Document:

LOCK-UP
      AGREEMENT

     

    LOCK-UP
      AGREEMENT, dated as of November 15, 2006 (this "Agreement"),
      by
      and among Applied Spectrum Technologies, Inc., a Delaware corporation (the
      "Company"),
      the
      stockholders listed on the signature pages hereto under the heading
      "Stockholders"
      (each a
      "Stockholder"
      and
      collectively, the "Stockholders")
      and
      Keating Securities, LLC, a Delaware limited liability company, as agent for
      the
      Investors (as defined below) (the "Investor
      Agent").
      

     

    WHEREAS,
      on September 7, 2006, the Company entered into a definitive share exchange
      agreement whereby the Company will acquire all of the shares and equity
      ownership of Ever Leader Holdings Limited, a company incorporated under the
      laws
      of Hong Kong SAR, and its direct and indirect subsidiaries in exchange for
      Common Stock (the "Exchange").

     

    WHEREAS,
      immediately following the consummation of the Exchange, the Stockholders will
      own or have the power and authority to vote with respect to collectively
      50,418,001 shares of Common Stock, which represent in the aggregate
      approximately 71.01% of the total issued and outstanding capital stock of the
      Company; 

     

    WHEREAS,
      the
      Company and certain investors (each, an "Investor",
      and
      collectively, the "Investors")
      have
      entered into a Securities Purchase Agreement, dated as of November 15, 2006
      (the
      "Securities
      Purchase Agreement"),
      pursuant to which, among other things, the Company has agreed to issue and
      sell
      to the Investors and the Investors have agreed to purchase, (i) shares of common
      stock, par value $0.001 per share (the "Common
      Stock")
      of the
      Company and (ii) warrants to acquire shares of Common Stock.

     

    WHEREAS,
      the Company and Computershare Trust Company, Inc. have entered into that certain
      Make Good Agreement, dated as of the date hereof, by and among the Investor
      Agent, the Company, its current and future subsidiaries, Ever Leader Holdings,
      Limited, a company incorporated under the laws of Hong Kong SAR, its direct
      and
      indirect subsidiaries, Mr. Yiqing Wan, Ms. Wei Xu and Moveup Investments Limited
      (the "Make
      Good Agreement").

     

    WHEREAS,
      as a condition to the willingness of the Investors to enter into the Securities
      Purchase Agreement and to consummate the transactions contemplated thereby,
      in
      the Exchange and in that certain private placement memorandum (as amended and
      supplemented prior to the Closing Date, the "Private
      Placement Memorandum")
      related thereto delivered to the Investors (collectively, the "Transactions"),
      the
      Investors have required that each Stockholder agree, and in order to induce
      the
      Investors to enter into the Securities Purchase Agreement, each Stockholder
      has
      agreed, to enter into this Agreement with respect to all the Common Stock now
      owned and which may hereafter be acquired by the Stockholder (the "Common
      Shares")
      and
      any other Restricted Securities (as defined below), if any, which such
      Stockholder is currently entitled to vote, or after the date hereof, becomes
      entitled to vote, at any meeting of stockholders of the Company.

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      agreements contained herein, and intending to be legally bound hereby, the
      parties hereto hereby agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    LOCK-UP
      AGREEMENT OF THE STOCKHOLDERS

     

    1.1 Lock-Up
      Agreement.
      

     

    (a) Beginning
      on the Subscription Date (as defined in the Registration Rights Agreement)
      and
      until the earlier to occur of (x) the date 180 days after the Additional
      Effective Date (as defined in the Registration Rights Agreement) and (y) solely
      if the audited FY07 Financial Statements (as defined in the Make Good Agreement)
      states that FY07 Net Income (as defined in the Make Good Agreement) exceeded
      the
      Performance Threshold (as defined in the Make Good Agreement) and the FY07
      Financial Statements do not 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, March 31, 2008 (the "Lock-Up
      Period"),
      each
      Stockholder will not, and the Company will not permit such Stockholder to,
      without the prior written consent of the Required Holders (as defined in the
      Registration Rights Agreement), (i) sell, offer to sell, tender, contract or
      agree to sell, assign, hypothecate, hedge, pledge, grant any option to purchase,
      transfer, grant a proxy or power of attorney with respect to, or otherwise
      dispose of or agree to dispose of, or create or permit to exist any security
      interest, lien, claim, pledge, option, right of first refusal, agreement,
      limitation on such Stockholder's voting rights, charge or other encumbrance
      of
      any nature whatsoever ("Encumbrance"),
      in
      each case, directly or indirectly, with respect to any shares of Common Stock,
      Options (as defined in the Warrant), Convertible Securities (as defined in
      the
      Warrant) or any other instrument convertible into or exercisable or exchangeable
      for Common Stock, or other rights to purchase shares of Common Stock or to
      convert or exercise any such convertible or exercisable instrument (except
      as
      may be issued pursuant to the terms of an Approved Stock Plan (as defined in
      the
      Warrant)), or cause the Company to file or cause to be declared effective a
      registration statement with the Securities and Exchange Commission (the
      "Commission")
      relating to the offer and sale of any shares of Common Stock (other than the
      Registration Statements contemplated pursuant to the Registration Rights
      Agreement), (ii) enter into any swap or other arrangement that transfers to
      another, in whole or in part, any of the economic consequences of ownership
      of
      any shares of Common Stock, or warrants or other rights to purchase shares
      of
      Common Stock, whether any such transaction is to be settled by delivery of
      such
      securities, in cash or otherwise, owned directly by the undersigned (including
      holding as a custodian) or with respect to which the undersigned has beneficial
      ownership within the rules and regulations of the Commission or (iii) directly
      or indirectly, initiate, solicit or encourage any person to take actions which
      could reasonably be expected to lead to the occurrence of any of the foregoing
      (any security, instrument or right to acquire securities referred to in this
      paragraph, collectively, the "Restricted
      Securities").
      

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (b) Section
      1.1(a) shall not, with respect to Restricted Securities, apply to (a) bona
      fide
      gifts, whether to charitable organizations or otherwise, provided the recipient
      thereof agrees in writing with each of the Company and the Investor Agent to
      be
      bound by the terms of this Agreement, (b) dispositions to any foundation, trust,
      partnership or the limited liability company, as the case may be, for the direct
      or indirect benefit of the undersigned and/or the immediate family of the
      undersigned, provided that such trust agrees in writing with each of the Company
      and the Investor Agent to be bound by the terms of this Agreement, (c) transfers
      as required by law provided that after such transfer, the terms of this
      Agreement continue to apply to the Restricted Securities and (d) to dispositions
      by a partnership to a partner of such partnership, provided such partner agrees
      in writing with each of the Company and the Investor Agent to be bound by the
      terms of this Agreement. For purposes of this Agreement, “immediate family”
shall mean any relationship by blood, marriage or adoption, not more remote
      than
      first cousin.

     

    1.2 Voting
      Agreement.
      Each
      Stockholder hereby agrees that at any meeting of the stockholders of the
      Company, however called, and in any action by written consent of the Company's
      stockholders, each of the Stockholders shall vote the Common Shares and the
      Restricted Securities: (a) in favor of the Transactions; and (b) against any
      proposal or any other corporate action or agreement that would result in a
      breach of any covenant, representation or warranty or any other obligation
      or
      agreement of the Company under the Securities Purchase Agreement or which could
      result in any of the conditions to the Company's obligations under the
      Securities Purchase Agreement not being fulfilled. Each Stockholder acknowledges
      receipt and review of a copy of the Private Placement Memorandum, the Securities
      Purchase Agreement and the other Transaction Documents (as defined in the
      Securities Purchase Agreement).

     

    ARTICLE
      II

     

    REPRESENTATIONS
      AND WARRANTIES OF THE STOCKHOLDER

     

    Each
      Stockholder hereby represents and warrants, severally but not jointly, to each
      of the Investors as follows:

     

    2.1 Authority
      Relative to This Agreement.
      Each
      Stockholder has all necessary power and authority to execute and deliver this
      Agreement, to perform his or its obligations hereunder and to consummate the
      transactions contemplated hereby. Each Stockholder has taken whatever steps
      necessary, including without limitation, moving the Restricted Securities from
      a
      margin account to a cash account and/or delivering any voting instructions
      or
      legal proxy to any necessary broker or agent, to ensure that such Stockholder
      has the necessary power and authority to vote all of the Restricted Securities
      held by such Stockholder or has properly empowered such broker or agent to
      vote
      in accordance herewith. This Agreement has been duly executed and delivered
      by
      such Stockholder and constitutes a legal, valid and binding obligation of such
      Stockholder, enforceable against such Stockholder in accordance with its terms,
      except (a) as such enforceability may be limited by applicable bankruptcy,
      insolvency, reorganization, fraudulent conveyance, moratorium or similar laws
      now or hereafter in effect relating to, or affecting generally the enforcement
      of creditors' and other obligees' rights, (b) where the remedy of specific
      performance or other forms of equitable relief may be subject to certain
      equitable defenses and principles and to the discretion of the court before
      which the proceeding may be brought, and (c) where rights to indemnity and
      contribution thereunder may be limited by applicable law and public
      policy.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    2.2 No
      Conflict.
      i)
      The
      execution and delivery of this Agreement by such Stockholder does not, and
      the
      performance of this Agreement by such Stockholder shall not, (i) conflict with
      or violate any federal, state or local law, statute, ordinance, rule,
      regulation, order, judgment or decree applicable to any Stockholder or by which
      the Common Shares or the Restricted Securities owned by such Stockholder are
      bound or affected or (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 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 Common Shares or the Restricted Securities owned by such Stockholder
      pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease,
      license, permit, franchise or other instrument or obligation to which such
      Stockholder is a party or by which such Stockholder or the Restricted Securities
      owned by such Stockholder are bound.

     

    (b) The
      execution and delivery of this Agreement by such Stockholder does not, and
      the
      performance of this Agreement by such Stockholder shall not, require any
      consent, approval, authorization or permit of, or filing with or notification
      to, any governmental entity by such Stockholder.

     

    2.3 Title
      to the Stock.
      

     

    (a) As
      of the
      date hereof, each Stockholder is the owner of the number of shares of Restricted
      Securities set forth opposite its name on Appendix A attached hereto, entitled
      to vote, without restriction, on all matters brought before holders of capital
      stock of the Company, which Restricted Securities represent on the date hereof
      the percentage of the outstanding stock and voting power of the Company set
      forth on such Appendix. Such Restricted Securities are all the securities of
      the
      Company owned, either of record or beneficially, by such Stockholder. Such
      Restricted Securities are owned free and clear of all security interests, liens,
      claims, pledges, options, rights of first refusal, agreements, limitations
      on
      such Stockholder's voting rights, charges and other encumbrances of any nature
      whatsoever. No Stockholder has appointed or granted any proxy, which appointment
      or grant is still effective, with respect to the Restricted Securities owned
      by
      such Stockholder.

     

    (b) As
      of the
      date of the consummation of the Exchange, each Stockholder will be the owner
      of
      the number of shares of Restricted Securities set forth opposite its name on
      Appendix B attached hereto, entitled to vote, without restriction, on all
      matters brought before holders of capital stock of the Company, which Restricted
      Securities represent on the date hereof the percentage of the outstanding stock
      and voting power of the Company set forth on such Appendix. Such Restricted
      Securities will be all the securities of the Company owned, either of record
      or
      beneficially, by such Stockholder as of the date of the consummation of the
      Exchange. Such Restricted Securities will be owned free and clear of all
      security interests, liens, claims, pledges, options, rights of first refusal,
      agreements, limitations on such Stockholder's voting rights, charges and other
      encumbrances of any nature whatsoever. No Stockholder has appointed or granted
      any proxy, which appointment or grant is still effective, with respect to the
      Restricted Securities owned by such Stockholder.

     

    ARTICLE
      III

     

    COVENANTS

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    3.1 Company
      Cooperation.
      The
      Company hereby covenants and agrees that it will not, and each Stockholder
      irrevocably and unconditionally acknowledges and agrees that the Company will
      not (and waives any rights against the Company in relation thereto), recognize
      any Encumbrance or agreement on any of the Restricted Securities subject to
      this
      Agreement unless the provisions of Section 1.1 have been complied with. The
      Company agrees, with respect to any stockholder vote or consent with respect
      to
      the Transactions, to use its reasonable best efforts to cause holders of
      Restricted Securities representing the percentage of outstanding capital stock
      required to vote in favor of the Transactions to become party to, comply with
      and be bound by the terms and conditions of this Agreement and the Restricted
      Securities held by such holders to be subject to the terms and conditions of
      this Agreement. 

     

    3.2 Stop
      Transfer Instructions.
      Each
      Stockholder also agrees and consents to the entry of stop transfer instructions
      with the Company’s transfer agent and registrar against the transfer of the
      Restricted Securities of such Stockholder except in compliance with the
      foregoing restrictions.

     

    ARTICLE
      IV

     

    MISCELLANEOUS

     

    4.1 Further
      Assurances.
      Each
      Stockholder will execute and deliver such further documents and instruments
      and
      take all further action as may be reasonably necessary in order to consummate
      the transactions contemplated hereby.

     

    4.2 Specific
      Performance.
      The
      parties hereto agree that irreparable damage would occur in the event any
      provision of this Agreement was not performed in accordance with the terms
      hereof and that any Investor (without being joined by any other Investor) shall
      be entitled to specific performance of the terms hereof, in addition to any
      other remedy at law or in equity. Any Investor shall be entitled to its
      reasonable attorneys' fees in any action brought to enforce this Agreement
      in
      which it is the prevailing party.

     

    4.3 Entire
      Agreement.
      This
      Agreement constitutes the entire agreement among the Company, the Investor
      Agent
      and the Stockholders (other than the Securities Purchase Agreement and the
      other
      Transaction Documents and the ancillary documents related thereto) with respect
      to the subject matter hereof and supersedes all prior agreements and
      understandings, both written and oral, among the Company, the Investor Agent
      and
      the Stockholders with respect to the subject matter hereof.

     

    4.4 Amendment.
      This
      Agreement may not be amended except by an instrument in writing signed by the
      parties hereto.

     

    4.5 Severability.
      If any
      term or other provision of this Agreement is invalid, illegal or incapable
      of
      being enforced by any rule of law, or public policy, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      so long as the economic or legal substance of this Agreement is not affected
      in
      any manner materially adverse to any party. Upon such determination that any
      term or other provision is invalid, illegal or incapable of being enforced,
      the
      parties hereto shall negotiate in good faith to modify this Agreement so as
      to
      effect the original intent of the parties as closely as possible in a mutually
      acceptable manner in order that the terms of this Agreement remain as originally
      contemplated to the fullest extent possible.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    4.6 Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the internal laws of the State of New
      York, without giving effect to any choice of law or conflict of law provision
      or
      rule (whether of the State of New York or any other jurisdictions) that would
      cause the application of the laws of any jurisdictions other than the State
      of
      New York. The parties hereby agree that all actions or proceedings arising
      directly or indirectly from or in connection with this Agreement shall be
      litigated only in the Supreme Court of the State of New York or the United
      States District Court for the Southern District of New York located in New
      York
      County, New York. The parties consent to the jurisdiction and venue of the
      foregoing courts and consent that any process or notice of motion or other
      application to any of said courts or a judge thereof may be served inside or
      outside the State of New York or the Southern District of New York by registered
      mail, return receipt requested, directed to the party being served at its
      address set forth on the signature ages to this Agreement (and service so made
      shall be deemed complete three (3) days after the same has been posted as
      aforesaid) or by personal service or in such other manner as may be permissible
      under the rules of said courts. Each of the Company, the Investor Agent and
      each
      Stockholder irrevocably waives, to the fullest extent permitted by law, any
      objection which it may now or hereafter have to the laying of the venue of
      any
      such suit, action, or proceeding brought in such a court and any claim that
      suit, action, or proceeding has been brought in an inconvenient forum.
EACH
      PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
      HEREBY.

     

    4.7 Third-Party
      Beneficiaries.
      The
      Investors shall be intended third party beneficiaries of this Agreement to
      the
      same extent as if they were parties hereto, and shall be entitled to enforce
      the
      provisions hereof.

     

    4.8 Termination.
      This
      Agreement shall terminate immediately following the expiration of the Lock-Up
      Period or upon the mutual consent of each Stockholder and the
      Investors.

