Beijing Tengtu Culture definition

Beijing Tengtu Culture. Education electronics Development co., Ltd.'s ("Tengtu China") contribution to the Joint Venture shall be the assignment of its contract with People's Education Press ("PEP") to supply virtually all textbooks, educational software and other educational materials for use in o by all elementary, middle and high schools and junior collected in China. There shall be no other intangible assets to be contributed by Tengtu China except the right to the PEP contract. The value of the PEP contract assigned to the Joint Venture shall be a 43% interest in the Joint Venture. Tengtu China has also transferred rights to ceratin educational software, both developed o in the process of being developed, and certain equipment or the use thereof, as required by the initial Joint Venture agreement. Due to the rapidly changing technology and market conditions, the owners of the Joint Venture agree and acknowledge that this software and this equipment had no fair market value as of the date(s) of transfer or, where applicable, usage of equipment. The contributions from Blue Lake USA (RMB 33,971,683) mentioned in Note 7 to the Financial Statements of Tengtu China (included in the August 1996 Tengtu International Corporation Private Placement Memorandum) will not be transferred to the Joint Venture. These contributions were not related to the formulation of the Joint Venture and were not related to the subsequent receipt by Blue Lake USA of the two million shares and US $100,000 cash received from TIC in exchange for Blue Lake USA's interest in the Joint Venture in June 1996. Profits and Losses of the Joint Venture --------------------------------------- The parties have agreed that Tengtu China shall not be required to share in or be responsible for any losses incurred by the Joint venture. After-tax profits may not be distributed to TIC until the total US $12,000,000 cash has been contributed to the Joint Venture by TIC. Furthermore, after-tax profits may not be distributed to any parities unless the losses from previous years have been recouped and TIC has received back all the cash contributions, without interest, contributed or caused to be contributed, by it to the Joint Venture. Thereafter, profits, when and if distributed, shall be allocated 43% to Tengtu China and 57% to TIC. Effective Date --------------
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Examples of Beijing Tengtu Culture in a sentence

  • THIS AGREEMENT is made as of this 15th day of September, 2003, by and among TENGTU INTERNATIONAL CORP., a corporation incorporated in Delaware, United States of America, and Beijing Tengtu Culture & Education Development Co., Ltd., a corporation formed under the laws of the People's Republic of China as a limited liability company, BEIJING JIADE TENGTU TECHNOLOGY GROUP CO.

  • Beijing Tengtu Culture and Education Software Development Co., Ltd.

  • Guzov Ofsink, LLC ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Facsimile: 212-688-7273 If to Zhang, TTC, Jiade or Tai He: ▇▇▇ ▇▇ Zhang c/o Beijing Tengtu Culture & Education Electronics Development Co., Ltd.

  • To the best of the Company's knowledge, except as contemplated in this Agreement or the Investor Rights Agreement and except for a voting trust arrangement among Pak ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇, ▇▇▇ Hai and Xiofeng Lin, President of the Joint Venture and Beijing Tengtu Culture and Education Electronic Development Co., Ltd.

  • With respect to the China Joint Venture, all of the registered capital of the China Joint Venture has been fully paid by the Company and Beijing Tengtu Culture and Education Electronic Development Co., Ltd.

  • The Company's interest in each Subsidiary (as stated on Exhibit E) is owned by the Company free and clear of all liens, claims, charges and encumbrances, and except for holders of the common stock of each Subsidiary as set forth in Schedule E and pursuant to the terms of the Joint Venture Agreement July 30, 1996 between Tengtu Enterprises Limited and Beijing Tengtu Culture and Education Electronic Development Co., Ltd., as amended March 26, 1998, by an agreement between Tengtu International Corp.