales, use, occupation, value added, ad
valorem, transfer, franchise, withholding, payroll, recapture, employment,
excise and property taxes, assessments, governmental charges and duties together
with all interest, penalties and additions imposed with respect to any such
amounts and any obligations under any agreements or arrangements with any other
Person with respect to any such amounts and including any liability of a
predecessor entity for any such amounts.

     

    (b)           Tax Returns and
Audits.  Except as set forth in Schedule
2.15:

     

    (i)        The
Company has timely filed all federal, state, local and foreign returns,
estimates, information statements and reports relating to Taxes (“Returns”) required to
be filed by the Company with any Tax authority prior to the date hereof, except
such Returns which are not material to the Company.  All such Returns
are true, correct and complete in all material respects.  The Company
has paid all Taxes shown to be due and payable on such Returns.

     

    (ii)       All
Taxes that the Company is required by law to withhold or collect have been duly
withheld or collected, and have been timely paid over to the proper governmental
authorities to the extent due and payable.

     

    (iii)      The
Company is not delinquent in the payment of any material Tax nor is there any
material Tax deficiency outstanding, proposed or assessed against the Company,
nor has the Company executed any unexpired waiver of any statute of limitations
on or extending the period for the assessment or collection of any Tax which
waiver or extension is presently in effect.

     

    (iv)      To
the knowledge of the Company, no audit or other examination of any Return of the
Company by any Tax authority is presently in progress nor has the Company been
notified of any request for such an audit or other examination.

     

    
      
        
        

      

      
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    (v)       No
adjustment relating to any Returns filed by the Company has been proposed in
writing, formally or informally, by any Tax authority to the Company or any
representative thereof.

     

    (vi)      The
Company has no liability for any material unpaid Taxes which have not been
accrued for or reserved on the Company’s balance sheets included in the Audited
Financial Statements or the Unaudited Financial Statements, whether asserted or
unasserted, contingent or otherwise, which is material to the Company, other
than any liability for unpaid Taxes that may have accrued since the end of the
most recent fiscal year in connection with the operation of the business of the
Company in the ordinary course of business, none of which is material to the
business, results of operations or financial condition of the
Company.

     

    2.16        Environmental
Matters.

     

    (a)           Except
as disclosed in Schedule 2.16 and
except for such matters that, individually or in the aggregate, are not
reasonably likely to have a Material Adverse Effect: (i) the Company has
complied with all applicable Environmental Laws (as defined below); (ii) there
is no Hazardous Substance (as defined below) present on any of the properties
currently owned or operated by the Company; (iii) there has been no release,
discharge or disposal of Hazardous Substance by the Company on or from any of
the properties currently owned or operated by the Company (including soils,
groundwater, surface water, air, buildings or other structures); (iv) during the
periods that they were owned or operated by the Company , there was no Hazardous
Substance present on any of  the properties formerly owned or operated
by the Company; (v) during the periods that they were owned or operated by the
Company, there was no release, discharge or disposal of Hazardous Substance by
the Company or, to the Company’s knowledge, by any other Person on any of the
properties formerly owned or operated by the Company; (vi) the Company is not
subject to liability for any Hazardous Substance disposal or contamination on
any third party or public property (whether above, on or below ground or in the
atmosphere or water); (vii) the Company has not been associated with any release
or threat of release of any Hazardous Substance; (viii) the Company has not
received any notice, demand, letter, claim or request for information alleging
that the Company may be in violation of or liable under any Environmental Law;
and (ix) the Company is not subject to any orders, decrees, injunctions or other
arrangements with any Governmental Entity or subject to any indemnity or other
agreement with any third party relating to liability under any Environmental Law
or relating to Hazardous Substances.

     

    
      
        
        

      

      
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    (b)           As
used in this Agreement, the term “Environmental Law”
means any presently enacted federal, state, local or foreign law, regulation,
order, decree, permit, authorization, opinion, common law or agency requirement
relating to: (A) the protection, investigation or restoration of the
environment, health and safety, or natural resources; (B) the handling, use,
presence, disposal, release or threatened release of any Hazardous Substance or
(C) noise, odor, wetlands, pollution, contamination or any injury or threat of
injury to persons or property.

     

    (c)           As
used in this Agreement, the term “Hazardous Substance”
means any substance that is: (i) presently listed, classified or regulated
pursuant to any Environmental Law; (ii) any petroleum product or by-product,
asbestos-containing material, lead-containing paint or plumbing, polychlorinated
biphenyls, radioactive materials or radon; or (iii) any other substance which is
the subject of regulatory action by any Governmental Entity pursuant to any
Environmental Law.

     

    (d)           Schedule 2.16 sets
forth all environmental studies and investigations completed or in process with
respect to the Company and/or its subsidiaries or their respective properties or
assets, including all phase reports, that are known to the
Company.  All such written reports and material documentation relating
to any such study or investigation has been provided by the Company to
Purchaser.

     

    2.17         Brokers; Third Party
Expenses.  Except pursuant to the agreement set forth in Schedule 2.17 (the
“Advisor
Agreement”), neither the Company nor the Shareholder has incurred, nor
will either of them incur, directly or indirectly, any liability for brokerage,
finders’ fees, agent’s commissions or any similar charges in connection with
this Agreement or any transactions contemplated hereby which will become the
liability of Purchaser or will be a liability of the Company to be paid after
Closing.  The Shareholder shall pay all consideration payable under
the Advisor Agreement that is to be paid in shares of Purchaser Stock or
Consideration Warrants from the shares of Purchaser Stock and Consideration
Warrants that it will receive pursuant to Article I of this
Agreement.  Purchaser shall pay all consideration payable under the
Advisor Agreement that is to be paid in cash.

     

    2.18         Intellectual
Property.  Schedule 2.18
contains a description of all material Intellectual Property of the
Company.  For the purposes of this Agreement, the following terms have
the following definitions:

     

    “Intellectual
Property” shall mean any or all of the following and all worldwide common
law and statutory rights in, arising out of, or associated therewith: (i)
patents and applications therefor and all reissues, divisions, renewals,
extensions, provisionals, continuations and continuations-in-part thereof
(“Patents”);
(ii) inventions (whether patentable or not), invention disclosures,
improvements, trade secrets, proprietary information, know how, technology,
technical data and customer lists, and all documentation relating to any of the
foregoing; (iii) copyrights, copyrights registrations and applications therefor,
and all other rights corresponding thereto throughout the world (“Copyrights”); (iv)
software and software programs; (v) domain names, uniform resource locators and
other names and locators associated with the Internet; (vi) industrial designs
and any registrations and applications therefor; (vii) trade names, logos,
common law trademarks and service marks, trademark and service mark
registrations and applications therefor (collectively, “Trademarks”); (viii)
all databases and data collections and all rights therein; (ix) all moral and
economic rights of authors and inventors, however denominated, and (x) any
similar or equivalent rights to any of the foregoing (as
applicable).

     

    
      
        
        

      

      
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    “Company Intellectual
Property” shall mean any Intellectual Property that is owned by, or
exclusively licensed to, the Company, including software and software programs
developed by or exclusively licensed to the Company (specifically excluding any
off the shelf or shrink-wrap software).

     

    “Registered Intellectual
Property” means all Intellectual Property that is the subject of an
application, certificate, filing, registration or other document issued, filed
with, or recorded by any government or other legal authority.

     

    “Company Registered
Intellectual Property” means all of the Registered Intellectual Property
owned by, or filed in the name of, the Company.

     

    “Company Products”
means all current versions of products or service offerings of the
Company.

     

    (a)           Except
as disclosed in Schedule 2.18, no Company
Intellectual Property or Company Product is subject to any material proceeding
or outstanding decree, order, judgment, contract, license or stipulation
restricting in any manner the use, transfer or licensing thereof by the Company,
or which may affect the validity, use or enforceability of such Company
Intellectual Property or Company Product, which in any such case could
reasonably be expected to have a Material Adverse Effect on the
Company.

     

    (b)           The
Company owns or has enforceable rights to use all Intellectual Property required
for the conduct of its business as presently conducted or as presently
contemplated to be conducted.  Except as disclosed in Schedule 2.18, the Company
owns and has good and exclusive title to each material item of Company
Intellectual Property owned by it free and clear of any Liens (excluding
non-exclusive licenses and related restrictions granted by it in the ordinary
course of business); and the Company is the exclusive owner of all material
registered Trademarks and Copyrights used in connection with the operation or
conduct of the business of the Company including the sale of any products or the
provision of any services by the Company.

     

    (c)           To
the knowledge of the Company, the operation of the business of the Company as
such business currently is conducted, including the Company’s use of any
product, device or process, has not and does not infringe or misappropriate the
Intellectual Property of any third party or constitute unfair competition or
trade practices under the laws of any jurisdiction.  The Company has
not received any claims or threats from third parties alleging any such
infringement, misappropriation or unfair competition or trade practices that are
not resolved.

     

    
      
        
        

      

      
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    2.19        Agreements, Contracts and
Commitments.

     

    (a)           Schedule 2.19 sets
forth a complete and accurate list of all Material Company Contracts (as
hereinafter defined), specifying the parties thereto.  For purposes of
this Agreement, (i) the term “Company Contracts” shall mean
all contracts, agreements, leases, mortgages, indentures, notes, bonds,
licenses, permits, franchises, purchase orders, sales orders, and other
understandings, commitments and obligations (including without limitation
outstanding offers and proposals) of any kind, whether written or oral, to which
the Company (including its Subsidiaries and the Gaming Promoters) is a party or
by or to which any of the properties or assets of the Company may be bound,
subject or affected (including without limitation notes or other instruments
payable to the Company) and also shall include the Profit Interest Agreements
and agreements between Gaming Promoters and casinos regarding the operation of
VIP rooms at casinos by the Gaming Promoters (“Gaming Promotion
Agreements”); and (ii) the term “Material Company
Contracts” shall mean (v) the Profit Interest Agreements, (w) the Gaming
Promotion Agreements (x) each Company Contract (I) providing for payments
(present or future) to the Company in excess of $100,000 in the aggregate or
(II) under which or in respect of which the Company presently has any liability
or obligation of any nature whatsoever (absolute, contingent or otherwise) in
excess of $100,000, (y) each Company Contract that otherwise is or may be
material to the businesses, operations, assets, condition (financial or
otherwise) or prospects of the Company and (z) without limitation of subclause
(x) or subclause (y), each of the following Company Contracts:

     

    (i)  
any mortgage, indenture, note, installment obligation or other instrument,
agreement or arrangement for or relating to any borrowing of money from the
Company by any officer, director, Shareholder or holder of derivative securities
of the Company (each such person, an “Insider”);

     

    (ii)  
any mortgage, indenture, note, installment obligation or other instrument,
agreement or arrangement for or relating to any borrowing of money from an
Insider by the Company;

     

    (iii)  
any guaranty, direct or indirect, by the Company, a Subsidiary or any Insider of
the Company of any obligation for borrowings, or otherwise, excluding
endorsements made for collection in the ordinary course of
business;

     

    (iv)  
any Company Contract of employment or management or for consulting
services;

     

    
      
        
        

      

      
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    (v)  
any Company Contract made other than in the ordinary course of business or (x)
providing for the grant of any preferential rights to purchase or lease any
asset of the Company or (y) providing for any right (exclusive or non-exclusive)
to sell or distribute, or otherwise relating to the sale or distribution of, any
product or service of the Company;

     

    (vi)  
any obligation to register any shares of the capital stock or other securities
of the Company with any Governmental Entity;

     

    (vii)  
any obligation to make payments, contingent or otherwise, arising out of the
prior acquisition of the business, assets or stock of other
Persons;

     

    (viii)  
any collective bargaining agreement with any labor union;

     

    (ix)  
any lease or similar arrangement for the use by the Company of real property or
personal property (other than any lease of vehicles, office equipment or
operating equipment made in the ordinary course of business where the annual
lease payments are less than $12,000);

     

    (x)  
any Company Contract granting or purporting to grant, or otherwise in any way
relating to, any mineral rights or any other interest (including, without
limitation, a leasehold interest) in real property;

     

    (xi)  
any Company Contract to which any Insider of the Company is a party;
and

     

    (xii)  
any offer or proposal which, if accepted, would constitute any of the
foregoing.

     

    (b)           Each
Material Company Contract was entered into at arms’ length and in the ordinary
course, is in full force and effect and, to the Company’s knowledge, is valid
and binding upon and enforceable against each of the parties thereto (except
insofar as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ rights generally
or by principles governing the availability of equitable
remedies).  To the knowledge of the Company, no other party to a
Material Company Contract is the subject of a bankruptcy or insolvency
proceeding. True, correct and complete copies of all Material Company Contracts
and offers and proposals, which, if accepted, would constitute Material Company
Contracts (or written summaries in the case of oral Material Company Contracts
or oral offers and proposals, which if accepted, would constitute Material
Company Contracts), and of all outstanding offers and proposals of the Company
have been heretofore delivered to Purchaser or Purchaser’s counsel.

     

    
      
        
        

      

      
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    (c)           Except
as set forth in Schedule 2.19,
neither the Company nor, to the best of the Company’s knowledge, any other party
thereto is in breach of or in default under, and no event has occurred which
with notice or lapse of time or both would become a breach of or default under,
any Company Contract, and no party to any Company Contract has given any written
notice of any claim of any such breach, default or event, which, individually or
in the aggregate, are reasonably likely to have a Material Adverse Effect on the
Company.

     

    2.20        Insurance.  Schedule 2.20 sets
forth the Company’s insurance policies and fidelity bonds currently in force and
covering the assets, business, equipment, properties, operations, employees,
officers and directors (collectively, the “Insurance
Policies”).  The insurances provided by such Insurance Policies
are adequate in amount and scope for the Company’s business and operations,
including any insurance required to be maintained by Company
Contracts.

     

    2.21        Governmental
Actions/Filings.

     

    (a)           Except
as set forth in Schedule 2.21, the
Company and the Gaming Promoters have been granted and hold, and have made, all
Governmental Actions/Filings (as defined below) necessary to the conduct by the
Company and the Gaming Promoters of their respective businesses (as presently
conducted and as presently proposed to be conducted) or used or held for use by
the Company or the Gaming Promoters, and true, complete and correct copies of
which have heretofore been delivered to Purchaser.  Each such
Governmental Action/Filing is in full force and effect and, except as disclosed
in Schedule
2.21, will not expire prior to December 31, 2009, and the Company and
each of the Gaming Promoters is in compliance with all of its obligations with
respect thereto.  No event has occurred and is continuing which
requires or permits, or after notice or lapse of time or both would require or
permit, and, except as may result from the status of Purchaser as a holder of
the Company Stock, consummation of the transactions contemplated by this
Agreement or any ancillary documents will not require or permit (with or without
notice or lapse of time, or both), any modification or termination of any such
Governmental Actions/Filings except such events which, either individually or in
the aggregate, would not have a Material Adverse Effect upon the
Company.

     

    (b)           Except
as set forth in Schedule 2.21, no
Governmental Action/Filing is necessary to be obtained, secured or made by the
Company or any Gaming Promoter to enable it to continue to conduct its
businesses and operations and use its properties after the Closing in a manner
which is consistent with current practice.

     

    (c)           For
purposes of this Agreement, the term “Governmental
Action/Filing” shall mean any franchise, license, certificate of
compliance, authorization, consent, order, permit, approval, consent or other
action of, or any filing, registration or qualification with, any federal,
state, municipal, foreign or other governmental, administrative or judicial
body, agency or authority.

     

    
      
        
        

      

      
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    2.22           Interested Party
Transactions.  Except as set forth in the Schedule 2.22,
neither the Shareholder nor any employee, officer or director of the Company or
a member of his or her immediate family is indebted to the Company, nor is the
Company indebted (or committed to make loans or extend or guarantee credit) to
any of such Persons, other than (i) for payment of salary for services rendered,
(ii) reimbursement for reasonable expenses incurred on behalf of the Company,
and (iii) for other employee benefits made generally available to all
employees.  Except as set forth in Schedule 2.22, to the
Company’s knowledge, none of such individuals has any direct or indirect
ownership interest in any Person with whom the Company is affiliated or with
whom the Company has a contractual relationship, or in any Person that competes
with the Company, except that each employee, stockholder, officer or director of
the Company and members of their respective immediate families may own less than
5% of the outstanding stock in publicly traded companies that may compete with
the Company.  Except as set forth in Schedule 2.22, to the
knowledge of the Company, neither the Shareholder nor any officer, director or
other Affiliate of the Shareholder is, directly or indirectly, interested in any
Material Company Contract with the Company (other than such contracts as relate
to any such Person’s ownership of capital stock or other securities of the
Company or such Person’s employment with the Company).

     

    2.23           Board
Approval.  The board of directors of the Company (including any
required committee or subgroup thereof) has, as of the date of this Agreement,
duly approved this Agreement and the transactions contemplated
hereby.

     

    2.24           No Illegal or Improper
Transactions.  Since the date of the Company’s inception,
neither the Company, any Gaming Promoter, nor the Shareholder, or any officer,
director, employee, agent or Affiliate of the Company, the Shareholder or an
Gaming Promoter on its behalf has offered, paid or agreed to pay to any person
or entity (including any governmental official) or solicited, received or agreed
to receive from any such person or entity, directly or indirectly, any money or
anything of value for the purpose or with the intent of (a) obtaining or
maintaining business for the Company or an Gaming Promoter, (b) facilitating the
purchase or sale of any product or service, or (c) avoiding the imposition of
any fine or penalty, in any manner which is in violation of any applicable
ordinance, regulation or law, the effect of which, individually or in the
aggregate, would reasonably be expected to be materially adverse to the
business, assets, prospects or financial condition of the Company.  To
the knowledge of the Company and the Shareholder, no employee of the Company or
an Gaming Promoter has provided or is providing information to any law
enforcement agency regarding the commission or possible commission of any crime
or the violation or possible violation of any applicable law.

     

    2.25           No United States Operations
or Assets.  The Company does not conduct any operations in the
United States, its territories or possessions and has no assets located
therein.  The Company is not subject to any United States federal,
state, territorial or local taxes as in effect on the date of this
Agreement.

     

    2.26           No Gaming
Interests.  No executive officer of the Company or Shareholder
has any interest of any nature in any business engaged in gaming or junket
operations other than through his, her or its employment or shareholding
relationship with the Company.

     

    
      
        
        

      

      
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    2.27           Representations and
Warranties Complete.  The representations and warranties of the
Company and the Shareholder included in this Agreement and any list, statement,
document or information set forth in, or attached to, any Schedule provided
pursuant to this Agreement or delivered hereunder, are true and complete in all
material respects and do not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements contained therein not misleading, under the circumstance under
which they were made.

     

    2.28           Survival of Representations
and Warranties.  The representations and warranties of the
Company and the Shareholder set forth in this Agreement shall survive the
Closing until the end of the Escrow Period or as otherwise set forth in Section
7.4(a).

     

    ARTICLE
III

     

    REPRESENTATIONS AND
WARRANTIES OF THE PURCHASER

     

    Subject
to the exceptions set forth in Schedule 3 (the
“Purchaser
Schedule”), Purchaser represents and warrants to, and covenants with, the
Shareholder and the Company, as follows:

     

    3.1          Organization and
Qualification.

     

    (a)           Purchaser
is a corporation duly incorporated, validly existing and in good standing under
the law of the Cayman Islands and has the requisite corporate power and
authority to own, lease and operate its assets and properties and to carry on
its business as it is now being or currently planned by Purchaser to be
conducted.  Purchaser is in possession of all Approvals necessary to
own, lease and operate the properties it purports to own, operate or lease and
to carry on its business as it is now being or currently planned by Purchaser to
be conducted, except where the failure to have such Approvals could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect on Purchaser.  Complete and correct copies of the
Charter Documents of Purchaser, as amended and currently in effect, have been
heretofore delivered to the Company.  Purchaser is not in violation of
any of the provisions of Purchaser’s Charter Documents.

     

    (b)           Purchaser
is duly qualified or licensed to do business as a foreign corporation and is in
good standing, in each jurisdiction where the character of the properties owned,
leased or operated by it or the nature of its activities makes such
qualification or licensing necessary, except for such failures to be so duly
qualified or licensed and in good standing that could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect on
Purchaser.  At or prior to the Closing, Purchaser will be duly
qualified or licensed to do business as a foreign corporation and in good
standing in each jurisdiction where the character of the properties acquired by
it pursuant to this Agreement makes such qualification or licensing
necessary.

     

    
      
        
        

      

      
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    3.2          Subsidiaries.  Purchaser
has no Subsidiaries and does not own, directly or indirectly, any ownership,
equity, profits or voting interest in any Person or have any agreement or
commitment to purchase any such interest, and Purchaser has not agreed and is
not obligated to make nor is bound by any written, oral or other agreement,
contract, subcontract, lease, binding understanding, instrument, note, option,
warranty, purchase order, license, sublicense, insurance policy, benefit plan,
commitment or undertaking of any nature, as of the date hereof or as may
hereafter be in effect under which it may become obligated to make, any future
investment in or capital contribution to any other entity.

     

    3.3          Capitalization.

     

    (a)           As
of the date of this Agreement, the authorized capital stock of Purchaser
consists of 50,000,000 shares of Purchaser Stock and 1,150,000 preferred shares,
par value $0.0001 per share (the “Purchaser Preferred
Stock”), of which 6,900,000 shares of Purchaser Stock and no shares of
Purchaser Preferred Stock are issued and outstanding, all of which are validly
issued, fully paid and nonassessable.

     

    (b)           Except
as set forth in paragraph (b) of Schedule 3.3, (i) no shares of
Purchaser Stock or Purchaser Preferred Stock are reserved for issuance upon the
exercise of outstanding options to purchase Purchaser Stock or Purchaser
Preferred Stock granted to employees of Purchaser or other parties (the “Purchaser Stock
Options”) and there are no outstanding Purchaser Stock Options; (ii) no
shares of Purchaser Stock or Purchaser Preferred Stock are reserved for issuance
upon the exercise of outstanding warrants to purchase Purchaser Stock or
Purchaser Preferred Stock (the “Purchaser Warrants”)
and there are no outstanding Purchaser Warrants; and (iii) no shares of
Purchaser Stock or Purchaser Preferred Stock are reserved for issuance upon the
conversion of Purchaser Preferred Stock or any outstanding convertible notes,
debentures or securities (“the “Purchaser Convertible
Securities”).  All shares of Purchaser Stock and Purchaser
Preferred Stock subject to issuance as aforesaid, upon issuance on the terms and
conditions specified in the instrument pursuant to which they are issuable, will
be duly authorized, validly issued, fully paid and nonassessable.  All
outstanding shares of Purchaser Stock and all outstanding Purchaser Warrants
have been issued and granted in compliance with (x) all applicable securities
laws and (in all material respects) other applicable laws and regulations, and
(y) all requirements set forth in any applicable Purchaser Contracts (as defined
in Section 3.19).  Purchaser has heretofore delivered to the Company
true, complete and accurate copies of Purchaser Warrants, including any and all
documents and agreements relating thereto.

     

    (c)           The
shares of Purchaser Stock to be issued by Purchaser pursuant to this Agreement
have been duly reserved for issuance by Purchaser from Purchaser’s authorized
but unissued shares of Purchaser Stock or treasury shares and, upon issuance in
accordance with the terms of this Agreement, will be duly authorized and validly
issued and such shares of Purchaser Stock will be fully paid and
nonassessable.

     

    (d)           Except
as set forth in paragraph (d) of Schedule 3.3 or as
contemplated by this Agreement or Purchaser SEC Reports, there are no
registrations rights, and there is no voting trust, proxy, rights plan,
agreement to repurchase or redeem, anti-takeover plan or other agreements or
understandings to which Purchaser is a party or by which Purchaser is bound with
respect to any equity security of any class of Purchaser.

     

    
      
        
        

      

      
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    (e)           Except
as provided for in this Agreement or as set forth in paragraph (e) of Section
3.3, as a result of the consummation of the transactions contemplated hereby, no
shares of capital stock, warrants, options or other securities of Purchaser are
issuable and no rights in connection with any shares, warrants, options or other
securities of Purchaser accelerate or otherwise become triggered (whether as to
vesting, exercisability, convertibility or otherwise).

     

    3.4          Authority Relative to this
Agreement.  Purchaser has full corporate power and authority
to: (i) execute, deliver and perform this Agreement, and each ancillary document
that Purchaser has executed or delivered or is to execute or deliver pursuant to
this Agreement, and (ii) carry out Purchaser’s obligations hereunder and
thereunder and, to consummate the transactions contemplated
hereby.  The execution and delivery of this Agreement and the
consummation by Purchaser of the transactions contemplated hereby have been duly
and validly authorized by all necessary corporate action on the part of
Purchaser (including the approval by its Board of Directors), and no other
corporate proceedings on the part of Purchaser are necessary to authorize this
Agreement or to consummate the transactions  contemplated hereby,
other than Purchaser Stockholder Approval (as defined in Section
5.1(a)).  This Agreement has been duly and validly executed and
delivered by Purchaser and, assuming the due authorization, execution and
delivery thereof by the other parties hereto, constitutes the legal and binding
obligation of Purchaser, enforceable against Purchaser in accordance with its
terms, except as may be limited by bankruptcy, insolvency, reorganization or
other similar laws affecting the enforcement of creditors’ rights generally and
by general principles of equity.

     

    3.5          No Conflict; Required
Filings and Consents.

     

    (a)           The
execution and delivery of this Agreement by Purchaser do not, and the
performance of this Agreement by Purchaser shall not: (i) conflict with or
violate Purchaser’s Charter Documents, (ii) conflict with or violate any Legal
Requirements, or (iii) result in any breach of or constitute a default (or an
event that with notice or lapse of time or both would become a default) under,
or materially impair Purchaser’s rights or alter the rights or obligations of
any third party under, or give to others any rights of termination, amendment,
acceleration or cancellation of, or result in the creation of a Lien on any of
the properties or assets of Purchaser pursuant to, any Purchaser Contracts,
except, with respect to clauses (ii) or (iii), for any such conflicts,
violations, breaches, defaults or other occurrences that would not, individually
and in the aggregate, have a Material Adverse Effect on Purchaser.

     

    (b)           The
execution and delivery of this Agreement by Purchaser do not, and the
performance of their respective obligations hereunder will not, require any
consent, approval, authorization or permit of, or filing with or notification
to, any Governmental Entity, except (i) for applicable requirements, if any, of
the Securities Act, the Exchange Act, Blue Sky Laws, and the rules and
regulations thereunder, and appropriate documents with the relevant authorities
of other jurisdictions in which Purchaser is qualified to do business and (ii)
where the failure to obtain such consents, approvals, authorizations or permits,
or to make such filings or notifications, would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect on
Purchaser, or prevent consummation of the transactions contemplated by this
Agreement or otherwise prevent the parties hereto from performing their
obligations under this Agreement.

     

    
      
        
        

      

      
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    3.6          Compliance.  Purchaser
has complied with, and is not in violation of, any Legal Requirements with
respect to the conduct of its business, or the ownership or operation of its
business, except for failures to comply or violations which, individually or in
the aggregate, have not had and are not reasonably likely to have a Material
Adverse Effect on Purchaser. The business and activities of Purchaser have not
been and are not being conducted in violation of any Legal
Requirements.  Purchaser is not in default or violation of any term,
condition or provision of its Charter Documents.  No written notice of
non-compliance with any Legal Requirements has been received by
Purchaser.

     

    3.7          SEC Filings; Financial
Statements.

     

    (a)           Purchaser
has made available to the Company and the Shareholder a correct and complete
copy of each report and registration statement filed by Purchaser (the “Purchaser SEC
Reports”) with the Commission, which are all the forms, reports and
documents required to be filed by Purchaser with the Commission prior to the
date of this Agreement.  All Purchaser SEC Reports required to be
filed by Purchaser in the twelve (12) month period prior to the date of this
Agreement were filed in a timely manner.  As of their respective dates
Purchaser SEC Reports: (i) were prepared in accordance and complied in all
material respects with the requirements of the Securities Act or the Exchange
Act, as the case may be, and the rules and regulations of the Commission
thereunder applicable to such Purchaser SEC Reports, and (ii) did not at the
time they were filed (and if amended or superseded by a filing prior to the date
of this Agreement then on the date of such filing and as so amended or
superseded) contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading. Except to the extent set forth in the preceding sentence,
Purchaser makes no representation or warranty whatsoever concerning any
Purchaser SEC Report as of any time other than the date or period with respect
to which it was filed.

     

    (b)           Except
as set forth in Schedule 3.7, each
set of financial statements (including, in each case, any related notes thereto)
contained in Purchaser SEC Reports, including each Purchaser SEC Report filed
after the date hereof until the Closing, complied or will comply as to form in
all material respects with the rules and regulations of the Commission with
respect thereto, was or will be prepared in accordance with U.S. GAAP applied on
a consistent basis throughout the periods involved (except as may be indicated
in the notes thereto or, in the case of unaudited statements, do not contain
footnotes as permitted by Form 10-Q promulgated under the Exchange Act) and each
fairly presents or will fairly present in all material respects the financial
position of Purchaser at the respective dates thereof and the results of its
operations and cash flows for the periods indicated, except that the unaudited
interim financial statements were, are or will be subject to normal adjustments
which were not or are not expected to have a Material Adverse Effect on
Purchaser taken as a whole.

     

    
      
        
        

      

      
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    3.8           No Undisclosed
Liabilities.  Purchaser has no liabilities (absolute, accrued,
contingent or otherwise) that are, individually or in the aggregate, material to
the business, results of operations or financial condition of Purchaser, except
(i) liabilities provided for in or otherwise disclosed in Purchaser SEC Reports
filed prior to the date hereof, and (ii) liabilities incurred since July 31,
2008 in the ordinary course of business, none of which would have a Material
Adverse Effect on Purchaser.

     

    3.9           Absence of Certain Changes
or Events.  Except as set forth in Purchaser SEC Reports filed
prior to the date of this Agreement, and except as contemplated by this
Agreement, since July 31, 2009, there has not been: (i) any Material Adverse
Effect on Purchaser, (ii) any declaration, setting aside or payment of any
dividend on, or other distribution (whether in cash, stock or property) in
respect of, any of Purchaser’s capital stock, or any purchase, redemption or
other acquisition by Purchaser of any of Purchaser’s capital stock or any other
securities of Purchaser or any options, warrants, calls or rights to acquire any
such shares or other securities, (iii) any split, combination or
reclassification of any of Purchaser’s capital stock, (iv) any granting by
Purchaser of any increase in compensation or fringe benefits, except for normal
increases of cash compensation in the ordinary course of business consistent
with past practice, or any payment by Purchaser of any bonus, except for bonuses
made in the ordinary course of business consistent with past practice, or any
granting by Purchaser of any increase in severance or termination pay or any
entry by Purchaser into any currently effective employment, severance,
termination or indemnification agreement or any agreement the benefits of which
are contingent or the terms of which are materially altered upon the occurrence
of a transaction involving Purchaser of the nature contemplated hereby, (v)
entry by Purchaser into any licensing or other agreement with regard to the
acquisition or disposition of any Intellectual Property other than licenses in
the ordinary course of business consistent with past practice or any amendment
or consent with respect to any licensing agreement filed or required to be filed
by Purchaser with respect to any Governmental Entity, (vi) any material change
by Purchaser in its accounting methods, principles or practices, except as
required by concurrent changes in U.S. GAAP, (vii) any change in the auditors of
Purchaser, (vii) any issuance of capital stock of Purchaser, or (viii) any
revaluation by Purchaser of any of its assets, including, without limitation,
writing down the value of capitalized inventory or writing off notes or accounts
receivable or any sale of assets of Purchaser other than in the ordinary course
of business.

     

    3.10           Litigation.  There
are no claims, suits, actions or proceedings pending or to Purchaser’s
knowledge, threatened against Purchaser, before any court, governmental
department, commission, agency, instrumentality or authority, or any arbitrator
that seeks to restrain or enjoin the consummation of the transactions
contemplated by this Agreement or which could reasonably be expected, either
singularly or in the aggregate with all such claims, actions or proceedings, to
have a Material Adverse Effect on Purchaser or have a Material Adverse Effect on
the ability of the parties hereto to consummate the transactions contemplated by
this Agreement.

     

    
      
        
        

      

      
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    3.11       Employee Benefit
Plans.  Purchaser does not maintain, and has no liability
under, any Plan, and neither the execution and delivery of this Agreement nor
the consummation of the transactions contemplated hereby will (i) result in any
payment (including severance, unemployment compensation, golden parachute, bonus
or otherwise) becoming due to any stockholder, director or employee of
Purchaser, or (ii) result in the acceleration of the time of payment or vesting
of any such benefits.

     

    3.12       Labor
Matters.  Purchaser is not a party to any collective bargaining
agreement or other labor union contract applicable to persons employed by
Purchaser and Purchaser does not know of any activities or proceedings of any
labor union to organize any such employees.

     

    3.13       Restrictions on Business
Activities.  Since its organization, Purchaser has not
conducted any business activities other than activities directed toward the
accomplishment of a business combination.  Except as set forth in
Purchaser’s Charter Documents, there is no agreement, commitment, judgment,
injunction, order or decree binding upon Purchaser or to which Purchaser is a
party which has or could reasonably be expected to have the effect of
prohibiting or materially impairing any business practice of Purchaser, any
acquisition of property by Purchaser or the conduct of business by Purchaser as
currently conducted other than such effects, individually or in the aggregate,
which have not had and could not reasonably be expected to have, a Material
Adverse Effect on Purchaser.

     

    3.14       Title to
Property.  Purchaser does not own or lease any real property or
personal property.  Except as set forth in Schedule 3.14, there
are no options or other contracts under which Purchaser has a right or
obligation to acquire or lease any interest in real property or personal
property.

     

    3.15       Taxes.  Except
as set forth in Schedule
3.15:

     

    (a)           Purchaser
has timely filed all Returns required to be filed by Purchaser with any Tax
authority prior to the date hereof, except such Returns which are not material
to Purchaser.  All such Returns are true, correct and complete in all
material respects.  Purchaser has paid all Taxes shown to be due on
such Returns.

     

    (b)           All
Taxes that Purchaser is required by law to withhold or collect have been duly
withheld or collected, and have been timely paid over to the proper governmental
authorities to the extent due and payable.

     

    (c)           Purchaser
has not been delinquent in the payment of any material Tax that has not been
accrued for in Purchaser’s books and records of account for the period for which
such Tax relates nor is there any material Tax deficiency outstanding, proposed
or assessed against Purchaser, nor has Purchaser executed any unexpired waiver
of any statute of limitations on or extending the period for the assessment or
collection of any Tax.

     

    
      
        
        

      

      
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    (d)           No
audit or other examination of any Return of Purchaser by any Tax authority is
presently in progress, nor has Purchaser been notified of any request for such
an audit or other examination.

     

    (e)           No
adjustment relating to any Returns filed by Purchaser has been proposed in
writing, formally or informally, by any Tax authority to Purchaser or any
representative thereof.

