国外律师事务所起草的专业股权并购意见书

1、LETTER OF INTENTOctober 4, 2004To:Airwaavess Sooundd Deesiggn LLtd.Seccondd Flloorr, 225 EEastt Seeconnd AAvennueVVanccouvver, BCC, Caanadda V5TT 1BB3RE:Purchhasee off alll oof tthe isssuedd annd ooutsstanndinng ssharres (thhe Shaaress)oof AAirwwavees SSounnd DDesiign Ltdd. aand Airrwavves Diggitaal

2、 GGrouup LLtd.The following sets out the basic terms upon which we would be prepared to purchase the Shares. The terms are not comprehensive and we expect that additional terms, including reasonable warranties and representations, will be incorporated into a formal agreement (the Formal Agreement) t

3、o be negotiated. The basic terms are as follows:1. Puurchhaseer: IntternnetSStuddioss.coom, Incc. (thee PPurcchasser)2. Taargeet: Airrwavves Souund Dessignn Lttd. andd Aiirwaavess Diigittal Grooup Ltdd. (colllecctivvelyy, tthe Taargeet)3. Prrinccipaal SSharrehooldeers: Allex Dowwniee annd aany othhe

4、r shaarehholdderss off thhe TTargget (thhe Venndorrs)4. Shharees: Thee Puurchhaseer aagreees to purrchaase froom tthe Venndorrs aand thee Veendoors agrree to selll, asssignn annd ttrannsfeer aand to cauuse alll hooldeers of thee Shharees tto sselll, aassiign andd trranssferr too thhe PPurcchasser, t

5、hhe SSharres freee aand cleear of alll liienss, ccharrgess annd eencuumbrrancces.5. Trranssacttionn: TThe Purrchaaserr, tthe Tarrgett annd tthe Venndorrs wwilll ennterr innto a bbusiinesss ccombbinaatioon (thee CCombbinaatioon) whhereeby thee Puurchhaseer wwilll accquiire alll off thhe iissuued andd

6、 ouutsttanddingg seecurritiies of thee Taargeet ffromm alll tthe Venndorrs iin eexchhangge ffor 5000,0000 ssharres in thee caapittal of thee Puurchhaseer aand opttionns tto ppurcchasse 11,5000,0000 shaaress inn thhe ccapiitall off thhe PPurcchasser at an exeerciise priice perr shharee eqquall too th

7、he ppricce pper shaare paiid bby tthe insstittutiionaal iinveestoors in thee Fiinanncinng (as deffineed hhereein), wwhicch ooptiionss wiill vesst aas iis mmutuuallly aagreeed to amoong thee Puurchhaseer aand thee Veendoors (thhe Acqquissitiion).6. Sttruccturre: In ordder to facciliitatte tthe Acqqui

8、ssitiion, thhe PPurcchasser, thhe TTargget andd thhe VVenddorss aggreee thhat eacch wwilll usse ttheiir bbestt effforrts to forrmullatee a strructturee foor tthe Commbinnatiion whiich is acccepttablle tto eeachh off thhe pparttiess annd wwhicch iis fformmulaatedd too:complly wwithh alll nneceessaary

9、 leggal andd reegullatoory reqquirremeentss; minimmizee orr ellimiinatte aany advversse ttax connseqquenncess; aand be ass coost efffecttivee ass poossiiblee. -2-7. Fiinanncinng: Thee Veendoors havve aadviisedd thhe PPurcchasser thaat iit wwilll arrrannge forr thhe pprivvatee pllaceemennt oof ssharr

10、es in thee caapittal of thee Puurchhaseer ffor a mminiimumm off $22 miilliion, whhichh innvesstmeent willl cclosse oon oor bbefoore thee Cllosiing (ass deefinned herreinn) aand willl bbe oon tthe samme ttermms aas tthe invvesttmennt tto bbe mmadee byy innstiituttionnal invvesttorss beeingg arrrannge

11、dd byy thhe PPurcchassers aadviisorrs, WesstLBB Seecurritiies (thhe Finnanccingg). A porrtioon oof tthe prooceeeds raiisedd inn coonneectiion witth tthiss trranssacttionn coonteempllateed bby tthiss Leetteer oof IInteent, shhalll bee allloccateed ttowaard thee puurchhasee off a commpanny iinvoolveed

12、 iin ppostt prroduuctiion viddeo serrvicces on terrms acccepttablle tto tthe Purrchaaserr.8. Acccesss tto IInfoormaatioon: Immmediiateely upoon eexeccutiion of thiis LLettter of Inttentt, tthe Purrchaaserr annd iits advvisoors willl hhavee fuull acccesss duurinng nnormmal bussineess houurs to, orr t

13、hhe TTargget andd thhe VVenddorss wiill delliveer tto tthe Purrchaaserr, ccopiies of alll doocummentts (thee MMateeriaals) pperttainningg too thhe ooperratiionss off thhe TTargget.9. Coondiitioon(ss) PPreccedeent: Thhe oobliigattionn off thhe PPurcchasser to purrchaase thee Shharees wwilll bee suubj

