AMENDMENT TO AGREEMENT
AMONG
PLACER TECHNOLOGIES CORP.
AND
XIN HAI TECHNOLOGY DEVELOPMENT, LTD.
AND
INFORNET INVESTMENT LIMITED
The parties hereto:
A. Placer Technologies Corp.
B. Xin Hai Technology Development, Ltd.
C. Infornet Investment Limited
for and in consideration of mutual benefits, detriments, and promises, and other
good and valuable consideration, the adequacy of which is hereby acknowledged
and recite as follows:
WHEREAS, the continuing capital requirements for expansion of the joint
venture have required and will continue to require the expenditure of and
contribution of capital significantly in excess of original business plans.
NOW, THEREFORE, the parties hereby agree to amend the Agreement among the
parties dated August 25, 1997, effective the date hereof:
1. The distribution of profits (and assets) shall be amended:
Until Infornet's total investment in the Joint Venture has been fully
recovered by Infornet (the Recoupment Date) the profits shall be distributed as
follows:
A. Xin Hai 0%
B. Infornet 100%
After the Recoupment Date, the profits shall be distributed as follows:
A. Xin Hai 20%
B. Infornet 80%
Such distribution shall remain in effect until dissolution of the joint
venture company.
All other provisions remain in force and effect as written. The amendments
are effective as of date hereof.
Dated: April 25, 2000
XIN HAI TECHNOLOGY DEVELOPMENT, LTD. INFORNET INVESTMENT, LTD.
By: /s/ By: /s/
PLACER TECHNOLOGIES CORP.
By: /s/Xxxxxx Xxxxxx