     

    (f)           Purchaser
has no liability for any material unpaid Taxes which have not been accrued for
or reserved on Purchaser’s balance sheets included in the audited financial
statements for the most recent fiscal year ended, whether asserted or
unasserted, contingent or otherwise, which is material to Purchaser, other than
any liability for unpaid Taxes that may have accrued since the end of the most
recent fiscal year in connection with the operation of the business of Purchaser
in the ordinary course of business, none of which is material to the business,
results of operations or financial condition of Purchaser.

     

    3.16        Environmental
Matters.  Except for such matters that, individually or in the
aggregate, are not reasonably likely to have a Material Adverse Effect: (i)
Purchaser has complied with all applicable Environmental Laws; (ii) Purchaser is
not subject to liability for any Hazardous Substance disposal or contamination
on any third party property; (iii) Purchaser has not been associated with any
release or threat of release of any Hazardous Substance; (iv) Purchaser has not
received any notice, demand, letter, claim or request for information alleging
that Purchaser may be in violation of or liable under any Environmental Law; and
(v) Purchaser is not subject to any orders, decrees, injunctions or other
arrangements with any Governmental Entity or subject to any indemnity or other
agreement with any third party relating to liability under any Environmental Law
or relating to Hazardous Substances.

     

    3.17        Brokers.  Except
as set forth in Schedule 3.17,
Purchaser has not incurred, nor will it incur, directly or indirectly, any
liability for brokerage or finders’ fees or agent’s commissions or any similar
charges in connection with this Agreement or any transaction contemplated
hereby.

     

    3.18        Intellectual
Property.  Purchaser does not own, license or otherwise have
any right, title or interest in any material Intellectual Property or material
Registered Intellectual Property, except non-exclusive rights to the name “CS
China”.

     

    3.19        Agreements, Contracts and
Commitments.

     

    (a)           Except
as set forth in Purchaser SEC Reports filed prior to the date of this Agreement,
and with respect to confidentiality and nondisclosure agreements, there are no
contracts, agreements, leases, mortgages, indentures, notes, bonds, liens,
license, permit, franchise, purchase orders, sales orders or other
understandings, commitments or obligations (including without limitation
outstanding offers or proposals) of any kind, whether written or oral, to which
Purchaser is a party or by or to which any of the properties or assets of
Purchaser may be bound, subject or affected, which either (a) creates or imposes
a liability greater than $25,000, or (b) may not be cancelled by Purchaser on 30
days’ or less prior notice (“Purchaser
Contracts”).  All Purchaser Contracts are listed in Schedule 3.19 other
than those that are exhibits to Purchaser SEC Reports.

     

    
      
        
        

      

      
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    (b)           Except
as set forth in Purchaser SEC Reports filed prior to the date of this Agreement,
each Purchaser Contract was entered into at arms’ length and in the ordinary
course, is in full force and effect and is valid and binding upon and
enforceable against each of the parties thereto. True, correct and complete
copies of all Purchaser Contracts (or written summaries in the case of oral
Purchaser Contracts) and of all outstanding offers or proposals of Purchaser
have been heretofore delivered to the Company.

     

    (c)           Neither
Purchaser nor, to the knowledge of Purchaser, any other party thereto is in
breach of or in default under, and no event has occurred which with notice or
lapse of time or both would become a breach of or default under, any Purchaser
Contract, and no party to any Purchaser Contract has given any written notice of
any claim of any such breach, default or event, which, individually or in the
aggregate, are reasonably likely to have a Material Adverse Effect on
Purchaser.  Each agreement, contract or commitment to which Purchaser
is a party or by which it is bound that has not expired by its terms is in full
force and effect, except where such failure to be in full force and effect is
not reasonably likely to have a Material Adverse Effect on
Purchaser.

     

    3.20         Insurance.  Except
for directors’ and officers’ liability insurance, Purchaser does not maintain
any Insurance Policies.

     

    3.21         Interested Party
Transactions.  Except as set forth in Purchaser SEC Reports
filed prior to the date of this Agreement: (a) no employee, officer, director or
stockholder of Purchaser or a member of his or her immediate family is indebted
to Purchaser nor is Purchaser indebted (or committed to make loans or extend or
guarantee credit) to any of them, other than reimbursement for reasonable
expenses incurred on behalf of Purchaser; (b) to Purchaser’s knowledge, none of
such individuals has any direct or indirect ownership interest in any Person
with whom Purchaser is affiliated or with whom Purchaser has a material
contractual relationship, or any Person that competes with Purchaser, except
that each employee, stockholder, officer or director of Purchaser and members of
their respective immediate families may own less than 5% of the outstanding
stock in publicly traded companies that may compete with Purchaser; and (c) to
Purchaser’s knowledge, no officer, director or stockholder or any member of
their immediate families is, directly or indirectly, interested in any material
contract with Purchaser (other than such contracts as relate to any such
individual ownership of capital stock or other securities of
Purchaser).

     

    3.22         Indebtedness.  Except
as set forth in Schedule 3.22,
Purchaser has no indebtedness for borrowed money or owed to any
Affiliate.

     

    3.23         Purchaser Stock
Listing.  Purchaser Stock is quoted on the Over-the-Counter
Bulletin Board (“OTC
BB”).  There is no action or proceeding pending or, to
Purchaser's knowledge, threatened against Purchaser by the OTC BB or the
Financial Industry Regulation Authority (“FINRA”) with respect
to any intention by such entities to prohibit or terminate such
quotation.

     

    
      
        
        

      

      
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    3.24         Board
Approval.  The Board of Directors of Purchaser (including any
required committee or subgroup of the Board of Directors of Purchaser) has, as
of the date of this Agreement, unanimously (i) declared the advisability of
the transactions contemplated by this Agreement and approved this Agreement and
the transactions contemplated hereby, (ii) determined that the transactions
contemplated by this Agreement are in the best interests of the stockholders of
Purchaser from a financial point of view, and (iii) determined that the fair
market value of the Company is equal to at least 80% of Purchaser’s net
assets.  The Board of Directors of Purchaser, by resolution duly
adopted unanimously at a meeting duly called and held, has duly (i) determined
that this Agreement and the respective transactions contemplated by this
Agreement are fair to and in the best interests of Purchaser and its
stockholders, (ii) approved this Agreement and the respective transactions
contemplated by this Agreement and declared their advisability, and (iii)
recommended that Purchaser’s stockholders adopt this Agreement and directed that
this Agreement be submitted for consideration by Purchaser’s stockholders at the
Special Meeting (as defined in Section 5.1).  The affirmative vote of
the holders of a majority of the shares of Purchaser Stock issued in Purchaser’s
initial public offering of securities that are present and entitled to vote at
the Special Meeting is the only vote of the holders of any class or series of
capital stock of Purchaser necessary to adopt or approve this Agreement and the
respective transactions contemplated by this Agreement, provided that, in
addition to such affirmative vote, holders of forty percent (40%) or more of the
shares of Purchaser Stock issued in Purchaser’s initial public offering of
securities and outstanding immediately before the Closing shall not have
exercised their rights to convert their shares into a pro rata share of the
Trust Fund (as defined in Section 3.25) in accordance with Purchaser’s Charter
Documents for the transactions contemplated hereby to proceed.

     

    3.25         Trust
Fund.  As of the date hereof, Purchaser has no less than
$32,899,200 invested in a trust account administered by Continental (the “Trust
Fund”).  At Closing, Purchaser will be required to pay monies
from the Trust Fund (i) in connection with the actions, agreements and
financings undertaken under Section 5.23, (ii) as deferred underwriters’
compensation in connection with Purchaser’s initial public offering, (iii) for
income tax or other tax obligations generated by the Trust Fund prior to
Closing, (iv) repayment of loans and reimbursement of expenses to directors,
officers and founding stockholders of Purchaser and (v) to third parties (e.g.,
professionals, printers, etc.) who have rendered services to Purchaser in
connection with its operations and efforts to effect a business combination,
including the transactions contemplated by this Agreement.  Purchaser
makes no representation or warranty as to the amount of funds remaining in the
Trust Fund after the payment of the foregoing obligations.

     

    
      
        
        

      

      
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    3.26         Governmental
Filings.  Except as set forth in Schedule 3.26,
Purchaser has been granted and holds, and has made, all Governmental
Actions/Filings necessary to the conduct by Purchaser of its business (as
presently conducted) or used or held for use by Purchaser, and true, complete
and correct copies of which have heretofore been delivered to the
Company.  Each such Governmental Action/Filing is in full force and
effect and, except as disclosed in Schedule 3.26, will
not expire prior to December 31, 2010, and Purchaser is in compliance with all
of its obligations with respect thereto.  No event has occurred and is
continuing which requires or permits, or after notice or lapse of time or both
would require or permit, and consummation of the transactions contemplated by
this Agreement or any ancillary documents will not require or permit (with or
without notice or lapse of time, or both), any modification or termination of
any such Governmental Actions/Filings except such events which, either
individually or in the aggregate, would not have a Material Adverse Effect upon
Purchaser.

     

    3.27         Investment Company
Act.  Purchaser is not, and will not be after the Closing, an
“investment company” or a person directly or indirectly “controlled” by or
acting on behalf of an “investment company,” in each case within the meaning of
the Investment Company Act of 1940, as amended.

     

    3.28         Representations and
Warranties Complete.  The representations and warranties of
Purchaser included in this Agreement and any list, statement, document or
information set forth in, or attached to, any Schedule provided pursuant to this
Agreement or delivered hereunder, are true and complete in all material respects
and do not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
contained therein not misleading, under the circumstance under which they were
made.

     

    3.29         Survival of Representations
and Warranties.  The representations and warranties of
Purchaser set forth in this Agreement shall survive until the
Closing.

     

    ARTICLE
IV

     

    CONDUCT PRIOR TO THE CLOSING
DATE

     

    4.1           Conduct of Business by the
Company and Purchaser.  During the period from the date of this
Agreement and continuing until the earlier of the termination of this Agreement
pursuant to its terms or the Closing, each of the Company and Purchaser shall,
except to the extent that the other party shall otherwise consent in writing,
carry on its business in the usual, regular and ordinary course consistent with
past practices, in substantially the same manner as heretofore conducted and in
compliance with all applicable laws and regulations (except where noncompliance
would not have a Material Adverse Effect), pay its debts and taxes when due
subject to good faith disputes over such debts or taxes, pay or perform other
material obligations when due, and use its commercially reasonable efforts
consistent with past practices and policies to (i) preserve substantially intact
its present business organization, (ii) keep available the services of its
present officers and employees and (iii) preserve its relationships with
customers, suppliers, distributors, licensors, licensees, and others with which
it has significant business dealings.  In addition, except as required
or permitted by the terms of this Agreement, without the prior written consent
of Purchaser, with respect to consents given to actions of the Company, and the
Shareholder, with respect to consents given to actions of Purchaser, during the
period from the date of this Agreement and continuing until the earlier of the
termination of this Agreement pursuant to its terms or the Closing, each of the
Company and Purchaser shall not do any of the following:

     

    
      
        
        

      

      
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    (a)           Waive
any stock repurchase rights, accelerate, amend or (except as specifically
provided for herein) change the period of exercisability of options or
restricted stock, or reprice options granted under any employee, consultant,
director or other stock plans or authorize cash payments in exchange for any
options granted under any of such plans;

     

    (b)           Grant
any severance or termination pay to any officer or employee except pursuant to
applicable law, written agreements outstanding, or policies existing on the date
hereof and as previously or concurrently disclosed in writing or made available
to the other party, or adopt any new severance plan, or amend or modify or alter
in any manner any severance plan, agreement or arrangement existing on the date
hereof;

     

    (c)           Transfer
or license to any person or otherwise extend, amend or modify any material
rights to any Intellectual Property of the Company or Purchaser, as applicable,
or enter into grants to transfer or license to any person future patent rights,
other than in the ordinary course of business consistent with past practices
provided that in no event shall the Company or Purchaser license on an exclusive
basis or sell any Intellectual Property of the Company, or Purchaser as
applicable;

     

    (d)           Except
for periodic tax distributions consistent with the Company’s prior practice,
declare, set aside or pay any dividends on or make any other distributions
(whether in cash, stock, equity securities or property) in respect of any
capital stock or split, combine or reclassify any capital stock or issue or
authorize the issuance of any other securities in respect of, in lieu of or in
substitution for any capital stock;

     

    (e)           Except
as set forth in Section 5.23, purchase, redeem or otherwise acquire, directly or
indirectly, any shares of capital stock of the Company and Purchaser, as
applicable, including repurchases of unvested shares at cost in connection with
the termination of the relationship with any employee or consultant pursuant to
agreements in effect on the date hereof;

     

    (f)           Issue,
deliver, sell, authorize, pledge or otherwise encumber, or agree to any of the
foregoing with respect to, any shares of capital stock or any securities
convertible into or exchangeable for shares of capital stock, or subscriptions,
rights, warrants or options to acquire any shares of capital stock or any
securities convertible into or exchangeable for shares of capital stock, or
enter into other agreements or commitments of any character obligating it to
issue any such shares or convertible or exchangeable securities;

     

    (g)           Amend
its Charter Documents;

     

    
      
        
        

      

      
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    (h)           Acquire
or agree to acquire by merging or consolidating with, or by purchasing any
equity interest in or a portion of the assets of, or by any other manner, any
business or any corporation, partnership, association or other business
organization or division thereof, or otherwise acquire or agree to acquire any
assets which are material, individually or in the aggregate, to the business of
Purchaser or the Company as applicable, or enter into any joint ventures,
strategic partnerships or alliances or other arrangements that provide for
exclusivity of territory or otherwise restrict such party’s ability to compete
or to offer or sell any products or services;

     

    (i)           Sell,
lease, license, encumber or otherwise dispose of any properties or assets,
except (A) sales of inventory in the ordinary course of business consistent with
past practice, and (B) the sale, lease or disposition (other than through
licensing) of property or assets that are not material, individually or in the
aggregate, to the business of such party;

     

    (j)           Except
with respect to Purchaser, as permitted by Section 5.16, incur any indebtedness
for borrowed money in excess of $500,000 in the aggregate or bearing interest at
a rate in excess of 5% per annum or guarantee any such indebtedness of another
person, issue or sell any debt securities or options, warrants, calls or other
rights to acquire any debt securities of Purchaser or the Company, as
applicable, enter into any “keep well” or other agreement to maintain any
financial statement condition or enter into any arrangement having the economic
effect of any of the foregoing;

     

    (k)           Adopt
or amend any employee benefit plan, policy or arrangement, any employee stock
purchase or employee stock option plan, or enter into any employment contract or
collective bargaining agreement (other than offer letters and letter agreements
entered into in the ordinary course of business consistent with past practice
with employees who are terminable “at will”), pay any special bonus or special
remuneration to any director or employee, or increase the salaries or wage rates
or fringe benefits (including rights to severance or indemnification) of its
directors, officers, employees or consultants, except in the ordinary course of
business consistent with past practices;

     

    (l)           Pay,
discharge, settle or satisfy any claims, liabilities or obligations (absolute,
accrued, asserted or unasserted, contingent or otherwise), or litigation
(whether or not commenced prior to the date of this Agreement) other than the
payment, discharge, settlement or satisfaction, in the ordinary course of
business consistent with past practices or in accordance with their terms, or
liabilities recognized or disclosed in the Unaudited Financial Statements or in
the most recent financial statements included in Purchaser SEC Reports filed
prior to the date of this Agreement, as applicable, or incurred since the date
of such financial statements, or waive the benefits of, agree to modify in any
manner, terminate, release any person from or knowingly fail to enforce any
confidentiality or similar agreement to which the Company is a party or of which
the Company is a beneficiary or to which Purchaser is a party or of which
Purchaser is a beneficiary, as applicable;

     

    (m)           Except
in the ordinary course of business consistent with past practices, modify, amend
or terminate any Company Contract or Purchaser Contract, as applicable, or
waive, delay the exercise of, release or assign any material rights or claims
thereunder;

     

    
      
        
        

      

      
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    (n)           Except
as required by U.S. GAAP, revalue any of its assets or make any change in
accounting methods, principles or practices;

     

    (o)           Except
in the ordinary course of business consistent with past practices, incur or
enter into, with respect to the Company, any agreement for financial advisory,
investment banking or other similar services, or, with respect to the Company
and Purchaser, any other agreement, contract or commitment requiring such party
to pay in excess of $50,000 in any 12 month period;

     

    (p)           Settle
any litigation to which an Insider is a party or where the consideration given
by the Company is other than monetary;

     

    (q)           Make
or rescind any Tax elections that, individually or in the aggregate, could be
reasonably likely to adversely affect in any material respect the Tax liability
or Tax attributes of such party, settle or compromise any material income tax
liability or, except
as required by applicable law, materially change any method of
accounting for Tax purposes or prepare or file any Return in a manner
inconsistent with past practice;

     

    (r)           Form,
establish or acquire any subsidiary except as contemplated by this Agreement;

     

    (s)           Permit
any Person to exercise any of its discretionary rights under  any Plan
to provide for the automatic acceleration of any outstanding
options, the termination of any outstanding repurchase rights or the termination
of any cancellation rights issued pursuant to such plans;

     

    (t)           Make
capital expenditures except in accordance with prudent business and operational
practices consistent with prior practice;

     

    (u)           Make
or omit to take any action which would be reasonably anticipated to have a
Material Adverse Effect;

     

    (v)           Enter
into any transaction with or distribute or advance any assets or property to any
of its officers, directors, partners, stockholders or other affiliates other
than the payment of salary and benefits in the ordinary course of business
consistent with past practice; or

     

    (w)           Agree
in writing or otherwise agree, commit or resolve to take any of the actions
described in Section 4.1 (a) through (v) above.

     

    4.2          No Transfer of Company
Stock.  Between the date hereof and the Closing Date, the
Shareholder shall not, without the consent of Purchaser, sell, hypothecate or
otherwise transfer any shares of Company Stock or any interest
therein.