14、eect to sattisffacttionn orr wrrittten waiiverr byy thhe PPurcchasser of thee foolloowinng ccondditiion(s) (thhe Conndittionns PPreccedeent) wwithhin 10 dayys aafteer eexeccutiion andd deelivveryy off thhe FFormmal Agrreemmentt:revieew aand appprovval of alll maaterrialls iin tthe posssesssioon aand

15、 conntrool oof tthe Tarrgett annd tthe Venndorrs wwhicch aare gerrmanne tto tthe deccisiion to purrchaase thee Shharees; the PPurcchasser andd itts ssoliicittorss haavinng hhad a rreassonaablee oppporrtunnityy too peerfoorm thee seearcchess annd ootheer ddue dilligeencee reeasoonabble or cusstommary

16、y inn a traansaactiion of a ssimiilarr naaturre tto tthatt coonteempllateed hhereein andd thhat botth tthe solliciitorrs aand thee Puurchhaseer aare sattisffiedd wiith thee reesullts of succh ddue dilligeencee; the PPurcchasser andd itts aaccoounttantt haavinng hhad a rreassonaablee oppporrtunnityy

17、too reevieew tthe audditeed ffinaanciial staatemmentts (inccluddingg coorpooratte ttax retturnns, genneraal lledgger lisstinngs, addjusstinng eentrriess annd oopenningg trriall baalanncess) oof tthe Tarrgett, ppreppareed iin aaccoordaancee wiith genneraallyy acccepptedd acccouuntiing priinciiplees a

18、and thaat bbothh thhe PPurcchasser andd itts aaccoounttantt arre ssatiisfiied witth tthe conntennt oof ssuchh fiinannciaal sstattemeentss; satissfacctorry aarraangeemennts beiing madde tto hhiree hoourlly aand sallariied staaff neccesssaryy too opperaate thee buusinnesss off thhe TTargget inccluddin

19、gg thhe TTargget entteriing intto aan eexeccutiive mannageemennt cconttracct wwithh Allex Dowwniee; the PPurcchasser obttainningg thhe cconssentt frrom anyy paartiies froom wwhomm coonseent to thee trranssferr off thhe SSharres is reqquirred; the PPurcchasser obttainningg coonfiirmaatioon tthatt ann

20、y nnamees uusedd inn thhe bbusiinesss oof tthe Tarrgett iss avvaillablle ffor usee byy thhe PPurcchasser andd caan bbe rregiisteeredd ass a traade marrk oof tthe Purrchaaserr; no maaterriall addverrse chaangee haavinng ooccuurreed iin cconnnecttionn wiith thee buusinnesss off thhe TTargget or thee S

21、hharees; -3-all rreprreseentaatioons andd waarraantiies of thee Taargeet aand thee Veendoors beiing truue aand alll coovennantts oof tthe Tarrgett annd tthe Venndorrs hhaviing beeen pperfformmed in alll maaterriall reespeectss ass off thhe CClossingg; no leegall prroceeediingss peendiing or thrreatt

22、eneed tto eenjooin, reestrrictt orr prrohiibitt thhe ttrannsacctioons conntemmplaatedd inn thhis Lettterr off Inntennt; a sattisffacttoryy leegall oppiniion beiing avaailaablee frrom Venndorrs couunseel; complletiion of sattisffacttoryy phhysiicall innspeectiion of thee asssetts oof tthe Tarrgett; s

23、atissfacctorry rreviiew of tittle to thee asssetts oof tthe Tarrgett; aand approovall off thhe BBoarrd oof DDireectoors of thee Puurchhaseer bbeinng oobtaaineed. It woouldd bee thhe eexpeectaatioon oof tthe Purrchaaserr thhat manny oof tthe Conndittionns PPreccedeent willl bbe nnarrroweed oor eelimm

24、inaatedd alltoggethher as thee Puurchhaseer ccompplettes itss duue ddiliigennce andd thhe FFormmal Agrreemmentt annd sscheedulles theeretto aare finnaliizedd.10. RRetuurn of Matteriialss: TThe Matteriialss wiill be retturnned to thee Taargeet aand/or thee Veendoors, ass apppliicabble, orr deestrroye

25、ed iif tthe Forrmall Aggreeemennt iis nnot exeecutted witthinn thhe ttimee prroviidedd.11. CClossingg: TThe cloosinng (thee CClossingg) of thee trranssacttionns cconttempplatted by thiis LLettter of Inttentt wiill occcur nott laaterr thhan 10 dayys ffolllowiing thee saatissfacctioon oor wwritttenn w

26、aaiveer bby tthe Purrchaaserr off thhe CCondditiionss Prreceedennt. At thee Cllosiing, thhe VVenddorss wiill traansffer thee Shharees tto tthe Purrchaaserr frree froom aany outtstaandiing lieens, chhargges, cllaimms oor eencuumbrrancces andd exxecuute alll suuch doccumeentss ass thhe PPurcchassers s

27、soliicittorss maay rrequuiree inn orrderr too efffecct ssuchh trranssferr inncluudinng aa reestrricttivee coovennantt aggreeemennt tthatt thhe VVenddorss wiill nott coompeete anyywheere in Cannadaa wiith thee Puurchhaseer iin cconnnecttionn wiith thee buusinnesss off thhe TTargget. Thhe CClossingg m

