Document:

Letter
      of
      Transmittal

     

    To
      Offer
      to Exchange Each Outstanding Share of Preferred Stock

    of

    GIFTED
      TIME HOLDINGS, LTD.

    for
      one
      share

    Common
      Stock of HLS Systems International, Ltd.

    Pursuant
      to the Prospectus dated ____________, 2007

     

    THE
      OFFER
      AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON
      ______________, 2007, UNLESS THE OFFER IS EXTENDED. SECURITIES TENDERED PURSUANT
      TO THE OFFER MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE, BUT
      NOT
      DURING ANY SUBSEQUENT OFFERING PERIOD.

     

    By
      Mail, Overnight Courier or Hand Delivery

     

    HLS
      Systems International, Ltd.

    c/o Chardan
      North China Acquisition Corporation

    625
      Broadway, Suite 1111

    San
      Diego, CA 92101

    

    

    DELIVERY
      OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS, OTHER THAN AS SET FORTH ABOVE
      WILL
      NOT CONSTITUTE A VALID DELIVERY.

     

    THE
      INSTRUCTIONS ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY
      BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.

     

    
      	
              DESCRIPTION
                OF SHARES TENDERED

               

            
	
              Name(s)
                and Address(es) of Registered 

              Holder(s)
                (Please fill in, if blank, exactly as 

              name(s)
                appear(s) on Share Certificate(s))

            	
              Share
                Certificate(s) and Share(s) Tendered

              (Attach additional list, if necessary)

            
	 	
              Share
                Certificate 

              Number(s)

            	
              Total
                Number of 

              Shares
                Evidenced By 

              Share
                Certificate(s)

            	
              Number
                of Shares 

              Tendered*

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              Total
                Shares

               

            	 	 

    

     

    
      
        	*	
                Unless
                  otherwise indicated, it will be assumed that all Shares evidenced
                  by each
                  Share Certificate delivered to HLS are being tendered hereby. See
                  Instruction 4.

              

      

     

    This
      Letter of Transmittal is to be used to forward certificates pursuant to the
      procedures set forth under in the Prospectus under the caption “The Exchange
      Offer—Procedure for Tendering.”

     

    IF
      ANY OF
      THE CERTIFICATES REPRESENTING SHARES THAT YOU OWN HAVE BEEN LOST OR DESTROYED,
      SEE INSTRUCTION 9 OF THIS LETTER OF TRANSMITTAL.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    LOST
      CERTIFICATES

     

     ̈ 
I
      HAVE
      LOST MY CERTIFICATE(S) THAT
      REPRESENTED                     
  SHARES AND REQUIRE ASSISTANCE IN OBTAINING REPLACEMENT CERTIFICATE(S). I
      UNDERSTAND THAT I MUST CONTACT HLS AND/OR GIFTED TIME HOLDINGS TO OBTAIN
      INSTRUCTIONS FOR REPLACING LOST CERTIFICATES. SEE INSTRUCTION 9.

     

    NOTE:
      SIGNATURES MUST BE PROVIDED BELOW.

    PLEASE
      READ ACCOMPANYING INSTRUCTIONS CAREFULLY.

     

    Ladies
      and Gentlemen:

     

    The
      undersigned hereby tenders to HLS Systems International, Ltd.. (“HLS”), a
      British Virgin Islands corporation, the above-described shares of preferred
      stock (the “Gifted Time Shares”) of Gifted Time Holding, Ltd. (“Gifted Time”)
      pursuant to HLS’s offer to exchange one share of common stock, par value $0.001
      per share, of HLS (“HLS Shares”) for each outstanding Gifted Time Share, upon
      the terms and subject to the conditions set forth in the Prospectus, dated
      ___________, 2007 (the “Prospectus”), receipt of which is hereby acknowledged,
      and in this Letter of Transmittal (which together, as each may be amended,
      supplemented or otherwise modified from time to time, constitute the “Exchange
      Offer”). The undersigned understands that HLS reserves the right to transfer or
      assign, in whole or from time to time in part, to one or more of its affiliates
      the right to purchase Gifted Time Shares tendered pursuant to the Exchange
      Offer, but any such transfer or assignment will not relieve HLS of its
      obligations under the Exchange Offer or prejudice the undersigned’s rights to
      receive HLS Shares for Gifted Time Shares validly tendered and accepted for
      exchange.

     

    Upon
      the
      terms and subject to the conditions of the Exchange Offer and effective upon
      acceptance of the Gifted Time Shares tendered herewith in accordance with the
      terms of the Exchange Offer, the undersigned hereby sells, assigns and transfers
      to, or upon the order of, HLS all right, title and interest in and to all of
      the
      Gifted Time Shares that are being tendered hereby (and any and all dividends,
      distributions, rights, other Gifted Time Shares or other securities issued
      or
      issuable in respect thereof on or after the date hereof (collectively, a
“Distribution”)) and appoints HLS the true and lawful agent and attorney-in-fact
      of the undersigned with respect to such Gifted Time Shares (and any
      Distribution), with full power of substitution (such power of attorney being
      deemed to be an irrevocable power coupled with an interest), to (i) deliver
      certificates for such Gifted Time Shares (and any Distribution), together with
      all accompanying evidences of transfer and authenticity, to or upon the order
      of
      HLS, (ii) present such Gifted Time Shares (and any Distribution) for transfer
      on
      the books of Gifted Time, and (iii) receive all benefits and otherwise exercise
      all rights of beneficial ownership of such Gifted Time Shares (and any
      Distribution), all in accordance with the terms of the Exchange
      Offer.

     

    The
      undersigned hereby irrevocably appoints designees of HLS as the attorneys and
      proxies of the undersigned, each with full power of substitution, to exercise
      all voting and other rights of the undersigned in such manner as each such
      attorney and proxy or his substitute shall in his sole discretion deem proper,
      with respect to all of the Gifted Time Shares tendered hereby which have been
      accepted for exchange by HLS prior to the time of any vote or other action
      (and
      any Distribution) at any meeting of shareholders of Gifted Time (whether or
      not
      an adjourned meeting), by written consent or otherwise. This proxy is
      irrevocable and is granted in consideration of, and is effective upon, the
      acceptance for exchange of such Gifted Time Shares by HLS in accordance with
      the
      terms of the Exchange Offer. Such acceptance for exchange shall revoke any
      other
      proxy or written consent granted by the undersigned at any time with respect
      to
      such Gifted Time Shares (and any Distribution), and no subsequent proxies will
      be given or written consents will be executed by the undersigned (and if given
      or executed, will not be deemed to be effective).