     

    
      
        
        

      

      
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    ARTICLE
V

     

    ADDITIONAL
AGREEMENTS

     

    5.1          Proxy Statement; Special
Meeting.

     

    (a)           As
soon as is reasonably practicable after receipt by Purchaser from the Company of
all financial and other information relating to the Company as Purchaser may
reasonably request for its preparation, Purchaser shall prepare proxy materials
for the purpose of soliciting proxies from holders of Purchaser Stock to vote,
at a meeting of holders of Purchaser Stock to be called and held for such
purpose (the “Special
Meeting”), in favor of (i) the approval of the transactions contemplated
by this Agreement (the “Purchaser Stockholder
Approval”),  (ii) the change of the name of Purchaser to a name
selected by Purchaser (the “Name Change
Amendment”), (iii) an increase in the number of authorized shares of
Company Stock to 200,000,000 and (iv) an adjournment of the Special Meeting if,
at the time it is called to order, there are insufficient votes to obtain the
Purchaser Stockholder Approval or the holders of forty percent (40%) or more of
the shares of Purchaser Stock issued in Purchaser’s initial public offering of
securities and outstanding immediately before the Closing shall have exercised
their rights to convert their shares into a pro rata share of the Trust Fund in
accordance with Purchaser’s Charter Documents.  Such proxy materials
shall be in the form of a proxy statement to be used for the purpose of
soliciting such proxies from holders of Purchaser Stock for the matters to be
acted upon at the Special Meeting (the “Proxy
Statement”).  The Company shall use its reasonable efforts to
furnish to Purchaser all information concerning the Company as Purchaser may
reasonably request in connection with the preparation of the Proxy
Statement.  The Company and its counsel shall be given an opportunity
to review and comment on such proxy materials, including amendments thereto,
prior to their distribution to Purchaser’s stockholders and Purchaser will not
distribute any documents containing information that the Company has reasonably
determined is incorrect or misleading and notified Purchaser in writing
thereof.

     

    (b)           As
soon as practicable following the preparation of the definitive Proxy Statement,
Purchaser shall distribute the Proxy Statement to the holders of Purchaser Stock
and, pursuant thereto, shall call the Special Meeting in accordance with the
Companies Law of the Cayman Islands (the “Companies Law”) and,
subject to the other provisions of this Agreement, solicit proxies from such
holders to vote in favor of the approval of the transactions contemplated by
this Agreement and the other matters presented for approval or adoption at the
Special Meeting.

     

    
      
        
        

      

      
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    (c)           Purchaser
shall comply with all applicable provisions of and rules under the Exchange Act
and all applicable provisions of the Companies Law in the preparation, filing
and distribution of the Proxy Statement, the solicitation of proxies thereunder,
and the calling and holding of the Special Meeting.  Without limiting
the foregoing, Purchaser shall ensure that the Proxy Statement does not, as of
the date on which the Proxy Statement is first distributed to the stockholders
of Purchaser, and as of the date of the Special Meeting, contain any untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements made, in light of the circumstances under which they were
made, not misleading (provided that Purchaser shall not be responsible for the
accuracy or completeness of any information relating to the Company or any other
information furnished by the Company for inclusion in the Proxy
Statement).  The Company represents and warrants that the information
relating to the Company supplied by the Company for inclusion in the Proxy
Statement will not, as of the date on which the Proxy Statement is first
distributed to the stockholders of Purchaser or at the time of the Special
Meeting, contain any statement which, at such time and in light of the
circumstances under which it is made, is false or misleading with respect to any
material fact, or omits to state any material fact required to be stated therein
or necessary in order to make the statement therein not false or
misleading.

     

    (d)           Purchaser,
acting through its board of directors, shall include in the Proxy Statement the
recommendation of its board of directors that the holders of Purchaser Stock
vote in favor of the approval of the transactions contemplated by this
Agreement, and shall otherwise use reasonable best efforts to obtain Purchaser
Stockholder Approval.

     

    (e)           The
Company and the Shareholder shall cooperate with Purchaser and use its
reasonable efforts to provide all information reasonably requested by Purchaser
in connection with any application or other filing made to maintain or secure
listing for trading or quotation of Purchaser’s securities on the Nasdaq Stock
Exchange or the OTC BB following the Closing.

     

    5.2          Directors and Officers of
Purchaser and the Company After the Closing.

     

    (a)           The
Parties shall take all necessary actions so that the persons listed in paragraph
(a) of Schedule
5.2 are elected to the positions of officers and directors of Purchaser
and the Company, effective immediately after the Closing.  The Persons
so appointed as directors shall serve for a period of three (3) years after the
Closing Date.

     

    (b)           The
following actions by Purchaser or the Company shall require the approval of at
least five (5) of the seven (7) directors that will comprise the board of
directors of Purchaser after the Closing:

     

    (i)        purchases,
account transfers, issuance of debt in excess of Two Million Dollars
($2,000,000) individually or in the aggregate;

     

    (ii)                  land
purchases pursuant to transactions with Affiliates of Purchaser or the Company,
which shall in no event exceed the value specified for such land in an appraisal
made by an independent appraiser who shall be selected by the Purchaser’s board
of directors in such manner;

     

    
      
        
        

      

      
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    (iii)                  material
acquisitions, consolidations, mergers, sales of assets and other similar
business combinations and transactions; and

     

    (iv)                  entry
into agreements for financial advisory, investment banking or other similar
services.

     

    (c)           From
and after the Closing Date, the board of directors of Purchaser shall hold
regular quarterly meetings that shall have agendas that address the matters set
forth in paragraph (c) of Schedule 5.2 and
such other matters as shall properly come before such meetings.

     

    5.3          Public
Disclosure.  From the date of this Agreement until Closing or
termination, the parties shall cooperate in good faith to jointly prepare all
press releases and public announcements pertaining to this Agreement and the
transactions governed by it, and no party shall issue or otherwise make any
public announcement or communication pertaining to this Agreement or the
transaction without the prior consent of Purchaser (in the case of the Company
and the Shareholder) or the Shareholder (in the case of Purchaser), except as
required by any legal requirement or by the rules and regulations of, or
pursuant to any agreement of a stock exchange or trading system.  Each
party will not unreasonably delay, withhold or condition approval from the
others with respect to any press release or public announcement.  If
any party determines with the advice of counsel that it is required to make this
Agreement and the terms of the transaction public or otherwise issue a press
release or make public disclosure with respect thereto, it shall, at a
reasonable time before making any public disclosure, consult with the other
party regarding such disclosure, seek such confidential treatment for such terms
or portions of this Agreement or the transaction as may be reasonably requested
by the other party and disclose only such information as is legally compelled to
be disclosed.  This provision will not apply to communications by any
party to its counsel, accountants and other professional advisors.

     

    5.4          Other
Actions.

     

    (a)           As
promptly as practicable after execution of this Agreement, Purchaser will
prepare and file with the Commission a Report of Foreign Private Issuer on Form
6-K pursuant to the Exchange Act to report the execution of this Agreement
(“Signing Form
6-K”), which the Company may review and comment upon prior to
filing.  Any language included in such Current Report that reflects
the Company’s comments, as well as any text as to which the Company has not
commented upon being given a reasonable opportunity to comment, shall,
notwithstanding the provisions of Section 5.3, be deemed to have been approved
by the Company and may henceforth be used by Purchaser in other filings made by
it with the Commission and in other documents distributed by Purchaser in
connection with the transactions contemplated by this Agreement without further
review or consent of the Shareholder.  Promptly
after the execution of this Agreement, Purchaser and the Company shall also
issue a press release announcing the execution of this Agreement (“Signing Press
Release”).

     

    
      
        
        

      

      
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    (b)           Prior
to Closing, Purchaser and the Company shall prepare the press release announcing
the consummation of the transactions contemplated by this Agreement (“Closing Press
Release”).  Concurrently with the Closing, Purchaser shall
distribute the Closing Press Release.

     

    5.5          Required
Information.  In connection with the preparation of the Signing
Form 6-K, the Signing Press Release and the Closing Press Release, or any other
statement, filing, notice or application made by or on behalf of Purchaser
and/or the Company to any third party and/or any Governmental Entity in
connection with the transactions contemplated by this Agreement, and for such
other reasonable purposes, the Company and Purchaser each shall, upon request by
the other, furnish the other with all information concerning themselves, their
respective directors, officers and stockholders (including the directors of
Purchaser and the Company to be elected effective as of the Closing pursuant to
Section 5.2 hereof) and such other matters as may be reasonably necessary or
advisable in connection with the transactions contemplated by this
Agreement.   Each party warrants and represents to the other
party that all such information shall be true and correct in all material
respects and will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements contained therein, in light of the circumstances under which they
were made, not misleading.

     

    5.6          Confidentiality; Access to
Information.

     

    (a)           Confidentiality.  Any
confidentiality agreement previously executed by the parties shall be superseded
in its entirety by the provisions of this Agreement.  Each party
agrees to maintain in confidence any non-public information received from the
other party, and to use such non-public information only for purposes of
consummating the transactions contemplated by this Agreement.  Such
confidentiality obligations will not apply to (i) information which was known to
the one party or their respective agents prior to receipt from the other party;
(ii) information which is or becomes generally known without the breach of this
Section 5.6 by any party; (iii) information acquired by a party or their
respective agents from a third party who was not bound to an obligation of
confidentiality; and (iv) disclosure required by law.   In the
event this Agreement is terminated as provided in Article VIII hereof, each
party (i) will destroy or return or cause to be returned to the other all
documents and other material obtained from the other in connection with the
transactions contemplated by this Agreement, and (ii) will use its reasonable
best efforts to delete from its computer systems all documents and other
material obtained from the other in connection with the transactions
contemplated by this Agreement.

     

    
      
        
        

      

      
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      (b)           Access to
Information.

       

      (i)        The
Company will afford Purchaser and its financial advisors, accountants, counsel
and other representatives reasonable access during normal business hours, upon
reasonable notice, to the properties, books, records and personnel of the
Company during the period prior to the Closing to obtain all information
concerning the business, including the status of product development efforts,
properties, results of operations and personnel of the Company, as Purchaser may
reasonably request.  No information or knowledge obtained by Purchaser
in any investigation pursuant to this Section 5.6 will affect or be deemed to
modify any representation or warranty contained herein or the conditions to the
obligations of the parties to consummate the transactions contemplated by this
Agreement.

       

      (ii)                  Purchaser
will afford the Company and its financial advisors, underwriters, accountants,
counsel and other representatives reasonable access during normal business
hours, upon reasonable notice, to the properties, books, records and personnel
of Purchaser during the period prior to the Closing to obtain all information
concerning the business, including the status of business or product development
efforts, properties, results of operations and personnel of Purchaser, as the
Company may reasonably request.  No information or knowledge obtained
by the Company in any investigation pursuant to this Section 5.6 will affect or
be deemed to modify any representation or warranty contained herein or the
conditions to the obligations of the parties to consummate the transactions
contemplated by this Agreement.

       

      5.7           No Company
Indebtedness.  At the Closing, the Company shall have no
indebtedness, whether for borrowed money, capital leases, or otherwise, except
trade payables and operating leases incurred in the ordinary course of
business.

       

      5.8           Best
Efforts.  Upon the terms and subject to the conditions set
forth in this Agreement, each of the parties agrees to use its best efforts to
take, or cause to be taken, all actions, and to do, or cause to be done, and to
assist and cooperate with the other parties in doing, all things necessary,
proper or advisable to consummate and make effective, in the most expeditious
manner practicable, the transactions contemplated by this Agreement, including
using commercially reasonable efforts to accomplish the following: (i) the
taking of all reasonable acts necessary to cause the conditions precedent set
forth in Article VI to be satisfied, (ii) the obtaining of all necessary
actions, waivers, consents, approvals, orders and authorizations from
Governmental Entities and the making of all necessary registrations,
declarations and filings (including registrations, declarations and filings with
Governmental Entities, if any) and the taking of all reasonable steps as may be
necessary to avoid any suit, claim, action, investigation or proceeding by any
Governmental Entity, (iii) the obtaining of all consents, approvals or waivers
from third parties required as a result of the transactions contemplated in this
Agreement, including without limitation the consents referred to in Schedule 2.5 of the
Company Schedule, (iv) the defending of any suits, claims, actions,
investigations or proceedings, whether judicial or administrative, challenging
this Agreement or the consummation of the transactions contemplated hereby,
including seeking to have any stay or temporary restraining order entered by any
court or other Governmental Entity vacated or reversed and (v) the execution or
delivery of any additional instruments reasonably necessary to consummate the
transactions contemplated by, and to fully carry out the purposes of, this
Agreement.  This obligation shall include, on the part of Purchaser,
sending a termination letter to Continental in substantially the form of the
exhibit attached to the Investment Management Trust Account Agreement by and
between the Purchaser and Continental dated as of August 11,
2008.   In connection with and without limiting the foregoing,
Purchaser and its board of directors and the Company and its board of directors
shall, if any takeover statute or similar statute or regulation is or becomes
applicable to this Agreement or any of the transactions contemplated by this
Agreement, use its best efforts to enable the transactions contemplated by this
Agreement to be consummated as promptly as practicable on the terms contemplated
by this Agreement.  Notwithstanding anything herein to the contrary,
nothing in this Agreement shall be deemed to require Purchaser or the Company to
agree to any divestiture by itself or any of its affiliates of shares of capital
stock or of any business, assets or property, or the imposition of any material
limitation on the ability of any of them to conduct their business or to own or
exercise control of such assets, properties and stock.

      
        
           

        

        
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      5.9           Certain
Claims.  As additional consideration for the payment of the
Purchase Consideration pursuant to this Agreement, the Shareholder hereby
releases and forever discharges, effective as of the Closing Date, the Company
and its directors, officers, employees and agents, from any and all rights,
claims, demands, judgments, obligations, liabilities and damages, whether
accrued or unaccrued, asserted or unasserted, and whether known or unknown
arising out of or resulting from the Shareholder’s status as a holder of an
equity interest in the Company.

       

      5.10         No Securities
Transactions.  Neither the Company nor the Shareholder or any
of their Affiliates, directly or indirectly, shall engage in any transactions
involving the securities of Purchaser prior to the time of the making of a
public announcement of the transactions contemplated by this
Agreement.  The Company shall use its best efforts to require each of
its officers, directors, employees, agents and representatives to comply with
the foregoing requirement.

       

      5.11         No Claim Against Trust
Fund.  Notwithstanding anything else in this Agreement, the
Company and the Shareholder acknowledge that they have read Purchaser’s final
prospectus dated August 11, 2008 and understand that Purchaser has established
the Trust Fund for the benefit of Purchaser’s public stockholders and that
Purchaser may disburse monies from the Trust Fund only (a) to Purchaser’s public
stockholders in the event they elect to convert their shares into cash in
accordance with Purchaser’s Charter Documents and/or the liquidation of
Purchaser or (b) to Purchaser in connection with and in furtherance of the
consummation of a business combination.  The Company and the
Shareholder further acknowledge that, if the transactions contemplated by this
Agreement, or, upon termination of this Agreement, another business combination,
are not consummated by February 11, 2011, Purchaser will be obligated to return
to its stockholders the amounts being held in the Trust
Fund.  Accordingly, the Company and the Shareholder, for themselves
and their subsidiaries, directors, officers, employees, stockholders,
representatives, advisors and all other associates and Affiliates, hereby waive
all rights, title, interest or claim of any kind against Purchaser to collect
from the Trust Fund any monies that may be owed to them by Purchaser for any
reason whatsoever, including but not limited to a breach of this Agreement by
Purchaser or any negotiations, agreements or understandings with Purchaser
(whether in the past, present or future), and will not seek recourse against the
Trust Fund at any time for any reason whatsoever.  This paragraph will
survive this Agreement and will not expire and will not be altered in any way
without the express written consent of Purchaser, the Company and the
Shareholder.

      
        
           

        

        
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      5.12         Disclosure of Certain
Matters.  Each of Purchaser, the Company and the Shareholder
will provide the others with prompt written notice of any event, development or
condition that (a) would cause any of such party’s representations and
warranties to become untrue or misleading or which may affect its ability to
consummate the transactions contemplated by this Agreement, (b) had it existed
or been known on the date hereof would have been required to be disclosed under
this Agreement, (c) gives such party any reason to believe that any of the
conditions set forth in Article VI will not be satisfied, (d) is of a nature
that would be reasonably likely to have a Material Adverse Effect on the
Company, or (e) would require any amendment or supplement to the Proxy
Statement.  The parties shall have the obligation to supplement or
amend the Company Schedule and the Purchaser Schedule (the “Disclosure
Schedules”) being delivered concurrently with the execution of this
Agreement and annexed hereto with respect to any matter hereafter arising or
discovered which, if existing or known at the date of this Agreement, would have
been required to be set forth or described in the Disclosure Schedules. The
obligations of the parties to amend or supplement the Disclosure Schedules being
delivered herewith shall terminate on the Closing
Date.  Notwithstanding any such amendment or supplementation, for
purposes of Sections 6.2(a), 6.3(a), 7.1(a)(i), 8.1(d) and 8.1(e), the
representations and warranties of the parties shall be made with reference to
the Disclosure Schedules as they exist at the time of execution of this
Agreement, subject to changes expressly contemplated by this Agreement or which
are set forth in the Disclosure Schedules as they exist on the date of this
Agreement.

       

      5.13         Shareholder
Obligations.  The Shareholder shall repay to the Company, on or
before the Closing, all direct and indirect indebtedness and other obligations
owed by it to the Company, including the indebtedness and other obligations
described in Schedule
2.22 and all other amounts owed by it to the Company.

