Document:

Exhibit 10.1

    PLAN
      OF EXCHANGE

    BY
      WHICH

    GFR
      PHARMACEUTICALS INC.

    (a
      Nevada corporation)

    SHALL
      ACQUIRE

    NEW
      CENTURY SCIENTIFIC INVESTMENT LTD.

    (a
      corporation organized under the laws of the Peoples’ republic of
      China)

    

    

    I.
      RECITALS                                              
1

    

    1.
      The
      Parties to this Agreement:                                                                     1

    (1.1)
      GFR
      Pharmaceuticals Inc.                                                                     1

    (1.2)
      New
      Century Scientific Investment Ltd.                                                   
      1

    . (1.3)
      Richard Pierce                                                                                 
      1
      

     

    2.
      Capital of the Parties:                                                                            
      1

    (2.1)
      The
      Capital of GFRP                                                                     
1

    (2.2)
      The
      Capital of New Century Scientific Investment Ltd.                                                 
1

    

    3.
      Transaction Descriptive Summary:                                                            1

    

    4.
      SEC
      compliance.                                                                                   
      2

    

    5.
      Nevada
      compliance.                                                                             2

    

    6.
      Audited Financial Statements.                                                                    2

    

    II.
      PLAN
      OF EXCHANGE                                       
      3

    

    1.
      Conditions Precedent to Closing.                                                                      
      7

    (1.1)
      Shareholder Approval.                                                            
      7

    (1.2)
      Board of Directors.                                                                       
      7

    (1.3)
      Due
      Diligence Investigation.                                                          
      7

    (1.4)
      The
      rights of dissenting shareholders,                                                             
      7

    (1.5)
      All
      of the terms, covenants and conditions                                                             
      7

    (1.6)
      The
      representations and warranties                                                                  
      7

    (1.7)
      Certification of GFRP                                                                            
      3
      

    (1.8) Certification
      of New Century                           
      4

    (1.9)_Certification
      of Mr.
      Pierce                                                                                  
      4

    (1.10)
      Absence
      of GFRP Liabilities, Corporate Name Rights and Transaction Fees.                                                 
      5

    (1.11)
      Delivery of Audited Financial Statements                                                       5

    (1.12)
      Subsidiary Transfer                                                                    5

    (1.13)
      Assignment of Subsidiary Debt                                                               5

    (1.14)
      Share Transfer                                                                            
      6

    (1.15)
      Appointment of Nominee                                                                 
6

    

    2.
      Conditions Concurrent and Subsequent to Closing.                                                       9

    (2.1)
      Delivery of Registered Capital of New Century.                                                     
9

    (2.2)
      Acquisition Share Issuance and Purchase of Common Stock                                             
9

    (2.3)
      Resignation of Richard Pierce and Appointment of New Century Nominee                                    
10

    3.
      Plan
      of Exchange                                                                                 
      10

    (3.1)
      Exchange and Reorganization:                                                              10

        (3.2)
      Delivery of Common Stock:                                                                      
      10

    (3.3)
      Issuance of Common Stock:                                                                     
      10

    (3.4)
      Closing/Effective Date:                                                              
      10

    (3.5)
      Surviving Corporations                                                                     
      10

        (3.6)
      Rights
      of Dissenting Shareholders:                                                                        
      10

    (3.7)
      Service of Process and Address:                                                                     
      10

    (3.8)
      Surviving Articles of Incorporation:                                                               
      11

    (3.9)
      Surviving By-Laws:                                                                    11

    (3.10)
      Further Assurance, Good Faith and Fair Dealing:                                                   11

    (3.11)
      General Mutual Representations and Warranties.                                                   11

    (3.11.1)
      Organization and Qualification.                                                       
11

    (3.11.2)
      Corporate Authority.                                                                
      11

    (3.11.3)
      Ownership of Assets and Property.                                                              
      11

    (3.11.4)
      Absence of Certain Changes or Events.                                                   11

    (3.11.5)
      Absence of Undisclosed Liabilities.                                                     
13

    (3.11.6)
      Legal Compliance.                                                                    
      13

    (3.11.7)
      Legal Proceedings.                                                                    13

    (3.11.8)
      No Breach of Other
      Agreements.                                                                                                           
      13

    (3.11.9)
      Capital Stock.                                                                            
      13 

    (3.11.10)
      SEC Reports, Liabilities and Taxes                                                              
      13

    (3.11.11)
      Brokers' or Finder's Fees.                                                                       14

    (3.11)
      Miscellaneous Provisions                                                                                 
      14

    (3.11.1)                                                                                     
      14

    (3.11.2)                                                                          14

    (3.11.3)                                                                                     
      15

    (3.11.4)                                                                             
      15

    (3.11.5)                                                                                     
      15

    (3.11.6)                                                                                      15

    

    4.
      Termination.                                                                                                        
      15

    

    5.
      Closing                                                                                                         
      15

    

    6.
      Merger
      Clause                                                                                     
      16 

     

    Signatures                                                                                17

    

    

    

    

    The
      Remainder of this Page is Intentionally left Blank 

     

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    PLAN
      OF EXCHANGE

    BY
      WHICH

    GFR
      PHARMACEUTICALS INC. 

    (a
      Nevada corporation)

    SHALL
      ACQUIRE

    NEW
      CENTURY SCIENTIFIC INVESTMENT LTD.

    (a
      corporation organized under the laws of the Peoples' Republic of
      China)

    

    ADJUSTMENTS:
      lead This
      Plan of Exchange (“Agreement”
      or “Plan of Exchange”) is
      made
      and dated as of this 26th
      day of
      June, 2006, and is intended to supersede all previous oral or written
      agreements, if any, between the parties, with respect to its subject matter.
      Notwithstanding the foregoing, it is subject to, and shall be interpreted
      together with the Letter of Intent, dated June 6, 2006 ("LOI"), and the Escrow
      Agreement, dated June 20, 2006 ("Escrow Agreement"). This Agreement anticipates
      that extensive due diligence shall have been performed by both parties.

     

    I.
      RECITALS

    1.
      The Parties to this Agreement:

    

    (1.1)
      GFR Pharmaceuticals, Inc. ("GFRP"), Suite
      11405 - 201A Street, Maple Ridge, British Columbia V2X 0Y3,
      a
      Nevada corporation. 

     

    (1.2)
      New Century Scientific Investment Ltd. (“New Century”), 99 Yan
      Xiang
      Road, Biosep Building, Xi An, Peoples’ Republic of China a
      corporation organized and existing under the laws of the Peoples' Republic
      of
      China.

    

    (1.3)
      Richard Pierce, President,
      Chief Executive Officer and controlling shareholder of GFRP ("Mr.
      Pierce").

