GENERAL PARTNERSHIP
AGREEMENT
This Agreement is made and entered into as of
the 15 day of March, 2006 between Genesis Equity Partners,
LLC, a US limited liability partnership (referred to as
“GEP”) and Liang Fang Pharmaceutical,
Ltd., registered in the People’s Republic of China
(referred to as the “Company”).
In consideration of the mutual promises made
herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:
1.
Purpose. The Company hereby engages GEP for the term
specified in Section 2 hereof to provide consulting services to the
Company as a non-exclusive external consultant in connection with
financial and similar matters upon the terms and conditions set
forth herein.
2.
Term.
Except as otherwise specified in
Section 4 hereof, this Agreement between GEP and the Company is for
the 18 month period commencing on the date hereof and may be
terminated by the Company or GEP at any time upon 60 days written
notice.
3.
Duties of Genesis Equity
Partners.
3.1
Registration
Services: During the
term of this Agreement, GEP shall provide the Company with
corporate finance and related financial registration services,
advice with regards to, establishing the Company as a registered
corporation in the United States, raising money in the private
sector through a private placement, going public and filing a
registration statement, advise the Company with regards to listing
its stock on the Pink Sheets, OTCBB, NASDAQ SmallCap, NASDAQ NMS or
other Western public stock exchanges.
GEP may recommend and obtain legal counsel; an
SEC registered accounting firm, transfer agent and financial
printer on behalf of and for the Company. GEP shall be responsible
for all legal and professional costs up to and through the
effectiveness of a registration statement. All subsequent fees and
costs are included hereunder in section 4.2
GEP shall devote such time and effort to the
performance of its duties hereunder as GEP deems reasonably
necessary. GEP may look to others for such factual information,
investment recommendations, economic. advice and/or research, upon
which to base its advice to the Company hereunder, as it shall deem
appropriate.
In addition, GEP shall hold itself ready to
assist the Company in evaluating and negotiating particular
contracts or transactions, if requested to do so by the Company,
upon reasonable written notice, and GEP will undertake such
evaluations and negotiations upon prior written agreement as to
additional compensation to be paid by the Company to GEP with
respect to such evaluations and negotiations and their related
expenses.
The Company recognizes that GEP now renders and
may continue to render financial and other registration services to
other individuals and entities which may or may not conduct
activities similar to those of the Company and acknowledges that
GEP shall be free to render services of any kind to any other
corporation, firm, individual or association.
3.2
Post-Registration
Services: GEP will
provide the Company Post-Registration services including but not
limited to:
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Assistance in
preparation and completion of documents required for submission to
the SEC by the Company via the EDGAR database
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Assistance in
public relations, including coordination of all investor
relation’s efforts, including stock market support and
awareness
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Assistance in
quarterly and annual reports preparation
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Assistance in
financial auditing
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Assistance in
SEC regulation compliance
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Assistance in
fund raising
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Design and set
up of a US Website for the Company to address US shareholder
needs
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Assistance in
locating and pre-qualifying potential merger candidates
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Assistance in
business development in other areas that the Company may
need
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4.1
Registration
Services: In
consideration for the services rendered within 90 days by GEP to
the Company pursuant to section 3.1 (“Registration
Services”) of this Agreement, the Company shall pay a service
fee of USD 100 to GEP upon entering into the agreement
herein.
Upon completion of the Company’s
registration, the Company shall issue and deliver to GEP shares of
common stock equivalent to 35% of the Company’s total
shares.
In the case of a Reverse Merger, GEP will be
responsible for the cost of the Shell and any attendant legal or
professional services directly or indirectly related to the
purchase of the Shell, the restructuring of the Shell
and/or