     

    The
      undersigned hereby represents and warrants that the undersigned has full power
      and authority to tender, sell, assign and transfer the Gifted Time Shares
      tendered hereby (and any Distribution) and that when the same are accepted
      for
      exchange by HLS, HLS will acquire good and unencumbered title thereto, free
      and
      clear of all liens, restrictions, charges and encumbrances and not subject
      to
      any adverse claims. The undersigned will, upon request, execute and deliver
      any
      additional documents deemed by HLS to be necessary or desirable to complete
      the
      sale, assignment and transfer of the Gifted Time Shares tendered hereby (and
      any
      Distribution).

     

    The
      undersigned understands that tenders of Gifted Time Shares pursuant to the
      procedures described in the Prospectus under the caption “The Exchange
      Offer—Procedure for Tendering” and in the instructions hereto will constitute a
      binding agreement between the undersigned and HLS upon the terms and subject
      to
      the conditions of the Exchange Offer. The undersigned recognizes that under
      certain circumstances set forth in the Prospectus, HLS may not be required
      to
      accept for exchange any of the Gifted Time Shares tendered hereby.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    The
      undersigned understands that the delivery and surrender of Gifted Time Shares
      that the undersigned has tendered is not effective, and the risk of loss of
      Gifted Time Shares does not pass to HLS, until HLS receives the Letter of
      Transmittal, duly completed and signed, together with all accompanying evidences
      of authority in form satisfactory to HLS and any other required documents.
      THE
      UNDERSIGNED UNDERSTANDS THAT ALL QUESTIONS AS TO THE FORM OF DOCUMENTS
      (INCLUDING NOTICES OF WITHDRAWAL) AND THE VALIDITY, FORM, ELIGIBILITY (INCLUDING
      TIME OF RECEIPT) AND ACCEPTANCE FOR EXCHANGE OF ANY TENDER OF GIFTED TIME SHARES
      WILL BE DETERMINED BY HLS AND IN ITS SOLE DISCRETION AND SUCH DETERMINATION
      SHALL BE FINAL AND BINDING UPON ALL TENDERING GIFTED TIME SHAREHOLDERS. The
      undersigned also understands that no tender of Gifted Time Shares is valid
      until
      all defects and irregularities in tenders of Gifted Time Shares have been cured
      or waived and that none of HLS, or any other person is under any duty to give
      notification of any defects or irregularities in the tender of any Gifted Time
      Shares or will incur any liability for failure to give any such
      notification.

     

    All
      authority herein conferred or agreed to be conferred shall survive the death
      or
      incapacity of the undersigned, and any obligation of the undersigned hereunder
      shall be binding upon the heirs, personal representatives, successors and
      assigns of the undersigned. Except as stated in the Exchange Offer, this tender
      is irrevocable.

     

    Unless
      otherwise indicated under “Special Issuance Instructions,” please issue the HLS
      Shares and return any Gifted Time Shares not tendered or not accepted for
      exchange, in the name(s) of the undersigned. Similarly, unless otherwise
      indicated under “Special Delivery Instructions,” please mail the HLS Shares and
      any certificates for Gifted Time Shares not tendered or not accepted for
      exchange (and accompanying documents, as appropriate) to the undersigned at
      the
      address shown below the undersigned’s signature(s). In the event that both
“Special Issuance Instructions” and “Special Delivery Instructions” are
      completed, please issue the HLS Shares and return any Gifted Time Shares not
      tendered or not accepted for exchange in the name(s) of, and mail said check
      and
      any certificates to, the person(s) so indicated. The undersigned recognizes
      that
      HLS has no obligation, pursuant to the “Special Issuance Instructions,” to
      transfer any Gifted Time Shares from the name of the registered holder(s)
      thereof if HLS does not accept for exchange any of the Gifted Time Shares so
      tendered.

     

     

    
      	
              SPECIAL
                ISSUANCE INSTRUCTIONS

              (See
                Instructions 1, 5, 6 and 7)

               

            	 	
              SPECIAL
                DELIVERY INSTRUCTIONS

              (See
                Instructions 1, 5, 6 and 7)

            
	To
              be completed ONLY if the HLS Shares (or certificates for Gifted Time
              Shares not tendered or not accepted for exchange) are to be issued
              in the
              name of someone other than the undersigned.	 	To
              be completed ONLY if the HLS Shares (or certificates for Gifted Time
              Shares not tendered or not accepted for exchange) are to be sent to
              someone other than the undersigned.
	 	 	 	 	 
	Issue
              Certificates to:	 	Mail
              Certificates to:
	 	 	 	 	 
	Name:
              	
               

            	 	Name:	
               

            
	 	
              (Please
                Print)

            	 	 	
              (Please
                Print)

            
	 	 	 	 	 
	Address:	
               

            	 	Address:
	
              
                 

              

            
	 	 	 	 	 
	 	
              (Zip
                Code)

            	 	 	
              (Zip
                Code)

            
	 	
                

               

            	 	 	
               

            
	 	
              (Taxpayer
                Identification No.)

            	 	 	
              (Taxpayer
                Identification No.)

            

    

    

     

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IMPORTANT—SIGN
      HERE

    (Also
      Complete Substitute Form W-9 Included Below)

    (Signature(s)
      of Owner(s))

    

    

    
      	
              Dated

            	 
              
	 	 
	
              Name(s)

            	 
              
	 	 
	 	 
              
	 	
              (Please
                Print)

            

    

     

    
      	
              Capacity
                (full title)

            	 

    

     

    
      	
              Address

            	 
              
	 	
               (Include
                Zip
                Code)                        
                

            
	 	
               

            

    

     

    
      	
              Area
                Code and Telephone Number

            	 
              

    

    

    

    (Must
      be
      signed by registered holder(s) exactly as name(s) appear(s) on Share
      Certificate(s). If signature is by a trustee, executor, administrator, guardian,
      attorney-in-fact, agent, officer of a corporation or other person acting in
      a
      fiduciary or representative capacity, please provide the necessary information
      above and see Instruction 5.)

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    GUARANTEE
      OF SIGNATURE(S)

    (See
      Instructions 1 and 5)

    FOR
      USE
      BY FINANCIAL INSTITUTIONS ONLY

    FINANCIAL
      INSTITUTIONS: PLACE MEDALLION GUARANTEE IN SPACE BELOW.