     

    2.
      The Capital of the Parties: 

    

    (2.1)
      The Capital of GFRP consists
      of 100,000,000 shares of common voting stock of $0.001 par value authorized,
      of
      which 1,079,940 shares are issued and outstanding. 

    

    (2.2)
      The Capital of New Century consists
      of RMB 30,000,000 in registered capital (US$1=RMB 8), which for the purposes
      of
      this Agreement, is referred to as “common stock” or “capital
      stock”.

    

    3.
      Transaction Descriptive Summary:
      GFRP and
      it's directors and shareholders will approve the acquisition of New Century
      prior to Closing and the shareholders of New Century (“New
      Century Shareholders”)
      have
      consented to the acquisition of New Century by GFRP, a publicly traded company.
      GFRP would acquire a 90+% interest in New Century in exchange for 40,000,000
      new
      shares of GFRP to New Century Shareholders (the “Share
      Exchange”).
      In
      addition, New Century and/or the New Century Shareholders would acquire 200,000
      freely transferable common shares of GFRP from Mr. Pierce for a payment by
      New
      Century and/or the New Century Shareholders of an amount equal to $500,000,
      less
      related expenses (the “Share
      Purchase”).
      The
      distributions of payments will be made by New Century to Mr. Pierce in
      accordance with the Escrow Agreement. The
      above
      purchase and issuance will give
      New
      Century a 'controlling interest' in GFRP
      representing approximately 95% of
      the
      issued and outstanding shares.
      The
      transaction will not immediately close but shall be conditioned upon
(1)
      the
      delivery into escrow of the 200,000 shares from Mr. Pierce, (2) the delivery
      into escrow of the 40,000,000 shares for the benefit of New Century
      Shareholders, (3) the absence of material liabilities in GFRP as defined by
      Generally Accepted Accounting Principles, and (4) the vend out of the three
      subsidiaries
      prior to
      Closing, along with the conditions precedent to closing listed in this
      agreement. The parties intend that the transactions qualify and meet the
      Internal Revenue Code requirements for a tax free reorganization, in which
      there
      is no corporate gain or loss recognized by the parties, with reference to
      Internal Revenue Code (IRC) sections 354 and 368.

     

    
      
        
        

      

      
        Page
          - 1

        
          

        

      

      
        
        

      

    

    
 

    4.
      SEC compliance.
      GFRP
      shall cause the filing with the Commission of a Current Report on Form 8-K,
      within four business days of the date hereof, reporting the execution of this
      Agreement, and, after the Closing,
      the filing and mailing to its shareholders of an Information Statement on
      Schedule 14F-1 pursuant to Rule 14f-1 under the Securities Exchange Act of
      1934,
      as amended,
      which is required to be filed and mailed ten days before a change in the
      majority of the Board of Directors of GFRP other than at a shareholders’
meeting. The parties contemplate that any change in the majority of the Board
      of
Directors
      will occur after the closing. 

    

    5.
      Nevada compliance.
      Articles
      of Exchange are required to be filed by Nevada law as the last act to make
      the
      acquisition final and effective under Nevada law.

    

    6.
      Audited Financial Statements.
      Certain
      filings under the Securities Exchange Act of 1934, such as a Current Report
      on
      Form 8-K, require audited financial statements of New Century to be filed with
      the SEC within 71 days of the initial Form 8-K filing with respect to the Share
      Exchange. In connection with GFRP’s filing of a Current Report on Form 8-K/A
      within 71 days after the Share Exchange, as it relates to that transaction,
      audited financial statements of New Century will be filed with the SEC in
      accordance with Form 8-K. New Century has agreed to provide audited financial
      statements prepared in conformity with U.S. GAAP to GFRP within 71 days upon
      the
      closing of the Share Exchange.

    

    

    

     

    The
      Remainder of this Page is Intentionally left Blank

    

    
      
        
        

      

      
        Page
          - 2

        
          

        

      

      
        
        

      

    

    
 

    II.
      PLAN OF EXCHANGE

    

    1.
      Conditions Precedent to Closing.

    

    The
      obligation of the parties to consummate the transactions contemplated herein
      are
      subject to the fulfillment or waiver prior to the closing of the following
      conditions precedent: 

    

    (1.1)
      Shareholder Approval.
      Each
      corporate party shall have secured shareholder approval for this transaction,
      if
      required, in accordance with the laws of its place of incorporation and its
      constituent documents.

    

    (1.2)
      Board of Directors.
      The
      Boards of Directors of each corporate party shall have approved the transaction
      and this agreement, in accordance with the laws of its place of incorporation
      and its constituent documents.

    

    (1.3)
      Due Diligence Investigation.
      Each
      party shall have furnished to the other party all corporate and financial
      information which is customary and reasonable, to conduct its respective due
      diligence, normal for this kind of transaction. If either party determines
      that
      there is a reason not to complete the Plan of Exchange as a result of their
      due
      diligence examination, then they must give written notice to the other party
      prior to the expiration of the due diligence examination period. The due
      diligence period, for purposes of this paragraph, will expire 21 days after
      the
      due diligence documents and information is delivered to the respective parties.
      The “Closing
      Date”
shall
      be three days after the satisfaction or waiver of all of the conditions
      precedent to closing set forth in this Plan of Exchange, unless extended to
      a
      later date by mutual agreement of the parties. 

    

    (1.4)
      The rights of dissenting shareholders,
      if any,
      of each party shall have been satisfied prior to Closing.

    

    (1.5)
      All of the terms, covenants and conditions
      of the
Plan
      of
      exchange
      to be
      complied with or performed by each party before Closing shall have been complied
      with, performed or waived in writing. 

    

    (1.6)
      The representations and warranties
      of the
      parties, contained in the Plan
      of
      exchange,
      as
      herein contemplated, except as amended, altered or waived by the parties in
      writing, shall be true and correct in all material respects at the Closing
      Date
      with the same force and effect as if such representations and warranties are
      made at and as of such time; and each party shall provide the other with a
      certificate, certified either individually or by an officer, dated the Closing
      Date, to the effect, that all conditions precedent have been met, and that
      all
      representations and warranties of such party are true and correct as of that
      date. The form and substance of each party's certification shall be in form
      reasonably satisfactory to the other. In addition, it shall be a condition
      precedent to New Century’s obligation to consummate the closing that a
      certificate of good standing on GFRP shall have been delivered to it from the
      Secretary of State of Nevada.