28、aay ttakee pllacee byy exxchaangee off thhe aapprroprriatte ssoliicittors uundeertaakinngs, whhichh wiill invvolvve eeachh paartyys solliciitorrs ddeliiverringg too hiis oor hher couunteerpaart alll reequiiredd caash andd doocummenttatiion, too bee heeld in truust andd noot rreleeaseed uuntiil aall

29、succh ccashh annd ddocuumenntattionn haas bbeenn exxecuutedd annd ddeliiverred to thee Puurchhaseer.12. CCostts: Thee Puurchhaseer aand thee Veendoors willl eeachh beear theeir ownn exxpennsess inn coonneectiion witth tthiss Leetteer oof IInteent andd thhe ppurcchasse aand salle oof tthe Shaaress.13

30、. CConffideentiialiity: Alll nnegootiaatioons reggarddingg thhe TTargget andd thhe SSharres willl bbe cconffideentiial andd wiill nott bee diisclloseed tto aanyoone othher thaan rresppecttivee addvissorss annd iinteernaal sstafff oof tthe parrtiees aand neccesssaryy thhirdd paartiies, suuch as lennd

31、errs aapprroacchedd foor ffinaanciing. Noo prresss orr ottherr puubliicitty rreleeasee wiill be isssuedd too thhe ggeneerall puubliic cconccernningg thhe ppropposeed ttrannsacctioon wwithhoutt muutuaal cconssentt unnlesss rrequuireed bby llaw, annd tthenn onnly upoon pprioor wwritttenn nooticce tto

32、tthe othher parrty.14. PPurcchasse aand Salle AAgreeemeent: Uppon exeecuttionn off thhis Lettterr off Inntennt, thee Puurchhaseer wwilll prrepaare a ddrafft oof tthe Forrmall Aggreeemennt ffor thee Veendoors reevieew.-4-15. GGoodd Faaithh Neegottiattionns: Eacch oof tthe Purrchaaserr annd tthe Vennd

33、orrs wwilll acct hhoneestlly, dilligeentlly aand in goood ffaitth iin ttheiir rresppecttivee enndeaavorrs tto nnegootiaate, seettlle aand exeecutte tthe Forrmall Aggreeemennt wwithhin 90 dayys ffolllowiing thee exxecuutioon oof tthiss Leetteer oof IInteent.16. EExcllusiive Oppporttuniity: Foolloowin

34、ng tthe exeecuttionn off thhis Lettterr off Inntennt, thee Veendoors willl nnot neggotiiatee orr ennterr innto disscusssioons witth aany othher parrty or offfer thee Shharees oor aany inttereest theereiin ffor salle tto aany othher parrty unttil thee tiime herreinn prroviidedd foor ssetttlemmentt of

35、f thhe FFormmal Agrreemmentt haas eexpiiredd.17. SStanndsttilll Aggreeemennt: Folllowwingg thhe eexeccutiion of thiis LLettter of Inttentt annd uuntiil tthe Cloosinng, thee Veendoors willl nnot, diirecctlyy orr inndirrecttly, puurchhasee orr seell anyy seecurritiies of thee Puurchhaseer.18. NNot a B

36、Binddingg Aggreeemennt: Thiis LLettter of Inttentt dooes nott crreatte aa biindiing conntraact andd wiill nott bee ennforrceaablee, eexceept in resspecct oof tthe oblligaatioons sett ouut iin pparaagraaphss 100, 113, 15, 166 annd 117. Onlly tthe Forrmall Aggreeemennt, dully eexeccuteed aand dellivee

37、redd byy thhe VVenddorss annd PPurcchasser, wiill be enfforcceabble, annd iit wwilll suuperrsedde tthe proovissionns oof tthiss Leetteer oof IInteent andd alll ootheer aagreeemeentss annd uundeersttanddinggs bbetwweenn thhe PPurcchasser andd thhe VVenddorss wiith resspecct tto tthe subbjecct mmattte

38、r of thiis LLettter of Inttentt.19. CCurrrenccy: Alll reeferrencces to $ inn thhis Lettterr off Inntennt sshalll rrefeer tto ccurrrenccy oof tthe Uniitedd Sttatees oof AAmerricaa.20. PPropper Laww: TThiss Leetteer oof IInteent willl bbe ggoveerneed bby aand connstrruedd inn acccorrdannce witth tthe

39、laww off thhe PProvvincce oof BBrittishh Coolummbiaa annd tthe parrtiees hhereeby atttornn too thhe jjuriisdiictiion of thee Coourtts oof ccomppeteent jurrisddicttionn off thhe PProvvincce oof BBrittishh Coolummbiaa inn anny pprocceeddingg heereuundeer.21. CCounnterrparrts andd Ellecttronnic Meaans: Thhis Lettterr off Inntennt mmay be exeecutted in sevveraal ccounnterrparrts, eaach of whiich willl bbe ddeemmed to be an oriiginnal andd alll oof wwhicch wwilll toogettherr coonsttituute onee annd