    

    

    
      

      
        	
                Authorized
                  Signature

              	 
                

      

       

      
        	
                Name(s)

              	 
                

      

       

      
        	Title	 
                
	 	
                (Please
                  Print)

              

      

       

      
        	
                Name
                  of Firm

              	 

      

       

      
        	
                Address

              	 
                
	 	
                 (Include
                  Zip
                  Code)                        
                  

              

      

       

      
        	
                Area
                  Code and Telephone Number

              	 
                

      

      

      
        	Dated	 
                

      

    

     

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              SUBSTITUTE
                FORM W-9

            	 	PAYER’S
              NAME: HLS Systems International, Ltd.	 
	
              Department
                of The Treasury 

              Internal
                Revenue Service

               

              Payer’s
                Request for Taxpayer 

              Identification
                Number 

              (“TIN”)
                and Certification

            	 	
              PART
                1

              Please
                provide your TIN and certify by signing and 

              dating
                below.

            	
              Social
                Security Number OR

              Employer
                Identification Number(s):

               

              ______________________

            
	 	 	PART
              2       ̈
              Exempt
              from Backup Withholding        ̈
              Awaiting TIN
	 	 	 	 	 
	 	 	
              PART
                3—CERTIFICATION

              Under
                penalties of perjury, I certify that:

            
	 	 	 	 
	 	 	
              (1)

            	
              The
                number shown on this form is my current
                taxpayer identification number (or I am waiting for a number to be
                issued
                to me); and

            
	 	 	 	 
	 	 	(2)	
              I
                am not subject to backup withholding because
                (a) I am exempt from backup withholding, (b) I have not been notified
                by
                the Internal Revenue Service (the “IRS”) that I am subject to backup
                withholding as a result of failure to report all interest or dividends,
                or
                (c) the IRS has notified me that I am no longer subject to backup
                withholding; and

            
	 	 	 	 
	 	 	(3)	
              I
                am a U.S. person (including a U.S. resident
                alien).

            
	 	 	 	 
	 	 	
              CERTIFICATION
                INSTRUCTIONS. You must cross out item (2) in Part 3 above if you
                have been
                notified by the IRS that you are subject to backup withholding because
                of
                underreporting interest or dividends on your tax return. However,
                if after
                being notified by the IRS that you are subject to backup withholding
                you
                receive another notification from the IRS stating that you are no
                longer
                subject to backup withholding, do not cross out item
                (2).

            
	 	 	 	 
	 	 	
              SIGNATURE ____________________________________________

               

              NAME _________________________________________________

               

              BUSINESS
                NAME ________________________________________

               

              (If
                different from
                above) ____________________________________

               

              Check
                appropriate box:

               ̈
                Individual/Sole Proprietor  ̈
                Corporation  ̈
                Partnership  ̈
                Other_____

               

              ADDRESS _______________________________________________

               

              CITY
                     
STATE
                  
                 
                ZIP CODE   

            

    

    

    NOTE:
      FAILURE
      TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP WITHHOLDING OF A PORTION
      OF ANY PAYMENT MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED
      “GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE
      FORM W-9” FOR ADDITIONAL DETAILS.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Instructions

    Forming
      Part of the Terms and Conditions of the Offer

     

    1.  Guarantee
      of Signatures.
      Except
      as otherwise provided below, all signatures on this Letter of Transmittal must
      be guaranteed by a financial institution (including most banks, savings and
      loan
      associations and brokerage houses) that is a member of a recognized Medallion
      Program approved by The Securities Transfer Association, Inc. or any other
      “eligible guarantor institution” (as such term is defined in Rule 17Ad-15 under
      the Securities Exchange Act of 1934, as amended) (each an “Eligible
      Institution”). Signatures
      on this Letter of Transmittal need not
      be guaranteed if this Letter of Transmittal is signed by the registered
      holder(s) of the Gifted Time Shares tendered herewith and such holder(s) have
      not completed the instruction entitled “Special Issuance Instructions” on this
      Letter of Transmittal. See Instruction 5.

     

    2.  Delivery
      of Letter of Transmittal and Shares.
      This
      Letter of Transmittal is to be used if Share Certificates are to be forwarded
      herewith. Share Certificates for all Gifted Time Shares as well as a properly
      completed and duly executed Letter of Transmittal (or a manually signed
      facsimile thereof) and any other documents required by this Letter of
      Transmittal must be received by HLS at its addresses set forth on the front
      page
      of this Letter of Transmittal by the expiration date (as defined in the
      Prospectus). 

     

    THE
      METHOD OF DELIVERY OF GIFTED TIME SHARES AND ALL OTHER REQUIRED DOCUMENTS,
      IS AT
      THE OPTION AND RISK OF THE TENDERING SHAREHOLDER, AND THE DELIVERY WILL BE
      DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY HLS. IF CERTIFICATES FOR SHARES
      ARE
      SENT BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT REQUESTED, PROPERLY INSURED,
      IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY
      DELIVERY.

     

    NO
      ALTERNATIVE, CONDITIONAL OR CONTINGENT TENDERS WILL BE ACCEPTED, AND NO
      FRACTIONAL SHARES WILL BE PURCHASED. BY EXECUTING THIS LETTER OF TRANSMITTAL,
      THE TENDERING SHAREHOLDER WAIVES ANY RIGHT TO RECEIVE ANY NOTICE OF THE
      ACCEPTANCE FOR PAYMENT OF THE GIFTED TIME SHARES.

     

    3.  Inadequate
      Space.
      If the
      space provided herein is inadequate, the Share Certificate numbers, the number
      of Gifted Time Shares evidenced by such Share Certificates and the number of
      Gifted Time Shares tendered should be listed on a separate signed schedule
      and
      attached hereto.

     

    4.  Partial
      Tenders.
      If
      fewer than all the Gifted Time Shares represented by any certificate delivered
      to HLS are to be tendered, fill in the number of Gifted Time Shares which are
      to
      be tendered in the box entitled “Number of Gifted Time Shares Tendered.” In such
      case, a new certificate for the remainder of the Gifted Time Shares represented
      by the old certificate will be sent to the person(s) signing this Letter of
      Transmittal, unless otherwise provided in the appropriate box on this Letter
      of
      Transmittal, as promptly as practicable following the expiration or termination
      of the Offer. All Gifted Time Shares represented by certificates delivered
      to
      HLS will be deemed to have been tendered unless otherwise
      indicated.

     

    5.  Signatures
      on Letter of Transmittal; Stock Powers and Endorsements.
      If this
      Letter of Transmittal is signed by the registered holder(s) of the Gifted Time
      Shares tendered hereby, the signature(s) must correspond with the name(s) as
      written on the face of the certificates without alteration, enlargement or
      any
      change whatsoever.