     

    4.9 Notices.
      Any
      communication, notice or document required or permitted to be given under this
      Agreement shall be given in writing and shall be deemed received (i) when
      personally delivered to the relevant party at such party's address as set forth
      on the signature pages attached hereto, (ii) if sent by mail (which must be
      certified or registered mail, postage prepaid) or overnight courier, when
      received or rejected by the relevant party at such party's address indicated
      below, or (iii) if sent by facsimile, when confirmation of delivery is
      received by the sending party.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Each
      Stockholder that is not a current citizen and resident of the Unites States
      of
      America or an entity organized under the laws of any state of the United States
      of America (the "Foreign
      Parties")
      hereby
      irrevocably appoints National Corporate Research, Ltd., of 225
      West
      34th
      Street,
      Suite 910, New York, N.Y. 10112, U.S.A. ("NCR")
      as its
      agent for the receipt of service of process in the United States. Each Foreign
      Party agrees that any document may be effectively served on it in connection
      with any action, suit or proceeding in the United States by service on its
      agents. The Investor Agent consents and agrees that each Foreign Party may,
      in
      its reasonable discretion, irrevocably appoint a substitute agent for the
      receipt of service of process located within the Untied States, and that upon
      such appointment, the appointment of NCR may be revoked.

     

    Any
      document shall be deemed to have been duly served if marked for the attention
      of
      the agent at its address as set forth in this Section 8(b) or such other address
      in the United States as may be notified to the party wishing to serve the
      document and (a) left at the specified address if its receipt is acknowledged
      in
      writing; or (b) sent to the specified address by post, registered mail return
      receipt requested. In the case of (a), the document will be deemed to have
      been
      duly served when it is left and signed for. In the case of (b), the document
      shall be deemed to have been duly served when received and
      acknowledged.

     

    If
      any
      Foreign Party's agent at any time ceases for any reason to act as such, such
      Foreign Party shall appoint a new Investor Agent having an address for service
      in the United States and shall notify the Investor Agent of the name and address
      of the new Investor Agent. Failing such appointment and notification, the
      holders of a majority of the Common Shares (as defined in the Securities
      Purchase Agreement) shall be entitled by notice to such Foreign Party to appoint
      a new Investor Agent to act on such Foreign Party's behalf. The provisions
      of
      this Section 8(b) applying to service on an agent apply equally to service
      on a
      new Investor Agent.

     

    [The
      remainder of the page is intentionally left blank]

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Stockholder, the Company and the Investor Agent has duly
      executed this Agreement.

     

    
      	 	 	
              THE
                COMPANY:

            
	 	 	 
	 	 	
              APPLIED
                SPECTRUM TECHNOLOGIES, INC.

            
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Mr. Yiqing Wan

            
	 	 	 	
              Name:
                Mr. Yiqing Wan 

            
	 	 	 	
              Title:
                Chief Executive Officer

            
	
              Dated:
                November 15, 2006

            	 	 	 
	 	 	
              Address:

            	
              23/F,
                Changjiang Plaza, 1 Mingquan Lu

              Wuhan
                430021, P.R. China

            
	 	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Stockholder, the Company and the Investor Agent has duly
      executed this Agreement.

     

    
      	 	 	
              THE
                INVESTOR AGENT:

            
	 	 	 
	 	 	
              KEATING
                SECURITIES, LLC

            
	 	 	 	 
	 	 	
              By:

            	
              /s/
                Timothy J. Keating

            
	 	 	 	
              Name:
                Timothy J. Keating

            
	 	 	 	
              Title: 
                President

            
	
              Dated:
                November 15, 2006

            	 	 	 
	 	 	
              Address:

            	
              5251
                DTC Parkway, Suite 1090

              Greenwood
                Village, CO 80111

            
	 	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Stockholder, the Company and the Investor Agent has duly
      executed this Agreement.

    

    
      	 	 	
              STOCKHOLDER:

               

            
	 	 	
              /s/  
                Mr. Yiqing Wan

            
	 	 	
              Mr.
                Yiqing Wan

            
	 	 	 
	
              Dated:
                November 15, 2006

            	 	 
	 	 	
              Address:

            	
              Changjiang
                Tower, 23rd
                Floor

              No.
                1 MinquanRoad

            
	 	 	 	
              Wuhan,
                Hubei Province, P.R.C.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Stockholder, the Company and the Investor Agent has duly
      executed this Agreement.

    

    
      	 	 	
              STOCKHOLDER:

               

            
	 	 	
              /s/  
                Ms. Wei Xu

            
	 	 	
              Ms.
                Wei Xu

            
	 	 	 
	
              Dated:
                November 15, 2006

            	 	 
	 	 	
              Address:

            	
              Changjiang
                Tower, 23rd
                Floor

              No.
                1 MinquanRoad

            
	 	 	 	
              Wuhan,
                Hubei Province, P.R.C.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Stockholder, the Company and the Investor Agent has duly
      executed this Agreement.

    

    
      	 	 	
              STOCKHOLDER:

               

            
	 	 	
              MOVEUP
                INVESTMENTS LIMITED

               

            
	 	 	
              By:

            	
              /s/
                Shaoping Lu

            
	 	 	 	
              Name:
                Shaoping Lu

            
	 	 	 	
              Title:
                Director

            
	
              Dated:
                November 15 , 2006

            	 	 	 
	 	 	
              Address:

            	
              C-22
                World Trade Plaza

              9
                Fuhong Road

              Shenzhen
                518033 P.R.C.

            
	 	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      A

     

    Restricted
      Securities Owned prior to Exchange

     

    
      	
              Stockholder

            	
              Common
                Shares 

              Owned

            	
              Other

              Restricted
                Securities Owned

            	
              Percentage
                of Stock Outstanding

            	
              Voting
                Percentage 

              of
                Stock

              Outstanding

            
	
              Yiqing
                Wan

            	
              0

            	
              0

            	
              0

            	
              0

            
	
              Wei
                Xu

            	
              0

            	
              0

            	
              0

            	
              0

            
	
              Moveup
                Investments Limited

            	
              0

            	
              0

            	
              0

            	
              0

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    APPENDIX
      B

     

    Restricted
      Securities Owned After Exchange

     

    
      	
              Stockholder

            	
              Common
                Shares 

              Owned

            	
              Other

              Restricted
                Securities Owned

            	
              Percentage
                of Stock Outstanding

            	
              Voting
                Percentage 

              of
                Stock

              Outstanding

            
	
              Yiqing
                Wan

            	
              46,187,136
                (1)

            	
              0

            	
              65.05%

            	
              65.05%

            
	
              Wei
                Xu

            	
              46,187,136(1)

            	
              0

            	
              65.05%

            	
              65.05%

            
	
              Moveup
                Investments Limited

            	
              4,230,865

            	
              0

            	
              5.96%

            	
              5.96%

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

     

    
      	
              (1)

            	
              Yiqing
                Wan and Wei Xu each have a 50% equity ownership in XIA Pharmaceutical
                Inc.
                They are both executive officers of the Company and Yiqing Wan is
                a
                director. In addition, they are husband and wife.Unassociated Document

    PLACEMENT
      AGREEMENT

    October
      17, 2006

     

    Keating
      Securities, LLC

    5251
      DTC
      Parkway, Suite 1090

    Greenwood
      Village, CO 80111

    

    
      	
            	Re:	
              Offering
                of Common Stock in the Aggregate Principal Amount of $10,000,000
                (Minimum)
                and $12,000,000 (Maximum) with Attached
                Warrants

            

    

     

    Gentlepersons:

     

    1. Introduction.

     

    Keating
      Securities, LLC, a Delaware limited liability company (the "Placement
      Agent"),
      proposes to act on a best efforts basis as the exclusive placement agent for
      Applied Spectrum Technologies, Inc., a Delaware corporation ("Applied
      Spectrum"),
      in a
      private placement offering (the "Offering")
      of
      common stock, $0.001 par value (the "Common
      Stock"),
      of
      Applied Spectrum (the "Shares")
      with
      attached warrants ("Warrants",
      together with the Shares, the "Units"),
      in a
      minimum principal amount of $10,000,000 (the "Minimum
      Amount")
      and a
      maximum principal amount of $12,000,000 (the "Maximum
      Amount"),
      to be
      issued by Applied Spectrum, upon the closing of the Exchange Agreement described
      below.

     

    Prior
      to
      the closing of the Offering (the "Closing"),
      Applied Spectrum and Ever Leader Holdings Limited, a company incorporated under
      the laws of Hong Kong SAR and its direct and indirect subsidiaries
      (collectively, "Ever
      Leader")
      shall
      have completed the transactions under a certain exchange agreement (the
      "Exchange
      Agreement")
      entered into by and among the shareholders of Ever Leader (the "Shareholders"),
      Applied Spectrum, KI Equity Partners III, LLC, a Delaware limited liability
      company and Applied Spectrum's majority shareholder ("KI
      Equity").
      Pursuant to the Exchange Agreement, all of the issued and outstanding shares
      of
      capital stock of Ever Leader will be transferred to Applied Spectrum in exchange
      for 64,942,360 shares of Common Stock (the "Exchange").
      Upon
      completion of the Exchange, Ever Leader will be an indirect, wholly owned
      subsidiary of Applied Spectrum.

     

    Investors
      in the Offering ("Investors")
      will
      also receive warrants exercisable for five years to purchase shares of Common
      Stock in an amount equal to 100% of the Shares. The Warrants will be exercisable
      at a price of $0.555 per share (the "Exercise
      Price").

     

    Following
      the consummation of the Exchange and prior to the closing of the Offering,
      Applied Spectrum shall assume all of Ever Leader's rights and obligations under
      this Agreement; provided that prior to Applied Spectrum's approval and
      assumption of this Agreement, references to Ever Leader shall only be deemed
      to
      include Ever Leader and references to Applied Spectrum shall only be deemed
      to
      include Applied Spectrum.

     

    The
      Exchange and the transactions contemplated under the Exchange Agreement are
      herein referred to as the "Transaction"
      or
      collectively as the "Transactions".

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Upon
      consummation of the Exchange, Applied Spectrum will prepare a proxy or
      information statement pursuant to Regulation 14A or 14C under the Exchange
      Act
      (as defined below) (together with any amendments or supplements thereto, the
      "Proxy/Information
      Statement")
      and
      will either solicit proxies from its shareholders or obtain majority consent
      from and inform its shareholders to: (i) approve a change in the name of Applied
      Spectrum to a name approved by its Board of Directors ("Board");
      and
      (ii) to approve such other actions as may be approved by the Board. As a
      condition of the closing of the Exchange, KI Equity and the Shareholders will
      enter into a voting agreement ("Voting
      Agreement")
      that
      requires their share approval vote favoring the actions provided in (i) and
      (ii)
      above.

     

    The
      Shares and the Warrants are more fully described in a private placement
      memorandum dated October 20, 2006, including any supplements or amendments
      thereto (the "Memorandum").
      Except as otherwise defined herein, all capitalized terms shall have the meaning
      set forth in the Memorandum.

     

    Ever
      Leader desires to employ the Placement Agent as its exclusive placement agent
      to
      offer, offer for sale and sell the Units subject to all of the terms and
      conditions of this Agreement and subject to the terms and conditions contained
      in the Memorandum. In the event of any inconsistency between this Agreement
      and
      the Memorandum, the terms and conditions of this Agreement shall supersede
      and
      be controlling.

     

    2. Representations
      and Warranties of Ever Leader and Applied Spectrum.

     

    (a) Ever
      Leader represents and warrants to, and covenants with, the Placement Agent
      as of
      the date of this Agreement and as of the date of the Closing as
      follows:

     

    (i) Authority.
      All
      action required to be taken by Ever Leader necessary for the authorization
      of
      this Agreement and the performance of all obligations of Ever Leader hereunder
      will have been taken; and this Agreement, the Transaction Documents (as defined
      below), the Related Documents (as defined below) and the Escrow Documents (as
      defined below) shall be in full force and effect.

     

    (ii) Authority
      for Exchange Agreement.
      All
      action required to be taken by Ever Leader necessary for the authorization
      of
      the Exchange Agreement (collectively with each of the ancillary agreements
      related thereto, collectively the "Transaction
      Documents")
      and
      the performance of all obligations of Ever Leader thereunder will have been
      taken.

     

    (iii) Organization
      and Qualification.

     

    
      
        
        

      

      
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    (a) Ever
      Leader is a company incorporated under the laws of Hong Kong SAR, is duly formed
      or organized, validly existing and in good standing under the laws of its
      jurisdiction of organization and has the requisite 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 Ever Leader to be conducted. Ever Leader
      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 conducted, and to
      consummate the Transactions contemplated under this Agreement and the Exchange
      Agreement, except where the failure to have such Approvals could not,
      individually or in the aggregate, reasonably be expected to have a Material
      Adverse Effect (as hereinafter defined). Ever Leader is not in violation of
      any
      of the provisions of Ever Leader's articles of organization or bylaws or similar
      governing, organization or charter documents (collectively referred to herein
      as
      "Charter
      Documents").
      Ever
      Leader is in good standing in Hong Kong. The minute books or the equivalent
      contain true, complete and accurate records of meetings and consents in lieu
      of
      meetings of its board of directors (and any committees thereof), similar
      governing bodies and stockholders ("Corporate
      Records")
      of
      Ever Leader, since the time of Ever Leader's organization. The ownership records
      of shares of Ever Leader's capital stock are true, complete and accurate records
      of the ownership such of shares as of the date of such records and contain
      all
      transfers of such shares since the time of Ever Leader's organization
      ("Share
      Records").
      Ever
      Leader is not required to qualify to do business as a foreign corporation in
      any
      other jurisdiction. For purposes of this Agreement, the term "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, prospects, financial condition or results of operations of such entity
      or its subsidiaries, if any, taken as a whole or on the transactions
      contemplated hereby and the other Transaction Documents, the Related Documents
      and the Escrow Documents or by the agreements and instruments to be entered
      into
      in connection herewith or therewith, or on the authority or ability of such
      entity to perform its obligations, if any, under the Transaction Documents,
      the
      Related Documents and the Escrow Documents or under the agreements and
      instruments to be entered into in connection herewith or therewith.

     

    (b) Each
      member of the Group (as hereinafter defined) is organized under the laws of
      the
      jurisdiction set forth in Schedule 2(a)(iii) hereto, is duly formed or
      organized, validly existing and in good standing under the laws of its
      jurisdiction of organization and has the requisite 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 each member of the Group to be conducted.
      Each member of the Group is in possession of all Approvals necessary to own,
      lease and operate the properties it purports to own, operate or lease, to carry
      on its business as it is now being conducted, and to consummate the
      Transactions. No member of the Group is in violation of any of the provisions
      of
      their respective Charter Documents. The Corporate Records of each member of
      the
      Group contain true, complete and accurate records of meetings and consents
      in
      lieu of meetings of its board of directors (and any committees thereof), similar
      governing bodies and holders of its registered capital, since the time of their
      respective organization. The ownership records of each Group member's registered
      capital are true, complete and accurate records of such ownership as of the
      date
      of such records and contains all transfers of such registered capital since
      the
      time of their respective organization. No member of the Group is required to
      qualify to do business as a foreign corporation in any other jurisdiction.
      For
      purposes of this Agreement, (i) the term "Group"
      shall
      mean collectively Ever Leader,
      Hubei Tongji Benda Ebei Pharmaceutical Co., Ltd. ("Benda
      Ebei"),
      a Sino-Foreign Equity Joint Venture company incorporated under the laws of
      the
      People's Republic of China ("PRC"),
      Jiangling Benda Pharmaceutical Co., Ltd. ("Jiangling
      Benda"),
      a company formed under the laws of the PRC, Yidu Benda Chemical Co., Ltd.
      ("Yidu
      Benda"),
      a company incorporated under the laws of the PRC; and Beijing Shusai Pharyngitis
      Research Co., Ltd. ("Beijing
      Shusai"),
      a company incorporated under the laws of the PRC
      and (ii)
      the term "Affiliated
      Companies"
      shall
      mean, collectively, Ever Leader, any member of the Group or any direct or
      indirect Subsidiary of Ever Leader or any member of the Group. For purposes
      of
      this Agreement, (i) the term "Subsidiary"
      shall
      mean any Person in which Ever Leader, any member of the Group or any Subsidiary,
      directly or indirectly, owns an equity or security interest, and (ii) the term
      "Person"
      shall
      mean and include an individual, a corporation, a partnership (general or
      limited), a joint venture, an association, a limited liability company, a trust
      or any other organization or entity, including a government or political
      subdivision or an agency or instrumentality thereof.

     

    
      
        
        

      

      
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    (iv) Subsidiaries.
      Set
      forth in Schedule 2(a)(iv) hereto is a true and complete list of all
      Subsidiaries of Ever Leader and any member of the Group stating, with respect
      to
      each Subsidiary, its jurisdiction of incorporation or organization, date of
      incorporation or organization, capitalization and equity ownership. Each
      Subsidiary is a corporation duly incorporated or organized, validly existing
      and
      in good standing under the laws of the jurisdiction of its incorporation or
      organization, has all requisite corporate power and authority to own, lease
      and
      operate its properties and to carry on its businesses as they are now being
      conducted, and no Subsidiary is required to qualify to do business as a foreign
      corporation in any other jurisdiction. All of the outstanding shares of capital
      stock of each Subsidiary have been duly and validly authorized and issued,
      are
      fully paid and non-assessable, have not been issued in violation of any
      preemptive or other right of stockholders, or any other Person, or of any Legal
      Requirements (as defined in Section 2(a)(vii) below), and are owned beneficially
      and of record by the Person as specified on Schedule 2(a)(iv), free and clear
      of
      any liens, claims, charges, encumbrances, pledges, mortgages, security
      interests, options, rights to acquire, proxies, voting trusts or similar
      agreements, restrictions on transfer or adverse claims of any nature whatsoever
      ("Liens").
      No
      Subsidiary is in violation of any of the provisions of its Charter
      Documents.