     

        (1.7)  Certification
      of GFRP. It
      shall
      be a condition precedent to the obligation of New Century and the New Century
      Shareholders and Mr. Pierce to consummate the transactions contemplated herein
      that a certification of GFRP, signed in its corporate capacity, and
      substantially similar to the following form be delivered to New Century and
      Mr.
      Pierce on Closing:

     

    
      
        
        

      

      
        Page
          - 3

        
          

        

      

      
        
        

      

    

    

    	(i) 
             	
            GFRP
              is a corporation duly organized and validly existing under the laws
              of the
              State of Nevada and has all requisite corporate power to own, operate
              and
              lease its properties and assets and to carry on its
              business.

          

    	(ii) 
             	
            The
              authorized capitalization and the number of issued and outstanding
              capital
              shares of GFRP are accurately and completely set forth in the Plan
              of
              Exchange.

          

    	(iii) 
             	
            The
              issued and outstanding shares of GFRP (including 40,000,000 new investment
              shares of Common Stock of GFRP to be issued to the New Century
              Shareholders pursuant to Regulation S) have been duly authorized and
              validly issued and are fully paid and
              non-assessable.

          

    	(iv) 
              	
            GFRP
              has the full right, power and authority to issue and deliver the
              40,000,000 new investment shares of Common Stock of GFRP to the New
              Century Shareholders, and, upon delivery of the certificates representing
              such shares as contemplated in the Plan of Exchange, will deliver to
              the
              New Century Shareholders good, valid and marketable title thereto,
              free
              and clear of all liens.

          

    	(v) 
             	
            GFRP
              has taken all steps in connection with the Plan of Exchange and the
              issuance of the 40,000,000 new investment shares of Common Stock of
              GFRP
              to the New Century Shareholders pursuant to Regulation S, which are
              necessary to comply in all material respects with the Securities Act
              of
              1933, as amended, and the Securities Exchange Act of 1934, as well
              as the
              rules and regulations promulgated pursuant thereto.
              

          

    	(vi)
              	
            GFRP
              has no material liabilities as such term are defined by U.S. Generally
              Accepted Accounting Principles. 

          

     
      (vii)  GFRP’s
      three wholly-owned subsidiaries, GFR Pharma, Inc., GFR Health, Inc. and
      Nutritionals Direct, Inc. (the “Subsidiaries”)
      have
      been
      vended out from 

              
GFRP
      prior to Closing.

     (viii)
      GFRP
      confirms that the Board of Directors has authorized and GFRP has established
      the
      2000 Incentive and Non-qualified Stock Option Plan under which GFRP

              
      is authorized to issue up to 100,000 shares of GFRP's common stock with such
      exercise price and vesting periods as the Board of Directors deems to be in
      the

              
      best interest of GFRP. As of May 31, 2006, no options have been granted. GFRP
      represents that there are no warrants outstanding.

              
      (iv) GFRP
      agrees, for a period of eighteen months, not to rollback, consolidate, or merge
      its shares in any way that would effectively reduce the shareholdings of

                      
      Pierce or New Century.

     

        (1.8)  Certification
      of New Century. It
      shall
      be a condition precedent to the obligation of GFRP and Mr. Pierce to consummate
      the transactions contemplated herein that a certification of New Century, signed
      in its corporate capacity, and substantially similar to the following form
      be
      delivered to GFRP and Mr. Pierce on Closing:

    

    	(i)  	
            New
              Century is a corporation duly organized and validly existing under
              the
              laws of the Peoples' Republic of China and has all requisite corporate
              power to own, operate and lease its properties and assets and to carry
              on
              its business.

          

    	(ii)  	
            The
              authorized capitalization and the number of issued and outstanding
              capital
              shares of New Century are accurately and completely set forth in the
              Plan
              of Exchange.

          

    	(iii)  	
            The
              issued and outstanding shares of New Century (including 90%+ of the
              issued
              and outstanding shares of common stock of New Century to be transferred
              to
              GFRP from the New Century Shareholders) (the “New
              Century Shares”)
              have been duly authorized and validly issued and are fully paid and
              non-assessable.

          

    	(iv)  	
            The
              New Century Shareholders have the full right, power and authority to
              sell,
              transfer and deliver the New Century Shares to GFRP, and, upon delivery
              of
              the certificates representing the New Century Shares as contemplated
              in
              the Plan of Exchange, will transfer to GFRP good, valid and marketable
              title thereto, free and clear of all
              liens.

          

    	(v)  	
            New
              Century has taken all steps in connection with the Plan of Exchange
              and
              the transfer of the New Century Shares of common stock of New Century
              to
              GFRP, which are necessary to comply in all material respects with
              regulations and rules applicable to the transfer of common stock and
              ownership in New Century. 

          

     

    
      
        
        

      

      
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          - 4

        
          

        

      

      
        
        

      

    

     

        (1.9)  Certification
      of Mr. Pierce. It
      shall
      be a condition precedent to the obligation of GFRP and New Century and the
      New
      Century Shareholders to consummate the transactions contemplated herein that
      a
      certification of Mr. Pierce, signed in his individual capacity, and
      substantially similar to the following form be delivered to GFRP and New Century
      on Closing:

    

    	(i)  	
            Mr.
              Pierce has the full right, power and authority to sell, transfer and
              deliver the 200,000 shares of Common Stock of GFRP to the New Century
              Shareholders for the total purchase price of $500,000, less agreed
              upon
              expenses, and upon delivery of the certificates representing the Share
              Purchase, will transfer to the New Century good, valid and marketable
              title thereto, free and clear of all
              liens.

          

    	(ii)  	
            Mr.
              Pierce confirms that he
              will retain 370,000 shares of GFRP as an investment, of which 170,000
              shall be locked up and non-transferable for three months after the
              Closing
              and 200,000 shall be locked up and non-transferable for twelve months
              after Closing. 

          

    

    (1.10)
      Absence of GFRP Liabilities, Corporate Name Rights and Transaction Fees.
GFRP
      shall have no material liabilities as such term is defined by U.S. Generally
      Accepted Accounting Principles and counsel to GFRP shall deliver to New Century
      a comfort letter with respect to the absence of said liabilities prior to
      Closing. . Mr. Pierce will retain the right to future use of GFR Pharmaceuticals
      Inc. only if the new management changes GFRP's corporate name. All expenses
      to
      prepare and file documents connected to the Plan of Exchange will be paid by
      New
      Century. The attorney comfort letter, not to exceed $3,000, will be paid by
      New
      Century. The quarterly accounting review fees will also be paid by New
      Century.

    

    (1.11)
      Delivery of Audited Financial Statements.
      New
      Century shall have delivered to GFRP audited financial statements and an audit
      report thereon for the year ended December 31, 2005 and unaudited financial
      statements for the quarter ended March 31, 2006, any required audits shall
      be
      prepared by a PCAOB member audit firm in accordance with U.S. GAAP at New
      Century’s expense.