     

    If
      any of
      the Gifted Time Shares tendered hereby are held of record by two or more
      persons, all such persons must sign this Letter of Transmittal.

     

    If
      any of
      the Gifted Time Shares tendered hereby are registered in different names on
      different certificates, it will be necessary to complete, sign and submit as
      many separate Letters of Transmittal as there are different registrations of
      certificates.

     

    If
      this
      Letter of Transmittal is signed by the registered holder(s) of the Gifted Time
      Shares tendered hereby, no endorsements of certificates or separate stock powers
      are required unless payment of the shares of HLS is to be made, or Gifted Time
      Shares not tendered or not accepted for exchange are to be returned, in the
      name
      of any person other than the registered holder(s). Signatures on any such
      certificates or stock powers must be guaranteed by an Eligible
      Institution.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    If
      this
      Letter of Transmittal is signed by a person other than the registered holder(s)
      of the Gifted Time Shares tendered hereby, certificates must be endorsed or
      accompanied by appropriate stock powers, in either case, signed exactly as
      the
      name(s) of the registered holder(s) appear(s) on the certificates for such
      Gifted Time Shares. Signature(s) on any such certificates or stock powers must
      be guaranteed by an Eligible Institution.

     

    If
      this
      Letter of Transmittal or any certificate or stock power is signed by a trustee,
      executor, administrator, guardian, attorney-in-fact, officer of a corporation
      or
      other person acting in a fiduciary or representative capacity, such person
      should so indicate when signing, and proper evidence satisfactory to HLS of
      the
      authority of such person so to act must be submitted. Proper evidence of
      authority includes a power of attorney, a letter of testamentary or a letter
      of
      appointment.

     

    6.  Stock
      Transfer Taxes.
      HLS
      will pay any stock transfer taxes with respect to the sale and transfer of
      any
      Gifted Time Shares to it or its order pursuant to the Exchange Offer. If,
      however, payment of the purchase price is to be made to, or Gifted Time Shares
      not tendered or not accepted for exchange are to be returned in the name of,
      any
      person other than the registered holder(s), or if a transfer tax is imposed
      for
      any reason other than the sale or transfer of Gifted Time Shares to HLS pursuant
      to the Exchange Offer, then the amount of any stock transfer taxes (whether
      imposed on the registered holder(s), such other person or otherwise) will be
      deducted from the purchase price unless satisfactory evidence of the payment
      of
      such taxes, or exemption therefrom, is submitted herewith.

     

    7.  Special
      Issuance and Delivery Instructions.
      If
      certificates for HLS Shares, or any Gifted Time Shares not tendered or not
      accepted for exchange are to be returned, in the name of a person other than
      the
      person(s) signing this Letter of Transmittal or if any certificates for Gifted
      Time Shares not tendered or not purchased are to be mailed to someone other
      than
      the person(s) signing this Letter of Transmittal or to the person(s) signing
      this Letter of Transmittal at an address other than that shown above, the
      appropriate boxes on this Letter of Transmittal should be completed.

     

    8.  Substitute
      Form W-9.
      Under
      U.S. federal income tax law, HLS may be required to withhold a portion of the
      amount of any payments made to certain shareholders pursuant to the Exchange
      Offer. To avoid such backup withholding, each tendering shareholder must provide
      HLS with such shareholder’s correct taxpayer identification number and certify
      that such shareholder is not subject to such backup withholding by completing
      the Substitute Form W-9. In general, if a shareholder is an individual, the
      taxpayer identification number is the Social Security number of such individual.
      If HLS is not provided with the correct taxpayer identification number, the
      shareholder may be subject to a $50 penalty imposed by the Internal Revenue
      Service. For further information concerning backup withholding and instructions
      for completing the Substitute Form W-9 (including how to obtain a taxpayer
      identification number if you do not have one and how to complete the Substitute
      Form W-9 if Gifted Time Shares are held in more than one name), consult the
      enclosed Guidelines for Certification of Taxpayer Identification Number on
      Substitute Form W-9.

     

    Certain
      shareholders (including, among others, all corporations and certain foreign
      individuals) are not subject to these backup withholding and reporting
      requirements. Exempt shareholders should indicate their exempt status on
      Substitute Form W-9. To satisfy HLS that a foreign person qualifies as an exempt
      recipient, such shareholder must submit a properly completed IRS Form W-8BEN,
      signed under penalties of perjury, attesting to that person’s exempt status.
      Such Forms can be obtained from HLS.

     

    Failure
      to complete the Substitute Form W-9 will not, by itself, cause Gifted Time
      Shares to be deemed invalidly tendered, but may require HLS to withhold a
      portion of the amount of any payments made pursuant to the Offer. Backup
      withholding is not an additional federal income tax. Rather, the federal income
      tax liability of a person subject to backup withholding will be reduced by
      the
      amount of tax withheld. If withholding results in an overpayment of taxes,
      a
      refund may be obtained provided that the required information is furnished
      to
      the Internal Revenue Service. NOTE: FAILURE TO COMPLETE AND RETURN THE
      SUBSTITUTE FORM W-9 MAY RESULT IN BACKUP WITHHOLDING OF A PORTION OF ANY
      PAYMENTS MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED
“GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE
      FORM W-9” FOR ADDITIONAL DETAILS.

     

    9.  Mutilated,
      Lost, Stolen or Destroyed Certificates.
      Holders
      of Gifted Time Share Certificates that have been mutilated, lost, stolen, or
      destroyed should (i) complete this Letter of Transmittal and check the
      appropriate box above and (ii) contact Gifted Time immediately by calling [(___)
      ___-____]. Gifted Time should be able to provide such holders with all necessary
      forms and instructions to replace any mutilated, lost, stolen or destroyed
      certificates. The holder may also be required to give Gifted Time a bond as
      indemnity against any claim that may be made against it with respect to the
      certificates alleged to have been mutilated, lost, stolen, or destroyed.
      However, there can be no assurances that such mutilated, lost, stolen or
      destroyed certificates will be replaced prior to the expiration date of the
      Exchange Offer.

     

    10.  Waiver
      of Conditions.
      The
      conditions of the Exchange Offer may be waived, in whole or in part, by HLS,
      in
      its sole discretion, at any time and from time to time, in the case of any
      Shares tendered.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    11.  Requests
      for Assistance or Additional Copies.
      Questions or requests for assistance may be directed to HLS at its address
      and
      telephone number set forth below. Additional copies of the Prospectus and the
      Letter of Transmittal may be obtained from HLS at its address and telephone
      number set forth below. 

