Share
Transfer Agreement between
Guangzhou
Renwoxing Telecom
And
Global
Telecom Holdings Limited
Transferor: Li
Hanguang
(Shareholder of Guangzhou
Renwoxing Telecom“GRT”)
Transferee: Global
Telecom Holdings Limited (“GTHL”)
( wholely-owned Enterprise
of Guangzhou Global Telecom, Inc.）
Whereas, this share transfer agreement
(hereinafter referred to "Agreement") is contracted by the
above parties on July , 2008. The transferor above
is willing to transfer its shares of Guangzhou Renwoxing Telecom
(“GRT”) to the transferee according to
the terms and conditions of this Agreement, and the transferee
agrees to be transferred of the target share.
NOW, THEREFORE, the parties agree as
follows:
1. the
transferor agrees to transfer 51% of its total authorized
shares to the transferee.
2.1 The paid up by the
transferee to acquire the 51% is 9,727,769 shares of Guangzhou
Global Telecom Inc. (OTC Bullion Board: GZGT)
2.2 Starting from the month of
receiveing the GZGT shares mentioned above, GRT shall achieve a
quarter revenue of 20million RMB or more.
3. Representations and
Warrants
3.1 GRT must be clear of all
outstanding loans or liabilities to all parties i