    

    (1.12)
      Subsidiary Transfer.
      Pursuant
      to the LOI, Mr. Pierce
      or
      his nominee will acquire a 100% interest in the Subsidiaries simultaneously
      with
      Closing pursuant to the terms and conditions of a subsidiary transfer agreement
      (the “Subsidiary
      Transfer Agreement”).

    

    (1.13)
      Assignment of Subsidiary Debt. GFRP
      will
      also assign to Mr. Pierce or his nominee the debt owed to GFRP by the
      Subsidiaries simultaneously with Closing. The Board of Directors will approve
      after appropriate review (with Mr. Pierce abstaining) the settlement of debt
      with GFR Pharma Ltd. and will approve the acceptance of shares of the capital
      stock of GFR Pharma Ltd., as full payment of said GFR Pharma Ltd.
      debt.

     

    
      
        
        

      

      
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          - 5

        
          

        

      

      
        
        

      

    

    
 

    (1.14)
      Share Transfer.
      Pursuant
      to the LOI, Mr. Pierce
      will transfer 200,000 shares of common voting stock of GFRP to New Century
      simultaneously with Closing pursuant to the terms and conditions of a share
      purchase agreement (the “Share
      Purchase Agreement”).

    

    (1.15)
      Appointment of Nominee.
      Pursuant
      to the LOI and prior to closing any transaction contemplated in this agreement,
      GFRP’s
      board of directors will appoint the nominee of New Century to the board of
      directors of GFRP to fill the vacancy created by the resignation of one of
      the
      current board members of GFRP.

    

    2.
      Conditions Concurrent and Subsequent to Closing.

    

    (2.1)
      Delivery of Registered Capital of New Century. At
      Closing, GFRP shall have 90+% of the beneficial interest of New
      Century.

    

    (2.2)
      Acquisition Share Issuance and Purchase of Common Stock. Immediately
      upon the Closing, Mr. Pierce shall deliver his 200,000 shares of Common Stock
      of
      GFRP to the New Century Shareholders in exchange for total payments of $500,000
      in cash, less related expenses. In addition, GFRP shall issue 40,000,000 new
      investment shares of Common Stock of GFRP to the New Century Shareholders in
      exchange for a 90+% interest in New Century, and, as a result, the then
      outstanding shares shall be as follows:

     

    

    
      	
              GFRP
                Shares Issued and Outstanding

            	
              1,079,940

            
	
              Of
                which, shares purchased from Mr. Pierce

            	
              200,000
                

            
	
              Acquisition
                Share Issuance

            	
              40,000,000

            
	
              Resulting
                Total

            	
              41,079,940

            
	
              Of
                which, shares controlled by New Century

            	
              40,200,000

            

    

    

        (2.3)
      Resignation of Richard Pierce and Appointment of New Century Nominee.
On
      or
      immediately after the Closing, Pierce shall resign from the positions of
      director and officer of GFRP and a nominee of New Century shall be appointed
      to
      the Board of Directors of GFRP to fill the vacancy created by Pierce's
      resignation. Said appointment will occur within 10 days of the closing after
      proper notice has been given pursuant
      to Rule 14f-1 under the Securities Exchange Act of 1934, as amended.
      Upon
      resignation, Pierce shall hand deliver to GFRP a signed letter regarding and
      confirming his resignation to the positions of director and officer of GFRP.
      

     

    3.
      Plan of
      Exchange

    

    (3.1)
      Exchange and Reorganization: GFRP and
      New
      Century shall be hereby reorganized, such that GFRP shall acquire a 90+%
      interest in New Century, and New Century shall become a 90+% owned subsidiary
      of
      GFRP.

    

    
      
        
        

      

      
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          - 6

        
          

        

      

      
        
        

      

    

    (3.2)
      Delivery of Common Stock:
      At
      Closing, Mr. Pierce shall deliver the 200,000 shares of Common Stock of GFRP
      to
      or for the New Century Shareholders.

    

    (3.3)
      Issuance of Common Stock:
      Within
      60 days upon the effective date of the Plan, GFRP shall issue 40,000,000 new
      investment shares of Common Stock of GFRP to or for the New Century
      Shareholders.

    

    (3.4)
      Closing/Effective Date:
      The
Plan
      of
      exchange shall
      become effective immediately upon approval and adoption by the parties hereto,
      in the manner provided by the law of the places of incorporation and constituent
      corporate documents, and upon compliance with governmental filing requirements,
      such as, without limitation, filings under the Securities Exchange Act of 1934,
      and the filing of Articles of Exchange, if applicable under State Law.
“Closing”
shall
      occur when all conditions precedent to closing
      have been met or are waived by the parties. The parties anticipate the filing
      of
      a Schedule 14F-1 Information Statement at least ten days prior to any change
      in
      majority of the Board of Directors of GFRP.
      The
      parties expect to make such filing after the Closing.

    

    (3.5)
      Surviving Corporations:
      Both
      corporations shall survive the exchange and reorganization herein contemplated
      and shall continue to be governed by the laws of its respective jurisdiction
      of
      incorporation. 

    

    (3.6)
      Rights of Dissenting Shareholders:
      Each
      Corporation is the entity responsible for the rights of its own dissenting
      shareholders, if any.

    

    (3.7)
      Service of Process and Address:
      Each
      Corporation shall continue to be amenable to service of process in its own
      jurisdiction, exactly as before this acquisition. The address of GFRP is
Suite
      11405 - 201A Street, Maple Ridge, British Columbia V2X 0Y3.
      The
      address of New Century is 99 Yan Xiang Road, Biosep Building, Xi An, Peoples’
Republic of China. 

    

    (3.8)
      Surviving Articles of Incorporation:
      the
      Articles of Incorporation of each Corporation shall remain in full force and
      effect, unchanged.

    

    (3.9)
      Surviving By-Laws:
      the
      By-Laws of each Corporation shall remain in full force and effect,
      unchanged.

    

    (3.10)
      Further Assurance, Good Faith and Fair Dealing:
      the
      Directors of each Corporation shall and will execute and deliver any and all
      necessary documents, acknowledgments and assurances and do all things proper
      to
      confirm or acknowledge any and all rights, titles and interests created or
      confirmed herein; and both companies covenant expressly hereby to deal fairly
      and in good faith with each other and each others shareholders. In furtherance
      of the parties desire, as so expressed, and to encourage timely, effective
      and
      businesslike resolution the parties agree that any dispute arising between
      them,
      capable of resolution by arbitration, shall be submitted to binding arbitration.
      As a further incentive to private resolution of any dispute, the parties agree
      that each party shall bear its own costs of dispute resolution and shall not
      recover such costs from any other party.