     

    Except
      as
      described in Schedule 2(a)(iv) hereto, neither Ever Leader, any member of the
      Group nor any Subsidiary owns, directly or indirectly, any ownership, equity,
      profits or voting interest in any Person (other than Ever Leader, a member
      of
      the Group or the Subsidiaries) or has any agreement or commitment to purchase
      any such interest, and Ever Leader, each Group member and their Subsidiaries
      have not agreed and are not obligated to make nor are 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 any date hereafter, under which any of them may be obligated
      to make any future investment in or capital contribution to any other
      entity.

     

    (v) Capitalization.

     

    (a) The
      authorized capital stock of Ever Leader currently consists of 1,000,000 shares
      of capital stock, par value HK$0.01 per share, or an authorized and registered
      capital of HK$10,000. At the close of business on the business day prior to
      the
      date hereof, Schedule 2(a)(v) hereto contains all of the outstanding equity
      securities of Ever Leader. All Shares on Schedule 2(a)(v) have been validly
      issued, fully paid and are non-assessable and have not been issued in violation
      of any preemptive or other right of stockholders (or any other Person), or
      of
      any legal requirement. Except as set forth in Schedule 2(a)(v), there are no
      outstanding securities, convertible securities, options, warrants or derivative
      securities, and there are no agreements or commitments obligating Ever Leader
      to
      issue or grant any of the foregoing, including any pre-emptive or similar
      rights. All outstanding shares of capital stock, options, warrants and other
      securities of Ever Leader have been issued in compliance with (i) all applicable
      securities laws and (in all material respects) other applicable laws and
      regulations, and (ii) all requirements set forth in any applicable contracts.
      Except as described in Schedule 2(a)(v) or in Schedule 2(a)(v) hereto,
      there are no commitments or agreements of any character to which Ever Leader
      is
      bound obligating Ever Leader to accelerate the vesting of any options or
      warrants as a result of the Transactions.

     

    
      
        
        

      

      
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    (b) The
      authorized and registered capital stock of each member of the Group shall be
      as
      set forth in Schedule 2(a)(v) hereto. All of the outstanding shares of capital
      stock of each member of the Group have been duly and validly authorized and
      issued, are fully paid and non-assessable, have not been issued in violation
      of
      any preemptive or other right of stockholders (or any other Person) or of any
      Legal Requirement, and are owned beneficially and of record by the Person as
      specified on Schedule 2(a)(v), free and clear of any Lien. Except as set forth
      in Schedule 2(a)(v), there are no outstanding securities, convertible
      securities, options, warrants or derivative securities, and there are no
      agreements or commitments obligating any member of the Group to issue or grant
      any of the foregoing, including any pre-emptive or similar rights. All
      outstanding shares, options, warrants and other securities of each member of
      the
      Group have been issued in compliance with (i) all applicable securities laws
      and
      (in all material respects) other applicable laws and regulations, and (ii)
      all
      requirements set forth in any applicable contracts.

     

    (c) Except
      as
      set forth in this Section 2(a)(v) or in Schedule 2(a)(v) hereto, there are
      no
      equity securities, partnership interests or similar ownership interests of
      any
      class of any equity security of any Affiliated Company, or any securities
      exchangeable or convertible into or exercisable for such equity securities,
      partnership interests or similar ownership interests, issued, reserved for
      issuance or outstanding. Except as set forth in this Section 2(a)(v) or in
      Schedule 2(a)(v) hereof, there are no subscriptions, options, warrants, equity
      securities, ownership or partnership interests or similar ownership interests,
      calls, rights (including preemptive rights), commitments or agreements of any
      character to which the Affiliated Companies are a party or by which they are
      bound obligating them 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 registered capital, ownership
      interests, partnership interests or similar ownership interests of the
      Affiliated Companies or obligating the Affiliated Companies 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(a)(v) hereto,
      there
      are no registration rights, and there is no voting trust, voting agreement,
      proxy, rights plan, anti-takeover plan or other agreement or understanding
      to
      which the Affiliated Companies are a party or by which they are bound with
      respect to any shares of capital stock, registered capital, equity securities,
      partnership interests or similar ownership interests of any class of the
      Affiliated Companies, and there are no agreements to which the Affiliated
      Companies are a party, or which the Affiliated Companies have knowledge of,
      which conflict with this Agreement or the transactions contemplated herein
      or
      otherwise prohibit the consummation of the transactions contemplated
      hereunder.

     

    
      
        
        

      

      
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    (e) Except
      as
      set forth in Schedule 2(a)(v) hereto, there are no securities or instruments
      containing anti-dilution or similar provisions that will be triggered by the
      issuance of the Units.

     

    (f) As
      of the
      Closing Date (as defined in Section 4(d)) (and following completion of the
      Exchange), Ever Leader's capitalization will be the capitalization of Applied
      Spectrum as described in Section 2(b)(vi).

     

    (vi) Authority
      Relative to this Agreement.
      Ever
      Leader has all necessary corporate power and authority to execute and deliver
      this Agreement, the Transaction Documents, the Related Documents and the Escrow
      Documents and to perform its obligations hereunder and thereunder and, to
      consummate the transactions contemplated hereby and thereby (including the
      Transactions). The execution and delivery of this Agreement, the Transaction
      Documents, the Related Documents and the Escrow Documents and the consummation
      by Ever Leader of the transactions contemplated hereby and thereby (including
      the Transactions) have been duly and validly authorized by all necessary action
      on the part of Ever Leader (including the approval by Ever Leader's
      stockholders), and no other proceedings on the part of any Affiliated Company
      are necessary to authorize this Agreement or to consummate the transactions
      contemplated hereby. This Agreement, the Transaction Documents, the Related
      Documents and the Escrow Documents have been duly and validly executed and
      delivered by Ever Leader and, assuming the due authorization, execution and
      delivery thereof by the other parties hereto, constitutes the legal and binding
      obligation of Ever Leader, enforceable against it 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 and public policy. 

     

    (vii) No
      Conflict; Required Filings and Consents.

     

    (a) The
      execution and delivery of this
      Agreement, the Exchange Agreement and the other Transaction Documents, the
      Related Documents and Escrow Documents by
      Ever
      Leader does not, and the performance of this Agreement, the Exchange Agreement
      and the other Transaction Documents, the Related Documents and Escrow Documents
      to which it is a party by Ever Leader shall not, (i) conflict with or violate
      their respective Charter Documents, (ii) conflict with or violate any Legal
      Requirements (as defined below), 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 any Affiliated 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 any
      Affiliated Company pursuant to, any Material Contracts (as defined in Section
      2(a)(xxi) below), except, with respect to clauses (ii) or (iii), for any such
      conflicts, violations, breaches, defaults or other occurrences that would not,
      individually or in the aggregate, reasonably be expected to have a Material
      Adverse Effect on any of the Affiliated Companies. For purposes of this
      Agreement, the term "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 (as defined below).

     

    
      
        
        

      

      
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    (b) The
      execution and delivery of this Agreement, the Exchange Agreement and the other
      Transaction Documents, Related Documents and Escrow Documents to which it is
      a
      party by Ever Leader does not, and the performance of obligations of Ever Leader
      hereunder or thereunder 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 of 1933,
      as amended (the "Securities
      Act"),
      the
      Securities Exchange Act of 1934, as amended (the "Exchange
      Act"),
      state
      securities laws ("Blue
      Sky Laws"),
      and
      the rules and regulations thereunder, and appropriate documents with the
      relevant authorities of other jurisdictions in which Ever Leader 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 any of the Affiliated Companies or, after the closing of
      the
      Exchange Agreement, Applied Spectrum, or prevent consummation of the
      Transactions or otherwise prevent the parties hereto from performing their
      obligations under this Agreement, the Exchange Agreement or any other
      Transaction Documents, Related Documents or Escrow Documents.

     

    (viii) Compliance.
      Each
      Affiliated Company has complied with and is not in violation of any Legal
      Requirements with respect to the conduct of their business, or the ownership
      or
      operation of their 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 any of the Affiliated Companies. To the
      knowledge of Ever Leader, the businesses and activities of the Affiliated
      Companies have not been and are not being conducted in violation of any Legal
      Requirements. Each Affiliated Company is not in default or violation of any
      term, condition or provision of any applicable Charter Documents or Contracts.
      Except as set forth on Schedule 2(a)(viii), no written notice of non-compliance
      with any Legal Requirements relating or with respect to the business of the
      Affiliated Companies has been received by the Affiliated Companies (and each
      Affiliated Company has no knowledge of any such material notice delivered to
      any
      other Person). To the knowledge of Ever Leader, the Affiliated Companies are
      not
      in violation of any material term of any contract or covenant relating to
      employment, patents, proprietary information disclosure, non-competition or
      non-solicitation.

     

    (ix) Financial
      Statements.

     

    (a) The
      audited financial statements of Ever Leader in the Memorandum are a correct
      and
      complete copy of the audited financial statements (including, in each case,
      any
      related notes thereto) of Ever Leader and the members of the Group, on a
      consolidated basis, for the fiscal years ended December 31, 2004 and 2005,
      prepared in accordance with the published rules and regulations of any
      applicable Governmental Entity and with generally accepted accounting principles
      of the United States ("U.S.
      GAAP")
      applied on a consistent basis throughout the periods involved (except as may
      be
      indicated in the notes thereto) and audited in accordance with the auditing
      standards of the Public Company Accounting Oversight Board ("PCAOB")
      by an
      independent accountant registered with PCAOB, and such statements fairly present
      in all material respects the financial position of Ever Leader and the members
      of the Group, on a consolidated basis, at the respective dates thereof and
      the
      results of its operations and cash flows for the periods indicated, and each
      does not 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.

     

    
      
        
        

      

      
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    (b) The
      unaudited financial statements of Ever Leader in the Memorandum are a complete
      copy of the unaudited financial statements (including, in each case, any related
      notes thereto) of Ever Leader and each member of the Group, on a consolidated
      basis, for the three-month periods ended March 31, 2006 and June 30, 2006,
      prepared in accordance with U.S. GAAP applied on a consistent basis throughout
      the period involved (except as may be indicated in the notes thereto), and
      have
      been reviewed by an independent accountant registered with PCAOB, and such
      statements will fairly present in all material respects the financial position
      of Ever Leader and the members of the Group, on a consolidated basis, at the
      dates thereof and the results of its operations and cash flows for the periods
      indicated, except that the unaudited interim financial statements will be
      subject to normal adjustments which are not expected to have a Material Adverse
      Effect on any of the Affiliated Companies. The audited financial statements
      and
      the unaudited financial statements described in this Section 2(a)(ix) are
      collectively referred to herein as the "U.S.
      GAAP Financial Statements".

     

    (c) Ever
      Leader and each member of the Group maintains a system of internal accounting
      controls sufficient to provide reasonable assurance that (i) transactions are
      executed in accordance with management's general or specific authorizations,
      (ii) transactions are recorded as necessary to permit preparation of financial
      statements in conformity with generally accepted accounting principles and
      to
      maintain asset accountability, (iii) access to assets is permitted only in
      accordance with management's general or specific authorization, and (iv) the
      recorded accountability for assets and liabilities is compared with the existing
      assets and liabilities at reasonable intervals and appropriate action is taken
      with respect to any difference. During the twelve months prior to the date
      hereof neither Ever Leader nor any member of the Group have received any notice
      or correspondence from any accountant relating to any material weakness in
      any
      part of the system of internal accounting controls of Ever Leader or any member
      of the Group.

     

    (x) No
      Undisclosed Liabilities.
      Except
      as set forth in Schedule 2(a)(x) hereto, the Affiliated Companies have no
      liabilities individually in excess of $25,000 and in the aggregate in excess
      of
      $100,000 (absolute, accrued, contingent or otherwise) of a nature required
      to be
      disclosed on a balance sheet or in the related notes to the consolidated
      financial statements prepared in accordance with U.S. GAAP which are,
      individually or in the aggregate, material to the business, results of
      operations or financial condition of the Affiliated Companies, except:
      (i) liabilities provided for in or otherwise disclosed in the consolidated
      balance sheets of Ever Leader and the members of the Group as of December 31,
      2005, prepared in accordance with U.S. GAAP, as included in the Memorandum,
      and
      (ii) such liabilities not in excess of $100,000, in the aggregate, arising
      in
      the ordinary course of business of the Affiliated Companies since December
      31,
      2005, none of which would have a Material Adverse Effect on any of the
      Affiliated Companies. 

     

    
      
        
        

      

      
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    (xi) Absence
      of Certain Changes or Events.
      Except
      as set forth in Schedule 2(a)(xi) hereto or in the Memorandum, including the
      consolidated balance sheets of Ever Leader and the members of the Group since
      December 31, 2005, and except for the transactions contemplated under this
      Agreement (including the Offering), there has not been, with respect to any
      Affiliated Company: (a) any Material Adverse Effect, (b) any declaration,
      setting aside or payment of any dividend on, or other distribution (whether
      in
      cash, securities or property) in respect of, any of equity securities, or any
      purchase, redemption or other acquisition of any of equity securities or any
      options, warrants, calls or rights to acquire any equity securities or other
      securities, (c) any split, combination or reclassification of any equity
      securities, (d) any granting 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 of any bonus, except
      for
      bonuses made in the ordinary course of business consistent with past practice,
      or any granting of any increase in severance or termination pay or any entry
      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 of the nature contemplated hereby, (e) entry into any licensing
      or
      other agreement with regard to the acquisition or disposition of any
      Intellectual Property (as hereinafter defined) 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
      with respect to any Governmental Entity, (f) any material change in its
      accounting methods, principles or practices, (g) any change in the auditing
      firm, (h) any issuance of securities, or (i) any revaluation of any of their
      respective assets, including, without limitation, writing down the value of
      capitalized inventory or writing off notes or accounts receivable or any sale
      of
      assets other than in the ordinary course of business.

     

    (xii) Litigation.
      Except
      as disclosed in Schedule 2(a)(xii) hereto, there are no claims, suits, actions
      or proceedings pending, or to the knowledge of any Affiliated Company,
      threatened against the Affiliated Companies, 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
      individually or in the aggregate with all such claims, actions or proceedings,
      to have a Material Adverse Effect on any of the Affiliated Companies or have
      a
      Material Adverse Effect on the ability of any of the parties hereto to
      consummate the Transactions.

     

    (xiii) Employee
      Benefit Plans.

     

    (a) All
      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
      Affiliated Companies, or any trade or business (whether or not incorporated)
      which is under common control with the Affiliated Companies, with respect to
      which the Affiliated Companies has liability (collectively, the "Plans")
      has
      been maintained and administered in all material respects in compliance with
      its
      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 consolidated
      financial statements of Ever Leader and the members of the Group. No suit,
      action or other litigation (excluding claims for benefits incurred in the
      ordinary course of Plan activities) has been brought or is continuing, or to
      the
      knowledge of Ever Leader is threatened, against or with respect to any such
      Plan. There are no audits, inquiries or proceedings pending or, to the knowledge
      of Ever Leader, threatened by any governmental agency with respect to any Plans.
      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. Each Plan
      can be amended, terminated or otherwise discontinued after the closing of the
      Transactions in accordance with its terms, subject to applicable laws, without
      liability to Ever Leader or the Affiliated Companies (other than ordinary
      administration expenses and expenses for benefits accrued but not yet
      paid).

     

    
      
        
        

      

      
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    (b) Except
      as
      disclosed on Schedule 2(a)(xiii) hereto, neither the execution and delivery
      of
      this Agreement, the Exchange Agreement or any other Transaction Documents,
      Related Documents or Escrow Documents nor the consummation of the transactions
      contemplated hereby or thereby will (i) result in any payment (including
      severance, unemployment compensation, golden parachute, bonus or otherwise)
      becoming due to any stockholder, officer, director or employee of the Affiliated
      Companies 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.

     

    (xiv) Labor
      Matters.
      Except
      as disclosed in Schedule 2(a)(xiv) hereto, the Affiliated Companies are not
      a
      party to any collective bargaining agreement or other labor union contract
      applicable to persons employed by the Affiliated Companies nor does any
      Affiliated Company know of any activities or proceedings of any labor union
      to
      organize any such employees.