     

    12.  Irregularities.
      All
      questions as to the validity, form, eligibility (including time of receipt),
      and
      acceptance for exchange of any tender of Gifted Time Shares will be determined
      by HLS in its sole discretion, and its determinations shall be final and
      binding. HLS reserves the absolute right to reject any and all tenders of Gifted
      Time Shares that it determines are not in proper form or the acceptance of
      or
      exchange for which may, in the opinion of HLS’s counsel, be unlawful. HLS also
      reserves the absolute right to waive certain conditions to the Exchange Offer
      described in the Prospectus under the section titled “The Exchange
      Offer—Conditions to the Exchange Offer,” or any defect or irregularity in the
      tender of any Gifted Time Shares. No tender of Gifted Time Shares will be deemed
      to be properly made until all defects and irregularities in tenders of shares
      have been cured or waived. None of HLS or any other person is or will be
      obligated to give notice of any defects or irregularities in the tender of
      Gifted Time Shares and none of them will incur any liability for failure to
      give
      any such notice. HLS’s interpretation of the terms and conditions of the
      Exchange Offer, including the Letter of Transmittal, will be final and
      binding.

     

    IMPORTANT:
      THIS LETTER OF TRANSMITTAL (OR A MANUALLY SIGNED FACSIMILE THEREOF) TOGETHER
      WITH ANY SIGNATURE GUARANTEES AND ANY OTHER REQUIRED DOCUMENTS, MUST BE RECEIVED
      BY HLS PRIOR TO THE EXPIRATION DATE AND CERTIFICATES FOR TENDERED SHARES MUST
      BE
      RECEIVED BY HLS PRIOR TO THE EXPIRATION DATE.

     

    Any
      questions or requests for assistance may be directed to HLS at its address
      or
      telephone number set forth below. Additional copies of the Prospectus and the
      Letter of Transmittal may be obtained from HLS at its address and telephone
      number set forth below. 

     

    

    HLS
      SYSTEMS INTERNATIONAL, INC.

    c/o
      Chardan North China Acquisition Corporation

    625
      Broadway, Suite 1111

    San
      Diego, CA 92101

    Telephone:
      (619) 795-4627

     

     

    
      
        
        

      

      
        9Exhibit
        10.48

      

      LICENSE
        AGREEMENT

      

      DATED:
        May 11, 2005

      

      

        
          	
                  1.
                    Licensor:

                	
                  BBKO,
                    LLC, a Delaware Limited Liability Company (“Licensor”)

                
	 	
                  C/O
                    Joseph Young Associates, Ltd.

                
	 	
                  P.O.
                    Box 807, 18 Hook Mountain Rd., Suite 203

                
	 	
                  Pine
                    Brook, New Jersey 07058

                
	 	 
	
                  2.
                    Licensee:

                	
                  BBKO,
                    Inc. f/k/a/ Malibu Beach Mixers Company (“Licensee”)

                
	 	
                  C/O
                    Joseph R. Cellura

                
	 	
                  Chairman
                    and CEO

                
	 	
                  P.O.
                    Box 944

                
	 	
                  Malibu,
                    CA 90265

                

        

      

       

      3.
        Property: 

      

      The
        trade
        names “BBKO” and “Beats, Bouts and Knockouts” and all associated trademarks,
        service marks, goodwill, and business plans and prospective business
        arrangements relating to the sport of boxing relating thereto (collectively,
        the
“Property”).
        In
        this regard, Licensor represents that it has applied for Federal trademark
        registration of the names “BBKO” and “Beats, Bouts and Knockouts,” as well as a
        stylized logo for “Beats, Bouts and Knockouts,” in International Classes 41 and
        25 (Entertainment Services and Clothing). Such registration is pending and
        Licensor does not warrant that Federal trademarks will be issued.

       

      
        
          4.
            License:

        

      

      

      Licensor
        hereby grants an exclusive license to Licensee, during the “Term” (as
        hereinafter defined),
        in and to the Property for the purposes of undertaking any and all business
        activities utilizing the
        Property in connection with the sport of boxing. 

      

      In
        this
        regard, Licensor represents that it has commenced negotiations with ESPN
        relating to the production
        of a series of boxing telecasts utilizing the Property, but no agreement
        has
        been reached regarding
        same as of the date hereof. Licensor agrees to cooperate with Licensor in
        attempting to conclude
        such agreement, but no representation is being made by Licensor that such
        agreement will be concluded
        or that ESPN will consent to Licensee being substituted for Licensor in
        connection with such
        services. 

       

      5.
        Term    

      

      The
        term
        of this Agreement (“Term”) shall commence upon the date first written above and
        shall expire (unless sooner terminated in accordance with the provisions
        hereof)
        on the date ten (10) years thereafter.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.
        Renewal
        Options:

      

      The
        licensee shall have the option to renew the license agreement for four (4)
        additional 10 year terms
        by
        forwarding a payment of $100,000 in cash or stock, at the licensee’s option, for
        each 10- year
        extension. Licensee shall notify Licensor within 30 days prior to expiration
        of
        the licensing agreement.

      

      7.
        Territory:
         

      

      Worldwide
        (“Territory”).
        

       

      8.
        Advances
        and Guarantees: 

      

      
        	 	
                a.

              	
                Up
                  front licensing fee: Upon signing of this agreement, Licensee will
                  pay an
                  up front license fee of $10,000 as follows:

              

      

      

      Convertible
        note issued to Allan Brown, Richard Abramson, and Gene Simmons in the
        amount of $10,000 convertible into 10% of the Licensee or 200,000,000 free
        trading shares of Orbit Brands Corporation (“Orbit”). If said note is converted
        into Orbit Brands shares, the 10% ownership in the Licensee shall revert
        back to
        its parent company (Orbit).

      

      
        	 	
                b.

              	
                Consulting
                  Fee: Upon signing of this agreement, Licensee will pay a consulting
                  fee of
                  $10,000
                  as follows:

              

      

      

      Convertible
        note issued to David Baker, Andrew Shayne, Joe Cellura, Kevin Pelletier,
        and Joe
        Salvani (the “Consulting Group”) in the amount of $10,000 convertible into 10%
        of the Licensee or 200,000,000 free trading shares of Orbit. If said note
        is
        converted into Orbit shares, the 10% ownership in the Licensee shall revert
        back
        to its parent company (Orbit).

      

      
        	
              	c.	
                Initial
                  Seed Capital: $500,000
                  funded directly into the Licensee within 60 days of execution of
                  this
                  licensing agreement. The Consulting Group will receive a 10% interest
                  in
                  BBKO, LLC upon the receipt of cash in BBKO, Inc.
                  