       

      5.14          Certain Financial
Information.  Within twenty (20) Business Days after the end of
each month between the date hereof and the earlier of the Closing Date and the
date on which this Agreement is terminated, the Company shall deliver to
Purchaser unaudited consolidated financial statements of the Company for such
month, including a balance sheet, statement of operations, statement of cash
flows and statement of stockholders’ equity, that are certified as correct and
complete by the Chief Executive Officer and Chief Financial Officer of the
Company, prepared in accordance with the U.S. GAAP applied on a consistent basis
to prior periods (except as may be indicated in the notes thereto) and fairly
present in all material respects the financial position of the Company at the
date thereof and the results of its operations and cash flows for the period
indicated, except that such statements need not contain notes and may be subject
to normal adjustments that are not expected to have a Material Adverse Effect on
the Company.

      
        
           

        

        
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      5.15         Access to Financial
Information.  The Company will, and will cause its auditors to,
(a) continue to provide Purchaser and its advisors full access to all of the
Company’s financial information used in the preparation of its Audited Financial
Statements and Unaudited Financial Statements and the financial information
furnished pursuant to Section 5.14 and (b) cooperate fully with any reviews
performed by Purchaser or its advisors of any such financial statements or
information.

       

      5.16         Purchaser
Borrowings.  Through the Closing, Purchaser shall be allowed to
borrow funds from its directors, officers and/or stockholders to meet its
reasonable capital requirements, with any such loans to be made only as
reasonably required by the operation of Purchaser in due course and repayable at
Closing. The proceeds of such loans shall not be used for the payment of
salaries, bonuses or other compensation to any of Purchaser’s directors,
officers or stockholders.

       

      5.17         Trust Fund
Disbursement.  Purchaser shall cause the Trust Fund to be
disbursed to Purchaser and as otherwise contemplated by this Agreement
immediately upon the Closing.  All liabilities of Purchaser due and
owing or incurred at or prior to the Closing Date shall be paid as and when due,
including (i) in connection with the actions, agreements and financings
undertaken under Section 5.23, (ii) as deferred underwriters’ compensation in
connection with Purchaser’s initial public offering, (iii) for income tax or
other tax obligations generated by the Trust Fund prior to Closing, (iv)
repayment of loans and reimbursement of expenses to directors, officers and
founding stockholders of Purchaser and (v) to third parties (e.g.,
professionals, printers, etc.) who have rendered services to Purchaser in
connection with its operations and efforts to effect a business combination,
including the transactions contemplated by this Agreement..

       

      5.18         Financial Advisory
Agreements.  The Company shall cause all agreements for
financial advisory, investment banking and other similar services to which it is
a party to be terminated no later than the Closing with no obligations of the
Company thereunder to remain in effect after the Closing.  Any cost or
expense incurred by the Company in connection with any such termination shall be
borne solely by the Shareholder and not by the Company.

       

      5.19         [Intentionally
Omitted.]

       

      5.20         Employment
Agreements.  Concurrently with the execution of this Agreement,
each of the executives and employees of the Company listed on Schedule 5.20 shall
have executed an employment agreement substantially in the form of Exhibit C annexed
hereto and to be effective upon the Closing (collectively, the “Employment
Agreements.”)

       

      5.21         Investor Relations
Team.  As soon as practicable after the Closing, the Company
shall hire suitable experienced persons mutually satisfactory to both Purchaser
and the Company to comprise an internal public relations team for the Company
and Purchaser.

      
        
           

        

        
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      5.22           Periodic
Reports.  Regardless of its status as a foreign private issuer
under United States securities laws, from and after the Closing Date, Purchaser
shall file with the Commission quarterly reports on Form 6-K that will include
income statements, balance sheets and cash flow statements and will file other
reports on Form 6-K as may be required.

       

      5.23           Purchases of Purchaser Stock
and Warrants.  Notwithstanding anything to the contrary
contained in this Agreement, from and after the date of this Agreement until the
Closing, for purposes of achieving approval of the transactions contemplated by
this Agreement by the stockholders of Purchaser, Purchaser and its Affiliates
may, and shall be permitted to, seek, negotiate and enter into arrangements for
the purchase, redemption, tender or assignment of currently outstanding shares
of Purchaser Stock and/or Purchaser Warrants, declare lawful dividends to be
effective immediately following the Effective Time or enter into similar or
related arrangements and engage in related undertakings that would be
consummated at, prior to or immediately following Closing and which may utilize
a portion of the funds in the Trust Fund.  Purchaser may secure a
bridge loan or loans or similar credit facilities to finance the foregoing
activities, in which case Purchaser’s obligations under such facilities shall be
repaid at Closing from amounts in the Trust Fund.  The Company and the
Shareholder acknowledge that there is no minimum amount that must be in the
Trust Fund after giving effect to the foregoing payments as a condition to their
obligations to consummate the transactions contemplated by this
Agreement.

       

      5.24           Securities
Listing.     Purchaser and the Company shall use
commercially reasonable efforts to obtain the listing for trading on the Nasdaq
Stock Exchange of the Purchaser Stock and the Purchaser Warrants.  If
any such listing is not obtained by the Closing, the Parties shall continue to
use their commercially reasonable best efforts after the Closing to obtain such
listing.  The Company shall not be required to infuse more than a
nominal amount of capital to obtain such listing.

       

      5.25           Audit and Review
Rights.  At its expense, upon written notice to the Shareholder
at any time prior to the Closing, Purchaser may re-audit the Audited Financial
Statements and the Audited Gaming Promoter Financial Statements and review the
Unaudited Financial Statements, the Unaudited Gaming Promoter Financial
Statements and the Proforma Financial Statements with an auditor of its
selection.  The Company and its auditors shall reasonably cooperate
with Purchaser and its selected auditors to expedite the completion of any audit
and/or review that may be made pursuant to this Section 5.25.

       

      5.26          Charter Protections;
Directors’ and Officers’ Liability Insurance.

       

       
(a)           All rights
to indemnification for acts or omissions occurring through the Closing Date now
existing in favor of the current directors and officers of Purchaser as provided
in the Charter Documents of Purchaser or in any indemnification agreements shall
survive the Closing and shall continue in full force and effect in accordance
with their terms.

      
        
           

        

        
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(b)           For a
period of six (6) years after the Closing Date, Purchaser shall cause to be
maintained in effect the current policies of directors’ and officers’ liability
insurance maintained by Purchaser (or policies of at least the same coverage and
amounts containing terms and conditions which are no less advantageous), with
respect to claims arising from facts and events that occurred prior to the
Closing Date.

       

       
(c)           If
Purchaser or any of its successors or assigns (i) consolidates with or merges
into any other Person and shall not be the continuing or surviving entity of
such consolidation or merger, or (ii) transfers or conveys all or substantially
all of its properties and assets to any Person, then, in each such case, to the
extent necessary, proper provision shall be made so that the successors and
assigns of Purchaser assume the obligations set forth in this Section
5.26.

       

       
(d)           The
provisions of this Section 5.26 are intended to be for the benefit of, and shall
be enforceable by, each Person who will have been a director or officer of
Purchaser for all periods ending on or before the Closing Date and may not be
changed without the consent of the Person who served as the
Committee.

       

      5.27           Bank and Chip Account
Verification.  Not less frequently than monthly, for all
periods from August 18, 2009 through one year after the Closing Date, the
Company will provide to Purchaser, for periods prior to the Closing, and to all
members of the Company’s board of directors, for periods on and after the
Closing, copies of all bank statements and monthly casino settlement statements
and shall cooperate with the recipients to enable them to verify the information
in such statements.

       

      5.28           Restriction on
Loans.  From and after the Closing, the Company shall not make
any loans or advances to any Affiliate or employee of Purchaser or the Company
except for providing gaming chips to the Company’s VIP Rooms upon appropriate
documentation.

       

      5.29           Stock Issuance and Transfer
Assistance.  Purchaser shall provide all reasonable and
necessary assistance to the Company and the Shareholder in connection with the
issuance of shares of Purchaser Stock and Consideration Warrants pursuant to
this Agreement and the transfer of any thereof as permitted by this Agreement,
including without limitation preparation of stock powers and other transfer
documents and coordination with Continental, as transfer agent and warrant
agent, and other agents and fiduciaries.

       

      5.30           Revised Profit Interest
Agreements.  On or before the Closing Date, the Profit Interest
Agreements shall be amended to be substantially in the form of agreement annexed
hereto as Exhibit
D.

      
        
           

        

        
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      ARTICLE
VI

       

      CONDITIONS TO THE
TRANSACTION

       

      6.1           Conditions to Obligations of
Each Party.  The respective obligations of each party to this
Agreement to effect the transactions contemplated by this Agreement shall be
subject to the satisfaction at or prior to the Closing Date of the following
conditions:

       

      (a)           Purchaser Stockholder
Approval.  The Purchaser Stockholder Approval shall have been
obtained by the requisite vote under the law of the Cayman Islands and
Purchaser’s Charter Documents.

       

      (b)           Purchaser
Stock.  Holders of fewer than forty percent (40%) of the shares
of Purchaser Stock issued in Purchaser’s initial public offering of securities
and outstanding immediately before the Closing shall have exercised their rights
to convert their shares into a pro rata share of the Trust Fund in accordance
with Purchaser’s Charter Documents.

       

      (c)           Stock Quotation or
Listing.  The Purchaser Stock at the Closing will be listed for
trading on the Nasdaq Stock Exchange, if the application for such listing is
approved, or quoted on the OTC BB and there will be no action or proceeding
pending or threatened against Purchaser by FINRA to prohibit or terminate the
trading of Purchaser Stock or the trading thereof on the Nasdaq Stock Exchange
or the quotation thereof on the OTC BB.

       

      (d)           No Order. No Governmental Entity
shall have enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, executive order, decree, injunction or other order (whether
temporary, preliminary or permanent) which is in effect and which has the effect
of making the transactions contemplated by this Agreement illegal or otherwise
prohibiting consummation of such transactions, substantially on the terms
contemplated by this Agreement.

       

      6.2           Additional Conditions to
Obligations of the Company.  The obligations of the Company and
the Shareholder to consummate and effect the transactions contemplated by this
Agreement shall be subject to the satisfaction at or prior to the Closing Date
of each of the following conditions, any of which may be waived, in writing,
exclusively by the Company and the Shareholder:

       

      (a)           Representations and
Warranties.  Each representation and warranty of Purchaser
contained in this Agreement that is (i) qualified as to materiality shall have
been true and correct (A) as of the date of this Agreement and (B) subject to
the provisions of the last sentence of Section 5.12, on and as of the Closing
Date, with the same force and effect as if made on the Closing Date and (ii) not
qualified as to materiality shall have been true and correct (A) as of the date
of this Agreement and (B) subject to the provisions of the last sentence of
Section 5.12, on and as of the Closing Date in all material respects, with the
same force and effect as if made on the Closing Date. The Company shall have
received a certificate with respect to the foregoing signed on behalf of
Purchaser by an authorized officer of Purchaser (the “Purchaser Closing
Certificate”).

      
        
           

        

        
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      (b)           Agreements and
Covenants.  Purchaser shall have performed or complied with all
agreements and covenants required by this Agreement to be performed or complied
with by it on or prior to the Closing Date, except to the extent that any
failure to perform or comply (other than a willful failure to perform or comply
or failure to perform or comply with an agreement or covenant reasonably within
the control of Purchaser) does not, or will not, constitute a Material Adverse
Effect with respect to Purchaser, and Purchaser Closing Certificate shall
include a provision to such effect.

       

      (c)           No
Litigation.  No action, suit or proceeding shall be pending or
threatened before any Governmental Entity which is reasonably likely to (i)
prevent consummation of any of the transactions contemplated by this Agreement,
(ii) cause any of the transactions contemplated by this Agreement to be
rescinded following consummation or (iii) affect materially and adversely or
otherwise encumber the title of the shares of Purchaser Stock to be issued by
Purchaser pursuant to this Agreement and no order, judgment, decree, stipulation
or injunction to any such effect shall be in effect.

       

      (d)           Consents.  Purchaser
shall have obtained all consents, waivers and approvals required to be obtained
by Purchaser in connection with the consummation of the transactions
contemplated hereby, other than consents, waivers and approvals the absence of
which, either alone or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect on Purchaser and Purchaser Closing Certificate
shall include a provision to such effect.

       

      (e)           Material Adverse
Effect.  No Material Adverse Effect with respect to Purchaser
shall have occurred since the date of this Agreement.

       

      (f)           Opinion of
Counsel.  The Company shall have received from Graubard Miller,
Purchaser’s counsel, an opinion of counsel substantially in the form of Exhibit E annexed
hereto.

       

      (g)           Resignations.  The
persons listed in Schedule 6.2(g) shall
have resigned from all of their positions and offices with
Purchaser.

       

      (h)           Trust
Fund.  Purchaser shall have made appropriate arrangements to
have the Trust Fund, which shall contain no less than the amount referred to in
Section 3.25, disbursed to Purchaser immediately upon the Closing and in
accordance with Section 5.17.

       

      (i)           
Employment
Agreements.  The Employment Agreements shall be in full force
and effect and the executives thereunder shall be ready, willing and able to
serve in the capacities provided for therein.

       

      (j)           SEC
Reports.  Immediately prior to Closing, Purchaser shall be in
compliance with all reporting requirements under the Exchange
Act.

      
        
           

        

        
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      (k)           Other
Deliveries.  At or prior to Closing, Purchaser shall have
delivered to the Company (i) copies of resolutions and actions taken by
Purchaser's board of directors and stockholders in connection with the approval
of this Agreement and the transactions contemplated hereunder, and (ii) such
other documents or certificates as shall reasonably be required by the Company
and its counsel in order to consummate the transactions contemplated
hereunder.

       

      6.3           Additional Conditions to the
Obligations of Purchaser.  The obligations of Purchaser to
consummate and effect the transactions contemplated by this Agreement shall be
subject to the satisfaction at or prior to the Closing Date of each of the
following conditions, any of which may be waived, in writing, exclusively by
Purchaser:

       

      (a)           Representations and
Warranties.  Each representation and warranty of the Company
and the Shareholder contained in this Agreement that is (i) qualified as to
materiality shall have been true and correct (A) as of the date of this
Agreement and (B) subject to the provisions of the last sentence of Section
5.12, on and as of the Closing Date, with the same force and effect as if made
on the Closing Date and (ii) not qualified as to materiality shall have been
true and correct (A) as of the date of this Agreement and (B) subject to the
provisions of the last sentence of Section 5.12, on and as of the Closing Date
in all material respects, with the same force and effect as if made on the
Closing Date.  Purchaser shall have received a certificate with
respect to the foregoing signed on behalf of the Company by an authorized
officer of the Company and by the Shareholder (“Company Closing
Certificate”).

       

      (b)           Agreements and
Covenants.  The Company and the Shareholder shall have
performed or complied with all agreements and covenants required by this
Agreement to be performed or complied with by them at or prior to the Closing
Date except to the extent that any failure to perform or comply (other than a
willful failure to perform or comply or failure to perform or comply with an
agreement or covenant reasonably within the control of the Company) does not, or
will not, constitute a Material Adverse Effect on the Company, and the Company
Closing Certificate shall include a provision to such effect.

       

      (c)           No
Litigation.  No action, suit or proceeding shall be pending or
threatened before any Governmental Entity which is reasonably likely to (i)
prevent consummation of any of the transactions contemplated by this Agreement,
(ii) cause any of the transactions contemplated by this Agreement to be
rescinded following consummation or (iii) affect materially and adversely the
right of Purchaser to own, operate or control any of the assets and operations
of the Company following the Closing and no order, judgment, decree, stipulation
or injunction to any such effect shall be in effect.

       

      (d)           Consents.  The
Company shall have obtained all consents, waivers, permits and approvals
required to be obtained by the Company in connection with the consummation of
the transactions contemplated hereby, other than consents, waivers and approvals
the absence of which, either alone or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect on the Company and the Company
Closing Certificate shall include a provision to such effect.

      
        
           

        

        
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      (e)           Material Adverse
Effect.  No Material Adverse Effect with respect to the Company
shall have occurred since the date of this Agreement.

       

      (f)           Opinion of
Counsel.  Purchaser shall have received from Ip Shing Hing,
J.P., counsel to the Company, an opinion of counsel substantially in the form of
Exhibit
F.

       

      (g)           “Comfort”
Letter.  Purchaser shall have received a “comfort” letter in
the customary form from the Company’s independent accountants dated the Closing
Date with respect to certain financial statements and other information included
in the Proxy Statement.

       

      (h)           Stockholder
Obligations.  The Shareholder shall have repaid to the Company,
on or before the Closing, all direct and indirect indebtedness and obligations
owed by them to the Company, including the indebtedness and other obligations
described in Schedule
2.22 and all other amounts owed by it to the Company.

       

      (i)           Resignations.  The
Persons listed in Schedule 6.3(i) shall
have resigned from their positions and offices with the Company.

       

      (j)           Derivative
Securities.  There shall be outstanding no options, warrants or
other derivative securities or rights entitling the holders thereof to acquire
shares of Company Stock or other securities of the Company.

       

      (k)           Revised Profit Interest
Agreements.  The Profit Interest Agreements shall have been
revised to be substantially in the form of Exhibit D, the sales
of the profit interests provided for thereunder to the Subsidiaries shall have
been consummated and such agreements shall be in full force and
effect.

       

      (l)           Other
Agreements.  The agreements listed on Schedule 6.3(l) shall
be in full force and effect, as amended to the extent set forth in such
schedule.

       

      (m)           Governmental Action/Filings;
Approvals.  All Governmental Action/Filings shall have been
taken and made and all Approvals shall have been received that are necessary for
consummation of the transactions contemplated by this Agreement and the
operation of the businesses of the Company and the Gaming Promoters and shall be
in full force and effect.  Purchaser shall have received good standing
certificates or equivalent documents from the appropriate governmental officers
for the Company, each Subsidiary and each Gaming Promoter dated no more than
thirty (30) days prior to the Closing Date.