     

    (xv) Restrictions
      on Business Activities.
      Except
      as disclosed on Schedule 2(a)(xv) hereto, there is no agreement, commitment,
      judgment, injunction, order or decree binding upon the Affiliated Companies
      or
      to which the Affiliated Companies is a party which has or could reasonably
      be
      expected to have the effect of prohibiting or materially impairing any business
      practice of the Affiliated Companies, any acquisition of property by the
      Affiliated Companies or the conduct of business by the Affiliated Companies
      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 the Affiliated Companies.

     

    (xvi) Title
      to Property.

     

    (a) All
      real
      estate or land use rights owned by the Affiliated Companies (including land
      use
      rights, improvements and fixtures thereon, easements and rights of way) (the
      "Real
      Property")
      is
      shown or reflected on the U.S. GAAP Financial Statements. The Affiliated
      Companies have good, valid and marketable title to the Real Property, and except
      as set forth in the U.S. GAAP Financial Statements or on Schedule 2(a)(xvi)
      hereto, all of the Real Property is held free and clear of all Liens, rights
      of
      way, easements, restrictions, exceptions, variances, reservations, covenants
      or
      other title defects or limitations of any kind, other than Liens for taxes
      not
      yet due and payable and such Liens or other imperfections of title, if any,
      that
      do not materially detract from the value of or materially interfere with the
      present use of the property affected thereby. Schedule 2(a)(xvi) hereto is
      a
      list of all options or other contracts under which any Affiliated Company has
      a
      right to acquire any interest in real property.

     

    
      
        
        

      

      
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    (b) All
      leases of real property held by the Affiliated Companies and all personal
      property and other property and assets of the Affiliated Companies (other than
      Real Property) owned, used or held for use in connection with the business
      of
      the Affiliated Companies (the "Personal
      Property")
      are
      shown or reflected on the U.S. GAAP Financial Statements. The Affiliated
      Companies own and have good and marketable title to the Personal Property,
      and
      all such assets and properties are in each case held free and clear of all
      Liens, except for Liens disclosed in the U.S. GAAP Financial Statements or
      in
      Schedule 2(a)(xvi) hereto, none of which Liens has or will have, individually
      or
      in the aggregate, a Material Adverse Effect on such property or on the present
      or contemplated use of such property in the businesses of any of the Affiliated
      Companies.

     

    (c) All
      leases pursuant to which an Affiliated Company leases from others material
      real
      or personal property are valid and effective in accordance with their respective
      terms, and there is not, under any of such leases, any existing material default
      or event of default of the Affiliated Companies or, to the knowledge of Ever
      Leader, any other party (or any event which with notice or lapse of time, or
      both, would constitute a material default), except where the lack of such
      validity and effectiveness or the existence of such default or event of default
      could not reasonably be expected to have a Material Adverse Effect on any of
      the
      Affiliated Companies.

     

    (xvii) Taxes.

     

    (a) Definition
      of Taxes.
      For the
      purposes of this Agreement, "Tax"
      or
      "Taxes"
      refers
      to any and all applicable central, federal, provincial, state, local, municipal
      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(a)(xvii) hereto:

     

    (i) The
      Affiliated Companies have timely filed all federal, state, local and foreign
      returns, estimates, information statements and reports relating to Taxes
      ("Returns")
      required to be filed by the Affiliated Companies with any Tax authority prior
      to
      the date hereof. All such Returns are true, correct and complete in all material
      respects. The Affiliated Companies have paid all Taxes shown to be due on such
      Returns.

     

    (ii) All
      Taxes
      that the Affiliated Companies are 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.

     

    
      
        
        

      

      
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    (iii) The
      Affiliated Companies have not been delinquent in the payment of any Tax nor
      is
      there any Tax deficiency outstanding, proposed or assessed against the
      Affiliated Companies, nor have the Affiliated Companies executed any unexpired
      waiver of any statute of limitations on or extending the period for the
      assessment or collection of any Tax.

     

    (iv) No
      audit
      or other examination of any Return of the Affiliated Companies by any Tax
      authority is presently in progress, nor have the Affiliated Companies been
      notified of any request for such an audit or other examination.

     

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

     

    (vi) The
      Affiliated Companies have no liability for any unpaid Taxes which have not
      been
      accrued for or reserved on Ever Leader's balance sheets included in the U.S.
      GAAP Financial Statements for the most recent fiscal year ended, whether
      asserted or unasserted, contingent or otherwise, 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 Affiliated Companies
      in
      the ordinary course of business, none of which is material to the business,
      results of operations or financial condition of the Affiliated
      Companies.

     

    (xviii) Environmental
      Matters.
      Except
      as disclosed in Schedule 2(a)(xviii) hereto and except for such matters that,
      individually or in the aggregate, are not reasonably likely to have a Material
      Adverse Effect: (a) the Affiliated Companies have complied with all applicable
      Environmental Laws; (b) the properties currently owned or operated by the
      Affiliated Companies (including soils, groundwater, surface water, buildings
      or
      other structures) are not contaminated with any Hazardous Substances; (c) the
      properties formerly owned or operated by the Affiliated Companies were not
      contaminated with Hazardous Substances prior to or during the period of
      ownership or operation by the Affiliated Companies; (d) the Affiliated Companies
      are not subject to liability for any Hazardous Substance disposal or
      contamination on any third party property; (e) the Affiliated Companies have
      not
      been associated with any release or threat of release of any Hazardous
      Substance; (f) the Affiliated Companies have not received any notice, demand,
      letter, claim or request for information alleging that the Affiliated Companies
      may be in violation of or liable under any Environmental Law; and (g) the
      Affiliated Companies are 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.

     

    As
      used
      in this Agreement, the term "Environmental
      Law"
      means
      all applicable central, federal, provincial, state, local or municipal 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.

     

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

     

    
      
        
        

      

      
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    (xix) Brokers;
      Third Party Expenses.
      Except
      as set forth in this Agreement and in the Related Agreements, and except as
      set
      forth in this Section 2(a)(xix), neither the Affiliated Companies, Ever Leader
      nor, to the knowledge of Ever Leader, the Shareholders, have incurred, nor
      will
      they incur, directly or indirectly, any liability for brokerage, finders' fees,
      agent's commissions or any similar charges in connection with this Agreement,
      the Exchange Agreement, any other Transaction Documents, Related Documents
      or
      Escrow Documents or any transactions contemplated hereby or thereby. Except
      as
      disclosed on Schedule 2(a)(xix), no ownership interests, equity securities,
      convertible securities, warrants, options, or other derivative securities of
      the
      Affiliated Companies or Applied Spectrum are payable to any third party by
      any
      Affiliated Company, Ever Leader or any Shareholder as a result of the
      Transactions.

     

    (xx) Intellectual
      Property.
      For the
      purposes of this Agreement, the following terms have the following
      definitions:

     

    (a) "Intellectual
      Property"
      shall
      mean any or all of the following: (i) patents and applications therefor and
      all reissues, divisions, renewals, extensions, provisionals, continuations
      and
      continuations-in-part thereof ("Patents")
      worldwide; (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) registered copyrights and applications therefor, and all other
      rights corresponding thereto, worldwide; (iv) material domain names, uniform
      resource locators ("URLs")
      and
      other names and locators associated with the Internet ("Domain
      Names");
      (v)
      registered industrial designs and applications therefor, worldwide; (vi)
      registered trade names, logos, trademarks and service marks, and any
      applications therefor (collectively, "Trademarks"), worldwide; (vii) all
      databases and data collections and all rights therein; and (viii) all moral
      and
      economic rights of authors and inventors, however denominated.

     

    (b) "Ever
      Leader Intellectual Property"
      shall
      mean any Intellectual Property that is owned by, or licensed to any of the
      Affiliated Companies.

     

    (c) "Ever
      Leader Products"
      means
      all current versions of products or services of any of the Affiliated
      Companies.

     

    (d) The
      Affiliated Companies own or possess adequate rights or licenses to use all
      Intellectual Property necessary to conduct their respective businesses as now
      conducted. None of any Affiliated Company's registered, or applied for, Ever
      Leader Intellectual Property have expired or terminated or have been abandoned,
      or are expected to expire or terminate or expected to be abandoned, within
      three
      years from the date of this Agreement. The Affiliated Companies have taken
      reasonable security measures to protect the secrecy, confidentiality and value
      of all of their Intellectual Property Rights. 

     

    
      
        
        

      

      
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    (e) Except
      as
      disclosed on Schedule 2(a)(xx), Ever Leader Intellectual Property and Ever
      Leader Products are not subject to any material proceeding or outstanding
      decree, order, judgment, contract, license, agreement or stipulation restricting
      in any manner the use, transfer or licensing thereof by the Affiliated
      Companies, or which may affect the validity, use or enforceability of such
      Ever
      Leader Intellectual Property or Ever Leader Products, which in any such case
      could reasonably be expected to have a Material Adverse Effect on any of the
      Affiliated Companies. No Affiliated Company has any knowledge of any
      infringement by any Affiliated Company of Intellectual Property of others.
      There
      is no claim, action or proceeding being made or brought, or to the knowledge
      of
      Ever Leader, being threatened, against any Affiliated Company regarding the
      Ever
      Leader Intellectual Property and/or the Ever Leader Products. No Affiliated
      Company is aware of any facts or circumstances which might give rise to any
      of
      the foregoing infringements or claims, actions or proceedings. 

     

    (f) Except
      as
      disclosed on Schedule 2(a)(xx) hereto, the Affiliated Companies either own
      and
      have good and marketable title to each material item of Ever Leader Intellectual
      Property owned by it free and clear of any Liens (excluding licenses and related
      restrictions granted in the ordinary course) or have one or more licenses
      sufficient for use of Ever Leader Intellectual Property by the Affiliated
      Companies; and the Affiliated Companies are the owner or licensee of all
      Trademarks used in connection with the operation or conduct of the business
      of
      the Affiliated Companies including the sale of any Ever Leader
      Products.

     

    (g) The
      operation of the business of the Affiliated Companies as such business currently
      is conducted, including the use of any product, device or process, to the
      knowledge of Ever Leader and except as could not reasonably be expected to
      have
      a Material Adverse Effect, 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.

     

    (xxi) Agreements,
      Contracts and Commitments.

     

    (a) For
      purposes of this Agreement, (i) "Indebtedness"
      of any
      Person means, without duplication (A) all indebtedness for borrowed money,
      (B)
      all obligations issued, undertaken or assumed as the deferred purchase price
      of
      property or services, including (without limitation) "capital leases" in
      accordance with generally accepted accounting principles (other than trade
      payables entered into in the ordinary course of business), (C) all reimbursement
      or payment obligations with respect to letters of credit, surety bonds and
      other
      similar instruments, (D) all obligations evidenced by notes, bonds, debentures
      or similar instruments, including obligations so evidenced incurred in
      connection with the acquisition of property, assets or businesses, (E) all
      indebtedness created or arising under any conditional sale or other title
      retention agreement, or incurred as financing, in either case with respect
      to
      any property or assets acquired with the proceeds of such indebtedness (even
      though the rights and remedies of the seller or bank under such agreement in
      the
      event of default are limited to repossession or sale of such property), (F)
      all
      monetary obligations under any leasing or similar arrangement which, in
      connection with generally accepted accounting principles, consistently applied
      for the periods covered thereby, is classified as a capital lease, (G) all
      indebtedness referred to in clauses (A) through (F) above secured by (or for
      which the holder of such Indebtedness has an existing right, contingent or
      otherwise, to be secured by) any mortgage, lien, pledge, charge, security
      interest or other encumbrance upon or in any property or assets (including
      accounts and contract rights) owned by any Person, even though the Person which
      owns such assets or property has not assumed or become liable for the payment
      of
      such indebtedness, and (H) all Contingent Obligations in respect of indebtedness
      or obligations of others of the kinds referred to in clauses (A) through (G)
      above; (ii) "Contingent
      Obligation"
      means,
      as to any Person, any direct or indirect liability, contingent or otherwise,
      of
      that Person with respect to any indebtedness, lease, dividend or other
      obligation of another Person if the primary purpose or intent of the Person
      incurring such liability, or the primary effect thereof, is to provide assurance
      to the obligee of such liability that such liability will be paid or discharged,
      or that any agreements relating thereto will be complied with, or that the
      holders of such liability will be protected (in whole or in part) against loss
      with respect thereto; (iii) the term "Contracts"
      shall
      mean all written contracts, agreements, leases, mortgages, indentures, notes,
      bonds, Liens, licenses, arbitration awards, judgments, decrees, orders,
      documents, instruments, understandings and commitments to which the Affiliated
      Companies is a party or by or to which any of the properties or assets of the
      Affiliated Companies may be bound, subject or affected (including without
      limitation notes or other instruments payable to the Affiliated Companies),
      and
      (iv) the term "Material
      Contracts"
      shall
      mean (x) each Contract, (I) providing for payments (present or future) to the
      Affiliated Companies in excess of $100,000 in the aggregate, or (II) under
      which
      or in respect of which the Affiliated Companies presently have any liability
      or
      obligation of any nature whatsoever (absolute, contingent or otherwise) in
      excess of $100,000, and (y) without limitation of subclause (x), each of the
      following Contracts:

     

    
      
        
        

      

      
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    (i) any
      Indebtedness of the Affiliated Companies, including, without limitation, any
      mortgage, indenture, note, installment obligation or other instrument, agreement
      or arrangement for or relating to any borrowing of money by or from Ever Leader
      or any of the Affiliated Companies;

     

    (ii) any
      guaranty, direct or indirect, by the Affiliated Companies or any officer,
      director or 5% or more stockholder ("Insider")
      of the
      Affiliated Companies of any obligation of the Affiliated Companies for
      borrowings, or otherwise, excluding endorsements made for collection in the
      ordinary course of business;

     

    (iii) any
      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
      Affiliated Companies 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 Affiliated Companies;

     

    (iv) any
      obligation to register any shares of the capital stock or other securities
      of
      the Affiliated Companies with any Governmental Entity;

     

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

     

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

     

    (vii) any
      lease
      or similar arrangement for the use by Ever Leader or any of Affiliated Companies
      of personal property;

     

    
      
        
        

      

      
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    (viii) any
      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;

     

    (ix) any
      Contract of the Affiliated Companies, the violation of which, or default under
      which, by the other party(ies) to such contract, agreement or instrument could
      reasonably be expected to result in a Material Adverse Effect; and

     

    (x) any
      Contract with the Affiliated Companies to which any Insider of the Affiliated
      Companies is a party.

     

    (b) Each
      Material Contract was entered into at arms' length and in the ordinary course,
      is in full force and effect and, to the knowledge of Ever Leader, is valid
      and
      binding upon and enforceable against each of the parties thereto.

     

    (c) Except
      as
      set forth in Schedule 2(a)(xxi), neither Ever Leader nor Affiliated Companies
      nor, to the knowledge of Ever Leader, 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 Material Contract,
      which breach, individually or in the aggregate, could be reasonably likely
      to
      have a Material Adverse Effect on Ever Leader or any of the Affiliated
      Companies, and no party to any Material 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 Ever
      Leader or any of the Affiliated Companies. Each Material Contract to which
      the
      Affiliated Companies 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
      Ever Leader or any of the Affiliated Companies.

     

    (xxii) Insurance.
      Schedule 2(a)(xxii) sets forth the insurance policies and fidelity bonds
      covering the assets, business, equipment, properties, operations, employees,
      officers and directors (collectively, the "Insurance
      Policies")
      of the
      Affiliated Companies. The Affiliated Companies are insured by insurers of
      recognized financial responsibility against such losses and risks and in such
      amounts as management of Ever Leader believes to be prudent and customary in
      the
      businesses in which the Affiliated Companies operate. No Affiliated Company
      has
      been refused any insurance coverage sought or applied for and no Affiliated
      Company has any reason to believe that it will not be able to renew its existing
      insurance coverage as and when such coverage expires or to obtain similar
      coverage from similar insurers as may be necessary to continue its business
      at a
      cost that would not have a Material Adverse Effect.

     

    (xxiii) Governmental
      Actions/Filings; Approvals.
      Except
      as set forth in Schedule 2(a)(xxiii), the Company and/or the Affiliated
      Companies hold, and/or have made, all Governmental Actions/Filings and Approvals
      necessary for the conduct by the Company and the Affiliated Companies of their
      business (as presently conducted and to be conducted following the Closing
      and
      the closing of the Exchange Agreement), except with respect to any Governmental
      Actions/Filings and Approvals the failure of which to hold or make would not
      reasonably be likely to have a Material Adverse Effect on any of the Affiliated
      Companies.

     

    
      
        
        

      

      
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    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.