              

      

       

      9. Royalty
        Rate: 

      

      In
        consideration of the license herein granted by Licensee, Licensee shall pay
        royalties (“Royalties”) to Licensor of an amount equal to 1 percent (1%) in year
        1, 5 percent (5%) in year 2, and ten percent (10%) in years 3-10 of all gross
        amounts (including the monetary value of non-monetary consideration received
        by
        Licensee) (“Gross Receipts”) received by or applied to the account of Licensee
        or any “Related Party” (as hereafter defined) anywhere in the Territory in
        connection with Licensee’s activities utilizing and/or relating to the Property,
        including, without limitation, all Gross Receipts derived from any promotion
        of
        boxing events, management of boxing participants, presentation, production
        or
        licensing of televised boxing matches (and any exploitation of same by any
        means
        or in any media, now known or hereafter devised), merchandising activities,
        video games, so called “product integration” and product placement, sponsorship
        revenues or other commercial exploitation of any kind relating to the Property.
        “Related Parties” shall mean any affiliated, associated, parent, or subsidiary
        entity of Licensee and/or any sub-licensee of Licensee. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      10. Payment
        and Reporting:

       

      10.1  Royalties
        shall be payable to Licensor on a quarterly basis during the Term and shall
        be
        accompanied by accounting statements in reasonable detail setting forth all
        Gross Receipts for the respective quarter and on a cumulative basis, as well
        as
        the source of all Gross Receipts. Such accounting statements and the
        accompanying Royalty payment shall be issued to Licensor no later than thirty
        days after the close of each calendar quarter during the Term. Licensee
        acknowledges and agrees that notwithstanding anything in herein contrary,
        its
        obligation to make payment of the Royalties shall survive any expiration
        of this
        Agreement

      

      10.2  Royalties
        may be computed in the currency of the country where earned and paid to the
        Licensor in U.S. Dollars at the exchange rate as stated in the Wall Street
        Journal on the last day of the applicable calendar quarter accounting period.
        Licensee shall be solely responsible for all costs of any currency conversion
        to
        U.S. Dollars and such costs shall not reduce the amounts due to Licensor
        hereunder. Licensor’s acceptance of any accounting statement or payment of
        Royalties by Licensee shall not be a waiver of any of Licensor’s rights
        hereunder, including, without limitation, Licensor’s rights to recover amounts
        due as a result of errors in any accounting statement. Licensee shall promptly
        pay all such amounts upon Licensor’s request. 

      

      10.3 Licensee
        shall keep and maintain accurate books of account and records covering all
        transactions relating to this Agreement. Licensor or its designee shall be
        entitled to: Audit and inspect such books and records once per 12 month period
        and within 3 years of Licensee’s rendering thereof, during Licensee’s normal
        business hours, at its normal place of business, on normal business days
        and
        upon ten (10) days prior written notice to Licensee, and obtain copies and
        make
        its own summaries of such books and records. Licensee shall retain all such
        books of account and records for a minimum of three (3) years after expiration
        or termination of this Agreement and thereafter during the pendency of any
        claim
        by Licensee. If Licensor discovers any deficiency in any Royalties paid to
        Licensor for any period under audit (an “Audit
        Deficiency”),
        Licensee shall promptly pay such Audit Deficiency to Licensor and, if such
        Audit
        Deficiency is five percent (5%) or more of the Royalties owing to Licensor
        for
        the applicable audit period, Licensee shall, in addition to paying the Audit
        Deficiency, also reimburse Licensor for all costs and expenses incurred by
        Licensor in connection with such audit. Without prejudice to any other rights
        of
        Licensor hereunder, time is of the essence regarding all payments due hereunder
        and Licensee shall pay interest on any Audit Deficiency, as well as on all
        delinquent Royalty payments hereunder, at two percent (2%) plus the “prime rate”
established by the Federal Reserve Bank in New York, compounded annually
        at the
        rate from time to time in effect and calculated from the date on which such
        payment was due but in no event at a higher rate than allowed by law.

      

      11. Goodwill: 

      

      Licensee
        acknowledges that the Property contains substantial goodwill, and that Licensor
        is the sole owner of the Property, subject to the license hereby granted
        to
        Licensee. Licensee acknowledges and agrees that it shall not acquire any
        rights
        in and to the Property after the Term, and that any goodwill generated by
        Licensee’s use of the Property shall inure exclusively to the benefit of
        Licensor upon expiration of the Term or earlier termination hereof. Licensee
        shall not, during the Term, any extension and/or renewal thereof, or at any
        time
        thereafter, dispute or contest, directly or indirectly, Licensor’s ownership in
        and to the Property; the validity of any of the copyrights or trademarks
        pertaining thereto or Licensor’s ownership thereof, nor shall the Licensee
        assist or aid others whether directly or indirectly in doing so. Licensee
        shall
        not adopt or seek to register or take any action to use or establish rights
        in
        any name, mark, word (in any language), symbol, letter, or design which is
        confusingly similar to the Property.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      12.
        Trademarks,
        Copyright, Patents, and Other Intellectual Property: 

      

      Licensee
        shall have the right to register trademarks and/or claims to copyright for
        any
        design incorporating the Property as may be reasonably necessary. Any and
        all
        applications for registration or claims to copyright, where applicable, shall
        identify the Licensor as the copyright proprietor in the Property and all
        applications to register trademarks shall identify the Licensor as the trademark
        owner; and any and all trademark applications applied for in Licensee’s name in
        connection with the Property shall be automatically assigned to Licensor
        at the
        expiration of the Term or earlier termination hereof. Licensor shall execute
        all
        assignments and other documents deemed necessary by Licensor to effectuate
        the
        foregoing and hereby grant Licensor a power of attorney to executed on
        Licensee’s behalf any such assignments and other documents, which power of
        attorney is coupled with an interest and irrevocable.

       

      Licensee
        agrees to promptly notify Licensor of any actual or suspected infringements
        of
        the Property and shall undertake to all reasonable efforts to protect and
        enforce all intellectual property rights relating to the Property during
        the
        Term, at Licensee’s expense. 

       

      13. Termination
        of Agreement:

      

      In
        the
        event of any default by Licensee, hereunder Licensor shall have the right
        to
        terminate this Agreement upon written notice to Licensor, subject to Paragraph
        10. below. The following will be defaults hereunder: 

      

      13.1 Licensee
        fails to comply with the insurance provisions of this Agreement at all times
        hereunder. 

      

      13.2 Licensee
        fails to remit any payment due hereunder or to deliver any of the accounting
        statements, and such default shall continue unremedied for a period of thirty
        (30) days after written notice of such default is received by Licensee.

      

      13.3 Licensee
        is unable to pay its debts when due, or makes any assignment for the benefit
        of
        creditors, or files or permits to be filed any petition under the bankruptcy
        or
        insolvency laws of any legal jurisdiction, or shall have or suffer a receiver
        or
        trustee be appointed for its business or property, or be adjudicated a bankrupt
        or an insolvent.

      

      13.4 Licensee
        uses of Property in a manner which violates the terms and conditions of this
        Agreement; or

      

      13.5 Subject
        to any cure provisions in this Agreement, Licensee breaches any of the material
        terms and conditions, agreements or covenants contained in this Agreement,
        or
        there is a material breach of any representation or warranty made by Licensee
        in
        connection with this Agreement 

      

      13.6
        Licensor must give notice of any such default in writing to Licensee. After
        receipt by Licensee of such written notice (except with respect to Paragraph
        10.1, for which there shall be no cure period), Licensee shall have thirty
        (30)
        days in which to prospectively cure any such specified default. In the event
        Licensee has not prospectively cured said default to Licensor’s reasonable
        satisfaction within the 30 day period, then Licensor has the right at any
        time
        thereafter prior to cure to terminate this Agreement by written notice to
        Licensee.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      14. Effect
        of Expiration or Termination:

      

      14.1 Upon
        the
        expiration or earlier termination of this Agreement, all rights granted to
        Licensee hereunder shall automatically and immediately revert to Licensor,
        and
        Licensee shall have no further right to exploit or in any way deal with the
        Property. 

       

      14.2 Upon
        expiration or earlier termination of this Agreement, all Royalty obligations
        shall be accelerated and shall immediately become due and payable. 

      

      14.3 If
        this
        Agreement is terminated by Licensee pursuant to Paragraph 10 hereof, Licensor
        shall assume all executory obligations of Licensee (which are not past due
        or in
        default) directly relating to Licensee’s activities in connection with the
        Property.

      

      15. Reservation
        of Rights: 

      

      Any
        and
        all rights in and to the Property which are not expressly granted to Licensee
        are hereby reserved by the Licensor. Any one or more of such reserved rights
        may
        be exercised or enjoyed by the Licensor, directly or indirectly, at any and
        all
        times. 

      

      16. Remedies:

      

      The
        parties recognize the unique and special nature and value of the use of the
        Property and agree that it would be extremely difficult and impractical to
        ascertain the extent of the detriment to Licensor which would be caused in
        the
        event of any use of the Property contrary to the terms and conditions of
        this
        Agreement. The parties further acknowledge that Licensor will have no adequate
        remedy at law in the event Licensee uses the Property in any way not permitted
        hereunder, and that Licensor shall be entitled to equitable relief by way
        of
        temporary and permanent injunction, and such other and further relief at
        law or
        in equity as any arbitrator or court of competent jurisdiction may deem just
        and
        proper, in addition to any and all other remedies provided for herein. All
        specific remedies provided for in this Agreement shall be cumulative and
        shall
        not be exclusive of one another or of any other remedies available in law
        or
        equity. Failure of either party to insist upon strict performance of any
        of the
        covenants or terms hereof to be performed by the other shall not be construed
        to
        be a waiver of any future failure to perform any such terms or covenants.
        

      

      
        
          17.
            Licensee’s
            Representations, Warranties, Indemnification &
Insurance:

        

      

      

      17.1 Licensee
        represents, warrants and agrees that: i) Licensee is a corporation duly
        organized, validly existing and in good standing under the laws of the State
        of
        California; has full corporate power and authority to conduct its business
        as
        now being conducted and as contemplated hereby; and holds or shall acquire
        all
        necessary licenses and permits from all government entities for the proper
        conduct of any of its activities relating to the Property; ii) Licensee has
        the
        unrestricted right, power and authority to enter into this Agreement and
        to
        perform its obligations hereunder, and neither the execution and delivery
        of
        this Agreement nor the consummation of the actions contemplated hereby will
        (a)
        violate any provisions of its charter documents, (b) violate, conflict with
        or
        constitute a default under any contract to which it is a party or (c) violate
        any law binding on it; iii) it will comply with all applicable laws,
        regulations, ordinances and other requirements involving the use of the Property
        and the conduct of Licensee’s business in connection therewith; and iv) it will
        not harm, misuse or bring disrepute to the Property.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      17.2 Licensee
        hereby indemnifies and agrees to defend and hold harmless forever Licensor,
        Licensor’s officers, employees and directors, representatives, attorneys, and
        successors and assigns from and against any and all claims, demands, losses,
        costs and expenses (including attorneys’ fees reasonably incurred by Licensor
        and/or such other parties), damages, judgments, penalties and liabilities
        of any
        kind or nature (collectively, “Claims”) whatsoever, directly or indirectly
        arising out of, resulting from, relating to or connected with: i) any
        unauthorized use by Licensee of the Property; ii) any breach of any
        representation, warranty or covenant of Licensee hereunder; iii) any claims
        from
        any third party relating to Licensee’s activities relating to the Property,
        including, without limitation, any defect in or use by any person or entity
        of
        any product encompassing the Property, any defamation by Licensee or invasion
        of
        the right of privacy, publicity or other personal or property right; and
        any
        claims or suits for violation of a third party’s intellectual property rights,
        including, but not limited to, copyright, trademark, trade dress, patent,
        method
        or design rights. Licensee shall promptly upon receipt of notice of any such
        claim defend such claim at Licensee’s sole cost and expense. Licensor, at its
        option, may engage counsel and join in the defense of such claim at Licensee’s
        sole cost and expense.

      

      17.3
         Licensee
        will obtain and maintain, at its sole cost and expense, during the Term,
        and
        product and general liability insurance, from a qualified insurance carrier
        (including, without limitation, bodily injury coverage, personal injury,
        property damage, and casualty loss equivalent to Five Million Dollars (US
        $5,000,000) per occurrence, naming Licensor, its officers, directors and
        employers and shareholders as additional named insured under said policies,
        with
        a deductible of not more than $10,000 (certificate of which shall be furnished
        to Licensor). Such insurance policies shall provide that they may not be
        cancelled or materially modified without at least fifteen (15) business days
        written notice to Licensor. Such policies shall contain endorsements that
        negate
        the “other insurance” clause in the policies and a statement that the insurance
        provided is primary and that any similar insurance carried by Licensor is
        neither primary nor contributing. 