    

    
      
        
        

      

      
        Page
          - 7

        
          

        

      

      
        
        

      

    

    

    (3.11)
      General Mutual Representations and Warranties.
      The
      purpose and general import of the Mutual Representations and Warranties are
      that
      each party has made appropriate full disclosure to the others, that no material
      information has been withheld, and that the information exchanged is accurate,
      true and correct. These warranties and representations are made by each party
      to
      the other, unless otherwise provided, and they speak and shall be true
      immediately before Closing.

     

    (3.11.1)
      Organization and Qualification.
      Each
      Corporation is duly organized and in good standing (where applicable as a matter
      of law), and is duly qualified to conduct any business it may be conducting,
      as
      required by law or local ordinance.

     

     (3.11.2)
      Corporate Authority.
      Each
      Corporation has corporate authority, under the laws of its jurisdiction and
      its
      constituent documents, to do each and every element of performance to which
      it
      has agreed, and which is reasonably necessary, appropriate and lawful, to carry
      out this Agreement in good faith.

     

    (3.11.3)
      Ownership of Assets and Property.
      Each
      Corporation has lawful title and ownership of it property as reported to the
      other, and as disclosed in its financial statements.

     

     (3.11.4)
      Absence of Certain Changes or Events.
      Each
      Corporation has not had any material changes of circumstances or events which
      have not been fully disclosed to the other party, and which, if different than
      previously disclosed in writing, have been disclosed in writing as currently
      as
      is reasonably practicable. Specifically, and without limitation:

     

    (3.11.4-a)
      The
      business of each Corporation shall be conducted only in the ordinary and usual
      course and consistent with its past practice, and neither party shall purchase
      or sell (or enter into any agreement to so purchase or sell) any properties
      or
      assets or make any other changes in its operations, respectively, taken as
      a
      whole, or provide for the issuance of, agreement to issue or grant of options
      to
      acquire any shares, whether common, redeemable common or convertible preferred,
      in connection therewith;

     

    (3.11.4-b)
      Except
      as
      set forth in this Plan of Exchange, neither Corporation shall (i) amend its
      Articles of Incorporation or By-Laws, (ii) change the number of authorized
      or
      outstanding shares of its capital stock, or (iii) declare, set aside or pay
      any
      dividend or other distribution or payment in cash, stock or property to the
      extent that which might contradict or not comply with any clause or condition
      set forth in this Plan of Exchange, LOI or Escrow Agreement;

     

    (3.11.4-c)
      Except
      for the issuance of shares and vending out of subsidiaries set forth in this
      Plan of Exchange, neither Corporation shall (i) issue, grant or pledge or agree
      or propose to issue, grant, sell or pledge any shares of, or rights of any
      kind
      to acquire any shares of, its capital stock, (ii) incur any indebtedness other
      than in the ordinary course of business, (iii) acquire directly or indirectly
      by
      redemption or otherwise any shares of its capital stock of any class or (iv)
      enter into or modify any contact, agreement, commitment or arrangement with
      respect to any of the foregoing;

    
      	 	 	
               

            

    

    
       

      
        
          
          

        

        
          Page
            - 8

          
            

          

        

        
          
          

        

      

       

            (3.11.4-d)
        Except
        in
        the ordinary course of business, neither party shall (i) increase the
        compensation payable or to become payable by it to any of its officers or
        directors; (ii) make any payment or provision with respect to any bonus,
        profit
        sharing, stock option, stock purchase, employee stock ownership, pension,
        retirement, deferred compensation, employment or other payment plan, agreement
        or arrangement for the benefit of its employees (iii) grant any stock options
        or
        stock appreciation rights or permit the exercise of any stock appreciation
        right
        where the exercise of such right is subject to its discretion (iv) make any
        change in the compensation to be received by any of its officers; or adopt,
        or
        amend to increase compensation or benefits payable under, any collective
        bargaining, bonus, profit sharing, compensation, stock option, pension,
        retirement, deferred compensation, employment, termination or severance or
        other
        plan, agreement, trust, fund or arrangement for the benefit of employees,
        (v)
        enter into any agreement with respect to termination or severance pay, or
        any
        employment agreement or other contract or arrangement with any officer or
        director or employee, respectively, with respect to the performance or personal
        services that is not terminable without liability by it on thirty days notice
        or
        less, (vi) increase benefits payable under its current severance or termination,
        pay agreements or policies or (vii) make any loan or advance to, or enter
        into
        any written contract, lease or commitment with, any of its officers or
        directors.

    

     

          (3.11.4-e)
      Neither
      party shall assume, guarantee, endorse or otherwise become responsible for
      the
      obligations of any other individual, firm or corporation or make any loans
      or
      advances to any individual, firm or corporation, other than obligations and
      liabilities expressly assumed by the other that party;

          (3.11.4-f)
      Neither
      party shall make any investment of a capital nature either by purchase of stock
      or securities, contributions to capital, property transfers or otherwise, or
      by
      the purchase of any property or assets of any other individual, firm or
      corporation. 

     

          (3.11.5)
      Absence of Undisclosed Liabilities.
      Each
      Corporation has, and has no reason to anticipate having, any material
      liabilities which have not been disclosed to the other, in the financial
      statements or otherwise in writing.

     

          (3.11.6)
      Legal Compliance.
      Each
      Corporation shall comply in all material respects with all Federal, state,
      local
      and other governmental (domestic or foreign) laws, statutes, ordinances, rules,
      regulations (including all applicable securities laws), orders, writs,
      injunctions, decrees, awards or other requirements of any court or other
      governmental or other authority applicable to each of them or their respective
      assets or to the conduct of their respective businesses, and use their best
      efforts to perform all obligations under all contracts, agreements, licenses,
      permits and undertaking without default.

     

        
      (3.11.7)
      Legal Proceedings.
      Each
      Corporation has no legal proceedings, administrative or regulatory proceeding,
      pending or suspected, which have not been fully disclosed in writing to the
      other.

     

    
      
         

      

      
        Page
          - 9

        
          

        

      

      
         

      

    

     

          (3.11.8)
      No Breach of Other Agreements.
      This
      Agreement, and the faithful performance of this agreement, will not cause any
      breach of any other existing agreement, or any covenant, consent decree, or
      undertaking by either, not disclosed to the other.

     

               
(3.11.9)
      Capital
      Stock.
      The
      issued and outstanding shares and all shares of capital stock of each
      Corporation is as detailed herein, that all such shares are in fact issued
      and
      outstanding, duly and validly issued, were issued as and are fully paid and
      non-assessable shares, and that, other than as represented in writing, there
      are
      no other securities, options, warrants or rights outstanding, to acquire further
      shares of such Corporation.