     

    (xxiv) Interested
      Party Transactions.
      Except
      as set forth in the Schedule 2(a)(xxiv) hereto or as reflected in the financial
      statements included in the Memorandum, no employee, officer, director or
      stockholder of the Affiliated Companies or a member of his or her immediate
      family is indebted to the Affiliated Companies, nor are the Affiliated Companies
      indebted (or committed to make loans or extend or guarantee credit) to any
      of
      them, other than (a) for payment of salary for services rendered,
      (b) reimbursement for reasonable expenses incurred on behalf of the
      Affiliated Companies, and (c) for other employee benefits made generally
      available to all employees. Except as set forth in Schedule 2(a)(xxiv), to
      the
      knowledge of Ever Leader, none of such individuals has any direct or indirect
      ownership interest in any Person with whom the Affiliated Companies is
      affiliated or with whom the Affiliated Companies has a contractual relationship,
      or any Person that competes with the Affiliated Companies, except that each
      employee, officer, director or stockholder of the Affiliated Companies 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
      Affiliated Companies. Except as set forth in Schedule 2(a)(xxiv), to the
      knowledge of Ever Leader, no employee, officer, director or stockholder or
      any
      member of their immediate families is, directly or indirectly, interested in
      any
      material contract with the Affiliated Companies (other than such contracts
      as
      relate to any such individual ownership of interests in or securities of the
      Affiliated Companies).

     

    (xxv) Management.
      Except
      as set forth in Schedule 2(a)(xxv) hereto, during the past five year period,
      no
      current or former officer or director or stockholder of the Affiliated Companies
      has been the subject of:

     

    (a) a
      petition under bankruptcy laws or any other insolvency or moratorium law or
      has
      a receiver, fiscal agent or similar officer been appointed by a court for such
      person, or any partnership in which such person was a general partner at or
      within two years before the time of such filing, or any corporation or business
      association of which such person was an executive officer at or within two
      years
      before the time of such filing;

     

    (b) a
      conviction in a criminal proceeding or a named subject of a pending criminal
      proceeding (excluding traffic violations that do not relate to driving while
      intoxicated or driving under the influence);

     

    (c) any
      order, judgment or decree, not subsequently reversed, suspended or vacated,
      of
      any court of competent jurisdiction, permanently or temporarily enjoining any
      such person from, or otherwise limiting, the following activities:

     

    (i) Acting
      as
      a futures commission merchant, introducing broker, commodity trading advisor,
      commodity pool operator, floor broker, leverage transaction merchant, any other
      person regulated by the United States Commodity Futures Trading Commission
      or an
      associated person of any of the foregoing, or as an investment adviser,
      underwriter, broker or dealer in securities, or as an affiliated person,
      director or employee of any investment company, bank, savings and loan
      association or insurance company, or engaging in or continuing any conduct
      or
      practice in connection with such activity;

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (ii) Engaging
      in any type of business practice; or

     

    (iii) Engaging
      in any activity in connection with the purchase or sale of any security or
      commodity or in connection with any violation of securities laws or commodities
      laws;

     

    (d) any
      order, judgment or decree, not subsequently reversed, suspended or vacated,
      of
      any authority barring, suspending or otherwise limiting for more than 60 days
      the right of any such person to engage in any activity described in the
      preceding sub paragraph, or to be associated with persons engaged in any such
      activity;

     

    (e) a
      finding
      by a court of competent jurisdiction in a civil action or by the U.S. Securities
      and Exchange Commission ("SEC")
      or
      other authority to have violated any securities law, regulation or decree and
      the judgment in such civil action or finding by the SEC or any other authority
      has not been subsequently reversed, suspended or vacated; or

     

    (f) a
      finding
      by a court of competent jurisdiction in a civil action or by the Commodity
      Futures Trading Commission to have violated any federal commodities law, and
      the
      judgment in such civil action or finding has not been subsequently reversed,
      suspended or vacated.

     

    (xxvi) Escrow
      Agreements.
      Each of
      (w) the Escrow Agreement (the "Escrow
      Agreement")
      among
      Ever Leader, Applied Spectrum, the Placement Agent and Steele Street State
      Bank
      (the "Escrow
      Agent"),
      (x)
      the Escrow Agreement (the "Make
      Good Share Escrow
      Agreement")
      among
      the Placement Agent, Ever Leader, Applied Spectrum, certain stockholders of
      Ever
      Leader and Computershare Trust Company, Inc. (the "Share
      Escrow Agent"),
      (y)
      the Make Good Agreement (the "Make
      Good Agreement")
      among
      the Placement Agent Ever Leader, Applied Spectrum and certain stockholders
      of
      Ever Leader, and (z) such other ancillary documents related thereto
      (collectively with the Escrow Agreement, the Make Good Share Escrow Agreement
      and the Make Good Agreement, the "Escrow
      Documents")
      have
      been duly and validly executed and delivered by or on behalf of Ever Leader
      and
      constitutes a legal, valid, and binding obligation of Ever Leader enforceable
      in
      accordance with its terms, except as such enforceability may be limited by
      (a)
      applicable bankruptcy, insolvency, reorganization, moratorium, or other laws
      of
      general application relating to or affecting enforcement of creditors' rights
      generally and (b) laws relating to the availability of specific performance,
      injunctive relief, or other equitable remedies.

     

    (xxvii)  Injunction.
      None of
      the Affiliated Companies is or has been subject to any order, judgment, or
      decree of any court of competent jurisdiction temporarily, preliminarily, or
      permanently enjoining such person for failure to comply with Rule 503 under
      Regulation D. 

     

    (xxviii) Foreign
      Corrupt Practices.
      None of
      the Affiliated Companies nor any director, officer, agent, employee or other
      Person acting on behalf of any Affiliated Company has, in the course of its
      actions for, or on behalf of, any Affiliated Company (i) used any corporate
      funds for any unlawful contribution, gift, entertainment or other unlawful
      expenses relating to political activity; (ii) made any direct or indirect
      unlawful payment to any foreign or domestic government official or employee
      from
      corporate funds; (iii) violated or is in violation of any provision of the
      U.S.
      Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful
      bribe, rebate, payoff, influence payment, kickback or other unlawful payment
      to
      any foreign or domestic government official or employee.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    (xxix) Investment
      Company Status.
      None of
      the Affiliated Companies are, and upon consummation of the sale of the Units
      will not be, an "investment company," a company controlled by an "investment
      company" or an "affiliated person" of, or "promoter" or "principal underwriter"
      for, an "investment company" as such terms are defined in the Investment Company
      Act of 1940, as amended.

     

    (xxx) U.S.
      Real Property Holding Corporation.
      None of
      the Affiliated Companies are, nor have any ever been, a U.S. real property
      holding corporation within the meaning of Section 897 of the Internal Revenue
      Code of 1986, as amended, and the Affiliated Companies shall so certify upon
      the
      Placement Agent's request.

     

    (xxxi) Representations
      and Warranties Complete.
      The
      representations and warranties of Ever Leader included in this Agreement and
      any
      Schedule provided pursuant to this Agreement, 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.

     

    (b) Applied
      Spectrum
      represents, warrants, and agrees that upon the consummation of the Transactions,
      the following are true, correct and complete at and as of the date of Closing.
      The parties acknowledge that Applied Spectrum assumes no responsibility for
      the
      representations, warranties and agreements in this Section 2(b) until completion
      of the Exchange:

     

    (i) All
      reports and statements required to be filed by Applied Spectrum with the SEC
      under the Exchange Act and the rules and regulations thereunder, including
      all
      reports and statements with respect to the Transactions contemplated hereunder,
      have been made or will be made at or prior to the Closing. Such filings,
      together with all documents incorporated by reference therein, are referred
      to
      as "Exchange
      Act Documents".
      Each
      Exchange Act Document, as amended, conformed in all material respects to the
      requirements of the Exchange Act and the rules and regulations thereunder,
      and
      no Exchange Act Document, as amended, at the time each such document was filed,
      included any untrue statement of a material fact or omitted to state any
      material fact required to be stated therein or necessary to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading.

     

    (ii) The
      financial statements, together with the related notes, of Applied Spectrum
      contained in the Exchange Act Documents filed for the 36 months prior to the
      date of this Agreement, and the financial statements that are included in
      Applied Spectrum's Annual Report on Form 10-KSB for the year ended September
      30,
      2005, fairly present in all material respects, on the basis stated therein
      and
      on the date thereof, the financial position of Applied Spectrum at the
      respective dates therein specified and its results of operations and cash flows
      for the periods then ended. Such statements and related notes have been prepared
      in accordance with U.S. GAAP applied on a consistent basis except as expressly
      noted therein (provided that the unaudited financial statements lack footnotes
      and other presentation items).

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    (iii) Except
      for the Transactions or the transactions contemplated by this Agreement, or
      as
      disclosed in the Exchange Act Documents or on Schedule 2(b)(iii), since December
      31, 2005, Applied Spectrum has not incurred any material liabilities or
      obligations, direct or contingent, except in the ordinary course of business,
      and there has not been any material adverse change, or to the actual knowledge
      of Applied Spectrum, any development involving a prospective material adverse
      change, in the condition (financial or otherwise), business, or results of
      operations of Applied Spectrum or any change in the capital or material increase
      in the long-term debt of Applied Spectrum, nor has Applied Spectrum declared,
      paid, or made any dividend or distribution of any kind on its capital
      stock.

     

    (iv) All
      action required to be taken by Applied Spectrum for the authorization of this
      Agreement, the Exchange Agreement, the Related Agreements, the Escrow Documents,
      the Transaction Documents, Related Documents or Escrow Documents, the
      performance of all obligations of Applied Spectrum and Ever Leader hereunder
      and
      thereunder at the Closing, and as a condition to the due and proper
      authorization, issuance, sale, and delivery of the Units to subscribers therefor
      in accordance with the terms of this Agreement has been, or prior to the Closing
      Date (as defined in Section 4(d) below), will have been taken and upon the
      payment of the consideration for the Units shall be fully paid. 

     

    (v) Applied
      Spectrum is a corporation duly organized, validly existing, and in good standing
      under the laws of the State of Delaware and has all requisite right, power,
      and
      authority to own or lease its properties, to conduct its business as described
      in the Exchange Act Documents, and to execute, deliver, and perform this
      Agreement, the Exchange Agreement, the Securities Purchase Agreement between
      Applied Spectrum and the purchasers of the Units, in (in such form as executed
      by such parties in this Transaction, the "Securities
      Purchase Agreement"),
      the
      Registration Rights Agreement, (in such form as executed by such parties in
      this
      Transaction, the "Registration
      Rights Agreement"
      and
      together with the Securities Purchase Agreement and the other Transaction
      Documents (as defined in the Securities Purchase Agreement), the "Related
      Agreements"),
      to
      issue and sell the Units and to carry out the provisions of this Agreement,
      the
      Transaction Documents, the Escrow Documents and the Related Agreements and
      to
      carry on its business as presently conducted. Applied Spectrum is duly qualified
      to do business and in good standing as a foreign corporation in all other
      jurisdictions in which its ownership or leasing of properties, or the conduct
      of
      its business requires or may require such qualification except where the failure
      to be so qualified would not have a Material Adverse Effect. Applied Spectrum
      has complied in all material respects with all material laws, rules,
      regulations, applicable to Applied Spectrum's business, operations, properties,
      assets, products, and services, and Applied Spectrum is in possession of and
      operating in compliance with all material permits, licenses, and other
      authorization, required to conduct its business as currently
      conducted.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    (vi) As
      of the
      date hereof, the authorized capital stock of Applied Spectrum consists of
 150,000,000 shares of Common Stock, and 5,000,000 shares of preferred
      stock, par value $0.001 ("Preferred
      Stock").
      Immediately prior to the Closing of the Offering, Applied Spectrum will have
      71,002,646 shares of Common Stock issued and outstanding and no shares of
      Preferred Stock issued and outstanding. Except
      as contemplated by this Agreement and the Exchange Agreement, or as described
      in
      the Exchange Act Documents or on Schedule 2(b)(vi), immediately prior to the
      Closing (a) there is no commitment by Applied Spectrum to issue any shares
      of
      capital stock, subscriptions, warrants, options, convertible securities, or
      other similar rights to purchase or receive Applied Spectrum securities or
      to
      distribute to the holders of any of its equity securities any evidence of
      Indebtedness, cash, or other assets, (b) Applied Spectrum is under no obligation
      (contingent or otherwise) to purchase, redeem, or otherwise acquire any of
      its
      equity or debt securities or any interest therein, (c) there
      are
      no securities or instruments containing anti-dilution or similar provisions
      that
      will be triggered by the issuance of the Units
      and (d) there are no voting trusts or similar agreements, stockholders'
      agreements, pledge agreements, buy-sell agreements, rights of first refusal,
      preemptive rights, or proxies relating to any securities of Applied Spectrum.
      Except for those persons issued securities pursuant to the Exchange Agreement
      or
      as set forth in the Exchange Act Documents or filings with the Commission made
      by third parties pursuant to Schedule 13D or 13G or Form 3 or 4, and to the
      knowledge of Applied Spectrum, no person holds of record or beneficially, 5%
      or
      more of the outstanding shares of the capital stock of Applied Spectrum. All
      outstanding securities of Applied Spectrum were issued in compliance with
      applicable Federal and state securities laws.

     

    (vii) Except
      as
      disclosed in the Exchange Act Documents or as described on Schedule 2(b)(vii),
      there is no pending or, to the knowledge of Applied Spectrum, threatened (a)
      action, suit, claim, proceeding, or investigation against Applied Spectrum,
      at
      law or in equity, or before or by any Federal, state, municipal, or other
      governmental department, commission, board, bureau, agency or instrumentality,
      domestic or foreign Governmental Entity, (b) arbitration proceeding against
      Applied Spectrum, (c) governmental inquiry against Applied Spectrum, or (d)
      any
      action or suit by or on behalf of Applied Spectrum pending or threatened against
      others.

     

    (viii) Applied
      Spectrum is not in violation of its articles of incorporation or bylaws, or
      in
      default, or with the giving of notice or lapse of time or both, would be in
      default, in the performance of any obligation, agreement, or condition contained
      in any lease, license, contract, indenture, or loan agreement or in any bond,
      debenture, note, or any other evidence of Indebtedness, except for such defaults
      as would not have a Material Adverse Effect. The execution, delivery, and
      performance of this Agreement, the Transaction Documents, the Related
      Agreements, and the Escrow Documents, the incurrence of the obligations herein,
      the issuance, sale, and delivery of the Units, and the consummation of the
      transactions contemplated herein, have been duly authorized by all requisite
      corporate action on the part of Applied Spectrum and (a) do not and will not
      conflict with Applied Spectrum's articles of incorporation or bylaws, (b) do
      not
      and will not, with or without the passage of time or the giving of notice,
      result in the breach of, or constitute a default, cause the acceleration of
      performance, or require any consent under, or result in the creation of any
      lien, charge or encumbrance upon any property assets of Applied Spectrum
      pursuant to, any material loan agreement, mortgage, deed of trust, indenture,
      or
      other instrument or agreement to which Applied Spectrum is a party or by which
      Applied Spectrum or its properties are bound, except such consents as have
      been
      obtained as of the date hereof or to the extent that the same have been, or
      prior to the Closing Date will be, waived or cured, and as may be required
      by
      the Over-the-Counter Bulletin Board ("OTC
      BB"),
      which
      Applied Spectrum undertakes to obtain as promptly as practicable, or (c) do
      not
      and will not result in the violation of any law, statute, order, rule,
      administrative regulation, or decree of any court, or governmental agency or
      body having jurisdiction over Applied Spectrum or its properties. Upon execution
      and delivery the Exchange Agreement will be in full force and
      effect.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    (ix) Except
      as
      disclosed in the Exchange Act Documents or as described on Schedule 2(b)(ix),
      and other than pursuant to the Exchange Agreement and the documents related
      thereto, there are no pre-emptive rights or other rights to subscribe for or
      to
      purchase, or any restriction upon the voting or transfer of, shares of Common
      Stock pursuant to Applied Spectrum's articles of incorporation, bylaws, or
      any
      agreement or other instrument to which Applied Spectrum is a party. Except
      as
      disclosed on Schedule 2(b)(ix), the issuance of the Units is not subject to
      any
      preemptive right of any stockholder of Applied Spectrum or to any right of
      first
      refusal or other right in favor of any person. 

     

    (x) The
      obligations of Applied Spectrum under this Agreement has been duly and validly
      assumed by Applied Spectrum and this Agreement constitutes a legal, valid,
      and
      binding obligation of Applied Spectrum enforceable in accordance with its terms,
      except to the extent that its enforceability is limited by (a) applicable
      bankruptcy, insolvency, reorganization, moratorium, or other laws of general
      application relating to or affecting the enforcement of creditors' rights
      generally, and (b) laws relating to the availability of specific performance,
      injunctive relief, or other equitable remedies and except as enforceability
      of
      the indemnity and contribution provisions contained in Section 7 hereof may
      be
      limited by applicable law or principles of public policy.

     

    (xi) The
      Escrow Documents, the Related Documents and the Transaction Documents to which
      it is a party have been duly and validly executed and delivered by or on behalf
      of Applied Spectrum and constitutes a legal, valid, and binding obligation
      of
      Applied Spectrum enforceable in accordance with its terms, except as such
      enforceability may be limited by (a) applicable bankruptcy, insolvency,
      reorganization, moratorium, or other laws of general application relating to
      or
      affecting enforcement of creditors' rights generally and (b) laws relating
      to
      the availability of specific performance, injunctive relief, or other equitable
      remedies.