      

      18.
        Licensor’s
        Representations and Warranties: 

      

      18.1 Licensor
        represents and warrants that it: i) is the owner of all rights licensed
        hereunder and it has not granted, assigned or licensed any rights in the
        Property to any third party; ii) is a limited liability company duly organized,
        validly existing and in good standing under the laws of the State of Delaware;
        and iii) to the best of Licensor’s knowledge, as of the date hereof, there are
        no adverse claims against the Property; and iv) has the unrestricted right,
        power and authority to enter into this Agreement and to perform its obligations
        hereunder; and vi) neither the execution and delivery of this Agreement nor
        the
        consummation of the actions contemplated hereby will: (a) violate any provisions
        of its charter documents, (b) violate, conflict with or constitute a default
        under any contract to which it is a party or (c) violate any law binding
        on
        it.

      

      18.2
         Licensor
        hereby indemnifies and agrees to defend and hold harmless Licensee, their
        officers, employees and directors from and against any and all claims, demands,
        losses, costs and expenses (including attorneys’ fees reasonably incurred by
        Licensee), damages, judgments, penalties and liabilities of any kind or nature
        whatsoever arising out of, resulting from any breach of any representation,
        warranty or covenant of Licensor hereunder.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      18.3 Should
        any third party assert a claim, demand, or cause of action against Licensee
        and/or Licensor contesting Licensor’s ownership in and to the Property under
        this Agreement, Licensor shall have the right at its option, but not the
        obligation, to undertake and conduct the defense of any such claim, demand
        or
        cause of action. Licensee may, but shall not be obligated to join in such
        defense and be represented by its own counsel, at its own expense. Licensee
        and
        Licensor shall discuss in good faith and mutually make any decision concerning
        the disposition of any claim, demand or cause of action which involves the
        Property. 

      

      19. Relationship:
        

      

      This
        Agreement does not constitute and shall not be construed as constituting
        a
        partnership, agency, or joint venture between Licensor and Licensee. Licensee
        shall have no right to obligate or bind Licensor in any manner whatsoever
        and
        nothing herein contained shall give or is intended to give any right of any
        kind
        to any third party. 

      

      20. No
        Assignment: 

      

      The
        license hereby granted is and shall be personal to the Licensee and shall
        not be
        assignable by any action of the Licensee or by operation of law, and any
        attempt
        at such assignment shall be null and void. Notwithstanding the foregoing,
        Licensee may engage and/or grant sub-licenses to third parties approved by
        Licensor for periods not exceeding the Term in connection with Licensee’s
        activities concerning the exploitation of the Property. This Agreement shall
        inure to the benefit of and shall be binding upon Licensor’s successors and
        assigns. 

      

      21.
        Distribution
        of Shares of Licensee:
        

      

      If
        the
        Licensee is subject to a spin-off, dividend distribution, IPO, reverse merger,
        or any other distribution from Orbit Brands Corporation, the Licensor will
        receive 40% of the newly formed entity and Orbit Brands Corporation shareholders
        will receive 40% of the newly formed entity. These distributions are both
        subject to dilution resulting from any convertible debt financing that remains
        outstanding at the time of distribution or any other capital raise necessary
        to
        finance the business of the Licensee. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      22. Notice:

      

      Whenever
        notice is required to be given under this Agreement, it shall be deemed to
        be
        good and sufficient notice if in writing, signed by an officer or an authorized
        agent of the party serving such notice and sent by telegram, telefax, or
        mailed
        by registered or certified mail, or personal delivery or overnight air to
        the
        other party at the address stated above unless notification of a change of
        address is given in writing. Notice shall be deemed given as of the dates
        such
        notice is given to the following: 

       

      
        	Licensor:
                	
                Licensee:
                  

              
	 	 
	
                BBKO,
                  LLC

                Janvey
                  Gordon et al

                355
                  Lexington Avenue

                10th
                  Floor

                New
                  York, New York 10017

                Attn:
                  William Randolph, Esq.

              	
                BBKO,
                  Inc. f/k/a/ Malibu Beach Mixers Company (“Licensee”)

                C/O
                  Joseph R. Cellura

                Chairman
                  and CEO

                P.O.
                  Box 944

                Malibu,
                  CA 90265

              

      

       

      23. Entire
        Agreement

      

      This
        Agreement contains the entire understanding of the parties. There are no
        representations, warranties, promises, covenants or understandings, oral
        or
        otherwise, other than those herein contained. For the avoidance of doubt,
        Licensor makes no representation or warranty concerning the amount of revenue,
        if any, that Licensee will realize from the commercial exploitation of the
        Property or this license.

      

      24.
        Confidentiality

      

      This
        Agreement constitutes a confidential business relationship between the Parties.
        Both Parties agree that they will not reveal the terms of this Agreement
        to any
        third party (excluding agents, attorneys, representatives, and others with
        whom
        they have a legal obligation to disclose) without the approval of the other.
        However, Licensee shall be permitted to disclose (i) the existence of the
        Agreement, the parties, a general description of the Agreement in connection
        with its disclosure obligations as a publicly reporting entity and (ii) any
        other terms which it is required by law or securities commission or stock
        exchange rule to disclose.

      

      25.
        Permits/Licenses:

      

      Notwithstanding
        any rights granted by Licensor herein with respect to the Property, Licensee
        shall be solely responsible for obtaining all licenses, permits, consents
        and
        permissions necessary in connection with the activities contemplated hereby
        including, without limitation, all necessary licenses and permits from state
        boxing commissions and other regulatory authorities relating to promoting
        and
        managing boxers or the staging of boxing matches. Licensor has made no
        representations that it has acquired any such permits or licenses.

      

      26.
        No
        Modification; Waiver: 

      

      The
        terms
        of this Agreement shall not be modified except by an agreement in writing
        signed
        by both parties hereto. No waiver by either party of a breach or default
        hereunder shall be deemed waiver by such Party of a subsequent breach or
        default
        of a like or similar nature. 

      

      27.
        Governing
        Law: 

      

      This
        Agreement, its validity, construction and effect, shall be governed and
        construed in accordance with the laws of the State of California, without
        reference to its conflicts of laws principles. 

       

      28.
        Counterparts:

      

      This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        deemed to be an original and all of which together shall be deemed to be
        one and
        the same Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

      

      
        	 	 	 	 	 
	
                BBKO,
                  LLC

              	 	
                MALIBU
                  MIXERS COMPANY

              
	 	 	 
	By:	 	 	By: 	 
	 	
                

              	 	 	
                

              
	Title: 	
              	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]