     

          (3.11.10) SEC
      Reports, Liabilities and Taxes.(i) GFRP has
      filed
      all required registration statements, prospectuses, reports, schedules,
      forms, statements and other documents required to be filed by it with the SEC
      since the date of its registration under the Securities Act of 1933, as amended
      (collectively, including all exhibits thereto, the "GFRP
      SEC
      Reports"). None of the GFRP
      SEC
      Reports, as of their respective dates, contained any untrue statements of
      material fact or failed to contain any statements which were necessary to make
      the statements made therein, in light of the circumstances, not misleading.
      All
      of the GFRP
      SEC
      Reports, as of their respective dates (and as of the date of any amendment
      to
      the respective GFRP
      SEC
      Reports), complied as to form in all material respects with the applicable
      requirements of the Securities Act and the Exchange Act and the rules and
      regulations promulgated thereunder.

     

        (ii)
      Except as disclosed in the GFRP
      SEC
      Reports filed prior to the date hereof, GFRPand
      its
      Subsidiaries have not incurred any liabilities or obligations (whether or not
      accrued, contingent or otherwise) that are of a nature that would be required
      to
      be disclosed on a balance sheet of GFRP
      and its
      Subsidiaries or the footnotes thereto prepared in conformity with GAAP, other
      than (A) liabilities incurred in the ordinary course of business or (B)
      liabilities that would not, in the aggregate, reasonably be expected to have
      a
      material adverse effect on GFRP.

     

        (iii)
      Except
      as disclosed in the GFRP
      SEC
      Reports filed prior to the date hereof, GFRP
      and each
      of its Subsidiaries (i) have prepared in good faith and duly and timely filed
      (taking into account any extension of time within which to file) all material
      tax returns required to be filed by any of them and all such filed tax returns
      are complete and accurate in all material respects; (ii) have paid all taxes
      that are shown as due and payable on such filed tax returns or that GFRP
      or any
      of its Subsidiaries are obligated to pay without the filing of a tax return;
      (iii) have paid all other assessments received to date in respect of taxes
      other
      than those being contested in good faith for which provision has been made
      in
      accordance with GAAP on the most recent balance sheet included in GFRP’s
      financial statements; (iv) have withheld from amounts owing to any employee,
      creditor or other person all taxes required by law to be withheld and have
      paid
      over to the proper governmental authority in a timely manner all such withheld
      amounts to the extent due and payable; and (v) have not waived any applicable
      statute of limitations with respect to United States federal or state income
      or
      franchise taxes and have not otherwise agreed to any extension of time with
      respect to a United States federal or state income or franchise tax assessment
      or deficiency. 

     

    
      
         

      

      
        Page
          - 10

        
          

        

      

      
         

      

    

     

              
         (3.11.11)
      Brokers' or Finder's Fees.
      Each
      Corporation is not aware of any claims for brokers' fees, or finders' fees,
      or
      other commissions or fees, by any person not disclosed to the other, which
      would
      become, if valid, an obligation of either company.

     

         (3.12)
      Miscellaneous Provisions

     

          (3.12.1)
      .
      Except
      as required by law, no party shall provide any information concerning any aspect
      of the transactions contemplated by this Agreement to anyone other than their
      respective officers, employees and representatives without the prior written
      consent of the other parties hereto. The aforesaid obligations shall terminate
      on the earlier to occur of (a) the Closing, or (b) the date by which any party
      is required under its articles or bylaws or as required by law, to provide
      specific disclosure of such transactions to its shareholders, governmental
      agencies or other third parties. In the event that the transaction does not
      close, each party will return all confidential information furnished in
      confidence to the other. In addition, all parties shall consult with each other
      concerning the timing and content of any press release or news release to be
      issued by any of them.

     

          (3.12.2)
      This
      Agreement may be executed simultaneously in two or more counterpart originals.
      The parties can and may rely upon facsimile signatures as binding under this
      Agreement, however, the parties agree to forward original signatures to the
      other parties as soon as practicable after the facsimile signatures have been
      delivered.

     

          (3.12.3)
      The
      Parties to this agreement have no wish to engage in costly or lengthy litigation
      with each other. Accordingly, any and all disputes which the parties cannot
      resolve by agreement or mediation shall be submitted to binding arbitration
      under the rules and auspices of the American Arbitration Association. As a
      further incentive to avoid disputes, each party shall bear its own costs, with
      respect thereto, and with respect to any proceedings in any court brought to
      enforce or overturn any arbitration award. This provision is expressly intended
      to discourage litigation and to encourage orderly, timely and economical
      resolution of any disputes which may occur.

     

          (3.12.4)
      If
      any
      provision of this Agreement or the application thereof to any person or
      situation shall be held invalid or unenforceable, the remainder of the Agreement
      and the application of such provision to other persons or situations shall
      not
      be effected thereby but shall continue valid and enforceable to the fullest
      extent permitted by law.

     

          (3.12.5)
      No
      waiver
      by any party of any occurrence or provision hereof shall be deemed a waiver
      of
      any other occurrence or provision.

     

          (3.12.6)
      The
      parties acknowledge that both they and their counsel have been provided ample
      opportunity to review and revise this agreement and that the normal rule of
      construction shall not be applied to cause the resolution of any ambiguities
      against any party presumptively. The Agreement shall be governed by and
      construed in accordance with the laws of the State of Nevada.

     

    
      
         

      

      
        Page
          - 11

        
          

        

      

      
         

      

    

    

    4.
      Termination.
      The
Plan
      of
      exchange
      may be
      terminated by written notice, at any time prior to closing, (i) by mutual
      consent, (ii) by either party during the due diligence phase, (iii) by either
      party, in the event that the transaction represented by the anticipated
Plan
      of
      exchange
      has not
      been implemented and approved by the proper governmental authorities 60 days
      from the date of this Agreement, (iv) if payments scheduled in the Escrow
      Agreement are not received when due or (v) by either party in the event that
      a
      condition of closing is not met by August 20, 2006. In the event that
      termination of the Plan
      of
      exchange
      by
      either or both, as provided above, the Plan
      of
      exchange
      shall
      forthwith become void and there shall be no liability on the part of either
      party or their respective officers and directors.

    

    5.
       Closing.
      The
      parties hereto contemplate that the Closing Date of this Plan of Exchange shall
      occur no more than three days after all of the conditions precedent have been
      met or waived. The closing deliveries will be made pursuant to this Agreement
      and the LOI and the Escrow Agreement. On or prior to Closing, the certificate
      of
the
      200,000 shares of Common Stock of GFRP from Mr. Pierce will
      be
      delivered to New
      Century
      for
      distribution to the New
      Century
      Shareholders and Mr. Pierce shall be paid by New
      Century
      and/or
      the New
      Century
      Shareholders an amount aggregately equal to $500,000, of which $175,000 shall
      be
      used to settle liabilities and transaction expenses. In addition, within 60
      days
      of signing the Plan of Exchange, GFRP
      shall
      issue 40,000,000
      new investment shares of Common Stock of GFRP
      pursuant
      to Regulation S under the Securities Act of 1933, as amended, to the
New
      Century
      shareholders for a 90+% interest in New Century. The parties acknowledge that
      the Escrow Agreement has a default provision that governs the rights of the
      parties in the event that certain performances are not made on a timely basis
      and they expressly accept the terms thereof.