       

      (n)           South Korea Operating
Letter.  Purchaser shall have received a letter from a
reputable law firm indicating that the Company’s operations in South Korea will
be permitted as currently contemplated.

      
        
           

        

        
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      (o)           Other
Deliveries.  At or prior to Closing, the Company shall have
delivered to Purchaser:  (i) copies of resolutions and actions taken
by the Company's board of directors and stockholders in connection with the
approval of this Agreement and the transactions contemplated hereunder, and (ii)
such other documents or certificates as shall reasonably be required by
Purchaser and its counsel in order to consummate the transactions contemplated
hereunder.

       

      ARTICLE
VII

       

      INDEMNIFICATION

       

      7.1           Indemnification of
Purchaser.

       

      (a)           Subject
to the terms and conditions of this Article VII (including without limitation
the limitations set forth in Section 7.4), Purchaser, the Company and their
respective representatives, successors and permitted assigns (the “Purchaser
Indemnitees”) shall be indemnified, defended and held harmless by the
Shareholder from and against all Losses asserted against, resulting to, imposed
upon, or incurred by any Purchaser Indemnitee by reason of, arising out of or
resulting from:

       

      (i)        the
inaccuracy or breach of any representation or warranty of the Shareholder or the
Company contained in or made pursuant to this Agreement, any Schedule or any
certificate delivered by the Shareholder or the Company to Purchaser pursuant to
this Agreement with respect hereto or thereto in connection with the
Closing;

       

      (ii)        the
non-fulfillment or breach of any covenant or agreement of the Shareholder or the
Company contained in this Agreement;

       

      (iii)       the
operation of the Company prior to the Closing Date;

       

      (b)           As
used in this Article VII, the term “Losses” shall include
all losses, liabilities, damages, judgments, awards, orders, penalties,
settlements, costs and expenses (including, without limitation, interest,
penalties, court costs and reasonable legal fees and expenses) including those
arising from any demands, claims, suits, actions, costs of investigation,
notices of violation or noncompliance, causes of action, proceedings and
assessments whether or not made by third parties or whether or not ultimately
determined to be valid. Solely for the purpose of determining the amount of any
Losses (and not for determining any breach) for which a Purchaser Indemnitee may
be entitled to indemnification pursuant to Article VII, any representation or
warranty contained in this Agreement that is qualified by a term or terms such
as “material,” “materially,” or “Material Adverse Effect” shall be deemed made
or given without such qualification and without giving effect to such
words.

      
        
           

        

        
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      7.2           Indemnification of Third
Party Claims.  The indemnification obligations and liabilities
under this Article VII with respect to actions, proceedings, lawsuits,
investigations, demands or other claims brought against Purchaser by a Person
other than the Shareholder or the Company (a “Third Party Claim”)
shall be subject to the following terms and conditions:

       

      (a)           Notice of
Claim.  Purchaser will give the Shareholder prompt written
notice after receiving written notice of any Third Party Claim or discovering
the liability, obligation or facts giving rise to such Third Party Claim (a
“Notice of
Claim”) which Notice of Third Party Claim shall set forth (i) a brief
description of the nature of the Third Party Claim, (ii) the total amount of the
actual out-of-pocket Loss or the anticipated potential Loss (including any costs
or expenses which have been or may be reasonably incurred in connection
therewith), and (iii) whether such Loss may be covered (in whole or in part)
under any insurance and the estimated amount of such Loss which may be covered
under such insurance, and the Shareholder shall be entitled to participate in
the defense of Third Party Claim at its expense.

       

      (b)           Defense.  The
Shareholder shall have the right, at its option (subject to the limitations set
forth in subsection 7.2(c) below) and at its own expense, by written notice to
Purchaser, to assume the entire control of, subject to the right of Purchaser to
participate (at its expense and with counsel of its choice) in, the defense,
compromise or settlement of the Third Party Claim as to which such Notice of
Claim has been given, and shall be entitled to appoint a recognized and
reputable counsel reasonably acceptable to Purchaser to be the lead counsel in
connection with such defense. If the Shareholder is permitted and elects to
assume the defense of a Third Party Claim:

       

      (i)        the
Shareholder shall diligently and in good faith defend such Third Party Claim and
shall keep Purchaser reasonably informed of the status of such defense;
provided, however, that Purchaser shall have the right to approve any settlement
that requires any relief other than the payment of money in amounts not
exceeding the amount of the Escrow Fund that is not reserved for the payment of
unresolved Claims, which approval shall not be unreasonably delayed, withheld or
conditioned; and

       

      (ii)       Purchaser
shall cooperate fully in all respects with the Shareholder in any such defense,
compromise or settlement thereof, including, without limitation, the selection
of counsel, and Purchaser shall make available to the Shareholder all pertinent
information and documents under its control.

      
        
           

        

        
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      (c)           Limitations of Right to
Assume Defense.  The Shareholder shall not be entitled to
assume control of such defense if (i) the Third Party Claim relates to or arises
in connection with any criminal proceeding, action, indictment, allegation or
investigation; (ii) the Third Party Claim seeks an injunction or equitable
relief against Purchaser; or (iii) there is a reasonable probability that a
Third Party Claim may materially and adversely affect Purchaser other than as a
result of money damages or other money payments.

       

      (d)           Other
Limitations.  Failure to give prompt Notice of Claim or to
provide copies of relevant available documents or to furnish relevant available
data shall not constitute a defense (in whole or in part) to any Third Party
Claim by Purchaser against the Shareholder and shall not affect the
Shareholder’s duty or obligations under this Article VII, except to the extent
(and only to the extent that) such failure shall have adversely affected the
ability of the Shareholder to defend against or reduce Shareholder’s liability
or caused or increased such liability or otherwise caused the damages for which
the Shareholder is obligated to be greater than such damages would have been had
Purchaser given the Shareholder prompt notice hereunder. So long as the
Shareholder is defending any such action actively and in good faith, Purchaser
shall not settle such action. Purchaser shall make available to the Shareholder
all relevant records and other relevant materials required by Shareholder’s
possession or under the control of Purchaser, for the use of the Shareholder and
its representatives in defending any such action, and shall in other respects
give reasonable cooperation in such defense.

       

      (e)           Failure to
Defend.  If the Shareholder, promptly after receiving a Notice
of Claim, fails to defend such Third Party Claim actively and in good faith,
Purchaser will (upon further written notice) have the right to undertake the
defense, compromise or settlement of such Third Party Claim as it may determine
in its reasonable discretion, provided that the Shareholder shall have the right
to approve any settlement, which approval will not be unreasonably delayed,
withheld or conditioned.

       

      (f)           Purchaser’s
Rights.  Anything in this Section 7.2 to the contrary
notwithstanding, the Shareholder shall not, without the written consent of
Purchaser, settle or compromise any action or consent to the entry of any
judgment which does not include as an unconditional term thereof the giving by
the claimant or the plaintiff to Purchaser of a full and unconditional release
from all liability and obligation in respect of such action without any payment
by Purchaser.

       

      (g)           Shareholder
Consent.  Unless the Shareholder has consented to a settlement
of a Third Party Claim, the amount of the settlement shall not be a binding
determination of the amount of the Loss and such amount shall be determined in
accordance with the provisions of the Escrow Agreement.

      
        
           

        

        
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      7.3           Insurance
Effect.  To the extent that any Losses that are subject to
indemnification pursuant to this Article VII are covered by insurance, Purchaser
shall use commercially reasonable efforts to obtain the maximum recovery under
such insurance; provided that Purchaser shall nevertheless be entitled to bring
a claim for indemnification under this Article VII in respect of such Losses and
the time limitations set forth in Section 7.4 hereof for bringing a claim of
indemnification under this Agreement shall be tolled during the pendency of such
insurance claim. The existence of a claim by Purchaser for monies from an
insurer or against a third party in respect of any Loss shall not, however,
delay any payment pursuant to the indemnification provisions contained herein
and otherwise determined to be due and owing by the Shareholder.  If
Purchaser has received the payment required by this Agreement from the
Shareholder in respect of any Loss and later receives proceeds from insurance or
other amounts in respect of such Loss, then it shall hold such proceeds or other
amounts in trust for the benefit of the Shareholder and shall pay to the
Shareholder, as promptly as practicable after receipt, a sum equal to the amount
of such proceeds or other amount received, up to the aggregate amount of any
payments received from the Shareholder pursuant to this Agreement in respect of
such Loss. Notwithstanding any other provisions of this Agreement, it is the
intention of the parties that no insurer or any other third party shall be (i)
entitled to a benefit it would not be entitled to receive in the absence of the
foregoing indemnification provisions, or (ii) relieved of the responsibility to
pay any claims for which it is obligated.

       

      7.4           Limitations on
Indemnification.

       

      (a)           Survival; Time
Limitation.  The representations, warranties, covenants and
agreements in this Agreement or in any writing delivered by the Company or the
Shareholder to Purchaser in connection with this Agreement (including the
certificate required to be delivered by the Company pursuant to Section 6.3(a))
and the obligation of the Shareholder to indemnify Purchaser Indemnitees
pursuant to Section 7.1(a) shall survive the Closing until the expiration of the
Escrow Period.  Notwithstanding the foregoing, the representations,
warranties and covenants of the Company and the Shareholder in each of Section
1.11 (Certain Shareholder Matters), Section 2.1(a) (Organization), Section
2.2(b) (Subsidiaries and Gaming Promoters), Section 2.3 (Capitalization) and
Section 2.4 (Authority Relative to this Agreement) shall survive without
limitation as to time and the representations, warranties and covenants of the
Company and the Shareholder in each of Sections 2.14 (Title to Property) and
2.15 (Taxes) shall survive the Closing until the sixtieth day following the
expiration of the applicable statute of limitations.

       

      (b)           No
claim for indemnification under this Article VII shall be brought after the end
of the relevant period specified in Section 7.4(a).  Any claim made by
a Purchaser Indemnitee that is required to be made and is made prior to the
expiration of the Escrow Period or other relevant period specified in Section
7.4(a) shall be preserved despite the subsequent expiration of the Escrow Period
or such other relevant period and any such claim set forth in a Notice of Claim
sent prior to the expiration of the Escrow Period or such other relevant period
shall survive until final resolution thereof.

       

      (c)           Deductible.  No
amount shall be payable under Article VII unless and until the aggregate amount
of all indemnifiable Losses otherwise payable exceeds $100,000 (the “Deductible”) but
thereafter shall be required to indemnify the Purchaser Indemnitees to the full
extent of their Losses from the first dollar thereof.  Notwithstanding
the foregoing, Losses resulting with respect to the representations, warranties
and covenants referred to in the next-to-last sentence of Section 7.4(a) (“Surviving Matters”)
and payments required to be made pursuant to Section 7.1(a) shall not be
included in the calculation of the Deductible and a Purchaser Indemnitee shall
be entitled to indemnification with respect to such Losses and payments as
though there were no Deductible.

      
        
           

        

        
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      (d)           Shareholder
Liability.  Notwithstanding the Escrow Fund, the liability of
the Shareholder pursuant to this Article VII shall not be limited to the amount
of the Escrow Fund and shall extend to all Losses incurred by the Purchaser
Indemnitees, subject only to the limitations specified in this Article
VII.

       

      7.5           Adjustment to Purchase
Consideration.  Amounts paid for indemnification under Article
VII shall be deemed to be an adjustment to the Purchase Consideration, except as
otherwise required by a Legal Requirement.

       

      ARTICLE
VIII

       

      TERMINATION

       

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

       

      (a)           by
mutual written agreement of Purchaser and the Shareholder at any
time;

       

      (b)           by
either Purchaser or the Shareholder if the transactions contemplated by this
Agreement shall not have been consummated by the sixty-fifth day following the
date of this Agreement  (the “Termination
Date”) for
any reason; provided, however, that the right to terminate this Agreement under
this Section 8.1(b) shall not be available to any party whose action or failure
to act has been a principal cause of or resulted in the failure of such
consummation to occur on or before such date and such action or failure to act
constitutes a breach of this Agreement;

       

      (c)           by
either Purchaser or the Shareholder if a Governmental Entity shall have issued
an order, decree, judgment or ruling or taken any other action, in any case
having the effect of permanently restraining, enjoining or otherwise prohibiting
the transactions contemplated by this Agreement, which order, decree, ruling or
other action is final and nonappealable;

       

      (d)           by
the Shareholder, upon a material breach of any representation, warranty,
covenant or agreement on the part of Purchaser set forth in this Agreement, or
if any representation or warranty of Purchaser shall have become untrue, in
either case such that the conditions set forth in Article VI would not be
satisfied as of the time of such breach or as of the time such representation or
warranty shall have become untrue, provided, that if such breach by Purchaser is
curable by Purchaser prior to the Closing Date, then the Shareholder may not
terminate this Agreement under this Section 8.1(d) for thirty (30) days after
delivery of written notice from the Shareholder to Purchaser of such breach,
provided Purchaser continues to exercise commercially reasonable efforts to cure
such breach (it being understood that the Shareholder may not terminate this
Agreement pursuant to this Section 8.1(d) if it shall have materially breached
this Agreement or if such breach by Purchaser is cured during such thirty
(30)-day period);

      
        
           

        

        
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      (e)           by
Purchaser, upon a material breach of any representation, warranty, covenant or
agreement on the part of the Company or the Shareholder set forth in this
Agreement, or if any representation or warranty of the Shareholder or the
Company shall have become untrue, in either case such that the conditions set
forth in Article VI would not be satisfied as of the time of such breach or as
of the time such representation or warranty shall have become untrue, provided,
that if such breach is curable by the Shareholder or the Company prior to the
Closing Date, then Purchaser may not terminate this Agreement under this Section
8.1(e) for thirty (30) days after delivery of written notice from Purchaser to
the Shareholder of such breach, provided the Shareholder and the Company
continue to exercise commercially reasonable efforts to cure such breach (it
being understood that Purchaser may not terminate this Agreement pursuant to
this Section 8.1(e) if it shall have materially breached this Agreement or if
such breach by the Shareholder or the Company is cured during such thirty
(30)-day period);

       

      (f)           by
Purchaser, if (i) the Audited Financial Statements and Unaudited Financial
Statements have not been delivered to the Purchaser by October 15, 2009 or (ii)
there is an adverse discrepancy of more than 5% in any material line item
between the amounts for such line item in the Audited Financial Statements, the
Audited Gaming Promoter Financial Statements, the Unaudited Financial
Statements, the Unaudited Gaming Promoter Financial Statements or the Proforma
Financial States and the amounts of such line item in such financial statements
as re-audited or reviewed by Purchaser pursuant to Section 5.25 (provided that
the right to terminate pursuant to this Section 8.1(f)(i) shall terminate at the
time the Audited Financial Statements are and Unaudited Financial Statements are
delivered);

       

      (g)           by
either Purchaser or the Shareholder, if, at the Special Meeting (including any
adjournments thereof), this Agreement and the transactions contemplated thereby
shall fail to be approved and adopted by the affirmative vote of the holders of
Purchaser Stock required under Purchaser’s Charter Documents, or the holders of
40% or more of the number of shares of Purchaser Stock issued in Purchaser’s
initial public offering and outstanding as of the date of the record date of the
Special Meeting exercise their rights to convert the shares of Purchaser Stock
held by them into cash in accordance with Purchaser’s Charter
Documents;

       

      (h)           by
Purchaser if the background checks procured by Purchaser regarding the
management of the Company and the record and beneficial holders of equity
securities of the Shareholder reports information on any such person that is
materially derogatory and Purchaser has no reasonable reason for believing that
such information is untrue; or

       

      (i)           by
Purchaser, if, within fourteen (14) days after the date of this Agreement, the
Company and the Shareholder have not delivered to Purchaser any schedules that
are included within the Company Schedule at the time of execution of this
Agreement or if any such schedules delivered to Purchaser within such fourteen
(14) day period are unsatisfactory to Purchaser in any respect in Purchaser’s
sole judgment.  Purchaser’s right to terminate pursuant to this
Section 8.1(i) shall terminate twenty (20) days after the date of this
Agreement.

      
        
           

        

        
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      8.2           Notice of Termination;
Effect of Termination.  Any termination of this Agreement under
Section 8.1 above will be effective immediately upon (or, if the termination is
pursuant to Section 8.1(d) or Section 8.1(e) and the proviso therein is
applicable, thirty (30) days after) the delivery of written notice of the
terminating party to the other parties hereto.  In the event of the
termination of this Agreement as provided in Section 8.1, this Agreement shall
be of no further force or effect and the transactions contemplated by this
Agreement shall be abandoned, except for and subject to the following: (i)
Sections 5.6(a), 5.11, 8.2 and 8.3 and Article X (General Provisions) shall
survive the termination of this Agreement, and (ii) nothing herein shall relieve
any party from liability for any breach of this Agreement, including a breach by
a party electing to terminate this Agreement pursuant to Section 8.1(b) caused
by the action or failure to act of such party constituting a principal cause of
or resulting in the failure of the Closing to occur on or before the date stated
therein.  Notwithstanding the foregoing provisions of this Section
8.2, if, on or prior to June 10, 2010:

       

      (a)           this
Agreement is terminated by Purchaser pursuant to Section 8.1(b), the Company
shall pay to Purchaser the sum of Two Million Dollars ($2,000,000) if the action
or failure to act of the Company or the Shareholder has been the principal cause
of or resulted in the failure of the consummation of the transactions
contemplated by this Agreement to occur on or before the Termination
Date.  The Company’s obligation pursuant to this Section 8.2(a) has
been guaranteed by Sang Heng Gaming Promotion Company Limited (“Sang Heng
Gaming”) pursuant to the guaranty agreement delivered by Sang Heng Gaming to
Purchaser concurrently with the execution of this Agreement.