     

    (xii) No
      consent, approval, authorization, or order of any court or governmental
      authority or agency is required for the consummation by Applied Spectrum of
      the
      transactions contemplated by this Agreement.

     

    (xiii) Except
      as
      disclosed on Schedule 2(b)(xiii), Applied Spectrum has filed, or caused to
      be
      filed, on a timely basis, all tax returns (including payroll, unemployment,
      and
      other taxes related to its employees and independent contractors) required
      to be
      filed with any Governmental Entity and has paid or caused to be paid all taxes,
      levies, assessments, tariffs, duties or other fees imposed, assessed, or
      collected by any Governmental Entity that may have become due and payable
      pursuant to those tax returns or otherwise except taxes being disputed by
      Applied Spectrum in good faith. Except as disclosed on Schedule 2(b)(xiii),
      no
      deficiency assessment with respect to or proposed adjustment of any of Applied
      Spectrum's Federal, state, municipal, or local tax returns has occurred or
      is
      threatened. There has been no tax lien imposed by any Governmental Entity
      outstanding against Applied Spectrum's assets or properties, except the lien
      for
      current taxes not yet due. The charges, accruals, and reserves on the books
      of
      Applied Spectrum with respect to taxes for all fiscal periods are adequate,
      in
      the opinion of Applied Spectrum, and Applied Spectrum does not know of any
      actual or proposed tax assessment for any fiscal period or of any basis therefor
      against which adequate reserves have not been set up. Except as disclosed on
      Schedule 2(b)(xiii), Applied Spectrum has not been advised that any Federal
      income tax return of Applied Spectrum has been, or will be, examined or audited
      by the Internal Revenue Service.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    (xiv) The
      Applied Spectrum Common Stock is registered pursuant to Section 12(g) of the
      Exchange Act and is listed for quotation with the symbol "APSP" on the OTC
      BB.

     

    (xv) Except
      as
      set forth on Schedule 2(b)(xv), Applied Spectrum has not during the past twelve
      months offered or sold any security by or for Applied Spectrum that is of the
      same or a similar class as the Shares and Warrants, other than offers of
      securities made solely to accredited investors or otherwise under an employee
      benefit plan as defined in Rule 405 under the Securities Act, securities issued
      in connection with the Transactions or other acquisitions, or other securities
      that will not invalidate the exemption from registration relied on to offer
      and
      sell the Shares and Warrants. 

     

    (xvi) Neither
      Applied Spectrum nor any of its affiliates is or has been subject to any order,
      judgment, or decree of any court of competent jurisdiction temporarily,
      preliminarily, or permanently enjoining such person for failure to comply with
      Rule 503 under Regulation D.

     

    (xvii) The
      execution, delivery, and performance by Applied Spectrum of this Agreement,
      the
      Transaction Documents, the Escrow Documents and the Related Agreements, and
      the
      offer and sale of the Units require no consent of, action by or in respect
      of,
      or filing with, any person or Governmental Entity other than those consents
      that
      have been obtained and filings that have been made pursuant to applicable state
      securities laws and post-sale filings pursuant to applicable state and federal
      securities laws, which Applied Spectrum undertakes to file within the applicable
      time period.

     

    (xviii) All
      disclosure provided to you regarding Applied Spectrum, its business and the
      transactions contemplated hereby, furnished by or on behalf of Applied Spectrum
      (including the disclosures, representations and warranties made by each of
      the
      parities to the Exchange Agreement) are true and correct and do not contain
      any
      untrue statement of a material fact or omit to state any material fact necessary
      in order to make the statements made therein, in light of the circumstances
      under which they were made, not misleading.

     

    (xix) Except
      as
      set forth on Schedule 2(b)(xix), other than pursuant to this Agreement, there
      are no brokers, representatives or other persons which have an interest in
      commissions or other compensation payable by Applied Spectrum in connection
      with
      the transactions contemplated hereunder.

     

    3. Representations
      and Warranties of the Placement Agent.

     

    The
      Placement Agent represents and warrants to, and agrees with, Ever Leader and
      Applied Spectrum that as of the date hereof and the Closing Date:

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    (a) The
      Placement Agent has been duly organized and validly existing and in good
      standing as a limited liability company under the laws of the State of Delaware
      with power and authority (corporate and other) to perform its obligations under
      this Agreement and the Escrow Documentst; the Placement Agent is a broker-dealer
      registered and in good standing under the Exchange Act and under the securities
      or Blue Sky laws of each state, where required by applicable law, in which
      the
      Units are being offered or sold by the Placement Agent, and the Placement Agent
      is a member in good standing of the NASD; the Placement Agent is in possession
      of and operating in compliance with all authorizations, licenses, permits,
      consents, certificates, and orders required for the performance of its duties
      under this Agreement and the Escrow Documents, and the Placement Agent's
      performance of its duties hereunder and thereunder will be in compliance with
      all applicable laws, including state securities and Blue Sky laws.

     

    (b) There
      are
      no legal or governmental proceedings pending to which the Placement Agent is
      a
      party or of which any of its properties is the subject or, to the Placement
      Agent's knowledge, threatened, which, if determined adversely to the Placement
      Agent, would individually or in the aggregate materially and adversely affect
      its ability to perform its obligations under this Agreement or the Escrow
      Documents.

     

    (c) No
      consent, approval, authorization or order of any court or governmental authority
      or agency is required for the performance by the Placement Agent of its
      obligations under this Agreement, except such as may be required by the NASD
      or
      under Regulation D or state securities or Blue Sky laws.

     

    (d) This
      Agreement has been duly and validly executed and delivered by or on behalf
      of
      the Placement Agent and constitutes a legal, valid, and binding obligation
      of
      the Placement Agent enforceable in accordance with its terms, except to the
      extent that its enforceability is limited by (i) applicable bankruptcy,
      insolvency, reorganization, moratorium, or other laws of general application
      relating to or affecting the enforcement of creditors' rights generally, and
      (ii) laws relating to the availability of specific performance, injunctive
      relief, or other equitable remedies and except as enforceability of the
      indemnity and contribution provisions contained in Section 7 hereof may be
      limited by applicable law or principles of public policy.

     

    (e) The
      Escrow Documents, when executed and delivered by or on behalf of the Placement
      Agent, shall constitute a legal, valid, and binding obligation of the Placement
      Agent enforceable in accordance with its terms, except as such enforceability
      may be limited by (i) applicable bankruptcy, insolvency, reorganization,
      moratorium, or other laws of general application relating to or affecting
      enforcement of creditors' rights generally and (ii) laws relating to the
      availability of specific performance, injunctive relief, or other equitable
      remedies.

     

    4. Offering
      and Sale of the Units.

     

    (a) On
      the
      basis of the representations, warranties, and covenants herein contained, but
      subject to the terms and upon the conditions herein set forth, the Placement
      Agent is hereby appointed the Placement Agent of Ever Leader and Applied
      Spectrum on an exclusive basis during the term herein specified (the
      "Offering
      Period")
      for
      the purpose of finding subscribers for the Units on a best-efforts basis for
      the
      account of Applied Spectrum (conditioned upon closing of the Exchange Agreement)
      at $25,000 per Unit ("Offering
      Price")
      through a private offering (the "Offering")
      to an
      unlimited number of "accredited investors" (as such term is defined in Rule
      501
      of Regulation D) ("Accredited
      Investors")
      pursuant to and in accordance with the Securities Act. The minimum subscription
      amount will be $25,000 unless Ever Leader agrees to accept a lesser amount.
      Subject to the performance by Ever Leader and Applied Spectrum of all its
      obligations to be performed hereunder, and to the completeness and accuracy
      of
      all the representations and warranties contained herein, the Placement Agent
      hereby accepts such agency and agrees on the terms and conditions herein set
      forth to use its best efforts during the Offering Period to find subscribers
      for
      the Units at the Offering Price. The Placement Agent's agency hereunder, which
      is terminable as provided in Section 11 hereof, shall terminate at 11:59 p.m.,
      New York time, on the earlier to occur of (i) November 30, 2006, if the fifteen
      calendar day extension of the termination date has not been granted by the
      mutual agreement of Ever Leader and the Placement Agent on or prior to such
      date
      or (ii) December 15, 2006 (the "Termination
      Date").

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    (b) Each
      Investor desiring to purchase Units will be required to: (i) complete,
      execute, and deliver to the Placement Agent an executed copy of a Securities
      Purchase Agreement in the form attached as Exhibit
      A
      hereto
      together with an Investor Questionnaire, and (ii) deliver to the Escrow Agent
      payment for such purchase in the form of a wire transfer of immediately
      available funds in the amount that the Investor desires to purchase in
      accordance with the wire transfer instructions set forth in the Securities
      Purchase Agreement. Any payment received that does not conform to this
      requirement will be returned to an Investor by the end of the next business
      day
      following receipt. In
      the event funds are received by the Placement Agent, such party shall hold
      all
      such signature pages to the Securities Purchase Agreement for safekeeping and
      immediately forward all such funds to the Escrow Agent. The Escrow Agent, upon
      receipt of such funds, will hold the funds in an escrow account pursuant to
      the
      Escrow Documents. The
      Placement Agent shall
      promptly forward each executed Securities Purchase Agreement received to Ever
      Leader for acceptance or rejection, together with a schedule setting forth
      the
      name and address of each subscriber and the amount received from each
      subscriber.

     

    (c) In
      the
      event that acceptable subscriptions for $10,000,000 in aggregate principal
      amount of the Units (the "Minimum
      Amount")
      shall
      not have been received and accepted by the Placement Agent by the Termination
      Date, all funds received from subscribers (if any) shall be returned in full,
      and the Placement Agent's agency and this Agreement shall terminate without
      obligation on their part or on the part of Ever Leader or Applied
      Spectrum.

     

    (d) If,
      by
      the Termination Date or such earlier time as may be agreed upon by the Placement
      Agent and Ever Leader, the Placement Agent has received subscriptions for the
      Minimum Amount and such subscriptions have been accepted by Ever Leader (in
      its
      sole discretion) and the other conditions to Closing of the Offering have been
      satisfied, the Placement Agent shall promptly notify Ever Leader in writing
      of
      the aggregate amount of Units for which the Placement Agent has received
      subscriptions (the "Notice
      Date").
      Payment of the purchase price for the Units, and delivery, with respect to
      each
      subscriber for the Units, of a copy of a Securities Purchase Agreement signed
      by
      such subscriber (the "Closing"),
      shall
      then be made at such place and time as shall be agreed upon between the
      Placement Agent and Ever Leader, no later than the fifth full business day
      after
      the Notice Date (the "Closing
      Date").

     

    (e) As
      compensation for the Placement Agent's services, Ever Leader will pay the
      Placement Agent a cash fee ("Fee")
      with
      respect to all subscriptions as to which the payments and deliveries provided
      for in this Section 4 are made at the Closing Date equal to 7.5% of
      the
      gross proceeds from the Offering. Such cash Fees shall be paid to the Placement
      Agent, in immediately available funds, pursuant to a mutually agreeable
      disbursement schedule provided to Ever Leader by the Placement Agent prior
      to
      the Closing Date.

     

    
      
        
        

      

      
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    (f) As
      compensation for the Placement Agent's services, Applied Spectrum will also
      pay
      the Placement Agent a cash fee ("Warrant
      Solicitation Fee")
      with
      respect to the exercise, in whole or in part, of any Warrant equal to
      3.0% of
      the
      total exercise price of the Common Stock issued in such exercise of such
      Warrant. Such cash Warrant Solicitation Fees shall be paid to the Placement
      Agent, in immediately available funds, within three (3) business days following
      receipt, directly or indirectly, by Applied Spectrum, of any cash or other
      proceeds from the exercise of such Warrant.

     

    (g) In
      addition, Ever Leader agrees to pay the Placement Agent a non-accountable
      expense allowance ("Allowance")
      equal
      to 1.5% of
      the
      gross proceeds from the Offering. Ever Leader will pay the Placement Agent
      a
      $20,000 non-refundable advance against the Allowance at the time the Offering
      is
      commenced. Such Allowance (less any advance previously paid) shall be paid
      to
      the Placement Agent, on the Closing Date by bank wire transfer payable in
      immediately available funds.

     

    (h) Ever
      Leader will
      pay
      all costs and expenses related to the Offering and/or the performance of Ever
      Leader's obligations under this Agreement, including preparation and
      distribution of the Memorandum and related documentation, accounting fees,
      legal
      fees, experts' fees, consultants' fees, escrow fees, filing fees with the SEC
      and applicable states, any costs and expenses to qualify the Shares and Warrants
      for sale in any state, any all costs and expenses for investor or road show
      presentations, any and all costs and expenses incurred by the Placement Agent
      in
      connection with the preparation of closing books and post-Closing expenses.
      Except for the specific expenses of Placement Agent set forth above, Ever Leader
      shall not be responsible for any expenses of the Placement Agent or any Selected
      Dealers (as hereinafter defined) incurred in connection with the Offering,
      including, but without limitation, attorneys' fee, operating expenses, travel
      expenses and other incidental expenses incurred by the Placement Agent or any
      Selected Dealers.

     

    (i) Neither
      the Placement Agent, Ever Leader, Applied Spectrum nor any Selected Dealer
      (as
      hereinafter defined) shall, directly or indirectly, pay or award any finder's
      fees, commissions or other compensation to any person engaged by a potential
      investor for investment advice as an inducement to such advisor to advise the
      purchase of the Units; provided, however, that normal sales commissions payable
      to a registered broker-dealer or other properly licensed person for selling
      the
      Units shall not be prohibited hereby.

     

    (j) As
      additional compensation, Applied Spectrum will issue to the Placement Agent
      or
      its designee on the Closing Date a Common Stock purchase warrant (the
      "Agent
      Warrants")
      in the
      form attached hereto as Exhibit
      C
      granting
      such party the right to purchase from Applied Spectrum for a period commencing
      after the Closing Date and ending five years after the Closing Date, a number
      of
      shares of Common Stock equal to 10% of the number of the Shares purchased at
      the
      Closing. Such Agent Warrants shall be issued by Applied Spectrum to the
      Placement Agent in accordance with the Placement Agent's instructions, for
      an
      issue price of $0.001 per warrant. The Agent Warrants shall be exercisable
      at an
      exercise price equaling $0.555 per share. Such Agent Warrants shall not be
      redeemable by Applied Spectrum and may be exercised on a cashless or
      net-issuance basis. Applied Spectrum hereby grants the same registration rights
      to the Placement Agent or its designees with respect to the shares of Common
      Stock underlying the Agent Warrants as are granted to Investors with respect
      to
      the Warrants as set forth in this Agreement and the Common Stock issuable upon
      exercise of the Warrants shall be registered on the Initial Registration
      Statement (as defined in the Registration Rights Agreement).

     

    
      
        
        

      

      
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    (k) In
      connection with the Offering, the Placement Agent will, to the extent within
      its
      control, conduct the Offering in accordance with the applicable provisions
      of
      the Securities Act and Regulation D so as to preserve for Ever Leader the
      exemption provided by Rule 506 of Regulation D. The Placement Agent agrees
      not
      to offer or sell the Units by means of (i) any means of general solicitation,
      including any advertisement, article, notice, or other communication published
      in any newspaper, magazine, or similar media or broadcast over television or
      radio or (ii) any seminar or meeting, whose attendees have been invited by
      any
      general solicitation or general advertising. Prior to the sale of any of the
      Units, the Placement Agent will have reasonable grounds to believe, and in
      fact
      believe, that each subscriber for the Units is an Accredited Investor. The
      Placement Agent agrees not to disclose any material nonpublic information
      regarding Ever Leader to any subscriber except as such disclosure may be
      permitted pursuant to Regulation FD, is included in the Memorandum or other
      written information provided to the Placement Agent by Ever Leader, or is
      otherwise is agreed to in advance by Ever Leader.

     

    (l) In
      connection with the performance of its obligations under this Agreement, the
      Placement Agent may engage, for the account of Ever Leader, the services of
      one
      or more broker-dealers ("Selected
      Dealers")
      who
      are members of NASD and who are acceptable to Ever Leader, and, as compensation
      for their services, shall pay to such Selected Dealers an amount to be
      negotiated between the Placement Agent and such Selected Dealers. Such amount
      will be paid to the Selected Dealers by the Placement Agent only out of the
      cash
      fees received by you in respect of sales of the Units as described in paragraph
      (e) of this Section 4, and Ever Leader shall have no obligation to any Selected
      Dealers respecting any such payment. The arrangements, if any, between Ever
      Leader, you, and any Selected Dealer shall be set forth in an Selected Dealer
      Agreement ("Selected
      Dealer Agreement"),
      which
      shall provide, among other things, that such Selected Dealer shall be deemed
      to
      have agreed to the matters set forth herein as if the Selected Dealer were
      a
      signatory hereof. Nothing contained in this Agreement or in the Selected Dealer
      Agreement shall be deemed to constitute the Selected Dealers, if any, as agents
      of the Placement Agent, and the Placement Agent shall not be liable to Ever
      Leader in respect of the performance by the Selected Dealers, if any, of any
      representations, warranties or covenants of such Selected Dealers contained
      herein or in the Selected Dealer Agreement.