    

    6.
      Merger Clause. This
      Plan
      of Exchange, together with the LOI, Escrow Agreement, the Share Purchase
      Agreement, and the Subsidiary Transfer Agreement, constitute the entire
      agreement of the parties hereto with respect to the subject matter hereof,
      and
      such documents supercede all prior understandings or agreements between the
      parties hereto, whether oral or written, with respect to the subject matter
      hereof, all of which are hereby superceded, merged and rendered null and
      void.

    

    

    

    

    The
      Remainder of this Page is Intentionally left Blank

     

    
      
         

      

      
        Page
          - 12

        
          

        

      

      
         

      

    

    

    The
      parties hereto, intending to be bound, hereby sign this Plan of Exchange below
      as of the date first written above. 

    

    

    GFR
      PHARMACEUTICALS, INC. ("GFRP")                     RICHARD
      PIERCE

    

    

    By: 
      /s/ Richard Pierce                          
      /s/ Richard Pierce  

    Name:
      Richard Pierce,                          (Individually)

    Title:
      President and Chief Executive Officer                       
Majority
      Shareholder

                               
      / Selling Shareholder
     

    

    NEW
      CENTURY SCIENTIFIC INVESTMENT LTD. ("NEW CENTURY")

    

    

    By: 
      /s/ Wang, Li An  

    Name:
      Wang, Li An

    Title:
      Authorized Representative

    

    

    GUO,
      LI
      AN

    /s/
      Guo, Li An 

    (Individually)  

    Majority
      Shareholder         

     

     

    
      
        
        

      

      
        Page
          - 13Exhibit 10.2

    

    LETTER
      OF INTENT 

     

    THIS
      BINDING LETTER OF INTENT (the “LOI”), is made this 6th day of June 2006, by GFR
      PHARMACEUTICALS INC. (“GFRP”), a Nevada corporation, Richard Pierce (“Pierce”),
      the president and majority shareholder of GFRP, New Century Scientific
      Investment Ltd . (“New Century”), a corporation formed according to the laws of
      P. R. China, and
      the
      majority shareholder of New Century (referred to collectively as the "New
      Century Shareholders").
      This LOI
      sets forth the terms and conditions upon which the parties will enter into
      binding agreements. 

     

    TERMS
      

     

    1.  A
      deposit
      of $50,000 shall be made by New Century into the escrow account of Pierce’s
      lawyer at the same day when signing this LOI. A additional payment of $450,000
      should be paid into the escrow account of Greentree Financial Group, Inc. by
      New
      Century at the Closing, which is expected to be no later than June 20, 2006
      (the
      "Closing"). All currency amounts stated in the LOI are in U.S. dollars. Any
      escrow account shall be separate and individual from the other escrow and any
      money in escrow account shall not mingle with any other money.

    

    2.  GFRP
      and
      New Century shall respectively have 10 days from the date the LOI is signed
      for
      due diligence on counterpart.
      GFRP will provide New Century with a copy of all corporate books, records and
      documents for review, as part of New Century's due diligence. This will
      specifically include, but not by way of limitation, the Articles, Bylaws and
      the
      original Minute Books
      and a
      current shareholder list for the Company. If GFRP or New Century is not
      satisfied with its due diligence review, this LOI, and all its terms and
      conditions will become null and void and the deposit of $50,000 will be returned
      to New Century. There is one exception to this cancellation clause: If New
      Century’s GAAP audited assets are adjusted to less than $4 million before
      Closing, Pierce shall have the option to cancel this LOI and keep the $50,000
      deposit as liquidated damages. 

    

    3.  In
      the
      event that GFRP is not free from material liabilities by Closing, all deposits
      and payments as well as any interests incurred hereafter made by New Century
      should be refunded (GFRP should provide a comfort letter signed by independent
      attorney that no legal claims or threatened litigation exist in GFRP)

    

    4.  GFRP’s
      board of directors will appoint the nominee of New Century to the board of
      directors of GFRP to fill the vacancy created by the resignation of one of
      the
      current board members of GFRP.

    

    

    

    

    Initials:____
      ____ ____

     

    
      
        
        

      

      
        Page
          - 1

        
          

        

      

      
        
        

      

    

     

     

    5.  GFRP
      and
      Pierce confirm that GFRP currently has 1,079,940 outstanding shares of common
      stock in total, and promises that no new shares of GFRP have been or will be
      issued to other parties except New Century, unless this LOI is cancelled. GFRP
      will issue 40,000,000 new shares to New Century in connection with the
      acquisition of a 90+% interest in New Century in accordance with the terms
      and
      conditions of a Plan of Exchange to be prepared by New Century and approved
      by
      GFRP (the “Plan of Exchange”). 

    

    6. GFRP
      and
      Pierce also confirm that the Board of Directors has authorized and GFRP has
      established the 2000 Incentive and Non-qualified Stock Option Plan. Under the
      plan GFRP is authorized to issue up to 100,000 shares of GFRP's common stock
      with such exercise price and vesting periods as the board of directors deems
      to
      be in the best interest of GFRP. As of May 31, 2006, no options have been
      granted. In addition, no options will be issued prior to the Closing. Further,
      GFRP and Pierce represent there are no warrants outstanding. 

    

    7. Pursuant
      to Clause 5, the issuance will give New Century’s majority shareholders' a
      'controlling interest' in GFRP representing approximately 95% of the then issued
      and outstanding shares. New Century's majority shareholders will maintain GFRP's
      active trading status on the NASD’s Over-the-Counter Bulletin Board quotation
      market. 

     

    8. Pierce
      shall be responsible to procure GFRP to restructure the equity of GFRP to
      guarantee that New Century will have approximately 95% shares of GFRP on and
      after the Closing. 

    

    9. GFRP
      shall take all steps in connection with this LOI and the issuance of shares
      thereunder which are necessary to effect and validly complete the transaction
      contemplated in this LOI and / or Plan of Exchange and to comply in all material
      respects with the Securities Act of 1933, as amended, and the Securities
      Exchange Act of 1934, as amended, as well as the rules and regulations
      promulgated pursuant thereto, including but not limiting to the preparation
      and
      filing of the necessary United States Securities and Exchange Commission
      filings, any required Form 8-K, all appropriate shareholder notifications and
      change of actual control in connection with the merger and acquisition
      contemplated in this LOI and / or Plan of Exchange. GFRP will pay all filing
      and
      compliance costs for fulfilling the obligation and / or duties herein before
      the
      Closing. New Century shall bear fees for its financial audits. New Century
      shall
      also prepare the Plan of Exchange for this transaction. 