       

      (b)           after
receipt of the Purchaser Stockholder Approval, Purchaser nevertheless fails to
close the transactions contemplated by this Agreement (other than (i) as a
result of the holders of 40% or more of the number of shares of Purchaser Stock
issued in Purchaser’s initial public offering and outstanding as of the date of
the record date of the Special Meeting exercising their rights to convert the
shares of Purchaser Stock held by them into cash in accordance with Purchaser’s
Charter Documents or (ii) if the action or failure to act of the Company or the
Shareholder has been the principal cause of or resulted in such failure) and
Purchaser subsequently consummates a business combination with a party other
than the Company, Purchaser shall pay to the Company the sum of Two Million
Dollars ($2,000,000) upon consummation of such other business
combination.

       

      8.3           Fees and
Expenses.  All fees and expenses incurred in connection with
this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such expenses whether or not the transactions contemplated by
this Agreement are consummated; provided that, if this Agreement is terminated
by Purchaser pursuant to Section 8.2(h), the Company and the Shareholder, on
demand of Purchaser, shall promptly reimburse Purchaser for all expenses
incurred by Purchaser, including reasonable attorneys’ fees and expenses, in
connection with the negotiation and preparation of this Agreement and actions
reasonably taken by Purchaser pursuant hereto and in enforcing its rights
hereunder.

      
        
           

        

        
          57

          
            

          

        

        
           

        

      

       

      ARTICLE
IX

      DEFINED
TERMS

      

      Terms defined in this Agreement are
organized alphabetically as follows, together with the Section and, where
applicable, paragraph, number in which definition of each such term is
located:

      

      
        
          
            
              
                	
                        “AAA”

                      	
                        Section
      10.12

                      
	
                        “Advisor
      Agreement”

                      	
                        Section
      2.17

                      
	
                        “Affiliate”

                      	
                        Section
      10.2(g)

                      
	
                        “Agreement”

                      	
                        Heading

                      
	
                        “Adjusted
      Net Income”

                      	
                        Section
      1.7(a)

                      
	
                        “Approvals”

                      	
                        Section
      2.1(a)

                      
	
                        “Audited
      Financial Statements”

                      	
                        Section
      2.7(a)

                      
	
                        “Audited
      Gaming Promoter Financial Statements

                      	
                        Section
      2.7(e)

                      
	
                        “Blue
      Sky Laws”

                      	
                        Section
      1.11(b)

                      
	
                        “Business
      Day”

                      	
                        Section
      10.2(f)

                      
	
                        “Charter
      Documents”

                      	
                        Section
      2.1(a)

                      
	
                        “Closing”

                      	
                        Section
      1.4

                      
	
                        “Closing
      Date”

                      	
                        Section
      1.4

                      
	
                        “Closing
      Press Release”

                      	
                        Section
      5.4(b)

                      
	
                        “Commission”

                      	
                        Section
      1.7(a)

                      
	
                        “Committee”

                      	
                        Section
      1.10

                      
	
                        “Companies
      Law”

                      	
                        Section
      5.1(b)

                      
	
                        “Company”

                      	
                        Heading

                      
	
                        “Company
      Closing Certificate”

                      	
                        Section
      6.3(a)

                      
	
                        “Company
      Contracts”

                      	
                        Section
      2.19(a)

                      
	
                        “Company
      Intellectual Property”

                      	
                        Section
      2.18

                      
	
                        “Company
      Products”

                      	
                        Section
      2.18

                      
	
                        “Company
      Registered Intellectual Property”

                      	
                        Section
      2.18

                      
	
                        “Company
      Schedule”

                      	
                        Article
      II Preamble

                      
	
                        “Company
      Stock”

                      	
                        Section
      2.3(a)

                      
	
                        “Consideration
      Warrants”

                      	
                        Section
      1.2

                      
	
                        “Continental”

                      	
                        Section
      1.9

                      
	
                        “Copyrights”

                      	
                        Section
      2.18

                      
	
                        “Corporate
      Records”

                      	
                        Section
      2.1(c)

                      
	
                        “Deductible”

                      	
                        Section
      7.4(c)

                      
	
                        “DGCL”

                      	
                        Section
      2.4

                      
	
                        “Disclosure
      Schedules”

                      	
                        Section
      5.12

                      
	
                        “Employment
      Agreements”

                      	
                        Section
      5.20

                      
	
                        “Environmental
      Law”

                      	
                        Section
      2.16(b)

                      
	
                        “Escrow
      Agreement”

                      	
                        Section
      1.9

                      
	
                        “Escrow
      Fund”

                      	
                        Section
      1.9

                      

              

            

          

        

      

       

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    “Escrow
      Period”

                  	
                    Section
      1.9

                  
	
                    “Exchange
      Act”

                  	
                    Section
      1.11(b)

                  
	
                    “FINRA”

                  	
                    Section
      3.23

                  
	
                    “Governmental
      Action/Filing”

                  	
                    Section
      2.21(c)

                  
	
                    “Governmental
      Entity”

                  	
                    Section
      1.11(b)

                  
	
                    “Hazardous
      Substance”

                  	
                    Section
      2.16(c)

                  
	
                    “Incentive
      Shares”

                  	
                    Section
      1.7(a)

                  
	
                    “Incentive
      Target”

                  	
                    Section
      1.7(a)

                  
	
                    “Insider”

                  	
                    Section
      2.19(a)(i)

                  
	
                    “Insurance
      Policies”

                  	
                    Section
      2.20

                  
	
                    “Intellectual
      Property”

                  	
                    Section
      2.18

                  
	
                    “knowledge”

                  	
                    Section
      10.2(d)

                  
	
                    “Legal
      Requirements”

                  	
                    Section
      10.2(b)

                  
	
                    “Lien”

                  	
                    Section
      10.2(e)

                  
	
                    “Losses”

                  	
                    Section
      7.1(b)

                  
	
                    “Material
      Adverse Effect”

                  	
                    Section
      10.2(a)

                  
	
                    “Material
      Company Contracts”

                  	
                    Section
      2.19(a)

                  
	
                    “Name
      Change Amendment”

                  	
                    Section
      5.1(a)

                  
	
                    “Notice
      of Claim”

                  	
                    Section
      7.2(a)

                  
	
                    “Gaming
      Promoter/Gaming Promoters”

                  	
                    Section
      2.2(f)

                  
	
                    “Gaming
      Promotion Agreements”

                  	
                    Section
      2.19(a)

                  
	
                    “OTC
      BB”

                  	
                    Section
      3.23

                  
	
                    “Patents”

                  	
                    Section
      2.18

                  
	
                    “Person”

                  	
                    Section
      10.2(c)

                  
	
                    “Personal
      Property”

                  	
                    Section
      2.14(b)

                  
	
                    “Plan/Plans”

                  	
                    Section
      2.11(a)

                  
	
                    “Profits
      Interest Agreement”

                  	
                    Section
      2.2(f)

                  
	
                    “Proxy
      Statement”

                  	
                    Section
      5.1(a)

                  
	
                    “Purchaser”

                  	
                    Heading

                  
	
                    “Purchase
      Consideration”

                  	
                    Section
      1.2

                  
	
                    “Purchaser
      Closing Certificate”

                  	
                    Section
      6.2(a)

                  
	
                    “Purchaser
      Contracts”

                  	
                    Section
      3.19(a)

                  
	
                    “Purchaser
      Convertible Securities”

                  	
                    Section
      3.3(b)

                  
	
                    “Purchaser
      Indemnitees”

                  	
                    Section
      7.1(a)

                  
	
                    “Purchaser
      Preferred Stock”

                  	
                    Section
      3.3(a)

                  
	
                    “Purchaser
      Schedule”

                  	
                    Article
      III Preamble

                  
	
                    “Purchaser
      SEC Reports”

                  	
                    Section
      3.7(a)

                  
	
                    “Purchaser
      Stock Options”

                  	
                    Section
      3.3(b)

                  
	
                    “Purchaser
      Stock”

                  	
                    Section
      1.5(a)

                  
	
                    “Purchaser
      Stock”

                  	
                    Section
      1.2

                  
	
                    “Purchaser
      Stockholder Approval”

                  	
                    Section
      5.1(a)

                  
	
                    “Purchaser
      Warrants”

                  	
                    Section
      3.3(b)

                  
	
                    “Registered
      Intellectual Property”

                  	
                    Section
      2.18

                  
	
                    “Returns”

                  	
                    Section
      2.15(b)(i)

                  
	
                    “Securities
      Act”

                  	
                    Section
      1.11(a)

                  
	
                    “Shareholder”

                  	
                    Heading

                  

          

        

      

       

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    “Signing
      Form 6-K”

                  	
                    Section
      5.4(a)

                  
	
                    “Signing
      Press Release”

                  	
                    Section
      5.4(a)

                  
	
                    “Special
      Meeting”

                  	
                    Section
      5.1(a)

                  
	
                    “Subsidiary/Subsidiaries”

                  	
                    Section
      2.2(a)

                  
	
                    “Surviving
      Matters”

                  	
                    Section
      7.4(c)

                  
	
                    “Tax/Taxes”

                  	
                    Section
      2.15(a)

                  
	
                    “Termination
      Date”

                  	
                    Section
      8.1(b)

                  
	
                    “Third
      Party Claim”

                  	
                    Section
      7.2

                  
	
                    “Trademarks”

                  	
                    Section
      2.18

                  
	
                    “Trust
      Fund”

                  	
                    Section
      3.25(a)

                  
	
                    “U.S.
      GAAP”

                  	
                    Section
      1.7(a)

                  
	
                    “Unaudited
      Financial Statements”

                  	
                    Section
      2.7(b)

                  
	
                    “Unaudited
      Gaming Promoter Financial Statements”

                  	
                    Section
      2.7(f)

                  
	
                    “Unaudited
      Proforma Financial Statements”

                  	
                    Section
      2.7(g)

                  

          

        

      

       

      ARTICLE
X

       

      GENERAL
PROVISIONS

       

      10.1         Notices.  All
notices and other communications hereunder shall be in writing and shall be
deemed given if delivered personally or by commercial delivery service providing
proof of delivery to the parties at the following addresses (or at such other
address for a party as shall be specified by like notice):

      

      if to Purchaser, to:

      

      CS China Acquisition Corp.

      c/o Russell Bedford Hong Kong
Limited

      Room 1708 Queens Dominion
Centre

      43-59 Queen’s Road East

      Wanchai

      Hong Kong

      

      with a
copy to:

      

      David Alan Miller, Esq.

      Graubard Miller

      405 Lexington Avenue

      New York, New York
10174-1901

      Telephone:  212-818-8661

      Telecopier:  212-818-8881

      

      CS China
Acquisition Corp.

      4100 N.E. Second Avenue, Suite
318

      
        
           

        

        
          60

          
            

          

        

        
           

        

      

      

      Miami,
Florida 33137

      Telephone: 646-383-4832

      

      if to the
Company or the Shareholder, to:

      

      Asia Gaming & Resort,
Ltd.

      Unit 1004, 10/F., East Town
Building

      16 Fenwick Street

      Wanchai, Hong Kong

      Telephone: 852-2110-9133

      Telecopier: 852-2110-9420

      

      with a copy to:

      

      Christine
M. Koo

      Ip
Solicitors & Notaries

      Room 601,
6/F., Tower 1, Admiralty Centre

      18
Harcount Road

      Admiralty,
Hong Kong

      Telephone:  852-2524-8996

      Telecopier:  852-2523-6922

       

      10.2        Interpretation.  The
definitions of the terms herein shall apply equally to the singular and plural
forms of the terms defined.  Whenever the context shall require, any
pronoun shall include the corresponding masculine, feminine and neuter
forms.  When a reference is made in this Agreement to an Exhibit or
Schedule, such reference shall be to an Exhibit or Schedule to this Agreement
unless otherwise indicated.  When a reference is made in this
Agreement to Sections or subsections, such reference shall be to a Section or
subsection of this Agreement.  Unless otherwise indicated the words
“include,” “includes” and “including” when used herein shall be deemed in each
case to be followed by the words “without limitation.”  The table of
contents and headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this
Agreement.  When reference is made herein to “the business of” an
entity, such reference shall be deemed to include the business of all direct and
indirect Subsidiaries of such entity.  Reference to the Subsidiaries
of an entity shall be deemed to include all direct and indirect Subsidiaries of
such entity.  For purposes of this Agreement:

       

      (a)           “Material Adverse
Effect” when used in connection with an entity means any change, event,
violation, inaccuracy, circumstance or effect, individually or when aggregated
with other changes, events, violations, inaccuracies, circumstances or effects,
that is materially adverse to the business, assets (including intangible
assets), revenues, financial condition, prospects or results of operations of
such entity, it being understood that none of the following alone or in
combination shall be deemed, in and of itself, to constitute a Material Adverse
Effect:  (i) changes attributable to the public announcement or
pendency of the transactions contemplated hereby, or (ii) changes in general
national or regional economic conditions;

      
        
           

        

        
          61

          
            

          

        

        
           

        

      

       

      (b)           “Legal Requirements”
means any federal, state, local, municipal, foreign
or other law, statute, constitution, principle of common law, resolution,
ordinance, code, edict, decree, rule, regulation, ruling or requirement issued,
enacted, adopted, promulgated, implemented or otherwise put into effect by or
under the authority of any Governmental Entity and all requirements set forth in
applicable Company Contracts or Purchaser Contracts;

       

      (c)           “Person” means any
individual, corporation (including any non-profit corporation), general
partnership, limited partnership, limited liability partnership, joint venture,
estate, trust, company (including any limited liability company or joint stock
company), firm or other enterprise, association, organization, entity or
Governmental Entity;

       

      (d)           “Knowledge” means
actual knowledge or awareness, after due inquiry, as to a specified fact or
event of a Person that is an individual or of an executive officer or director
of a Person that is a corporation or of a Person in a similar capacity of an
entity other than a corporation;

       

      (e)           “Lien” means any
mortgage, pledge, security interest, encumbrance, lien, restriction or charge of
any kind (including, without limitation, any conditional sale or other title
retention agreement or lease in the nature thereof, any sale with recourse
against the seller or any Affiliate of the seller, or any agreement to give any
security interest);

       

      (f)           “Business Day” means a
day, other than a Saturday or Sunday, on which banks are open for the
transaction of business in New York City.

       

      (g)           “Affiliate” means, as
applied to any Person, any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with, such
Person.  For purposes of this definition, “control” (including with
correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by
contract or otherwise; and

       

      10.3           Counterparts; Facsimile
Signatures.  This Agreement and each other document executed in
connection with the transactions contemplated hereby, and the consummation
thereof, may be executed in one or more counterparts, all of which shall be
considered one and the same document and shall become effective when one or more
counterparts have been signed by each of the parties and delivered to the other
party, it being understood that all parties need not sign the same
counterpart.  Delivery by facsimile or email attachment to counsel for
the other party of a counterpart executed by a party shall be deemed to meet the
requirements of the previous sentence.

      
        
           

        

        
          62

          
            

          

        

        
           

        

      

       

      10.4         Entire Agreement; Third
Party Beneficiaries.  This Agreement and the documents and
instruments and other agreements among the parties hereto as contemplated by or
referred to herein, including the Exhibits and Schedules hereto (a) constitute
the entire agreement among the parties with respect to the subject matter hereof
and
supersede all prior agreements and understandings, both written and oral, among
the parties with respect to the subject matter hereof, it being understood that
the letter of intent between Purchaser and the Company dated August 18, 2009 is
hereby terminated in its entirety and shall be of no further force and effect
(except to the extent expressly stated to survive the execution of this
Agreement and the consummation of the transactions contemplated hereby); and (b)
are not intended to confer upon any other person any rights or remedies
hereunder (except as specifically provided in this Agreement).

       

      10.5         Severability.  In
the event that any provision of this Agreement, or the application thereof,
becomes or is declared by a court of competent jurisdiction to be illegal, void
or unenforceable, the remainder of this Agreement will continue in full force
and effect and the application of such provision to other persons or
circumstances will be interpreted so as reasonably to effect the intent of the
parties hereto.  The parties further agree to replace such void or
unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business and other
purposes of such void or unenforceable provision.

       

      10.6         Other Remedies; Specific
Performance.  Except as otherwise provided herein, any and all
remedies herein expressly conferred upon a party will be deemed cumulative with
and not exclusive of any other remedy conferred hereby, or by law or equity upon
such party, and the exercise by a party of any one remedy will not preclude the
exercise of any other remedy.  The parties hereto agree that
irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were
otherwise breached.  It is accordingly agreed that the parties shall
be entitled to seek an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof in any
court of the United States or any state having jurisdiction, this being in
addition to any other remedy to which they are entitled at law or in
equity.

       

      10.7         Governing
Law.  This Agreement shall be governed by and construed in
accordance with the law of the State of New York regardless of the law that
might otherwise govern under applicable principles of conflicts of law
thereof.

       

      10.8         Rules of
Construction.  The parties hereto agree that they have been
represented by counsel during the negotiation and execution of this Agreement
and, therefore, waive the application of any law, regulation, holding or rule of
construction providing that ambiguities in an agreement or other document will
be construed against the party drafting such agreement or document.

       

      10.9         Assignment.  No
party may assign either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other parties,
except that Purchaser may assign its rights hereunder to a wholly-owned
subsidiary formed for such purpose; provided that no such assignment by
Purchaser shall relieve Purchaser of its obligations and liabilities
hereunder.  Subject to the first sentence of this Section 10.9, this
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

      
        
           

        

        
          63

          
            

          

        

        
           

        

      

       

      10.10       Amendment.  This
Agreement may be amended by the parties hereto at any time by execution of an
instrument in writing signed on behalf of each of the parties.