     

    5. Covenants
      and Agreements of Ever Leader and Applied Spectrum.
      Ever
      Leader and Applied Spectrum severally and not jointly covenant and agree with
      the Placement Agent that:

     

    (a) Except
      as
      contemplated or described in this Agreement, the Exchange Agreement or in a
      public disclosure made prior to the date hereof, neither Ever Leader nor Applied
      Spectrum will, prior to the Closing Date, incur any material liability or
      obligation, direct or contingent, or enter into any material transaction, in
      each case, other than in the ordinary course of business. Ever Leader nor
      Applied Spectrum will, prior to the Closing Date, declare or pay any dividend
      on
      its shares of common or preferred stock or any distribution on its common or
      preferred stock payable to stockholders of record on a date prior to the Closing
      Date.

     

    
      
        
        

      

      
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    (b) Ever
      Leader will cooperate with the Placement Agent to enable the Shares and Warrants
      to be qualified for sale under the securities laws of such jurisdictions as
      the
      Placement Agent may designate, subject to approval by Ever Leader, and at the
      Placement Agent's request will make such applications and furnish such
      information as may be required of it for that purpose; provided, however, that
      the Placement Agent and Ever Leader shall first determine whether an exemption
      from registration other than the Uniform Limited Offering Exemption (ULOE)
      or a
      similar exemption is available in each such jurisdiction and Ever Leader shall
      not be required to qualify to do business or to file a general consent to
      service of process in any such jurisdiction or to subject itself to taxation.
      Ever Leader will, from time to time, prepare and file all applications, forms
      and documents required in each jurisdiction where the Shares and Warrants are
      to
      be qualified or registered or qualified or offered in an exempt transaction
      under the state securities laws, and Ever Leader will continue such
      qualifications in effect for so long a period as the Placement Agent may
      reasonably request for the distribution of the Shares and Warrants. Ever Leader
      shall provide the Placement Agent with copies of all applications, forms and
      documents filed in each jurisdiction.

     

    (c) Ever
      Leader will make available to the Placement Agent and each purchaser of the
      Units at a reasonable time prior to the Closing Date the opportunity to ask
      questions and receive answers concerning the terms and conditions of the
      Offering and to obtain any additional information that Ever Leader possesses
      or
      can acquire without unreasonable effort or expense that is necessary to verify
      the accuracy of any information in the Memorandum, the Exchange Act Documents
      or
      otherwise furnished by Ever Leader to the Placement Agent or any purchaser
      of
      the Units; provided, however, that Ever Leader shall not be required to disclose
      any material nonpublic information to any purchaser of the Units.

     

    (d) Ever
      Leader or its counsel will prepare and file a Form D (and any and all amendments
      or supplements thereto) with the SEC in timely manner and deliver copies thereof
      to the Placement Agent, together with copies of all forms (including without
      limitation, Form Ds) and other documents and/or materials filed either before
      or
      after the Closing, and comply with Regulation D and all applicable state Blue
      Sky laws and make any fillings required by the SEC and state securities
      authorities in a timely manner.

     

    (e) Ever
      Leader will not offer or sell any securities of Ever Leader that are of the
      same
      or a similar class as the Shares and Warrants for a period of six months after
      the Closing Date, other than those offers or sales of securities under an
      employee benefit plan as defined in Rule 405 under the Securities Act, in
      connection with options, warrants, or convertible securities outstanding as
      of
      the Closing Date, or in connection with an acquisition of assets or another
      business by Ever Leader, if such offering will be integrated with the Offering
      of the Shares and Warrants pursuant to this Agreement for purposes of the
      exemptions under Regulation D, so as to invalidate the exemption from
      registration relied on to offer and sell the Shares and Warrants.

     

    
      
        
        

      

      
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    (f) For
      a
      period of at least 24 months following the Closing Date, Ever Leader will
      maintain the registration of Applied Spectrum's common stock under Section
      12 of
      the Exchange Act so long as the Exchange Act requires it to be so registered,
      will comply in all respects with its reporting and filing obligations under
      the
      Exchange Act, and will not take any action or file any document (whether or
      not
      permitted by the Exchange Act or the rules thereunder) to terminate or suspend
      such registration or to terminate or suspend its reporting and filing
      obligations under said Act unless required to do so by the Exchange
      Act.

     

    (g) Ever
      Leader shall prepare and file with the OTC BB an additional shares listing
      application covering the Shares issuable in the Offering and the shares of
      Common Stock issuable upon exercise of the Warrants and Agent Warrants and
      take
      all steps necessary to cause such shares to be approved for listing as soon
      as
      practicable thereafter.

     

    (h) For
      a
      period of at least 24 months following the Closing Date, Ever Leader will use
      its best efforts (i) to timely file all reports required to be filed by Applied
      Spectrum under the Securities Act and the Exchange Act (including the reports
      pursuant to Section 13(a) or 15(d) of the Exchange Act referred to in
      subparagraph (c)(1) of Rule 144) and the rules and regulations adopted by the
      Commission thereunder), (ii) if Applied Spectrum is not required to file reports
      pursuant to such sections, Ever Leader will prepare and furnish to the
      purchasers of the Shares and Warrants and make publicly available in accordance
      with Rule 144(c) such information as is required for the purchasers to sell
      the
      shares underlying the Shares and Warrants under Rule 144, and (iii) to take
      such
      further action as any holder of the Shares and Warrants may reasonably request,
      all to the extent required from time to time to enable the purchasers to sell
      shares underlying the Shares and Warrants without registration under the
      Securities Act within the limitation of the exemptions provided by Rule 144,
      including causing its attorneys to issue and deliver any appropriate legal
      opinion required to permit a purchaser to sell shares underlying the Shares
      and
      Warrants under Rule 144 upon receipt of appropriate documentation relating
      to
      such sale.

     

    (i) Ever
      Leader and Applied Spectrum shall use commercially reasonable efforts to
      consummate the Transactions.

     

    (j) Before
      Ever Leader releases any information referring to the Placement Agent's role
      under this Offering or uses the Placement Agent's name in a manner which may
      result in public dissemination thereof, Ever Leader shall furnish drafts of
      all
      documents or prepared oral statements to the Placement Agent for comments,
      and
      shall not release any information relating thereto without the prior written
      consent of the Placement Agent. Nothing herein shall prevent Ever Leader from
      releasing any information to the extent that such release is required by law,
      rule or regulation.

     

    6. Memorandum.
      Ever
      Leader warrants and represents to the Placement Agent that the Memorandum,
      and
      any amendments or supplements thereto, as of the date hereof, and at all
      subsequent times through the Closing, together with all other information
      concerning Ever Leader provided to the Placement Agent in connection with the
      Offering, shall in all material respects conform to all applicable provisions
      of
      the Securities Act, the rules and regulations under the Securities Act and
      state
      securities laws, and shall not contain any untrue statement of a material fact
      or omit to state any material fact required to be stated therein or necessary
      to
      make the statements therein not misleading

     

    
      
        
        

      

      
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    7. Indemnification
      and Contribution.

     

    (a) Ever
      Leader agrees to indemnify and hold harmless the Placement Agent, each Selected
      Dealer, and each person, if any, who controls the Placement Agent or such
      Selected Dealer within the meaning of the Securities Act (the "Indemnified
      Parties"),
      along
      with the agents and advisors of such Indemnified Parties, against any
      losses, claims, damages, liabilities, or expenses
      (including, unless Ever Leader elects to assume the defense as hereinafter
      provided, the reasonable cost of investigating and defending against any claims
      therefor and counsel fees incurred in connection therewith), joint or several,
      which arise out of Ever Leader's breach of a representation or warranty or
      covenant or agreement contained in this Agreement (it being understood that
      in
      the event the Transactions are not completed, Ever Leader shall not provide
      any
      indemnity or contribution with respect to breaches by Applied Spectrum). Ever
      Leader will be entitled to participate at its own expense in the defense, or
      if
      it so elects, to assume the defense of any suit brought to enforce any such
      liability, but, if Ever Leader elects to assume the defense, such defense shall
      be conducted by counsel chosen by it and reasonably acceptable to the
      indemnified parties. In the event Ever Leader elects to assume the defense
      of
      any such suit and retain such counsel, the Placement Agent, such Selected
      Dealer, or such controlling person or persons, defendant or defendants in the
      suit, may retain additional counsel but shall bear the fees and expenses of
      such
      counsel unless (i) Ever Leader shall have specifically authorized the
      retaining of such counsel or (ii) the parties to such suit include the Placement
      Agent, such Selected Dealer, or such controlling person or persons, and Ever
      Leader and the Placement Agent, such Selected Dealer, or such controlling person
      or persons have been advised by counsel that one or more material legal defenses
      may be available to the Placement Agent, such Selected Dealer, or them that
      may
      not be available to Ever Leader in which case Ever Leader shall not be entitled
      to assume the defense of such suit notwithstanding its obligation to bear the
      reasonable fees and expenses of such counsel. In no event shall Ever Leader
      be
      liable for the fees and expenses of more than one counsel for all indemnified
      parties in connection with any one action or separate but similar or related
      actions in the same jurisdiction arising out of the same general allegations
      or
      circumstances. Ever Leader shall not be required to indemnify any person for
      any
      settlement of any such claim effected without Ever Leader's consent, which
      shall
      not be unreasonably withheld. Ever Leader shall not, without an indemnified
      party's consent, consent to the entry of any judgment or enter into any
      settlement that does not include as an unconditional term thereof, the giving
      by
      the claimant or plaintiff to such indemnified party of a release from all
      liability in respect of such claim or litigation. This indemnification
      obligation will be in addition to any primary liability that Ever Leader might
      otherwise have.

     

    
      
        
        

      

      
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    (b) The
      Placement Agent, and each Selected Dealer agrees to indemnify and hold harmless
      Ever Leader, each of Ever Leader's officers, directors, and each other person,
      if any, who controls Ever Leader within the meaning of the Securities Act,
      against any losses, claims, damages, liabilities, or expenses (including, unless
      the Placement Agent, or such Selected Dealer elects to assume the defense,
      the
      reasonable cost of investigating and defending against any claims therefor
      and
      counsel fees incurred in connection therewith), joint or several, which (i)
      arise out of any untrue statement of a material fact with respect to Ever Leader
      made by the Placement Agent or such Selected Dealer to any purchaser of Shares
      and Warrants not contained in an Exchange Act Document, the Memorandum or other
      written material provided to the Placement Agent or such Selected Dealer by
      Ever
      Leader, (ii) arise out of any acts or omissions by the Placement Agent, any
      Selected Dealer, or any purchaser of the Shares or Warrants that cause the
      offering to involve a public offering under the Securities Act or such party's
      failure to be properly licensed to sell the Shares or Warrants, or (iii) arise
      out of such party's breach of a representation or warranty or covenant or
      agreement contained in this Agreement; provided, however, that in no case are
      the Placement Agent or any Selected Dealer to be liable with respect to any
      claims made against Ever Leader or any such person against whom the action
      is
      brought unless Ever Leader or such person shall have notified the Placement
      Agent or such Selected Dealer, as the case may be, in writing within a
      reasonable time after the summons or other first legal process giving
      information of the nature of the claim shall have been served upon Ever Leader
      or such person, but failure to provide such notification shall not relieve
      the
      Placement Agent or such Selected Dealer from any liability that the Placement
      Agent or such Selected Dealer may have to Ever Leader or such person otherwise
      than on account of the indemnity agreement contained in this paragraph. The
      Placement Agent or such Selected Dealer shall be entitled to participate at
      its
      expense in the defense, or if the Placement Agent or such Selected Dealer so
      elect, to assume the defense of any suit brought to enforce any such liability,
      but, if the Placement Agent or such Selected Dealer elect to assume the defense,
      counsel chosen by the Placement Agent or such Selected Dealer and reasonably
      acceptable to Ever Leader shall conduct such defense. In the event that the
      Placement Agent or such Selected Dealer elect to assume the defense of any
      such
      suit and retain such counsel, Ever Leader, said officers and directors and
      any
      person or persons, defendant or defendants in the suit, may retain additional
      counsel but shall bear the fees and expenses of such counsel unless (i) the
      indemnifying parties shall have specifically authorized the retaining of such
      counsel or (ii) the parties to such suit include the Placement Agent, such
      Selected Dealer, or such controlling person or persons, and Ever Leader and
      the
      Placement Agent, such Selected Dealer, or such controlling person or persons
      have been advised by counsel that one or more material legal defenses may be
      available to Ever Leader that may not be available to the Placement Agent or
      them in which case the indemnifying party parties not be entitled to assume
      the
      defense of such suit notwithstanding their obligation to bear the reasonable
      fees and expenses of such counsel. The Placement Agent or such Selected Dealer
      shall not be liable to indemnify any person for any settlement of any such
      claim
      effected without its consent which consent shall not be unreasonably withheld.
      The Placement Agent or an Selected Dealer shall not, without the consent of
      Ever
      Leader, consent to entry of any judgment or enter into any settlement that
      does
      not include as an unconditional term thereof, the giving by the claimant or
      plaintiff to such indemnified party of a release from all liability in respect
      of such claim or litigation. This indemnification obligation will be in addition
      to any primary liability that the Placement Agent or any Selected Dealer might
      otherwise have. 

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (c) If
      the
      indemnification provided for in this Section 7 is unavailable, then each
      indemnifying party shall contribute to the amount paid or payable by such
      indemnified party as a result of such losses, claims, damages, liabilities
      or
      expenses (or actions in respect thereof) in such proportion as is appropriate
      to
      reflect not only the relative benefits received by Ever Leader on one hand
      and
      the Placement Agent and the Selected Dealers, if any, on the other from the
      Offering, but also the relative fault of Ever Leader on the one hand and the
      Placement Agent and the Selected Dealers, if any, on the other in connection
      with the statements or omissions which resulted in such losses, claims, damages,
      liabilities, or expenses (or actions in respect thereof), as well as any other
      relevant equitable considerations. The relative benefits received by Ever Leader
      on the one hand and the Placement Agent and the Selected Dealers, if any, on
      the
      other, shall be deemed to be in the same proportion as the total gross proceeds
      from the Offering (before deducting expenses) received by Ever Leader, bear
      to
      the total cash fees received by the Placement Agent and the Selected Dealers,
      if
      any, pursuant to Section 4(e) and the value of the Agent Warrant issued to
      the
      Placement Agent and the Selected Dealers, if any, pursuant to Section 4(i)
      (collectively, the "Placement
      Agent Proceeds").
      The
      relative fault shall be determined by reference to, among other things, whether
      the untrue or alleged untrue statement of a material fact or the omission or
      alleged omission to state a material fact relates to information supplied by
      Ever Leader, the Placement Agent, or an Selected Dealer, the party's relative
      intent, knowledge, access to information and opportunity to correct or prevent
      such statement or omission, and whether a party breached a representation or
      warranty or covenant or agreement contained in this Agreement. Ever Leader
      and
      the Placement Agent and the Selected Dealers agree that it would not be just
      and
      equitable if contribution were determined by pro rata allocation or by any
      other
      method of allocation which does not take account of the equitable considerations
      referred to above. The amount paid or payable by an indemnified party as a
      result of the losses, claims, damages, liabilities or expenses (or actions
      in
      respect thereof) referred to above shall be deemed to include any legal or
      other
      expenses reasonably incurred by such indemnified party in connection with
      investigating or defending any such claim. No person guilty of fraudulent
      misrepresentation (within the meaning of Section 11(f) of the Securities Act)
      shall be entitled to contribution from any person who was not guilty of such
      fraudulent misrepresentation.

     

    (d) The
      indemnification required by this Section 7 shall be made by periodic payments
      of
      the amount thereof during the course of the investigation or defense, as and
      when bills are received or such losses, claims, damages, liabilities, or
      expenses are incurred.

     

    (e) Notwithstanding
      anything to the contrary contained in this Agreement: (i) the Placement Agent
      and the Selected Dealers shall not be liable for any special, exemplary or
      punitive damages and (ii) the maximum amount of any indemnifiable losses,
      claims, damages, liabilities, or expenses which may be recovered from either
      the
      Placement Agent or the Selected Dealers, in the aggregate, shall equal the
      Placement Agent Proceeds received by such indemnifying party.