    

    10. If
      holders of GFRP stock are entitled to dissenter’s rights in connection with any
      action of GFRP required to be completed prior to the Closing under General
      Corporation Law of the State of Nevada, and such dissenting shareholders
      exercise their right of dissent, GFRP shall satisfy and pay such obligation
      to
      the dissenting shareholder immediately prior to, as an express condition to,
      the
      Closing. 

    

    

    Initials:____
      ____ ____ 

     

    
      
        
        

      

      
        Page
          - 2

        
          

        

      

      
        
        

      

    

    

    11. GFRP
      shall eliminate all known liability of GFRP as of the Closing. This shall
      include, but is not limited to, any accounts payable, bank overdraft, bank
      line,
      shareholder loans or accrued expenses, as well as any liabilities shown on
      its
      last quarterly report filed with the United States Securities and Exchange
      Commission prior to the Closing. Pierce shall indemnify New Century concerning
      any liabilities of GFRP existing prior to the Closing, including those not
      booked in the accounting records of GFRP, which may arise following the
      acquisition for a period of three years after the Closing. 

    

    12. In
      conjunction with this LOI, New Century, GFRP and Pierce or its nominee and/or
      third parties shall enter into three separate agreements. In the first
      agreement, New Century shall acquire 200,000 common shares from Pierce for
      $325,000. Additionally, $175,000 shall be used to settle liabilities and
      transaction expenses. Pierce will retain 370,000 shares of GFRP as an
      investment, of which 170,000 shall be locked up for three months after the
      Closing and 200,000 shall be locked up for twelve months after Closing. As
      consideration for Pierce agreeing to the terms of this purchase and sale of
      shares, GFRP agrees, for a period of eighteen months, not to rollback,
      consolidate, or merge its shares in any way that would effectively reduce the
      shareholdings of Pierce. 

    

    13. In
      conjunction with and in the second agreement, separate from the share purchase
      agreement for 200,000 shares, Pierce or his nominee will acquire a 100% interest
      in GFRP’s three wholly-owned subsidiaries for $1.00 in hand, GFR Pharma, Inc.,
      GFR Health, Inc. and Nutritionals Direct, Inc(“three subsidiaries”).

    

    14. In
      the
      third separate agreement, GFRP will also assign to Pierce or his nominee the
      debt owed to GFRP by the three subsidiaries. The Board of Directors will approve
      after appropriate review (with Pierce abstaining) the settlement of debt with
      GFR Pharma Ltd. and will approve the acceptance of shares of the capital stock
      of GFR Pharma Ltd., as full payment of said GFR Pharma Ltd. debt.

    

    15. GFRP’s
      board of directors will approve the terms of the vend out of its three
      subsidiaries to a purchaser, to be determined by Pierce and mutually agreed
      by
      New Century. It is agreed that a vend out of three subsidiaries and issuance
      of
      share of 95% of GFRP to New Century ‘s shareholder or its nominees are
      conditions precedent for releasing any money in escrow account of Pierce lawyer
      and Greentree Financial Group, Inc.

    

    16. The
      three
      separate agreements will be prepared by Greentree Financial Group, Inc, and
      the
      first draft will be delivered to the parties for review and comment by no later
      than June 15, 2006, and approved and signed by the applicable parties by no
      later than June 20, 2006 (the “Closing”). 

    

    

    

    Initials:____
      ____ ____ 

     

    

    
      
        
        

      

      
        Page
          - 3

        
          

        

      

      
        
        

      

    

    

    17. At
      Closing, New Century will represent and warrant that there has been no material
      changes in New Century’s financial position as set out in the due diligence
      information and documents provided to GFRP except for the change of controlling
      shareholder in compliance with the requirements of merger and acquisition set
      up
      in regulation and rules and law in P. R. China.

    

    18. GFRP
      and
      Pierce shall use their best efforts to complete an offering of up to $2 million
      for New Century within a reasonable time after the Closing. 

    

    19. On
      or
      immediately after the Closing, Pierce shall hand in Greentree Financial Group,
      Inc the signed letter regarding his resignation to the positions of director
      and
      officer of GFRP. 

    

    20. Pierce
      shall retain the right to future use of the name GFR Pharmaceuticals Inc. if
      and
      only if the new management of GFRP changes the corporate name. 

    

    21. All
      transactions shall be approved by the board of directors of both GFRP and New
      Century. The Plan of Exchange shall be approved and signed by all parties by
      no
      later than June 20, 2006 unless extended in writing by both parties and subject
      to GFRP and New Century's respective satisfaction with its due diligence.
      Subject to the condition and terms in this LOI and Plan of Exchange, final
      closing, including the filing of the Plan of Exchange, the acquisition of 90+%
      of New Century by issuance of 40,000,000 shares of GFRP to New Century, vending
      out of the three subsidiaries to Pierce or his nominee, and the assignment
      of
      the debt to Pierce or his nominee shall occur within 60 days from the signing
      of
      the Plan of Exchange. If the transactions set forth in this LOI are not
      completed due to default of New Century, this LOI and all its terms and
      conditions will become null and void and the non-refundable deposit of $50,000
      will be released to Pierce. 

    

    22. Controlling
      law -this LOI shall be construed under the laws of Nevada. 

    

    23. This
      LOI
      has not
      binding
      force to all parties unless both parties otherwise have consensus.

    

    

    

    

    

    

    

    

    

    

    

    Initials:____
      ____ ____ 

     

    
      
        
        

      

      
        Page
          - 4

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties have executed this LOI on the date first above
      written. 

     

    

     

    

    GFR
      Pharmaceuticals Inc.
      (“GFRP”)

     

     /s/
      Richard Pierce

    Richard
      Pierce 

    President,
      C.E.O., Director 

     

    Richard
      Pierce
      (Individual) 

    

    

    

     /s/
      Richard Pierce   

    Richard
      Pierce

    Majority
      Shareholder 

    

    

    New
      Century Scientific Investment Ltd.
      (“New
      Century ”) 

     

     /s/
      Wang, Li An   

    Wang,
      Li
      An

    President
      

    

    

    Guo,
      Li An
      (individual)

    

     /s/
      Guo, Li An   

    Guo,
      Li
      An

    Majority
      Shareholder

    

    

    
      
        
        

      

      
        Page
          - 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]