       

      10.11       Extension;
Waiver.  At any time prior to the Closing, any party hereto
may, to the extent legally allowed, (i) extend the time for the performance of
any of the obligations or other acts of the other parties hereto, (ii) waive any
inaccuracies in the representations and warranties made to such party contained
herein or in any document delivered pursuant hereto and (iii) waive compliance
with any of the agreements or conditions for the benefit of such party contained
herein.  Any agreement on the part of a party hereto to any such
extension or waiver shall be valid only if set forth in an instrument in writing
signed on behalf of such party.  Delay in exercising any right under
this Agreement shall not constitute a waiver of such right.

       

      10.12       Arbitration.  Any
disputes or claims arising under or in connection with this Agreement or the
transactions contemplated hereunder shall be resolved by binding
arbitration.  Notice of a demand to arbitrate a dispute by either
party shall be given in writing to the other at their last known
address.  Arbitration shall be commenced by the filing by a party of
an arbitration demand with the American Arbitration Association (“AAA”) in its office
in The City of New York.  The arbitration and resolution of the
dispute shall be resolved by a single arbitrator appointed by the AAA pursuant
to AAA rules.  The arbitration shall in all respects be governed and
conducted by applicable AAA rules, and any award and/or decision shall be
conclusive and binding on the parties.  The arbitration shall be
conducted in The City of New York.  The arbitrator shall supply a
written opinion supporting any award, and judgment may be entered on the award
in any court of competent jurisdiction.  Each party shall pay its own
fees and expenses for the arbitration, except that any costs and charges imposed
by the AAA and any fees of the arbitrator for his services shall be assessed
against the losing party by the arbitrator.  In the event that
preliminary or permanent injunctive relief is necessary or desirable in order to
prevent a party from acting contrary to this Agreement or to prevent irreparable
harm prior to a confirmation of an arbitration award, then either party is
authorized and entitled to commence a lawsuit solely to obtain equitable relief
against the other pending the completion of the arbitration in a court having
jurisdiction over the parties.  Each party hereby consents to the
exclusive jurisdiction of the federal and state courts located in the State of
New York, New York County, for such purpose.  All rights and remedies
of the parties shall be cumulative and in addition to any other rights and
remedies obtainable from arbitration.

       

      10.13       Currency.  All
monetary amounts set forth herein are referenced in United States dollars,
unless otherwise noted.

       

      [The
remainder of this page has been intentionally left
blank.]          

      
        
           

        

        
          64

          
            

          

        

        
           

        

      

       

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

      

      
        
          	 
      	
                  CS
      CHINA ACQUISITION CORP.

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ James R. Preissler

                
	 
      	 
      	
                   
      James R. Preissler

                
	 
      	 
      	
                   
      Director and CFO

                
	 
      	 
      
	 
      	
                  ASIA
      GAMING & RESORT, LTD.

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Lam Man Pou

                
	 
      	 
      	
                   
      Lam Man Pou

                
	 
      	 
      	
                   
      Chairman and Director

                
	 
      	 
      
	 
      	
                  SPRING
      FORTUNE INVESTMENTS LTD

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Lam Man Pou

                
	 
      	 
      	
                  Lam
      Man Pou

                
	 
      	 
      	
                  Chairman
      and Director

                

        

      

      
        
           

        

        
          65

          
            

          

        

        
           

        

      

      INDEX
OF EXHIBITS AND SCHEDULES

       

      Exhibits

      

      
        
          	
                  Exhibit
      A

                	
                  -

                	
                  Form
      of Purchaser Warrant

                
	 
      	 
      	 
      
	
                  Exhibit
      B

                	
                  -

                	
                  Form
      of Escrow Agreement

                
	 
      	 
      	 
      
	
                  Exhibit
      C

                	
                  -

                	
                  Form
      of Employment Agreement

                
	 
      	 
      	 
      
	
                  Exhibit
      D

                	
                  -

                	
                  Form
      of Revised Profit Interest Agreement

                
	 
      	 
      	 
      
	
                  Exhibit
      E

                	
                  -

                	
                  Form
      of Opinion of Graubard Miller

                
	 
      	 
      	 
      
	
                  Exhibit
      F

                	
                  -

                	
                  Form
      of Opinion of [Company
Counsel]

                

        

      

       

      Schedules

      

      
        
          	
                  Schedule
      1.7(a)

                	
                  -

                	
                  Incentive
      Shares

                
	
                  Schedule
      1.7(g)

                	
                  -

                	
                  Conditions
      to Issuance of Shares and Warrants

                
	
                  Schedule
      1.12

                	
                  -

                	
                  Permitted
      Transferees*

                
	
                  Schedule
      2

                	
                  -

                	
                  Company
      Schedule*

                
	
                  Schedule
      3

                	
                  -

                	
                  Purchaser
      Schedule*

                
	
                  Schedule
      5.2(a)

                	
                  -

                	
                  Directors
      and Officers of Purchaser and the Company

                
	
                  Schedule
      5.2(c)

                	
                  -

                	
                  Agenda
      for Purchaser Board of Directors Meetings

                
	
                  Schedule
      5.20

                	
                  -

                	
                  Employment
      Agreements*

                
	
                  Schedule
      6.2(h)

                	
                  -

                	
                  Purchaser
      Resignations*

                
	
                  Schedule
      6.3(i)

                	
                  -

                	
                  Company
      Resignations*

                
	
                  Schedule
      6.3(l)

                	
                  -

                	
                  Other
      Agreements*

                

        

      

      

      
        
          

        

      

      
        *
Information furnished separately

      

      
        
           

        

        
          66

          
            

          

        

        
           

        

      

       SCHEDULE
1.7(a)

      INCENTIVE
SHARES

      

      

      
        
          	
                  Year

                	 
      	
                  Incentive
      Target

                	 
      	
                  Incentive
      Shares*

                
	 
      	 
      	 
      	 
      	 
      
	
                  2009

                	 
      	
                  $16,000,000
      to $16,999,999

                	 
      	
                  1,150,000

                
	 
      	 
      	
                  $17,000,000
      to $17,999,999

                	 
      	
                  2,464,000

                
	 
      	 
      	
                  $18,000,000
      to $18,999,999

                	 
      	
                  3,981,000

                
	 
      	 
      	
                  $19,000,000
      to $19,999,999

                	 
      	
                  5,750,000

                
	 
      	 
      	
                  $20,000,000
      and above

                	 
      	
                  7,841,000

                
	 
      	 
      	 
      	 
      	 
      
	
                  2010

                	 
      	
                  $36,800,000
      to $37,799,999

                	 
      	
                  4,210,000

                
	 
      	 
      	
                  $37,800,000
      to $38,799,999

                	 
      	
                  6,300,000

                
	 
      	 
      	
                  $38,800,000
      to $39,799,999

                	 
      	
                  8,069,000

                
	 
      	 
      	
                  $39,800,000
      to $40,799,999

                	 
      	
                  9,586,000

                
	 
      	 
      	
                  $40,800,000
      to $41,799,999

                	 
      	
                  10,900,000

                
	 
      	 
      	
                  $41,800,000
      and above

                	 
      	
                  12,050,000

                
	 
      	 
      	 
      	 
      	 
      
	
                  2011

                	 
      	
                  $47,500,000
      and above

                	 
      	
                  2,573,000

                
	 
      	 
      	 
      	 
      	 
      
	
                  2012

                	
                    

                	
                  $52,500,000
      and above

                	
                    

                	
                  2,573,000

                

        

      

      

      *The
numbers of Incentive Shares for 2009 and 2010 are not
cumulative.

      
        
           

        

        
          67

          
            

          

        

        
           

        

      

      SCHEDULE
1.7(g)

      CONDITIONS
TO ISSUANCE OF SHARES AND WARRANTS

      

      The
issuance of shares of Purchaser Stock and Consideration Warrants pursuant to
Section 1.7 of the Agreement with respect any fiscal year is subject to the
following conditions being fulfilled as of the date that shares of Purchaser
Stock and Consideration Warrants are issued with respect to such fiscal year
pursuant to Section 1.7(f) of the Agreement:

      

      
        	
                 
      

              	
                a.

              	
                Purchaser’s
      Ordinary Shares shall be quoted on the OTC BB or listed for quotation or
      trading on the Nasdaq Stock Market or other national securities
      exchange.

              

      

      

      
        	
                 
      

              	
                b.

              	
                Purchaser
      shall have filed all reports it is required to file with the Commission in
      a timely manner except for delays that have been approved or ratified by
      at least of five (5) of the seven (7) directors of Purchaser (a “Board
      Super-Majority”).

              

      

      

      
        	
                 
      

              	
                c.

              	
                Purchaser
      shall be in compliance with applicable requirements of the Sarbanes- Oxley
      Act of 2002, as amended,  and, if deemed necessary by the audit
      committee of the Board of Directors of Purchaser (the “Audit
      Committee”), shall have engaged a consulting firm recommended by
      the Audit Committee to assist with such
  compliance.

              

      

      

      
        	
                 
      

              	
                d.

              	
                The
      Chief Financial Officer of Purchaser shall have been a Person fluent in
      spoken and written English who has been approved by a Board
      Super-Majority.

              

      

      

      
        	
                 
      

              	
                e.

              	
                All
      related party transactions shall have been approved by a Board
      Super-Majority.

              

      

      

      
        	
                 
      

              	
                f.

              	
                Purchaser’s
      investor relations efforts shall be satisfactory to the Audit
      Committee.

              

      

      

      
        	
                 
      

              	
                g.

              	
                Prior
      to December 31, 2010, Purchaser shall have engaged as its auditor a firm
      recommended by the Audit Committee and thereafter Purchaser’s auditor
      shall continue to be a firm recommended by the Audit
      Committee.

              

      

      

      
        	
                 
      

              	
                h.

              	
                Prior
      to December 31, 2010, Purchaser shall have engaged as its United States
      legal counsel a firm selected by the Board of Directors and thereafter
      Purchaser’s United States legal counsel shall continue to be a firm
      selected by the Board of Directors.

              

      

      

      
        	
                 
      

              	
                i.

              	
                Purchaser
      shall be in compliance with corporate governance requirements established
      by the Nasdaq Stock Market whether or not Purchaser’s securities are
      listed for quotation on the Nasdaq Stock
Market.

              

      

      
        
           

        

        
          68

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                j.

              	
                Purchaser
      and the Company shall be in compliance with the requirements of Section
      5.2(c) of the Agreement.

              

      

      
        
           

        

        
          69

          
            

          

        

        
           

        

      

      SCHEDULE
21

      COMPANY
SCHEDULE

      (Information
Furnished Separately)

      

      
        
          	
                  Schedule
      2.1

                	
                  -

                	
                  Organization
      and Qualification

                
	 
      	 
      	 
      
	
                  Schedule
      2.2

                	
                  -

                	
                  Subsidiaries
      and Operators

                
	 
      	 
      	 
      
	
                  Schedule
      2.3

                	
                  -

                	
                  Capitalization

                
	 
      	 
      	 
      
	
                  Schedule
      2.5

                	
                  -

                	
                  No
      Conflict; Required Filings and Consents

                
	 
      	 
      	 
      
	
                  Schedule
      2.6

                	
                  -

                	
                  Compliance

                
	 
      	 
      	 
      
	
                  Schedule
      2.8

                	
                  -

                	
                  No
      Undisclosed Liabilities

                
	 
      	 
      	 
      
	
                  Schedule
      2.9

                	
                  -

                	
                  Absence
      of Certain Changes or Events

                
	 
      	 
      	 
      
	
                  Schedule
      2.11

                	
                  -

                	
                  Employee
      Benefit Plans

                
	 
      	 
      	 
      
	
                  Schedule
      2.13

                	
                  -

                	
                  Restrictions
      on Business Activities

                
	 
      	 
      	 
      
	
                  Schedule
      2.14

                	
                  -

                	
                  Title
      to Property

                
	 
      	 
      	 
      
	
                  Schedule
      2.15

                	
                  -

                	
                  Taxes

                
	 
      	 
      	 
      
	
                  Schedule
      2.16

                	
                  -

                	
                  Environmental
      Matters

                
	 
      	 
      	 
      
	
                  Schedule
      2.17

                	
                  -

                	
                  Brokers;
      Third Party Expenses

                
	 
      	 
      	 
      
	
                  Schedule
      2.18

                	
                  -

                	
                  Intellectual
      Property

                
	 
      	 
      	 
      
	
                  Schedule
      2.19

                	
                  -

                	
                  Agreements,
      Contacts and Commitments

                
	 
      	 
      	 
      
	
                  Schedule
      2.20

                	
                  -

                	
                  Insurance

                
	 
      	 
      	 
      
	
                  Schedule
      2.21

                	
                  -

                	
                  Governmental
      Actions/Filings

                
	 
      	 
      	 
      
	
                  Schedule
      2.22 

                	
                  -

                	

                  Interested
      Party Transactions  

                

        

      

       

      
        

      

      1 Any
schedule that is not delivered at the time of signing is to be so indicated with
an asterisk and the following footnote:  “*This schedule is to be
delivered no later than fourteen (14) days after the date of this
Agreement.”

      
        
           

        

        
          70

          
            

          

        

        
           

        

      

      SCHEDULE
3

      PURCHASER
SCHEDULE

      (Information
Furnished Separately)

      

      

      
        
          	
                  Schedule
      3.3

                	
                  -

                	
                  Capitalization

                
	 
      	 
      	 
      
	
                  Schedule
      3.7

                	 
      	
                  SEC
      Filings; Financial Statements

                
	 
      	 
      	 
      
	
                  Schedule
      3.14

                	
                  -

                	
                  Title
      to Property

                
	 
      	 
      	 
      
	
                  Schedule
      3.15

                	
                  -

                	
                  Taxes

                
	 
      	 
      	 
      
	
                  Schedule
      3.17

                	
                  -

                	
                  Brokers

                
	 
      	 
      	 
      
	
                  Schedule
      3.19

                	
                  -

                	
                  Agreements,
      Contracts and Commitments

                
	 
      	 
      	 
      
	
                  Schedule
      3.22

                	
                  -

                	
                  Indebtedness

                
	 
      	 
      	 
      
	
                  Schedule
      3.26

                	
                  -

                	
                  Governmental
      Filings

                

        

      

       

      
        
           

        

        
          71

          
            

          

        

        
           

        

      

       SCHEDULE
5.2(a)

      DIRECTORS
AND OFFICERS OF PURCHASER AND THE COMPANY

      

      PURCHASER
DIRECTORS AND OFFICERS

      

      Directors

      

      [2
directors shall be appointed by Purchaser, 4 directors shall be appointed by the
Company and 1 director shall be appointed mutually by Purchaser and the
Company.  All appointees shall meet requirements for appointment of
the Nasdaq Stock Exchange.  At least a majority of such appointees
will be deemed to be “independent directors” within such
requirements.]

      

      Officers

      

      [To be
specified]

      

      COMPANY
DIRECTORS AND OFFICERS

      

      Directors

      

      [To be
specified]

      

      Officers

      

      [To be
specified]

      
        
           

        

        
          72

          
            

          

        

        
           

        

      

      SCHEDULE
5.2(c)

      AGENDA
FOR PURCHASER BOARD OF DIRECTORS MEETINGS

       

      
        	
                 
      

              	
                1.

              	
                Discuss
      General Board Administration:

              

      

      
        	
                 
      

              	
                i.

              	
                Set
      tentative dates for next four board
meetings

              

      

      
        	
                 
      

              	
                ii.

              	
                Responsibility
      for calling the meetings with board Chairman and Committee Chairman –
      however, any board member can call a
meeting

              

      

      

      
        	
                 
      

              	
                2.

              	
                Quarterly
      financial and operations presentation by Purchaser CFO with
      management

              

      

      
        	
                 
      

              	
                i.

              	
                Financial
      review

              

      

      
        	
                 
      

              	
                ii.

              	
                Operating
      review

              

      

      
        	
                 
      

              	
                iii.

              	
                Operating
      metrics (e.g., capacity utilization)
review

              

      

      
        	
                 
      

              	
                iv.

              	
                Business
      outlook or pipeline review

              

      

      
        	
                 
      

              	
                v.

              	
                Revenue
      expectations for upcoming quarters

              

      

      
        	
                 
      

              	
                vi.

              	
                Government
      initiatives and programs

              

      

      

      
        	
                 
      

              	
                3.

              	
                Update
      on corporate development and governance initiatives by management (e.g.,
      Sarbanes-Oxley Act of 2002 compliance) and development and approval by
      board of an insider trading policy and black-out
  periods

              

      

      

      
        	
                 
      

              	
                4.

              	
                Updates
      on capital planning and investments by
  management

              

      

      
        	
                 
      

              	
                i.

              	
                Management
      to present capital expenditures for next 12
  months

              

      

      
        	
                 
      

              	
                ii.

              	
                Review
      of key M&A targets and progress

              

      

      
        	
                 
      

              	
                iii.

              	
                Review
      of debt and lending agreements

              

      

      
        	
                 
      

              	
                iv.

              	
                Review
      of investment banking relationships, contacts, &
      discussions

              

      

      

      
        	
                 
      

              	
                5.

              	
                Present
      budget/forecast

              

      

      

      
        	
                 
      

              	
                6.

              	
                Present
      and obtain board approval on issuing or changing any guidance and
      forecasting

              

      

      

      
        	
                 
      

              	
                7.

              	
                Investor
      Relations Strategy and Planning

              

      

      

      
        	
                 
      

              	
                8.

              	
                Sending
      prior board meeting minutes a week in advance of meeting – discuss and
      ratify prior board meeting
minutes

              

      

      
        
           

        

        
          73

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