     

    8. Survival
      of Indemnities, Representations, Warranties, etc.
      The
      respective representations and warranties of the Placement Agent, Ever Leader
      and Applied Spectrum as set forth in this Agreement or made by them
      respectively, pursuant to this Agreement, shall remain in full force and effect,
      regardless of any investigation made by or on behalf of the Placement Agent,
      Ever Leader, or any of the officers or directors of Ever Leader or any
      controlling person, and shall survive delivery of and payment for the
      Units.

     

    
      
        
        

      

      
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    9. Conditions
      of the Placement Agent's Obligations.
      The
      Placement Agent's obligations hereunder are subject to: (i) the representations
      and warranties made by Ever Leader in Sections 2(a) and 6 shall be true and
      correct in all material respects at and as of the date hereof (except for such
      representations and warranties qualified by materiality, which shall be true
      and
      correct in all respects and except for such representation and warranties
      qualified by an other date, which shall be true and correct as of such other
      date); (ii) the representations and warranties made by Ever Leader and Applied
      Spectrum in Sections 2(a), 2(b) and 6 shall be true and correct in all material
      respects at and as of the Closing Date (except for such representations and
      warranties qualified by materiality, which shall be true and correct in all
      respects and except for such representation and warranties qualified by an
      other
      date, which shall be true and correct as of such other date); (iii) the
      compliance in all material respects at and as of the Closing Date by Ever Leader
      and Applied Spectrum with its covenants and agreements contained herein and
      in
      any other Transaction Document, Escrow Document or Related Agreement, and other
      provisions hereof and thereof to be satisfied at or prior to the Closing Date;
      and (iv) the following additional conditions:

     

    (a) The
      Transactions shall have been consummated.

     

    (b) The
      Placement Agent shall have received a certificate, dated the Closing Date,
      on
      behalf of Applied Spectrum by the Chief Executive Officer or the President
      and
      the Chief Financial or Accounting Officer of Applied Spectrum to the effect
      that:

     

    (i) The
      representations and warranties in Sections 2(a), 2(b) and 6 are true and correct
      in all material respects at and as of the Closing Date (except for such
      representations and warranties qualified by materiality, which shall be true
      and
      correct in all respects and except for such representation and warranties
      qualified by an other date, which shall be true and correct as of such other
      date), and Ever Leader and Applied Spectrum has complied with all the agreements
      and satisfied in all material respects all the conditions on its part to be
      performed or satisfied at or prior to the Closing Date; 

     

    (ii) The
      Transactions have been consummated;

     

    (iii) The
      representations and warranties of Applied Spectrum contained in the Securities
      Purchase Agreement entered into with the Investors are true and correct in
      all
      material respects as of the date of such certificate (except for such
      representations and warranties qualified by materiality, which shall be true
      and
      correct in all respects and except for such representation and warranties
      qualified by an other date, which shall be true and correct as of such other
      date);

     

    (iv) Between
      the date of this Agreement and the Closing Date, no litigation has been
      instituted or, to the knowledge of Applied Spectrum, threatened against Ever
      Leader or Applied Spectrum; and

     

    (v) Between
      the date of this Agreement and the Closing Date, there has not been any material
      adverse change in the financial condition, business, prospects or results of
      operations of Ever Leader or Applied Spectrum.

     

    (c) Applied
      Spectrum shall have entered into the Registration Rights Agreement with the
      Investors.

     

    (d) Applied
      Spectrum shall have accepted subscriptions in such amount as mutually determined
      by Applied Spectrum and the Placement Agent, but not less than the Minimum
      Amount.

     

    (e) The
      conditions set forth in Securities Purchase Agreement between Applied Spectrum
      and each Investor shall have been satisfied.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    (f) The
      Placement Agent shall have received an opinion of Ever Leader's U.S. counsel,
      as
      to matters reasonably requested by the Placement Agent.

     

    (g) Applied
      Spectrum shall have filed the Proxy/Information Statement contemplated by the
      Exchange Agreement with the SEC.

     

    (h) Applied
      Spectrum shall have delivered a Voting Agreement executed by each of KI Equity
      and the Shareholders, substantially in the form attached to the Exchange
      Agreement.

     

    (i) Applied
      Spectrum shall have obtained all consents, waivers and approvals required in
      connection with the consummation of the transactions contemplated by the
      Offering, 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.

     

    (j) Immediately
      prior to Closing, Applied Spectrum shall be in compliance with the reporting
      requirements under the Exchange Act and shall be quoted on the OTC
      BB.

     

    If
      any of
      the conditions provided for in this Section 9 shall not have been satisfied
      when
      and as required by this Agreement, this Agreement may be terminated by the
      Placement Agent by notifying Ever Leader of such termination in writing at
      or
      prior to the Closing Date, but the Placement Agent shall be entitled to waive
      any of such conditions.

     

    10. Effective
      Date.
      This
      Agreement shall become effective at 11:00 A.M., New York time, on the date
      hereof (the "Effective
      Time").

     

    11. Termination.
      In the
      event of any termination of this Agreement under this or any other provision
      of
      this Agreement, there shall be no liability of any party to this Agreement
      to
      any other party, other than as provided in Sections 7 and 8, and this Section
      11. This Agreement may be terminated after the Effective Time by (a) Ever Leader
      for any reason by notice to the Placement Agent, and (b) the Placement
      Agent by notice to Ever Leader (i) if, Ever Leader shall materially breach
      any
      of its representations and warranties in this Agreement or shall fail to fulfill
      its covenants and agreements contained in this Agreement; (ii) if at or prior
      to
      the Closing Date there shall have been a material escalation of hostilities
      between the United States and any foreign country (other than Iraq), or any
      other material insurrection or armed conflict involving the United States which,
      in the reasonable judgment of the Placement Agent after consultation with Ever
      Leader, makes it impracticable or inadvisable to offer or sell the Share and
      Warrants; or (iii) if there shall be any material litigation or regulatory
      action, pending or threatened against or involving Ever Leader, which, in the
      reasonable judgment of the Placement Agent after consultation with Ever Leader,
      makes it impracticable or inadvisable to offer or deliver the Units on the
      terms
      contemplated by this Agreement. Section 12 of this Agreement shall automatically
      terminate on the first anniversary of the Closing Date.

     

    If,
      and
      only if, Ever Leader terminates this Agreement after it becomes effective for
      any reason (other than the Placement Agent's material failure to comply with
      its
      obligations under this Agreement or material breach of its representations
      and
      warranties) or the Offering fails to close because of Ever Leader's breach
      of
      any representations or warranties contained in this Agreement or Ever Leader's
      failure to fulfill its covenants and agreements contained in this Agreement,
      Ever Leader shall pay the Placement Agent their actual out-of-pocket expenses
      incurred (less than amount of the advance of the Allowance paid under Section
      4(f)).

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    12. Confidentiality.
      The
      Placement Agent agrees to treat confidentially any material non-public
      information that is furnished to the Placement Agent (or to parties acting
      on
      their behalf) by or on behalf of Ever Leader (the "Information")
      until
      such time as such Information is disclosed to the public (including disclosures
      in SEC filings). The Placement Agent agrees that it will use the Information
      only for the purposes related to a determination of its willingness to act
      as an
      exclusive selling agent pursuant to this Agreement, and that the Information
      will be kept confidential by them and their partners, members, managers,
      officers, directors, employees, agents, and other affiliates (collectively,
      the
      "Affiliates"),
      and
      their attorneys and accountants (collectively, the "Professionals");
      provided, however, that the Information may be disclosed to (a) Selected
      Dealers, Affiliates and Professionals who need to know such Information for
      the
      purpose of evaluating or providing services in connection with the Placement
      Agent and their clients' investment in Ever Leader; provided such parties agree
      to be bound by this undertaking, (b) to any federal or state regulatory agency
      and their employees, agents, and attorneys (collectively, "Regulators")
      for
      the purpose of making any filings with Regulators if disclosure of such
      Information is required by law (provided that you advise Ever Leader in writing
      of the Information to be so disclosed within a reasonable time prior to such
      filing), (c) any other person to which Ever Leader consents in writing prior
      to
      any such disclosure, and (d) any potential Investor or its Affiliates or
      Professionals who need to know such Information for the purpose of evaluating
      the transaction contemplated hereby, if such Investor has executed a
      confidentiality agreement with Ever Leader and such Investors has agreed to
      keep
      the Information confidential and to cause its Affiliates and Professionals
      to
      keep the Information confidential.

     

    In
      the
      event that the Placement Agent is requested or required (by oral questions,
      documents, subpoena, civil investigation, demand, interrogatories, request
      for
      information, or other similar process) to disclose to any Governmental Entity
      any information supplied to such party, Selected Dealers, its Affiliates, or
      its
      Professionals in the course of their dealings with Ever Leader or their
      respective representatives, such Placement Agent agrees that it will provide
      Ever Leader with prompt notice of such request(s) so that Ever Leader may seek
      an appropriate protective order and/or waiver of compliance with the provisions
      of this Agreement. It is further agreed that, if a protective order is not
      obtained, or a waiver is not granted hereunder, and such Placement Agent is
      nonetheless, in the opinion of counsel, compelled to disclose information
      concerning Ever Leader to any Governmental Entity, such Placement Agent may
      disclose such information to such Governmental Entity without liability
      hereunder. Such Placement Agent will exercise its commercially reasonable
      efforts, at Ever Leader's expense, to obtain a protective order or other
      reliable assurance that confidential treatment will be accorded the
      Information.

     

    13. Notices.
      All
      notices or other communications that are required or permitted under this
      Agreement shall be in writing and sufficient if delivered by hand, by facsimile
      transmission, by registered or certified mail, postage pre-paid, by electronic
      mail, or by courier or overnight carrier, to the persons at the addresses set
      forth below (or at such other address as any party shall have furnished to
      the
      other parties in writing),
      and shall be deemed to have been delivered as of the date so
      delivered:

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    If
      to
      Ever Leader: 

    23/F,
      Changjiang Plaza, 1 Mingquan Lu

    Wuhan
      430021, P.R. China

    Telephone: +1
      (86
      27) 8537-5532

    Facsimile: +1
      (86
      27) 8537-5851

    Attention:
       Yiqing
      Wan

    

    with
      a
      copy to: 

    Anslow
      & Jaclin, LLP

    195
      Route
      9 South, Suite 204

    Manalapan,
      New Jersey 07726

    Telephone: (732)
      409-1212

    Facsimile: (732)
      577-1188

    Attention: Richard
      I. Anslow, Esq.

     

    If
      to the
      Placement Agent: 

    Keating
      Securities, LLC

    5251
      DTC
      Parkway, Suite 1090

    Greenwood
      Village, CO 80111

    Telephone: 
      (720)
      889-0131

    Facsimile: 
      (720)
      889-0139

    Attention: Timothy
      J. Keating

     

    with
      a
      copy (for informational purposes only) to:

     

    Schulte
      Roth & Zabel LLP 

    919
      Third
      Avenue

    New
      York,
      New York 10022

    Telephone: (212)
      756-2000

    Facsimile: (212)
      593-5955

    Attention: Eleazer
      N. Klein, Esq.

     

    Ever
      Leader hereby irrevocably appoints National Corporate Research, Ltd.,
      of 225
      West
      34th
      Street,
      Suite 910, New York, N.Y. 10112, U.S.A. ("NCR")
      as its
      agent for the receipt of service of process in the United States. Ever Leader
      agrees that any document may be effectively served on it in connection with
      any
      action, suit or proceeding in the United States by service on its agents. The
      Placement Agent consents and agrees that Ever Leader may, in its reasonable
      discretion, irrevocably appoint a substitute agent for the receipt of service
      of
      process located within the Untied States, and that upon such appointment, the
      appointment of NCR may be revoked.

     

    Any
      document shall be deemed to have been duly served if marked for the attention
      of
      the NCR at its address as set forth in Section 13 or such other address in
      the
      United States as may be notified to the party wishing to serve the document
      and
      (a) left at the specified address if its receipt is acknowledged in writing;
      or
      (b) sent to the specified address by post, registered mail return receipt
      requested. In the case of (a), the document will be deemed to have been duly
      served when it is left and signed for. In the case of (b), the document shall
      be
      deemed to have been duly served when received and acknowledged.

     

    If
      Ever
      Leader's agent at any time ceases for any reason to act as such, Ever Leader
      shall appoint a replacement agent having an address for service in the United
      States and shall notify the Placement Agent of the name and address of the
      replacement agent. Failing such appointment and notification, the holders of
      a
      majority of the Shares shall be entitled by notice to Ever Leader to appoint
      a
      replacement agent to act on Ever Leader's behalf. The provisions of this Section
      13 applying to service on an agent apply equally to service on a replacement
      agent.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    14. Successors.
      This
      Agreement shall inure to the benefit of and be binding upon the Placement Agent,
      and Selected Dealers, Ever Leader, Applied Spectrum and their respective
      successors and legal representatives, except that neither Ever Leader nor the
      Placement Agent may assign or transfer any of its or their rights or obligations
      under this Agreement without the prior written consent of the other; provided,
      however, that upon consummation of the Transactions, Applied Spectrum shall
      assume all of the rights and obligations of Ever Leader under this Agreement
      without the need for further consent of the parties. Nothing expressed or
      mentioned in this Agreement is intended or shall be construed to give any person
      other than the persons mentioned in the preceding sentence any legal or
      equitable right, remedy or claim under or in respect of this Agreement, or
      any
      provisions herein contained, this Agreement and all conditions and provisions
      hereof being intended to be and being for the sole and exclusive benefit of
      such
      persons and for the benefit of no other person; except that the indemnities
      of
      Ever Leader contained in this Agreement shall also be for the benefit of the
      person or persons, if any, who control the Placement Agent or any Selected
      Dealers within the meaning of Section 15 of the Securities Act, and the
      Placement Agent's and any Selected Dealer's indemnities shall also be for the
      benefit of each officer and director of Ever Leader and the person or persons,
      if any, who control Ever Leader within the meaning of Section 15 of the
      Securities Act.

     

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

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    16. Lock-Up
      Agreement.
      The
      Placement Agent agrees during the period commencing on the Initial Effective
      Date (as defined in the Registration Rights Agreement) and ending ninety (90)
      days following the Initial Effective Date not to (i) sell, offer to sell,
      contract or agree to sell, hypothecate, hedge, pledge, grant any option to
      purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
      any Common Stock or warrants or other rights to purchase Common Stock, or (ii)
      enter into any swap or other arrangement that transfers to another, in whole
      or
      in part, any of the economic consequences of ownership of Common Stock, or
      warrants or other rights to purchase Common Stock, whether any such transaction
      is to be settled by delivery of such securities, in cash or
      otherwise.

     

    17. Currency.
      As used
      herein, "Dollar", "US Dollar" and "$" each mean the lawful money of the United
      States.

     

    18. Miscellaneous
      Provisions.

     

    (a) Severability.
      If any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction.

     

    (b) Modification,
      Amendment or Waiver.
      This
      Agreement may not be modified or amended except by written agreement executed
      by
      the parties hereto. No provision hereof may be waived other than by an
      instrument in writing signed by the party against whom enforcement is
      sought.

     

    (c) Number
      and Gender of Words.
      Whenever the contest so requires, the masculine shall include the feminine
      and
      neuter, and the singular shall include the plural, and conversely.

     

    (d) Counterparts.
      This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other party;
      provided that a facsimile signature shall be considered due execution and shall
      be binding upon the signatory thereto with the same force and effect as if
      the
      signature were an original, not a facsimile signature.

     

    (e) No
      Partnership.
      Each of
      the parties hereto agree and acknowledge that neither of the Placement Agent
      is
      a principal of or a partner with, or does not control in any way, Ever Leader
      or
      its employees or agents and nothing contained in this Agreement shall be deemed
      to create any partnership or other similar arrangement between Ever Leader
      and
      the Placement Agent.

     

    (f) Entire
      Agreement.
      This
      Agreement contains the entire understanding between the parties and supersedes
      any prior understandings or written or oral agreements between them respecting
      the subject matter hereof.

     

    (g) Headings.
      The
      headings of this Agreement are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Agreement..

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    (h) No
      Third Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other Person.

     

    (i) Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

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

     

    [Signatures
      on following page]

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    If
      the
      foregoing correctly sets forth our understanding please indicate your acceptance
      thereof in the space provided below for that purpose, whereupon this letter
      and
      your acceptance shall constitute a binding agreement between us.

     

    Very
      truly yours,

    

     

    APPLIED
      SPECTRUM TECHNOLOGIES, INC.

     

    By:
      /s/
      Kevin R. Keating

    Name:
      Kevin R. Keating

    Title:
      President

    

    

    EVER
      LEADER HOLDINGS LIMITED 

     

    By:
      /s/
      Yiqing Wan

    Name:
      Yiqing Wan

    Title:
      Director

    

    

     

    Accepted
      and agreed:

     

    KEATING
      SECURITIES, LLC

     

    By:
      /s/
      Jeff
      L. Andrews

    Name:
      Jeff L. Andrews

    Title:
      Senior Vice President

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