EXHIBIT 10.2
BENTLEY COMMUNICATIONS CORP.
9800 S. Sepulveda Blvd, Suite 625
Los Angeles, California 90045
VOX: 310-342-0760 FAX: 310-342-0604
Agreement in Principal
(Bentley Communications Corp. and GenWorld Company, LTD)
August 04, 2000
GenWorld Company LTD.
Head Office: Cheng - The Road, Section 2, No. 81,
5/F, Suite 4, Taipei, Taiwan
Hong Kong Office: 15/F, Dundas Square, No. 4311 Dundas Street
Mongkok, Kowtoon, Hong Kong
Tel: 886-2-25557733
Fax: 886-2-25595603
Bentley Communications Corp.
9800 S. Sepulveda Blvd., Suite 625
Los Angeles, CA 90045
Tel: (310) 342-0760
Fax: (310) 342-0704
This document shall serve as the "Agreement in Principal" subject to the Formal
Final Agreement upon closing date. Bentley Communications Corp. hereafter
referred to "Party A" and C.C. Liu, DBA Genworld Company Limited hereafter
referred to as "Party B". Both parties essentially agreed to the following
terms.
Party B will convey upon Closing
Property:
Merchandise: Polo-shirt (Hanger Fashion Style) 36,500 dozen (48X20') containers
Value Est: $2,000,000.00 USD
Offices: a. Cheng-The Rd (Taipei), 142 Sq. M
Value Est: $600,000.00 USD
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b. Ming-Chan W. Rd (Taipei), 500 Sq. M.
Value Est: $1,400,000.00 USD
c. Tain-Chen St. (Taipei), 280 Sq. M.
Value Est: $700,000.00 USD
d. China (Ninbo City), 150 Sq. M.
Value Est: $100,000.00 USD
e. Genworld China Factory (Ninbo)
Value Est: $400,000.00 USD
(China Government to be repurchased)
Shareholdings:
20% Dragon Apparel Co. (Tommy Hilfiger excl.)
Net Value Est: $1,500,000.00 USD (subject to Conf.)
20% Swiss Army (Victorinox)
Net Value Est: $10,000.00 USD (subject to Conf.)
100% GenWorld
Net Value Est: $740,000.00 USD (subject to Conf.)
Loan Status:
Cheng-The Rd $ 400,000.00 USD (Hua Nan Commercial Bank)
Tien-Chen St. $ 470,000.00 USD (Union Bank of Taiwan)
Genworld. $ 500,000.00 USD (C.C. Liu)
Ming-Chan rd. $1,000,000.00 USD (Hua Nan Commercial Bank)
Total: $2,370,000.00 USD
Party A will deliver $250,000.00 USD upon Closing (minus any mutually approved
costs and expenses, ie. Containers)
Party A will issue $2,000,000.00 USD NOTE in favor of C.C. Liu
Party A will issue 2,500,000 common 144 shares to C.C. Liu or his assigns
(exchange)
Party A to assume $2,370,000.00 bank loan
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Responsibilities Prior to Closing:
Party A must trade on the OTC BB and provide C.C. Liu a 2 years employment
contract.
Party B must provide all relevant papers/documents including Appraisal documents
and Auditied Financials for Dragon, Victorinox and Genworld prior to the
Closing.
Both parties agree that time is of the essence. Closing is to take place on or
before September 30, 2000. This agreement can only be modified by mutual
agreement and in writing.
Signed and agreed on August 04, 2000.
For GenWorld, Dragon and Victorinox Cos.
/s/ C.C. Liu
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C.C. Liu / Managing Director
Witness /s/ Victor Nguyen
Bentley Communications Corp.
/s/ Gordon Lee
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Gordon F. Lee / Chairman & CEO
Witness /s/ Jeff Lee
