Memorandum of Understanding

 

Memorandum of Understanding

This memorandum of understanding (hereinafter called MOU) is made of the date of October 22, 2007 by and between EPHESU Exhibition Management Co., Ltd. (hereinafter Party A) with its registered office at 99 Popular Road, Banmai Subdistrict, Pakkred District, Nonthaburi 11120, Thailand and Hantai Corporation Co., Ltd. (hereinafter called Party B) with its registered office at 117/15 Panjit Tower 12Fl., Soi Sukhumvit 55, Sukhumvit Rd. Klongtan-nua, Wattana Bangkok 10110, Thailand.

 

This MOU is intended to set out both Parties’ understanding of the necessity for holding the event of KOREA WEEK 2008 under joint management. It is understood that Party B is qualified to hold the event as joint partner of Party A. It is also understood that the parties shall meet to discuss the contents of contract document as to joint management for the event.

 

The parties acknowledge the following:

1.   Party A hereby agrees to make an exclusive contract with Party B who will jointly manage the event under mutual close cooperation based on the principle of good faith.

2.   The parties agree to hold a working level persons’ meeting so as to make the terms of partnership with the applicable budget.

3.   The parties understand that it is desirable for the contract to be signed within October 31, 2007 so that Party B can get a timely allocation of special budget from Korean government authorities concerned, considering that the fiscal year of Korean government ends as of December 31 every year.

4.   The working level persons’ meeting shall enter into discussion within 5 days of the signing of the MOU with a view to expediting the activity of obtaining the operating funds from Korean government authorities. Issues to be discussed shall include but are not limited to the following:

4-1. Contribution ratio of operating funds as advance payment on loan

4-2. Distribution ratio of profits share

4-3. Matter regarding an assessment of accounting

 

EPHESU Exhibition Management Co., Ltd.     Hantai Corporation Co., Ltd.

 

By:                                                         By:

 

Title:                                                      Title: