0000939798-11-000056.txt : 20111214 0000939798-11-000056.hdr.sgml : 20111214 20111214171655 ACCESSION NUMBER: 0000939798-11-000056 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20111208 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Changes in Registrant's Certifying Accountant ITEM INFORMATION: Changes in Control of Registrant ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Change in Shell Company Status ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111214 DATE AS OF CHANGE: 20111214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIVING 3D HOLDINGS, INC. CENTRAL INDEX KEY: 0000093205 STANDARD INDUSTRIAL CLASSIFICATION: CONCRETE PRODUCTS, EXCEPT BLOCK & BRICK [3272] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01900 FILM NUMBER: 111261728 BUSINESS ADDRESS: STREET 1: 1225 W. WASHINGTON STREET STREET 2: SUITE 213 CITY: TEMPE STATE: AZ ZIP: 85281 BUSINESS PHONE: 6027787516 MAIL ADDRESS: STREET 1: 1225 W. WASHINGTON STREET STREET 2: SUITE 213 CITY: TEMPE STATE: AZ ZIP: 85281 FORMER COMPANY: FORMER CONFORMED NAME: AIRWARE INTERNATIONAL CORP. DATE OF NAME CHANGE: 20110907 FORMER COMPANY: FORMER CONFORMED NAME: CONCRETE CASTING INC DATE OF NAME CHANGE: 20010712 8-K 1 livingthreedeightk.htm LIVING 3D HOLDINGS SUPER 8-K livingthreedeightk.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)              December 8, 2011 
 
Living 3D Holdings, Inc.
(Exact name of registrant as specified in its charter)

        Nevada        
State or other jurisdiction
of incorporation)
     000-01900     
(Commission
File Number)
     87-0451230    
(IRS Employer
Identification No.)

25 Camelia Avenue
              San Francisco, California 94112           
(Address of principal executive offices, including zip code)
 
Registrant’s telephone number, including area code:    (415) 203-4491  
 
AirWare International Corp.
(formerly Concrete Casting Incorporated)
1225 West Washington Street, Suite 213
                 Tempe, AZ 85018                 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filed, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
 
Large accelerated filer                                                                                                            Accelerated filer  
 
Non-accelerated filer (Do not check if a smaller reporting company)                            Smaller reporting company ý
 

 
 
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Special Note Regarding Forward-Looking Statements
 
This report contains forward-looking statements.  The forward-looking statements are contained principally in the sections entitled “Description of Business,” “Risk Factors,” and Management’s Discussion and Analysis of Financial Condition and Results of Operations.”  These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements.  Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties.  These risks and uncertainties include, but are not limited to, the factors described in the section captioned “Risk Factors” below.
 
Given these uncertainties, you should not place undue reliance on these forward-looking statements.  These forward-looking statements include, among other things, statements relating to:
 
·  
our ability to find suitable markets for and increase sales of the existing products we offer and develop and commercialize new products;
 
·  
our ability to successfully source manufacturing capacity for the products we offer;
 
·  
our reliance on intellectual property rights held by our directors and principal shareholders;
 
·  
our ability to obtain additional capital in future years to fund expansion of our product line, new marketing initiatives and/or acquisitions;
 
·  
economic, political, regulatory, legal and foreign exchange risks associated with our operations; or
 
·  
the loss of key members of our senior management.
 
Also, forward-looking statements represent our estimates and assumptions only as of the date of this report.  You should read this report and the documents that we reference and filed as exhibits to this report completely and with the understanding that our actual future results may be materially different from what we expect.  Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the or other events occur in the future.
 
Use of Certain Defined Terms
 
Except where the context otherwise requires and for the purposes of this report only:
 
·  
"Company," "we," "us," "our," "Living 3D" and "Registrant" refer to Living 3D Holdings, Inc. (formerly known as AirWare International Corp.; formerly known as Concrete Casting Incorporated), a corporation incorporated in Nevada;
 
·  
"Exchange Act" refers to the Securities Exchange Act of 1934, as amended;
 
·  
"PRC," "China," and "Chinese," refer to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan);
 
 
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·  
"Securities Act" refers to the Securities Act of 1933, as amended;
 
·  
"U.S. dollars," "dollars" and "$" refer to the legal currency of the United States;
 
·  
“HK Dollars” refers to Hong Kong dollars, the legal currency of Hong Kong.
 
Unless otherwise stated, we have translated balance sheet amounts with the exception of equity at September 30, 2011 at HK Dollars 7.8 to US $1.00 compared to HK Dollars 7.8 to US $1.00 at December 31, 2010.  We have stated equity accounts at their historical rate.  The average translation rates applied to income statement accounts for the nine months ended September 30, 2011 and 2010 and the year ended December 31, 2011 and 2010 were HK Dollars 7.8 and HK Dollars 7.8, respectively.  We make no representation that the HK Dollars or U.S. dollar amounts referred to in this current report could have been or could be converted into U.S. dollars or HK Dollars, as the case may be, at any particular rate or at all.
 
See "Risk Factors" for discussions of the effects of fluctuating exchange rates on the value of our common stock. Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.
 
For the sake of clarity, this report follows English naming convention of first name followed by last name, regardless of whether an individual’s name is Chinese or English. For example, the name of our President will be presented as "Jimmy Kent-Lam Wong," even though, in Chinese, his name would be presented as "Wong Jimmy Kent-Lam."
 
In this current report, we are relying on and we refer to information and statistics regarding the three dimensional, or 3D, technology industry that we have obtained from various cited government and institute research publications. This information is publicly available for free and has not been specifically prepared for us for use or incorporation in this report on Form 8-K or otherwise. We have not independently verified such information, and you should not unduly rely upon it.
 
Item 2.01                      Completion of Acquisition or Disposition of Assets.
 
On December 8, 2011, certain of the shareholders of Living 3D Holdings, Inc. (formerly AirWare International Corp. and formerly Concrete Casting Incorporated), a Nevada corporation and a publicly held and traded company (the "Company”), who are the holders of a majority of the issued and outstanding shares of capital stock of the Company (the "Selling Shareholders"), Jeff W. Holmes, a Selling Shareholder and a principal shareholder of the Company (the "Principal Shareholder"), and Jimmy Kent-Lam Wong, June Mon Yon, Chang Li, Kin Wah Ngai and Lin Su (each, a "Purchaser" and collectively, the "Purchasers"), entered into a stock purchase agreement (the "Stock Purchase Agreement").
 
Under the terms of the Stock Purchase Agreement, the Purchasers purchased from the Selling Shareholders an aggregate of 3,627,426 of the shares (the "Purchase Shares") of common stock, par value $0.001 per share, of the Company owned by the Selling Shareholders on December 8, 2011 (the “Closing Date”), for an aggregate consideration of $385,000 (the "Stock Purchase").
 
Also on the Closing Date, the Company, Living 3D Holdings Ltd, a British Virgin Islands corporation and a privately held company (“L3D-BVI”), and all of the shareholders of L3D-BVI (the “L3D-BVI Shareholders”) entered into a share acquisition and exchange agreement (the "Share Exchange Agreement"). Under the terms of the Share Exchange Agreement, the Company acquired from the L3D-BVI Shareholders all of the issued and outstanding shares of common stock of L3D-BVI (the "L3D-BVI Shares") making L3D-BVI a wholly-owned subsidiary of the Company, and, in exchange for all of the L3D-BVI Shares (the “Share Exchange”), the Company issued to the L3D-BVI Shareholders an aggregate of 62,590,880 shares (the “Exchange Shares”) of its common stock.
 
 
 
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L3D-BVI was, at the time of the Stock Purchase and Share Exchange, a privately held company, while the Company is a publicly held and traded company on the OTC Bulletin Board under the symbol "CCSG."  As prior to the Stock Purchase and the Share Exchange, the Company had no operating activities, the accompanying financial statements and Management Discussion and Analysis reflect the activity of L3D-BVI for all periods presented.
 
Upon the closing of the Stock Purchase and the Share Exchange, the shareholders of the Company retained an aggregate of 3,485,174 shares of common stock and the former L3D-BVI Shareholders acquired an aggregate of 66,218,306 shares of common stock, for a total of 69,703,480 shares of common stock issued and outstanding.  Accordingly, the former L3D-BVI Shareholders own approximately 95% of the Company's total issued and outstanding common stock.  On the Closing Date, the Company had no options to purchase shares of common stock outstanding (the "Options") and no warrants to purchase shares of common stock outstanding (the "Warrants").
 
Prior to the Closing Date, the Company changed its name from "AirWare International Corp." to "Living 3D Holdings, Inc."
 
A copy of each of the Stock Purchase Agreement and the Share Exchange Agreement are filed as Exhibits 2.1 and 2.2 to this Report.  The foregoing descriptions of the terms of the Stock Purchase Agreement and the Share Exchange Agreement are qualified in their entirety by reference to the provisions of the documents filed as Exhibits 2.1 and 2.2 to this report, which are incorporated herein by reference.
 
In the balance of this report, the terms the “Company,” “we,” “us,” or “our” refer to Living 3D Holdings, Inc., a Nevada corporation, formerly known as AirWare International Corp. and formerly known as Concrete Casting Incorporation and our new business after the Closing Date, which is the business of L3D-BVI.  After this point in the report, any references to the "Concrete Casting" or “Living 3D” are to us and our business prior to the closing of the Stock Purchase and the Share Exchange and any references to "L3D-BVI" are to Living 3D Holdings, Ltd, a British Virgin Islands corporation and a privately held company, prior to the Stock Purchase and the Share Exchange.
 
Change in Management.  In connection with the Stock Purchase and the Share Exchange, Jimmy Kent-Lam Wong, Chang Li, Kin Wah Ngai and Lin Su became our directors, replacing our former board of directors.  In addition, new officers were appointed in place of our former officers.  See “Form 10 Disclosure - Item 5 “Directors and Executive Officers.”
 
The issuance of our shares of common stock to the former L3D-BVI Shareholders in the Share Exchange was exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(2) thereof and other available exemptions.  Our shares of common stock issued to the former L3D-BVI Shareholders may not be offered or sold unless they are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available.  No registration statement covering these securities has been filed with the United States Securities and Exchange Commission (the “Commission”) or with any state securities commission in respect of the Stock Purchase or the Share Exchange.
 
 
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On December 8, 2011, we filed a press release announcing the Closing and the completion of the Stock Purchase and the Share Exchange, a copy of which is attached to this report as Exhibit 99.1.
 
The Company amended its Articles of Incorporation on September 27, 2011 to change its name from "AirWare International Corp." to "Living 3D Holdings, Inc."
 
Neither the management of the Company or L3D-BVI had any prior relationships with each other.  The parties were introduced by a partner of Quarles & Brady LLP, legal counsel for L3D-BVI, who had a prior business relationship with the management and Principal Shareholder of the Company and owns a nominal number of shares in the Company.
 
Our restated Articles of Incorporation authorize us to issue 100,000,000 shares of capital stock, par value $0.001 per share, comprised of 90,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”), and 10,000,000 shares of preferred stock, par value $0.001 per share.  After completion of both the Stock Purchase and the Share Exchange, there were 69,703,480 shares of common stock outstanding.
 
Effective as of Closing, Kevin J. Asher resigned as director of the Company and the following persons were appointed as our directors and officers (in this Report we have used the English naming convention of first name followed by the last name even though the order would be different in Chinese):
 
Name
Age
Position
Jimmy Kent-Lam Wong
40
Chairman of the Board of Directors and Chief Executive Officer
Chang Li
53
Chief Technology Officer and Director
Kin Wah Ngai
57
Chief Financial Officer and Director
Lin Su
45
Secretary and Director

 
 
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Form 10 Disclosure
 
As disclosed elsewhere in this report, on December 8, 2011, we completed the Stock Purchase and the Share Exchange pursuant to the terms of the Stock Purchase Agreement and the Share Exchange Agreement, respectively, and L3D-BVI became our wholly-owned subsidiary.  Item 2.01(f) of Form 8-K states that if the registrant was a shell company, as the Company was immediately before the Stock Purchase and the Share Exchange transactions disclosed under Item 2.01, then the registrant must disclose the information that would be required if the registrant were filing a general form for registration of securities under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on Form 10.
 
Accordingly, we are providing below the information that would be included in a Form 10 registration statement.  Please note that the information provided below relates to the combined enterprises after the closing of the Stock Purchase and the Share Exchange with L3D-BVI, except that information relating to periods prior to the date of the Stock Purchase and the Share Exchange only relate to L3D-BVI, unless otherwise specifically indicated.
 
Item 1.                                Business.
 
Business of Concrete Casting
 
Organization and Corporate History
 
Concrete Casting was incorporated on October 28, 1987 in the state of Nevada under the name Staco Incorporated.  It was organized for the purpose of conducting business as a transfer agent.  This business was unsuccessful as a transfer agent and became inactive.  The business remained inactive until 2001, during which time it sought to acquire assets or shares of a business operation that had potential for profit.  On November 30, 2001, Concrete Casting acquired certain assets from Cordell Henrie, a sole proprietor doing business as "Concrete Casting" and he became its president.  Staco Incorporated changed its name to Concrete Casting Incorporated on January 17, 2002.  The assets acquired included drawings, plans and concepts regarding the design of replicas of antiquities to be cast in concrete and marketed to the U.S. landscaping market.  From November 30, 2001, through December 31, 2007, Concrete Casting's business focus was on concrete products though its emphasis changed from replicas of antiquities to construction applications, such as casted window wells and water features for landscaping use.
 
Mr. Henrie eventually was no longer able to devote the time necessary to Concrete Casting’s product development and he resigned as an officer and a director as of December 31, 2007.  Since Concrete Casting's development in the concrete casting business was not sufficiently mature to make it commercially viable, the decision was made to shut down development of concrete products and discontinue those operations.  In 2008, Concrete Casting hired Kevin J. Asher as its new president to locate and acquire new business opportunities.
 
Immediately prior to the closing of the Stock Purchase and Share Exchange, Concrete Casting was a shell company with nominal assets whose sole business was to identify, evaluate and investigate various companies with the intent to effect a reverse merger transaction under which it would acquire a target company with an operating business to continue the acquired company’s business as a publicly-held entity. On July 1, 2010, Concrete Casting changed its name to "AirWare International Corp." and on September 27, 2011, AirWare International changed its name to "Living 3D Holdings, Inc."
 
 
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Employees
 
The Company had no employees immediately prior to the closing of the Stock Purchase and the Share Exchange.
 
Business of the Company
 
Organization and Corporate History
 
L3D-BVI was incorporated on June 23, 2008 under the laws of the British Virgin Islands.  On December 8, 2011, L3D-BVI became a wholly-owned subsidiary of the Company pursuant to the terms of the Stock Purchase Agreement and the Share Exchange Agreement.  Upon the completion of the Stock Purchase and the Share Exchange, our business became that of L3D-BVI, our wholly-owned subsidiary.  The following describes our new business.
 
Principal Products
 
Our business is focused on the marketing and sale of 3D image display devices designed and manufactured by third parties using original equipment manufacturer (OEM) parts. To date, we have focused on the markets for 3D touch pads, 3D indoor and outdoor light emitting diode (LED) displays and 3D televisions.  We believe that the market for touch pads, displays and televisions will grow more quickly over the next five years than other 3D markets, although we can offer no assurances in this regard.  The products we market are based on "auto stereoscopic 3D" technology, or Auto 3D, which means that viewers are not required to wear 3D glasses in order to experience the 3D effects of the screen, and instant switching between two dimensional, or 2D, and 3D viewing is enabled.  We believe that this gives us a competitive advantage over other suppliers of 3D products requiring the use of a visor or glasses in order to experience a 3D effect.  While our sales to date have focused on customers utilizing our products in media and advertising, 3D display products are applicable in a wide range of industries, including entertainment, education, consumer electronics, medical diagnosis and scientific research.
 
Sourcing and Manufacturing
 
We have contracted with third party manufacturers for the production of the displays we have sold to date.  Such manufacturers produce these products using OEM parts under specifications and informal licenses granted by certain of our directors and principal shareholders.  These directors and principal shareholders do not receive any compensation for these licenses.  See “Certain Relationships and Related Transactions, and Director Independence.”  We do not have any contracts with our third party manufacturers.
 
Marketing, Distribution and Sales
 
We have conducted limited marketing efforts to date.  We have made all of our sales to date in the PRC to government and research entities and educational institutions.  We have sold large LED displays (approximately three by three meters), 3D TV’s and 3D panels.  We do not have any personnel dedicated to marketing, distribution and sales, nor do we have any agreements in place related to those functions.  To date, certain of our directors and principal shareholders have carried out these functions, but their efforts have been limited to the sale of a small number of products.  We intend to continue to utilize their services as necessary as we seek to add additional personnel to assist in our marketing and sales functions.  In the future, given sufficient capital, we intend to market the products we sell through our participation in industry trade shows and conferences and through public relations and event sponsorships.
 
 
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Sources and Availability of Raw Materials and Principal Suppliers
 
We have relied, and expect to continue to rely, on third parties to manufacture products for us to market and sell.  Although we expect to use our current manufacturers for future product orders we obtain, we do not have any obligation to use such manufacturers nor do we have any future product orders pending.  Given our current level of operations, we have not had problems obtaining sufficient supplies of raw materials or component parts.  We do not have multiple sources of supply for these items, but believe there are readily available alternative sources at acceptable prices.
 
Inventory, Operating Capital and Seasonality
 
We have no inventory because we have our products manufactured only after we receive orders.  In the future, we may seek to store products pending sale at the manufacturing facilities that produced such products, if feasible.  We do not maintain any warehouse facility. Our business is too new to be able to assess whether seasonality could be a material factor in our business.  We do not require material amounts of operating capital because we are in the development stage and have not yet commenced revenue operations.
 
Dependence on Major Customers
 
We have no major customers at this point.
 
Competition
 
The market for 3D hardware technology is still in its early stages.  Nonetheless, there are already many established and early stage companies that address the 3D display market in one way or another, including makers of 3D televisions and mobile phones, such as Panasonic Corporation, Samsung Electronics Corporation, Ltd., Sony Corporation and X6D Limited.  For the most part, these companies do not use Auto 3D technology, and thus do not compete directly with the products we seek to market.  However, at this time, we consider them to be competitors generally in the effort to market 3D monitor solutions to end-user businesses.  Nearly all of these companies have significantly greater human and economic resources than we do and there can be no assurance that we will be able to effectively compete with them for market share.
 
Intellectual Property
 
We rely on certain intellectual property rights held by Jimmy Kent-Lam Wong and Chang Li, who are directors and principal shareholders, for the manufacture of the 3D products we have marketed and sold to date.  Such parties have licensed these rights on an informal, as needed basis, to third party manufacturers and to us to enable us to make the sales we have made to date.  Such intellectual property consists principally of trade secrets and know-how.  The owners of the intellectual property have not explored whether it may be protectable by patents.  We have not paid any compensation to the license holders for these licenses.  These licenses have been verbal and the license holders are under no obligation to continue to offer us such licenses in the future, nor have the licenses included any terms other than the implied right to use the intellectual property to manufacture the products we have sold to date.  For example, the verbal licenses have not included any indemnification provision to protect us if the products infringe on any third-party intellectual property rights, or any representations or warranties with regard to non-infringement or other matters.  Accordingly, we may have liability for infringement or similar matters that arise with respect to the products we have sold to date.  We can offer no assurance that we will be able to obtain future licenses on terms acceptable to us, or on any terms, or to successfully develop or contract for the development of new designs to enable us to manufacture new products for sale in the future.
 
 
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Patents, Trademarks and Trade Secrets
 
We own the internally developed  trademarks and copyrights used in connection with the marketing, distribution and sale of products we have sold to date.  However, we have not registered any of these trademarks or copyrights and there can be no assurance that we will be able to protect such trademarks and copyrights from infringement or third party claims, if any.  We have not filed for any patents on our products or technologies.
 
We rely on the trade secrets and know-how of certain of our directors and principal shareholders to produce the products we sell.  We have not entered into confidentiality or invention assignment or license agreements with such parties.  Nor have we or such parties entered into similar agreements with our third party manufacturers.  We do, however, generally divide the steps for production of our products among different manufacturers according to their expertise and specialization and to protect our trade secrets.  Moreover, no assurance can be given that third parties will not independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets and know-how.
 
Research and Development
 
We have not engaged in research and development activities since our inception
 
Governmental Regulation
 
The market for 3D technology is affected by a wide range of U.S. and international regulations, including regulations related to taxation and import-export controls, which could negatively impact the market for the devices we sell or decrease potential profits to the Company.
 
Costs and Effects of Compliance with Environmental Laws; Environmental Matters
 
We are not aware of any material costs or impacts on our business related to compliance with federal, state or local environmental laws regarding the products we intend to market and sell.
 
Insurance
 
We do not currently carry any kind of product liability or other business insurance.
 
Legal and Administrative Proceedings
 
We are not a party to any material legal or administrative proceedings, and we are not aware of any threatened material legal or administrative proceedings against us.
 
Facilities
 
We have an office in the United States at 25 Camelia Avenue, San Francisco, California 94112.  Our office in Hong Kong is located at Room 1402-04, 14/F, Fourseas Building, 212 Nathan Road, Kowloon, Hong Kong.  We have no other facilities.
 
 
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Employees
 
As of December 8, 2011, we had no full-time employees.
 
Corporate Information
 
The Company's principal executive offices in the United States are located at 25 Camelia Avenue, San Francisco, California 94112.

 
Where to get more information
 
We are a reporting company under the Securities Exchange Act of 1934, as amended. You may obtain annual, quarterly, and special reports and other information that we file with the Securities and Exchange Commission (“SEC”).  You may read and copy any document that we file with the SEC at the SEC’s Public Reference Room, 100 F Street, N.E., Room 1580, Washington, D.C. 20549.  You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.  Electronic filings filed on or after July 1, 1992 are available via the Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at the public reference facility.  The SEC also maintains a web site that contains reports, proxy and information statements and other materials that are filed through EDGAR which can be accessed at http://www.sec.gov.
 
Our filings may also be accessed through the SEC’s website (http://www.sec.gov).  We will provide a copy of any or all documents incorporated by reference herein (exclusive of exhibits unless such exhibits are specifically incorporated by reference therein), without charge, to each person to whom this prospectus is delivered, upon written or oral request to Living 3D Holdings, Inc., at 25 Camelia Avenue, San Francisco, California 94112, our telephone number is (415-203-4491) and our web address is www.living3d.com.
 
We will furnish record-holders of our securities with annual reports containing financial statements, audited and reported upon by our independent auditors, quarterly reports containing unaudited interim financial information and such other periodic reports as we determine to be appropriate or as may be required by law.
 
Item 1A.                      Risk Factors.
 
An investment in our common stock involves a high degree of risk.  You should carefully consider the risks described below, together with all of the other information included in this report, before purchasing shares of our common stock.  If any of the following events or outcomes actually occurs, our business, operating results and financial condition would likely suffer.  As a result, the trading price of our common stock could decline and you may lose all or part of the money you paid to purchase our common stock.
 
Risks Related to Our Business
 
We have a limited operating history and have incurred losses from our operations.
 
We have a limited operating history upon which investors may rely to evaluate our prospects.  We have a history of incurring losses from operations.  As of the nine months ended September 30, 2011, we had an accumulated deficit of $43,503 and a shareholders’ equity deficit of $43,403.  We expect to continue to incur operating losses until such time, if ever, as we are able to achieve sufficient levels of revenue from operations.  Our ability to increase revenues and achieve profitability will depend on our ability to attract additional customers.  There can be no assurance that we will ever increase revenues or achieve profitability.
 
 
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We require additional capital.
 
We anticipate that our existing cash and cash equivalents will not be sufficient to fund our business needs.  We will require additional capital in order to fund our operations, implement our business plan, and our accountants have issued a growing concern opinion on our business, which includes implementing a new marketing strategy, developing product offerings, and repaying advances by our CEO in the amount of $120,418 as of September 30, 2011.  There can be no assurance that we will obtain such capital or be able to acquire it on terms that we deem favorable.
 
Our cash requirements may vary materially from those now planned depending on numerous factors, including the results of our marketing efforts, our business development activities, the results of future research and development and competition.  Financing could include equity financing, which may be dilutive to stockholders, or debt financing, which would likely restrict our ability to make acquisitions and borrow from other sources.  In addition, such securities may contain rights, preferences or privileges senior to those of our current shareholders.  We do not currently have any commitments for additional financing.  There can be no assurance that additional funds will be available on terms attractive to us or at all.  If adequate funds are not available, we may be required to curtail our sales and marketing strategies and/or otherwise materially reduce our operations.  Any inability to raise adequate funds could have a material adverse effect on our business, results of operations and financial condition.
 
Investors may lose all of their investment in us.
 
Investment in us involves a high degree of risk.  Investors may never recoup all or part of or realize any return on their investment.  Investors should not invest in our common stock unless they can afford to lose their entire investment.
 
We have received a going concern opinion from our auditors.
 
We have an accumulated deficit and have had negative cash flows from our operations.  Accordingly, we have received a report from our independent auditors in connection with our audited financial statements that include an explanatory paragraph describing their substantial doubt about our ability to continue as a going concern.  This may negatively impact our ability to obtain additional funding or funding on terms attractive to us.
 
We have limited marketing capability.
 
We have limited marketing capabilities and resources and, as of the date of this report, no marketing or sales employees.  We will need additional capital to hire trained personnel and implement our marketing strategy.  In order to achieve market penetration we will have to undertake significant efforts and expenditures to create awareness of, and demand for, the technology and products we sell.  We can make no assurances that we will be able to have trained personnel to implement our marketing strategy, especially in light of our limited finances.  Our lack of marketing resources and capabilities may have a material adverse effect on our business, operating results and financial condition.  Further, there can be no assurance that, if developed, such marketing capabilities will lead to sales of 3D technologies and products we offer.
 
 
-11-

 
We are dependent on key personnel.
 
Our success will be largely dependent upon the efforts of our executive officers, Jimmy Kent-Lam Wong and Chang Li.  We do not have employment agreements in place with any of these persons.  The loss of the services of any of these individuals would harm our business.  There can be no assurance that we will be able to retain the services of such individuals in the future.  We have not obtained key-person life insurance policies on these persons and do not intend to.  Our future success also depends on our ability to attract, train, retain and motivate other highly qualified sales, technical and managerial personnel.  Competition for such personnel is intense and we may not be able to attract, train, retain or motivate such persons in the future.
 
Our growth strategy may not be successful.
 
We intend to expand our operations and to develop new markets for the products we sell.  These operations will be subject to all of the risks inherent in the growth of a new business enterprise, particularly one that operates in highly competitive industry.  The timing and related expenses of expansion may cause our earnings, if any, to fluctuate.  The likelihood of our success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with growth of a business, including uncertainty as to implementation of our strategies and capabilities, market acceptance of our products and services, our operating and marketing methods, expenses and competition.  We may not be successful in our proposed expanded business activities.
 
There is substantial, established competition in our markets.
 
There are numerous other companies that produce products in the 3D technology market, including products such as televisions and mobile phones from companies like Sony and Samsung, as well as smaller companies.  These companies have greater resources than we do and enjoy well established production facilities and processes, market presence, distribution networks and market share.  Increased competition or our failure to compete successfully is likely to result in price reductions, fewer customer orders, reduced gross margins, increased marketing costs, failure to acquire or retain market share, or any combination of these problems.
 
If 3D Technology is not standardized, our business prospects may be hurt.
 
Our business will depend in part on the increasing standardization of 3D technology across various platforms, including televisions, and mobile phones and computer monitors.  If major manufacturers of these products do not standardize 3D protocols, it will make it more difficult for content providers to develop 3D content, which could increase the cost of and drive down demand for 3D technology.  A failure by the 3D industry to adopt and maintain appropriate standards for the utilization of 3D technology in each market and/or across markets could have a materially negative impact or our business and financial results.
 
If third-party products fail to generate significant content for 3D-enabled hardware devices, demand for such devices will fall.
 
Demand for 3D-enabled hardware devices, such as the products we market, will be hurt if there is not sufficient 3D-enabled content to be viewed on such devices, or if such content is not popular among consumers.  Any failure by the industry to generate significant quality 3D content will have a materially negative impact on our business by reducing demand for the hardware we seek to market.
 
 
-12-

 
Our business is reliant on growth in the market for high-end television, mobile phones and computer monitors generally, and any decrease in such demand will have a materially negative impact on our business.
 
The demand for televisions, mobile phones and computer monitors enabled for 3D is impacted by many factors, including the economic conditions in countries where such sales are strong, network capacity, price, competition, regulations that impact broadcasters, telecommunications and internet services providers and many other factors.  The global economic crisis has reduced demand for some of these devices in key markets, such as the United States.  Any sustained negative impact on demand for these and other 3D-enabled hardware devices will hurt our business and business prospects.
 
Our business will depend on a strong brand, and if we are not able to build our brand, our ability to expand our business will be impaired and our financial and operating results will be harmed.
 
Growing our brand may require us to make substantial investments and these investments may not be successful.  If we fail to promote and maintain our brand, or if we incur excessive expenses in this effort, our business, operating results and financial condition will be materially and adversely affected.  As our market becomes increasingly competitive, we anticipate that maintaining and enhancing our brand may become increasingly more difficult and expensive.  Building our brand may depend on our ability to be a cost leader and continue to provide a high quality and effective product, which we may not do successfully.
 
We are operating in both mature and developing markets, and there is uncertainty as to acceptance of 3D products in these markets.
 
We have conducted limited marketing activities in 2010 and to date in 2011. Thus, we have relatively little information on which to estimate our levels of sales, the amount of revenue we will generate and our operating and other expenses.  There can be no assurance that we will be successful in our efforts to directly market our products or to develop 3D markets in the manner we contemplate.
 
Certain markets, such as for 3D technologies and products, are developing and rapidly evolving and are characterized by an increasing number of market entrants who have developed or are developing a wide variety of products and technologies.  Because of these factors, demand and market acceptance for new products are subject to a high level of uncertainty.  It is also difficult to predict with any assurance the future growth rate, if any, and size of these markets.  If a substantial market fails to develop, develops more slowly than expected or becomes saturated with competitors or if our products do not achieve market acceptance, our business, operating results and financial condition will be materially and adversely affected.
 
Our target markets are characterized by new products and technological change.
 
The target markets for 3D products are characterized by changing technology and new product introductions.  Our success will depend in part on our ability to quickly gain customers in these markets and introduce new products and technologies to such customers to meet changing customer requirements.  We do not currently design the products we sell.  Thus, we do not control the introduction of new functionalities.  This puts us at a significant disadvantage to many of our competitors.  There can be no assurance that we will successfully penetrate our target markets or that future products from our competitors will not render the products or technologies we offer non-competitive or obsolete.
 
 
-13-

 
We do not own any patents, trademarks or other intellectual property rights other than trade secrets and know-how, and we are dependent on certain of our directors and principal shareholders for the designs of the products we currently sell.
 
We do not own any patents, trademarks or other intellectual property rights other than certain trade secrets and know-how relating to developing a market for 3D-enabled hardware devices.  This puts us at a significant competitive disadvantage to many of our competitors, which maintain substantial intellectual property portfolios in the 3D industries they address.  We have no budget or resources for research and development and do not intend to develop our own technologies in this area.  This could have a significant negative impact on our business and business prospects if market demand increases for certain proprietary products that we are not able to source cost-effectively or at all.
 
In addition, we are entirely reliant on certain of our directors and principal shareholders for the designs of the products we have offered and intend to offer.  These designs have been provided to our contract manufacturers, in the past, free of charge.  However, there can be no assurance that the owners of these designs will continue to provide them free of charge or at all.  The loss of access to the use of these designs by our manufacturers would effectively leave us without products to market.  Also, we do not control what, if any, resources the owners of these designs put into modifying or improving them or protecting them against competitors.  If competitors imitate their designs and the design owners do not protect their proprietary rights, demand for the products we seek to market could be hurt.  Also, we have no warranties from the design holders that the designs do not infringe the intellectual property rights of third parties.  Accordingly, we could be sued by such third parties and would not be able to look to the design owners for indemnity or similar protections.
 
If intellectual property infringement claims in the U.S. or in other countries are asserted against us by a competitor or others, we may be enjoined from using and selling a product or be required to obtain a royalty-bearing license, if available on acceptable terms, or pay damages, which could be significant.  Alternatively, if a license is not offered, we might be required, if possible, to redesign those aspects of the product held to infringe so as to avoid infringement liability.  Any redesign efforts undertaken by us might be expensive, could delay the introduction or the re-introduction of products into certain markets, or may be so significant as to be impractical.
 
We also rely on trade secrets and know-how, especially in regards to seeking out new markets for 3D-enabled devices.  Although we intend to enter into confidentiality and invention agreements with our employees, consultants, certain potential customers and advisors, no assurance can be given that such agreements will be honored or that we will be able to effectively protect our rights to our unpatented trade secrets and know-how.  Moreover, no assurance can be given that others will not independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets and know-how.
 

 
 
-14-

 
We have no trademark registrations.
 
We have not filed for protection for our trademarks, including "Living 3D."  Although we intend to pursue the registration of our marks in key countries, there can be no assurance that such registrations will be accepted and/or uses of one or more of such marks, or a confusingly similar mark, does not exist in one or more of such countries, in which case we might be precluded from registering and/or using such mark in certain countries.
 
We are dependent on manufacturers and suppliers.
 
We purchase, and intend to continue to purchase, all the products we sell from a limited number of manufacturers and suppliers.  We do not directly manufacture any of these products.  Our reliance upon outside manufacturers and suppliers is expected to continue and involves several risks, including limited control over the availability of raw materials, delivery schedules, pricing and product quality.  We may experience delays, additional expenses and lost sales if we are required to locate and qualify alternative manufacturers and suppliers.  We do not currently have contracts in place with any of our manufacturers or suppliers, and thus cannot be sure what terms we will get for future orders.  Price increases at the manufacturing level could have a material impact on our profits or cause us to raise prices, which could reduce demand for the products we market.
 
Loss on dissolution or liquidation.
 
In the event of our dissolution or liquidation, the proceeds realized from the liquidation of assets, if any, will be distributed to the stockholders in accordance with applicable state law and our Articles of Incorporation, as then in effect, but only after satisfaction of all claims of creditors.  Accordingly, the ability of a stockholder to participate in the proceeds from such dissolution or liquidation, if any, will depend on the amount of funds so realized and the creditor claims to be satisfied from the proceeds.
 
There are economic and general risks relating to business.
 
The success of our activities is subject to risks inherent in business generally, including demand for products and services, general economic conditions, changes in taxes and tax laws and changes in governmental regulations and policies.
 
Risk Related to our Common Stock
 
There is a limited market for our common stock and holders may not be able to sell shares.
 
Our stock trades on the OTC Bulletin Board under the symbol CCSG.OB.  We plan to change this symbol in the near future.  We do not presently meet the qualifications for listing our stock on the NASDAQ or one of the national stock exchanges.  There can be no assurance any broker will be interested in trading our stock.  Therefore, it may be difficult to sell your shares if you desire or need to sell them.
 
 
-15-

 
Control by key stockholders
 
As of December 8, 2011, our largest stockholders, Jimmy Kent-Lam Wong, June Yon Mon and Chang Li, held shares representing approximately 86% of the voting power of our outstanding capital stock.  These shareholders may, if they act together, exercise significant influence over all matters requiring shareholder approval, including the election of directors and the determination of significant corporate actions, as well as control the management, policies and operation of the Company.  Such voting power constitutes effective voting control in all matters requiring stockholder approval.  These voting and other control rights mean that our other stockholders will have only limited rights to participate in our management.  These rights may also have the effect of delaying or preventing a change in our control and may otherwise decrease the value of the shares and voting securities owned by other stockholders.
 
Because our common stock will likely be considered a “penny stock,” any investment in our shares is considered to be a high-risk investment and is subject to restrictions on marketability
 
Our common stock is considered a “penny stock” on the OTC Bulletin Board as it currently trades for less than $5 per share.  The OTC Bulletin Board is generally regarded as a less efficient trading market than the NASDAQ Capital or Global Markets.
 
The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in “penny stocks.”  Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on certain national securities exchanges or quoted on the NASDAQ system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system).  The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document prepared by the SEC, which specifies information about penny stocks and the nature and significance of risks of the penny stock market.  The broker-dealer also must provide the customer with bid and offer quotations for the penny stock, the compensation of the broker-dealer and any salesperson in the transaction, and monthly account statements indicating the market value of each penny stock held in the customer’s account.  In addition, the penny stock rules require that, prior to effecting a transaction in a penny stock not otherwise exempt from those rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction.  These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our common stock.
 
Since our common stock will be subject to the regulations applicable to penny stocks, the market liquidity for our common stock could be adversely affected because the regulations on penny stocks could limit the ability of broker-dealers to sell our common stock and thus your ability to sell our common stock in the secondary market in the future.
 
We have never paid dividends and have no plans to do so in the future
 
Holders of shares of our common stock are entitled to receive such dividends as may be declared by our board of directors.  To date, we have paid no cash dividends on our shares of common stock and we do not expect to pay cash dividends on our common stock in the foreseeable future.  We intend to retain future earnings, if any, to provide funds for operations of our business.
 
 
-16-

 
We have additional securities available for issuance and may also adopt an equity incentive plan in the future.  The issuance of new securities or rights to acquire our securities could adversely affect the rights of the holders of our common stock and be dilutive to you.
 
Our Articles of Incorporation authorize the issuance of 90,000,000 shares of our common stock and 10,000,000 shares of preferred stock.  The common stock and preferred stock can be issued by our board of directors, without stockholder approval.  Any future issuances of our common stock or preferred stock could further dilute the percentage ownership of our existing stockholders.  Our preferred stock is a blank check in that our board of directors can set the terms and conditions of the preferred stock without any stockholder approval.  In addition, we may adopt an equity incentive plan in the future.  The issuance of securities or rights to purchase our securities to our employees, officers and consultants could be dilutive to you.
 
Indemnification of officers and directors
 
While the members of our Board of Directors and our officers (collectively, the “Directors and Officers”) are generally accountable to us and our stockholders, the liability of the Directors and Officers to us, our stockholders and third parties is limited in certain respects under applicable state law and our Articles of Incorporation and Bylaws, as in effect in the date hereof.  Further, we have agreed or may agree to indemnify our Directors and Officers against liabilities not attributable to certain limited circumstances.  Such limitation of liability and indemnity may limit rights which our stockholders would otherwise have to seek redress against the Directors and Officers.
 
Item 2.                                Financial Information.
 
Management’s Discussion and Analysis of Financial Condition
 
and Results of Operations
 
Stock Purchase and Share Exchange
 
Effective as of December 8, 2011, the Stock Purchase and the Share Exchange were closed pursuant to the terms of the Stock Purchase Agreement and the Share Exchange Agreement, respectively, and L3D-BVI became a wholly-owned subsidiary of the Company.  In connection with the Stock Purchase and the Share Exchange, the L3D-BVI Shareholders acquired a total of 62,590,880 shares of common stock. L3D-BVI was, at the time of the Stock Purchase and Share Exchange, a privately held company, while the Company is a publicly held and traded company.
 
As such, the following Management Discussion and Analysis is focused on the operations of L3D-BVI and excludes the operations of the Company prior to the Stock Purchase and the Share Exchange.
 
Overview
 
The following discussion summarizes the material changes in our financial condition for the nine months ended September 30, 2011 and September 30, 2010 and the material changes in our results of operations and financial condition between the year ended December 31, 2010 and December 31, 2009.
 
We market 3D technologies and products under our Living 3D brand in the PRC.
 
 
 
-17-

 
Plan of Operation
 
Given sufficient capital, we plan to build our revenues by focusing on direct sales and sales to retail distributors in selected markets.
 
Operating Results
 
For the Nine Months Ended September 30, 2011 and 2010
 
The Statement of Operations is included in the Financial Statements attached to this report.  Please refer to this Statement of Operations.
 
Results From Operations
 
Revenues.  For the nine months ended September 30, 2011 and September 30, 2010, revenues were $21,237 and $137,555, respectively, a decrease of $116,318.  All of the revenues for the nine months ended September 30, 2011 and September 30, 2010, respectively, were derived from sales of 3D technology products manufactured by third parties.  The decrease in revenue is due to the fact that we are a development stage company and did not undertake the same marketing efforts in 2011 as we did in 2010.
 
Cost of Revenue.  Our cost of revenue declined to $18,756 from $99,997 in the nine months ended September 30, 2011 compared to the same period in 2010.  This decline was due to our decrease in sales during the period.
 
General and Administrative Expenses.   For the nine months ended September 30, 2011 and September 30, 2010, general and administrative expenses were $65,817 and $8,442, respectively, an increase of $57,375.  The increase in such expenses is attributable to our efforts to advance our development, including becoming publicly held.
 
Operating (Loss) or Operating Income.  For the nine months ended September 30, 2011 the operating loss was ($63,336) and for the same period ended September 30, 2010,  the operating income was $29,116, a decrease from operating income to an operating loss of $92,436.  The decrease from operating income to an operating loss between the periods is explained by the increase in general and administrative expenses discussed above and the decrease in revenues.
 
Income Tax Provision.  No provision for income tax benefit from net operating losses has been made for the nine months ended September 30, 2011 as we have fully reserved the asset until realization is more reasonably assured.
 
Net (Loss) or Net Income.  The net loss for the nine months ended September 30, 2011 was $63,320 and the net income for the nine months ended September 30, 2010 was $29,234, a decrease from net income to a net loss of $92,554.  This decrease resulted from the increase in general and administrative expenses and decrease in revenues.
 
Liquidity and Capital Resources.  Cash and equivalents as of September 30, 2011 and September 30, 2010 totaled $97,041 and $95,723, respectively, an increase of $1,318.  This reflects an increase in related party loans made to us by Mr. Wong, our CEO and a principal shareholder.
 
 
-18-

 
For the Years Ended December 31, 2010 and 2009
 
Results From Operations
 
Revenues.  For the years ended December 31, 2010 and December 31, 2009 revenues were $137,555 and $0, respectively, an increase of $137,555.  All of the revenues for the year ended December 31, 2010 were derived from the sales of the 3D technology products manufactured by third parties.  The increase in revenues was due to our continued development during the period and the marketing efforts we made.
 
Cost of Revenue.  The cost of revenue increased to $99,997 for the year ended December 31, 2010 from zero in the same period in 2009 because we had no revenues in the earlier period.
 
General and Administrative Expenses.  For the years ended December 31, 2010 and December 31, 2009, general and administrative expenses were $13,775 and $3,200, respectively, an increase of $10,575.  The increase in such expenses for the year ended December 31, 2010 was due principally to increased marketing expenses.
 
 
Operating (Loss) or Operating Income. The operating income for the year ended December 31, 2010 was $23,783 and the operating loss for the year ended December 31, 2009 was ($3,200), an increase from an operating loss to operating income of $26,983.  The increase is due to the increase in sales of the 3D technology products manufactured by third parties discussed above.
 
Income Tax Provision.  No income tax expense is incurred for the year ended December 31, 2010 as the revenue is generated at BVI level.
 
Net Income or Net (Loss).  Net income for the year ended December 31, 2010 and net loss for the year ended December 31, 2009 were $23,914 and ($3,200), respectively, an increase from a net loss to net income of $27,114.  The increase resulted from the increase in revenue in 2010 and profit margin on the products sold.
 
Liquidity and Capital Resources.  Cash and equivalents as of December 31, 2010 and December 31, 2009 totaled $95,723 and $12,711, respectively.  This reflects the net income generated as well as the advances that Mr. Wong, our CEO and a principal shareholder, made to us in the period.
 
 
 
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Liquidity and Capital Resources
 
Current and Expected Liquidity
 
Historically, we have financed operations primarily through the issuance of debt.  In the near future, as additional capital is needed, we expect to rely primarily on the sale of equity securities.   We had loans payable to Jimmy Kent-Lam Wong, our CEO and majority shareholder, in an aggregate principal amount of $120,418 at September 30, 2011 that do not contain any restrictive covenants restricting our ability to our issue additional debt or equity securities.
 
Our cash and short-term investments increased by $83,012, from $12,711 at December 31, 2009 to $95,723 at December 31, 2010, due primarily from the increase in revenue, accounts receivable and prepaid expenses.
 
Our cash from financing activities increased by $40,280, from $15,823 at December 31, 2009 to $56,103 at December 31, 2010, due primarily to an increase in proceeds from related parties.
 
We will require substantial additional capital to develop a market for 3D products and implement our business plan.  We plan to pursue financing from private investors and institutions in and outside the PRC.  We do not have any commitments for additional financing. Such new financing could include equity, which may be dilutive to our shareholders, or debt, which would likely restrict our ability to borrow from other sources.  In addition, such securities may contain rights, preferences or privileges senior to the rights of our current shareholders.
 
There can be no assurance that additional funds will be available on terms attractive to us or at all.  If adequate funds are not available, we may have to materially curtail our operations.  Any inability to raise adequate funds could have a material adverse effect on our business, results of operation and financial condition.
 
Off-Balance Sheet Arrangements
 
There were no off-balance sheet arrangements at September 30, 2011.
 
Critical Accounting Policies and Estimates
 
Accounting Estimates.  The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from those estimates.
 
 Fair Value of Financial Instruments.  The carrying amounts of financial instruments, including cash, other receivables, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments.
 
Revenue Recognition.  We recognize revenue when the significant risks and rewards of ownership have been transferred to the customer, including factors such as when persuasive evidence of an arrangement exists, delivery or service has been performed, the sales price is fixed and determinable, and collectability is probable. The Company recognizes sales when the merchandise is shipped, title has passed to the customers or the service is provided, and collectability is reasonably assured.
 
 
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Foreign Currency Translation.  For financial reporting purposes, the financial statements of the Company, which are prepared in Hong Kong Dollars ("HKD"), are translated into the Company's reporting currency, United States Dollars ("USD").  Balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using the average exchange rate prevailing during the reporting period.  Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in the owner's equity.
 
We follow FASB ASC 80-30, "Foreign Currency Translation", for both the translation and re-measurement of balance sheet and income statement items into U.S. dollars.  Resulting translation adjustments are reported as a separate component of accumulated comprehensive income (loss) in stockholders' equity.
 
We maintain our books and accounting records in HKD, with HKD being the functional currency.  Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates.  Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date.  Any translation gains (losses) are recorded in exchange reserve as a component of shareholders equity.  Income and expenditures are translated at the average exchange rate of the year.
 
Income Taxes.  Taxes are calculated in accordance with taxation principles currently effective in Hong Kong.  We account for income taxes using the liability method.  Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
 
Related Parties.  A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company.  Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.  A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one of more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.
 
Recent Accounting Pronouncements
 
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
 
 
-21-

 
Item 3.                                Properties.
 
Our executive office in Hong Kong consists of approximately 500 square feet located at Room 1402-04, 14/F, Fourseas Building, 218-212 Nathan Road, Kawloon, Hong Kong.  The lease commenced on October 1, 2011 and continues through September 30, 2014.  We share this space with other affiliates of our CEO and do not  pay rent.  Our offices in the United States are located at 25 Camelia Avenue, Los Angeles, CA 90041.  This office is furnished to us by an individual at no charge.
 
Item 4.                                Security Ownership of Certain Beneficial Owners and Management.
 
The following table sets forth certain information regarding our common stock beneficially owned as of December 1, 2011, prior to giving effect to the closing of the Stock Purchase and the Share Exchange for (i) each stockholder known to be the beneficial owner of five percent (5%) or more of our outstanding common stock; (ii) each executive officer and director; and (iii) all executive officers and directors as a group.  On December 1, 2011, prior to  the closing of the Stock Purchase and the Share Exchange, we had 7,112,600 shares of common stock outstanding.
 
Name and address of beneficial owner(1)
 
 
Amount and nature
of beneficial
ownership(2)
 
 
Percent
of common stock(3)
 
 
Kevin Asher, Chief Executive Officer, Chief Financial Officer,
         Treasurer, Chief Accounting Officer and Director
 
75,000
1.1%
Greg W. Holmes, Secretary
-0-
-
5% holders:
   
Thomas E. Hofer Estate
360,000
5.1%
Jeff W. Holmes
1,392,000
19.6%
     
All executive officers and directors as a group (two persons)
75,000
 
 
 
 
 
(1)
The address of these persons is c/o Living 3D Holdings, Inc., Attn: Chief Executive Officer, 1225 West Washington Street, Suite 213, Tempe, Arizona 85018.
 
 
(2)
The foregoing beneficial owners hold investment and voting power in their shares.
 
 
(3)
The percent of common stock owned is calculated using the sum of (A) the number of shares of common stock owned and (B) the number of warrants and options of the beneficial owner that are exercisable within sixty days, as the numerator, and the sum of (Y) the total number of shares of common stock outstanding and (Z) the number of warrants and options of the beneficial owner that are exercisable within sixty days as the denominator.
 

 
 
-22-

 

The following table sets forth certain information regarding our common stock beneficially owned on December 8, 2011, after giving effect to the closing of the Stock Purchase and the Share Exchange for (i) each stockholder known to be the beneficial owner of 5% or more of our outstanding common stock, (ii) each executive officer and director, and (iii) all executive officers and directors as a group, on an approximated pre- and post- the reverse split basis.  Unless otherwise indicated, each person in the table has sole voting and investment power with respect to the shares shown.  The table assumes a total of 69,703,480 shares of our common stock outstanding as of December 8, 2011.
 
Name and address of beneficial owner(1)
 
 
Amount and
nature of beneficial
ownership(2)
 
 
Percent
of common stock(3)
 
 
Jimmy Kent-Lam Wong, Chairman of the Board of Directors  and
        Chief Executive Officer
 
46,352,814
66.50
Chang Li, Chief Technology Officer and Director
6,621,831
9.50
Kin Wah Ngai, Chief Financial Officer and Director
3,310,915
4.75
Lin Su, Secretary and Director
2,648,732
3.80
5% holders:
   
June Yon Mon
7,284,014
10.45
     
All executive officers and directors as a group (four persons)
58,934,292
 
 
 
 
 
(1)
The address of these persons is 25 Camelia Avenue, San Francisco, California 94112.
 
 
(2)
The foregoing beneficial owners hold investment and voting power in their shares.
 
 
(3)
The percent of common stock owned is calculated using the sum of (A) the number of shares of common stock owned and (B) the number of warrants and options of the beneficial owner that are exercisable within sixty days, as the numerator, and the sum of (Y) the total number of shares of common stock outstanding and (Z) the number of warrants and options of the beneficial owner that are exercisable within sixty days as the denominator.
 
Change of Control
 
There are no changes of control or similar provisions relating to our directors or executive officers.  See Item 5 entitled "Directors and Executive Officers - Employment Contracts; Termination of Employment and Change-in-Control Arrangements."
 

 
 
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Item 5.                                Directors and Executive Officers.
 
Effective as of the Closing, Kevin J. Asher resigned his position as the sole director of the Company and Mr. Asher and Greg W. Holmes resigned their positions as officers of the Company.  The following table sets forth the names, positions and ages of our directors and executive officers.  Our directors are typically elected at each annual meeting and serve for one year and until their successors are elected and qualify.  Officers are elected by our Board of Directors and their terms of office are at the discretion of our Board of Directors.
 
Name
Age
Position
Jimmy Kent-Lam Wong
40
Chairman of the Board of Directors and Chief Executive Officer
Chang Li
53
Chief Technology Officer and Director
Kin Wah Ngai
57
Chief Financial Officer and Director
Lin Su
45
Secretary and Director
 
Jimmy Kent-Lam Wong, Chief Executive Officer and Chairman of the Board of Directors.  Mr. Wong has served as our Chief Executive Officer and Chairman of the Board of Directors since 2008.  From 1999 to 2010 he was the chairman and CEO of Guang Dong Eastern Venture Group, which sells office products and small home appliances.  He intends to devote approximately 50% of his time to our business until we are funded sufficiently to implement our business plan.  Mr. Wong attended Simon Fraser University.  Mr. Wong holds no public company directorships other than with the Company and currently and for the previous five years.  The Company believes that Mr. Wong’s entrepreneurial, financial and business expertise and his experience with 3D technology companies and his role as Chief Executive Officer provide him the qualifications and skills to serve as a Director.
 
Chang Li, Chief Technology Officer and Director. Mr. Li has served as our Chief Technology Officer and a member of our Board of Directors since 2009.  From 1999 to the present, Mr. Li has been the chairman of Tianjin 3D Imaging Technique Co. Ltd., an entity engaged in 3D research.   He received his B. Eng.D  from Hebei Technology Institute.  He intends to devote approximately 50% of his time to our business.  Mr. Li holds no public company directorships other than with the Company and currently and for the previous five years.  The Company believes that Mr. Li's entrepreneurial, financial and business expertise and his experience with 3D technology companies and his role as Chief Technology Officer provide him the qualifications and skills to serve as a Director.
 
Kin Wah Ngai, Chief Financial Officer and Director.  Mr. Ngai has served as our Chief Financial Officer and a member of the Board of Directors since 2008.  From 2004 to the present, Mr. Ngai has been the chairman of Hong Kong Commercial Management Limited, a business trading company.  He plans to devote approximately 50% of his time to our business.  Mr. Ngai He received his B.A. from Soochow University of Taiwan.  Mr. Ngai holds no public company directorships other than with the Company and currently and for the previous five years.  The Company believes that Mr. Ngai’s entrepreneurial, financial and business expertise and his experience with 3D technology companies and his role as Chief Financial Officer provide him the qualifications and skills to serve as a Director.
 
Lin Su, Secretary and Director.   Mr. Su has served as our Secretary and as a member of our Board of Directors since 2010. Also since 2010 he has been a vice president of Beijing Hope Investment, a project consulting firm.  From 2008 to 2010 he was a Senior Actuary for First Care Insurance of the Southwest Insurance Group.  From 2006 to 2008 he was an actuary for Transamerica Life Insurance.  Mr. Su is a Fellow of Society of Actuary (USA), a CFA Charter holder and CPA.  He received his Ph.D from McGill University.  He plans to devote approximately 50% of his time to our business.  Mr. Su holds no public company directorships other than with the Company and currently and for the previous five years.  The Company believes that Mr. Su’s entrepreneurial, financial and business expertise and his experience with 3D technology companies and his role as Secretary provide him the qualifications and skills to serve as a Director.
 
 
-24-

 
None of the newly appointed executive officers and directors, nor any of their affiliates, beneficially owns any equity securities or rights to acquire any securities of the Company except as otherwise described in this report, and no such persons have been involved in any transaction with the Company or any of our directors, executive officers or affiliates that is required to be disclosed pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), other than with respect to the transactions that have been described in this Report or in any prior reports filed by the Company with the SEC.
 
None of the newly appointed officers and directors has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor have they been a party to any judicial or administrative proceeding during the past five years, except for matters that were dismissed without sanction or settlement, that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting  activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.
 
Until further determination by the board, the full Board of Directors will undertake the duties of the Audit Committee/Compensation Committee and Nominating Committee of the Board of Directors.
 
Item 6.
Executive Compensation.
 
 
The table below sets forth all cash compensation paid or proposed to be paid by the Company to the chief executive officer and the most highly compensated executive officers, and key employees for services rendered in all capacities to the Company during fiscal years ended December 31, 2010 and 2009.
Summary Compensation Table
Name and principal position
(a)
Year
(b)
 
Salary
($)
(c)
 
Bonus
($)
(d)
 
Stock
Awards
($)
(e)
 
Option
Awards
($)
(f)
 
Non-Equity
Incentive
Plan
Comp-
ensation
($)
(g)
 
All Other
Comp-ensation
($)
(i)
 
Total
($)
(j)
 
Jimmy Kent-Lam Wong,
        CEO and Chairman of the
        Board
2010
2009
 
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Chang Li,
Chief Technology Officer and Director
2010
2009
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Kin Wah Ngai,
CFO and Director
2010
2009
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lin Su,
Secretary and Director
2010
2009
-
-
-
-
-
-
-
-
-
-
-
-
-
-
 
 
 
-25-

 
Compensation Policy.  Our executive compensation plan is based on attracting and retaining qualified professionals who possess the skills and leadership necessary to enable us to achieve earnings and profitability growth to satisfy our stockholders.  We must, therefore, create incentives for these executives to achieve both our and their individual performance objectives through the use of performance-based compensation programs.
 
No one component is considered by itself, but all forms of the compensation package are considered in total.  Wherever possible, objective measurements will be utilized to quantify performance, but many subjective factors still come into play when determining performance.
 
Compensation Components.  Because we are still in the early stages of our revenue operations, the main elements of our compensation package consist of base salary, stock options, and bonus.
 
Base Salary.  In general, the base salary for our executive officers is reviewed and compared to the prior year, with considerations given for increase. As we continue to grow and financial conditions continue to improve, these base salaries will be reviewed for possible adjustments.
 
Base salary adjustments will be based on both individual and our performance and will include both objective and subjective criteria specific to each executive’s role and responsibility with us.
 
Bonuses.  To date, bonuses have been granted on a limited basis because we have not achieved a profitable level of operations. As we continue to grow and provided we generate profits, we will create more defined bonus programs to attract and retain our employees at all levels.
 
Other.  At this time, we have no profit sharing plan in place for employees.  However, this is another area of consideration to add such a plan to provide yet another level of compensation to the compensation package.
 
Outstanding Equity Awards at Fiscal Year-End
 
The Company did not issue any options or stock awards to any of our officers, directors or employees in 2010 and 2009.
 
Stock Option Plan
 
Our board of directors has not yet adopted a stock option plan.
 
Compensation of Directors
 
Prior to 2011, our directors received no compensation for serving as members of our Board of Directors.  We are not paying any fees to Messrs. Wong, Ngai, Chang and Li for their services on the Board in 2011.  We do not intend to compensate our directors for their services in 2012.  The non-employee directors are reimbursed for their out-of-pocket costs in attending the meetings of the Board of Directors.
 
 
-26-

 
 
As noted in the Executive Compensation table above, Messrs. Wong, Ngai, Chang and Li received no compensation for their services in 2010 and 2009 years.
 
Employment Contracts; Termination of Employment and Change-in-Control Arrangements
 
We have not entered into employment agreements with each of our three executive officers.
 
Item 7.
Certain Relationships and Related Transactions, and Director Independence.
 
Advances from Related Parties.  Jimmy Kent-Lam Wong had advanced $120,317 to us through September 30, 2011 to provide us with working capital.  Such advances are not represented by promissory notes and do not bear interest.  The advances are due on demand and are reflected by entries on our books.
 
License Agreements.  We purchased the products we have sold to date, and intend to purchase the products for which we are currently exploring new markets, from third party manufacturers, which manufacture these products under know-how and licenses granted by certain of our directors and principal shareholders.  These directors and principal shareholders do not receive any compensation for these licenses.  We do not have any contracts with its third party manufacturers.
 
Item 8.                   Legal Proceedings.
 
There are no claims, actions, suits, proceedings or investigations that are currently pending or, to our knowledge, threatened by or against us, or with respect to our operations or assets, by or against any of our officers, directors or affiliates.
 
Item 9.                   Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters.
 
The common stock of the Company is quoted on the OTC Bulletin Board under the symbol “CCSG.”  Set forth below are the high and low bid prices for our common stock for the periods set forth below.  Although our common stock is quoted on the OTC Bulletin Board, it has traded sporadically with no real volume.  Consequently, the information provided below may not be indicative of the price of our common stock under different conditions.
 
The high/low closing prices of our common stock were as follows for the periods below.  The quotations below reflect inter-dealer bid prices without retail markup, markdown, or commission and may not represent actual transactions:
 
 
-27-

 
 
High Close
Low Close
Year Ended December 31, 2011
   
1st Quarter
$0.55
$0.51
2nd Quarter
$0.51
$0.50
3rd Quarter
$0.50
$0.50
4th Quarter (through December 13, 2011)
$0.51
$0.51
     
Year Ended December 31, 2010
   
1st Quarter
$0.55
$0.05
2nd Quarter
$0.55
$0.55
3rd Quarter
$0.55
$0.55
4th Quarter
$0.55
$0.55
 
Holders of Common Stock
 
As of December 1, 2011, we had approximately 81 stockholders of record for our common stock.
 
Dividend Policy
 
To date, we have not declared or paid cash dividends on our shares of common stock.  The holders of our common stock will be entitled to non-cumulative dividends on the shares of common stock, when and as declared by our board of directors, in its discretion.  We intend to retain all future earnings, if any, for our business and do not anticipate paying cash dividends in the foreseeable future.  Any future determination to pay cash dividends will be at the discretion of our board of directors and will be dependent upon our financial condition, results of operations, capital requirements, general business conditions and such other factors as our board of directors may deem relevant.
 
Prior to the Closing Date, there was no public trading market for L3D-BVI common stock. L3D-BVI had never paid dividends on its common stock and it has no plans to pay dividends in the future. L3D-BVI intended to retain any future earnings for use in its business. Prior to the Closing Date, L3D-BVI had five shareholders of record of its common stock.
 
Item 10.                      Recent Sales of Unregistered Securities.
 
In connection with the Share Exchange, we issued the L3D-BVI Shareholders 62,590,880 shares of common stock in exchange for all of the issued and outstanding shares of L3D-BVI.  The issuance of the shares of common stock to the L3D-BVI Shareholders in the Share Exchange was exempt from registration under the Securities Act pursuant to Section 4(2) thereof. We made this determination based on the representations of the L3D-BVI Shareholders which included, in pertinent part, that such persons were “accredited investors” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, that such persons were acquiring the shares of common stock issued to them pursuant to the Share Exchange for investment purposes for their own respective accounts and not as nominees or agents, and not with a view to the resale or distribution thereof in violation of the Securities Act, and that each person understood that the shares of common stock issued to them in the Share Exchange, may not be sold or otherwise disposed of without registration under the Securities Act or an applicable exemption therefrom.  We did not pay any commissions or other fees in connection with the issuance of the shares of common stock in the Share Exchange.
 

 
 
-28-

 


Item 11.                      Description of Registrant’s Securities to be Registered.
 
Our Amended and Restated Articles of Incorporation authorize us to issue 100,000,000 shares of capital stock, par value $0.001 per share, with 90,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share.
 
Common Stock
 
The holders of common stock are entitled to one vote per share on each matter submitted to a vote at any meeting of shareholders.  Shares of common stock do not carry cumulative voting rights and, therefore, a majority of the shares of outstanding common stock will be able to elect the entire board of directors and, if they do so, minority shareholders would not be able to elect any persons to the board of directors. Our bylaws provide that a majority of the issued and outstanding shares of the Company constitutes a quorum for shareholders’ meetings, except with respect to certain matters for which a greater percentage quorum is required by statute or the bylaws.
 
Shareholders of the Company have no preemptive rights to acquire additional shares of common stock or other securities. The common stock is not subject to redemption and carries no subscription or conversion rights. In the event of liquidation of the Company, the shares of common stock are entitled to share equally in corporate assets after satisfaction of all liabilities.
 
Holders of common stock are entitled to receive such dividends, as the board of directors may from time to time declare out of funds legally available for the payment of dividends.  The Company seeks growth and expansion of its business through the reinvestment of profits, if any, and does not anticipate that it will pay dividends in the foreseeable future.
 
Preferred Stock
 
Shares of preferred stock may be issued in one or more series or classes, with each series or class having the rights and privileges respecting voting rights, preferences as to dividends and liquidation, conversion rights, and other rights of such series as determined by the board of directors at the time of issuance.  There are several possible uses for shares of preferred stock, including expediting financing and minimizing the impact of a hostile takeover attempt.
 
Authority to Issue Stock
 
The board of directors has the authority to issue the authorized but unissued shares of common stock without action by the shareholders.  The issuance of such shares would reduce the percentage ownership held by current shareholders.
 
Description of L3D-BVI Securities
 
L3D-BVI is authorized to issue up to 50,000 shares of common stock, $1.00 par value per share.  Prior to the Closing, 100 shares of L3D-BVI’s common stock were issued and outstanding, fully paid, and non-assessable.  All of these shares were exchanged for shares of our restricted common stock in the Stock Purchase and the Share Exchange.
 

 
 
-29-

 


Item 12.                      Indemnification of Directors and Officers.
 
The Private Corporations Law of the State of Nevada, under which the Company is organized upon Closing of the Stock Purchase and the Share Exchange, permits the inclusion in our Amended and Restated Articles of Incorporation of a provision limiting or eliminating the potential monetary liability of directors to a corporation or its stockholders by reason of their conduct as directors.  The provision would not permit any limitation on, or the elimination of, liability of a director for disloyalty to his or her corporation or its stockholders, failing to act in good faith, engaging in intentional misconduct or a knowing violation of the law, obtaining an improper personal benefit or paying a dividend or approving a stock repurchase that was illegal under Nevada law.  Accordingly, the provisions limiting or eliminating the potential monetary liability of directors permitted by Nevada law apply only to the “duty of care” of directors, i.e., to unintentional errors in their deliberations or judgments and not to any form of “bad faith” conduct.
 
The Amended and Restated Articles of Incorporation of the Company contain a provision which eliminates the personal monetary liability of directors to the extent allowed under Nevada law. Accordingly, a stockholder is able to prosecute an action against a director for monetary damages only if he or she can show a breach of the duty of loyalty, a failure to act in good faith, intentional misconduct, a knowing violation of law, an improper personal benefit or an illegal dividend or stock repurchase, as referred to in the amendment, and not “negligence” or “gross negligence” in satisfying his or her duty of care. Nevada law applies only to claims against a director arising out of his or her role as a director and not, if he or she is also an officer, his or her role as an officer or in any other capacity or to his or her responsibilities under any other law, such as the federal securities laws.
 
In addition, our Amended and Restated Articles of Incorporation and bylaws provide that the Company will indemnify our directors, officers, employees and other agents to the fullest extent permitted by Nevada law.  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise.  The Company has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
 
No pending litigation or proceeding involving a director, officer, employee or other agent of the Company as to which indemnification is being sought exists, and the Company is not aware of any pending or threatened material   that may result in claims for indemnification by any director, officer, employee or other agent.
 
Item 13.                      Financial Statements and Supplementary Data.
 
Not applicable.
 
 
-30-

 
Item 14.                      Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 
The report of MaloneBailey, LLP, on our financial statements for each of the past two years has contained a going concern opinion.
 
There were no disagreements between the Company and MaloneBailey, LLP, for either of the past two years or subsequent interim period on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of MaloneBailey, LLP, would have caused them to make reference to the subject matter of the disagreement in connection with its report.
 
Item 15.                      Financial Statements and Exhibits.
 
(a)           Financial Statements filed as part of this Report.
 
The Audited Financial Statements of L3D-BVI as of December 31, 2010 and 2009 and for the years then ended are filed as Exhibit 99.2 to this report and are incorporated herein by reference.
 
The Unaudited Consolidated Financial Statements of L3D-BVI as of September 30, 2011 and for the nine months ended September 30, 2011 and 2010 are filed as Exhibit 99.3 to this report and are incorporated herein by reference.
 
(b) Pro Forma Financial Information.
 
Pro Forma Financial Information giving effect to the acquisition of Living 3D Holdings and its subsidiaries is included herewith as Exhibit 99.4.
 
(c)  Exhibits.
 
Please see Item 9.01(d) below entitled "Financial Statements and Exhibits."
 
Item 3.02                      Unregistered Sales of Equity Securities.
 
Effective as of December 8, 2011, we and L3D-BVI closed the Share Exchange pursuant to the terms of the Share Exchange Agreement and L3D-BVI became a wholly-owned subsidiary of the Company.  In connection with the Share Exchange, we issued the L3D-BVI Shareholders 62,590,880 shares of common stock in exchange for all of the issued and outstanding shares of L3D-BVI.
 
The issuance of the shares of common stock to the L3D-BVI Shareholders in the Share Exchange was exempt from registration under the Securities Act pursuant to Section 4(2) thereof. We made this determination based on the representations of the L3D-BVI Shareholders which included, in pertinent part, that such persons were “accredited investors” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, that such persons were acquiring the shares of Common Stock issued to them pursuant to the Share Exchange for investment purposes for their own respective accounts and not as nominees or agents, and not with a view to the resale or distribution thereof in violation of the Securities Act, and that each person understood that the shares of common stock issued to them in the Share Exchange, may not be sold or otherwise disposed of without registration under the Securities Act or an applicable exemption therefrom.  We did not pay any commissions or other fees in connection with the issuance of the shares of common stock in the Share Exchange.  See “Form 10 Disclosure” Item 10, “Recent Sales of Unregistered Securities.”
 
 
-31-

 
The holders of common stock of the Company are entitled to one vote per share on each matter submitted to a vote at any meeting of shareholders.  Shares of common stock of the Company do not carry cumulative voting rights and, therefore, a majority of the shares of outstanding common stock of the Company will be able to elect the entire board of directors and, if they do so, minority shareholders would not be able to elect any persons to the board of directors. The Company’s bylaws provide that a majority of the issued and outstanding shares of the Company constitutes a quorum for shareholders’ meetings, except with respect to certain matters for which a greater percentage quorum is required by statute or the bylaws.
 
Shareholders of the Company have no preemptive rights to acquire additional shares of common stock or other securities.  The common stock is not subject to redemption and carries no subscription or conversion rights.  In the event of liquidation of the Company, the shares of common stock are entitled to share equally in corporate assets after satisfaction of all liabilities.
 
Holders of common stock are entitled to receive such dividends, as the board of directors may from time to time declare out of funds legally available for the payment of dividends.  The Company seeks growth and expansion of its business through the reinvestment of profits, if any, and does not anticipate that it will pay dividends in the foreseeable future.
 
Item 4.01                      Changes in Registrant’s Certifying Accountant.
 
See Item 14, “Changes in and Disagreements with Accountants on Accounting and Financial Disclosure,” included in the “Form 10 Disclosure,” which discussion is incorporated herein by reference.
 
Item 5.01                      Changes in Control of Registrant.
 
See Item 2.01, “Completion of Acquisition or Disposition of Assets,” which discussion is incorporated herein by reference.
 
Item 5.02                      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
Effective as of the Closing Date, Kevin J. Asher resigned his position as the sole director of the Company and Mr. Asher and Greg W. Holmes resigned their positions as officers of the Company.  The following table sets forth the names, positions and ages of our directors and executive officers.
 
Name
Age
Position
Jimmy Kent-Lam Wong
40
Chairman of the Board of Directors and Chief Executive Officer
Chang Li
53
Chief Technology Officer and Director
Kin Wah Ngai
57
Chief Financial Officer and Director
Lin Su
45
Secretary and Director
 
 
 
 
-32-

 
 
Effective as of the Closing Date of the Stock Purchase and the Share Exchange, Jimmy Kent-Lam Wong became the Chief Executive Officer and Chairman of the Board of Directors of the Company.  See Mr. Wong's biography set forth in Item 5 entitled “Directors and Executive Officers” included in the “Form 10 Disclosure.”
 
Effective as of the Closing Date of the Stock Purchase and the Share Exchange, Chang Li became the Chief Technology Officer and a director of the Company.  See Mr. Li’s biography set forth in Item 5 entitled “Directors and Executive Officers” included in the “Form 10 Disclosure.”
 
Effective as of the Closing Date of the Stock Purchase and the Share Exchange, Kin Wah Ngai became the Chief Financial Officer and a director of the Company.  See Mr. Ngai’s biography set forth in Item 5 entitled “Directors and Executive Officers” included in the “Form 10 Disclosure.”
 
Effective as of the Closing Date of the Stock Purchase and the Share Exchange, Lin Su became the Secretary and a director of the Company.  See Mr. Su's biography set forth in Item 5 entitled “Directors and Executive Officers” included in the “Form 10 Disclosure.”
 
Effective as of Closing Date, Mr. Asher resigned as the sole director of the Company and Messrs. Wong, Li, Ngai and Su were appointed directors of the Company.  See Item 2.01 entitled “Completion of Acquisition or Disposition of Assets.”  See the biographies of Messrs. Wong, Li, Ngai and Su set forth in Item 5 entitled “Directors and Executive Officers” included in the “Form 10 Disclosure.”
 
Employment Agreements
 
None of our executive officers has entered into an employment agreement with the Company.
 
None of the newly appointed officers and directors, nor any of their affiliates, currently beneficially own any equity securities or rights to acquire any securities of the Company except as otherwise described in this report, and no such persons have been involved in any transaction with the Company or any of its directors, executive officers or affiliates that is required to be disclosed pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), other than with respect to the transactions that have been described in this report or in any prior  reports filed by the Company with the SEC.
 
None of the newly appointed officers and directors has been convicted in a criminal proceeding, excluding traffic violations or similar misdemeanors, nor have such persons been a party to any judicial or administrative proceeding during the past five years, except for matters that were dismissed without sanction or settlement, that resulted in a judgment, decree or final order enjoining such persons from future violations of, or prohibiting  activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.
 
Until further determination by the board, the full Board of Directors will undertake the duties of an Audit Committee, Compensation Committee and Nominating Committee of the Board of Directors.  Kim Wah Ngai is our qualified financial expert of the Audit Committee.
 
 
-33-

 
Item 5.03                      Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
 
We amended our Articles of Incorporation to change our name to “Living 3D Holdings, Inc.”  The Amended and Restated Articles of Incorporation and change of name were approved by our Board of Directors and by holders of a majority of the outstanding shares of our common stock.  We filed the amendment to our articles of incorporation with the secretary of State of the State of Nevada.
 
Item 5.06                      Change in Shell Company Status.
 
See Item 2.01 entitled “Completion of Acquisition or Disposition of Assets,” which discussion is incorporated herein by reference.
 
Item 7.01                      Regulation FD Disclosure.
 
Furnished herewith as Exhibit 99.1 is our press release dated December 8, 2011, addressing these matters.
 
Item 9.01                      Financial Statements and Exhibits.
 
(a)           Financial statements of businesses acquired.
 
The Audited Financial Statements of L3D-BVI as of December 31, 2010 and 2009 and for the years then ended are filed as Exhibit 99.2 to this report and are incorporated herein by reference.
 
The Unaudited Condensed Financial Statements of L3D-BVI as of September 30, 2011 and for the nine months ended September 30, 2011 and 2010 are filed as Exhibit 99.3 to this report and are incorporated herein by reference.
 
(b)           Pro Forma Financial Information.
 
                                Pro Forma Financial Information giving effect to the acquisition of Living 3D Holdings and its subsidiaries is included herewith as Exhibit 99.4.
 
(c)           Shell Company Transactions.  See Exhibit 99.4
 
(d)           Exhibits.
 

 
 
-34-

 
Exhibit
Number
 
 
Description
 
 
Incorporated by Reference
 
 
 
       
2.1
Stock Purchase Agreement, entered into effective as of December 8, 2011, by and among the stockholders of Living 3D Holdings Ltd, a British Virgin Islands corporation, certain shareholders of Living 3D Holdings, Inc. (formerly AirWare International Corp.; formerly Concrete Casting Incorporated), a Nevada corporation, listed in Exhibit A thereto, and Jeff W. Holmes, a selling shareholder and a principal shareholder of AirWare International Corp.
Filed herewith.
     
2.2
Share Exchange and Acquisition Agreement, entered into effective as of December 8, 2011, by and among Living 3D Holdings, Inc. (formerly AirWare International Corp.; formerly Concrete Casting Incorporated), a Nevada corporation, Living 3D Holdings, Ltd, a British Virgin Islands corporation and all of the shareholders of Living 3D Holdings, Ltd.
Filed herewith.
     
3.1
Amended and Restated Articles of Incorporation of Living 3D Holdings, Inc. (formerly AirWare International Corp.; formerly Concrete Casting Incorporated), a Nevada corporation, dated July 1, 2010.
Filed herewith.
     
3.2
Memorandum and Articles of Association of Living 3D Holdings Ltd, a British Virgin Islands corporation, dated June 23, 2008.
Filed herewith.
     
3.3
Amended and Restated Bylaws of Living 3D Holdings, Inc. (formerly AirWare International Corp.; formerly Concrete Casting Incorporated).
Filed herewith.
     
4.1
Form of Common Stock Certificate of Living 3D Holdings, Inc. (formerly AirWare International Corp.; formerly Concrete Casting Incorporated).
Filed herewith.
     
21.1
List of subsidiaries of the Company.
Filed herewith.
     
99.1
Press Release dated December 8, 2011.
Filed herewith.
     
99.2
Audited Financial Statements of Living 3D Holdings Ltd, a British Virgin Islands corporation, as of December 31, 2010 and 2009.
Filed herewith.
     
99.3
Unaudited Financial Statements of Living 3D Holdings Ltd, a British Virgin Islands corporation, as of September 30, 2011 and 2010.
9.4 Pro F
Filed herewith.
99.4
99.4 Pro FoPrPro Forma Financial Information giving effect to the acquisition of Living 3D Holdings and its subsidiaries is included herewith as Exhibit 99.4.
 
Filed herewith

 
-35-

 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Date:  December 14, 2011
Living 3D Holdings, Inc.
(formerly AirWare International Corp.; formerly Concrete Casting Incorporated)
a Nevada corporation
 
 
/s/ Wong Jimmy Kent-Lam
 
 
Name:   Wong Jimmy Kent-Lam
Title:   Chief Executive Officer and Chairman of
           the Board of Directors
 

 
 
 
 
-36-

 

EX-2.1 2 exhibittwopointone.htm EX 2.1 exhibittwopointone.htm
Exhibit 2.1
 
Stock Purchase Agreement
 
This Stock Purchase Agreement (“Agreement”) is made and entered into effective as of December 8, 2011, by and among the persons set forth on Exhibit A (the "Purchasers"), the shareholders listed on Exhibit B hereto (the “Selling Shareholders”) who are the holders of a majority of the issued and outstanding shares of capital stock of Living 3D Holdings, Inc. (formerly AirWare International Corp and formerly Concrete Casting Incorporated), a Nevada corporation (the "Company") and Jeff W. Holmes, who is one of the Selling Shareholders and a principal shareholder of the Company (the "Principal Shareholder").
 
Whereas, the Purchasers desire to acquire from the Selling Shareholders an aggregate of 3,627,426 shares of the capital stock of the Company owned by the Selling Shareholders (the "Company Shares") on the terms and conditions set forth in this Agreement; and
 
Whereas, the Selling Shareholders deems it advisable and in their best interest to sell their Company Shares to the Purchasers under the terms of this Agreement.
 
In consideration of the mutual covenants contained in this Agreement, the Purchasers, the Company and the Selling Shareholders hereby agree as follows:
 
ARTICLE 1
 
PURCHASE AND SALE
 
1.1 Purchase and Sale. Upon the terms and subject to the conditions contained in this Agreement, the Selling Shareholders agree to sell, assign and transfer their Company Shares to the Purchasers and Purchasers agree to purchase and pay for the Company Shares in accordance with Section 1.3, “Payment of the Purchase Price,” below.
 
1.2 Closing Date.  The date on which the closing (the “Closing”) occurs is referred to as the “Closing Date.”  The Closing Date shall be no later than December 15, 2011.  Any extension of the Closing Date may be made only with the written consent of the Purchasers and the Selling Shareholders.  The Closing shall occur as soon as practicable after:
 
1.2.1 Execution of this Agreement;
 
1.2.2 Delivery of the certificates representing the Company Shares to the Purchasers with attached stock powers duly executed by the Selling Shareholders in form acceptable to the Purchasers in accordance with Section 1.4, “Surrender and Exchange of Shares; Payment of Purchase Price”;
 
1.2.3 Satisfaction of all conditions to the Closing set forth in Article 5, “Conditions Precedent to Obligations of the Purchasers,” and Article 6, “Conditions Precedent to the Obligations of the Purchasers and the Selling Shareholders”;
 
 
 

 
1.2.4 Payment of the Purchase Price to the Selling Shareholders in accordance with Section 1.3, “Payment of Purchase Price”;
 
1.2.5 Delivery of the certificates regarding representations and warranties by the Purchasers and the Selling Shareholders to the other party; and
 
1.2.6 Receipt by the Purchasers of any required regulatory approvals.
 
1.3           Payment of Purchase Price.  The Purchasers shall pay to the Selling Shareholders the sum of Three Hundred Eight Five Thousand Dollars ($385,000.00) for the Company Shares (the “Purchase Price”).  The Purchasers shall pay the Purchase Price in cash on the Closing Date.
 
1.4           Surrender and Exchange of Shares; Payment of Purchase Price.  In connection with the Closing, the Selling Shareholders shall surrender and deliver the certificates respecting their Company Shares to the Purchasers duly endorsed in blank.  The Purchasers will be the owners of the Company Shares at and after the Closing Date for all purposes.
 
ARTICLE 2
 
REPRESENTATIONS AND WARRANTIES OF THE COMPANY,
 
THE SELLING SHAREHOLDERS AND THE PRINCIPAL SHAREHOLDER
 
Except as disclosed on the Schedules to be delivered by the Selling Shareholders and the Principal Shareholder to the Purchasers on the Closing Date, the Company and the Principal Shareholder represent and warrant to the Purchasers as follows to all Sections, except for Sections 2.1, "Validity of Agreement," 2.3, "Title," 2.4, "Exclusive Dealing," 2.16, "No Default," and 2.18, "Finders," which Sections are representations and warranties of the Selling Shareholders, the Principal Shareholders and/or the Company, as the case may be. The representations and warranties of the Selling Shareholders shall be made severally and not jointly. The Company is a shell corporation with no business operations.  The Company had operations from November 30, 2001 to December 31, 2007.  Accordingly, all references in this Article 2 to the business operations of these companies is a reference to the business of the Company when it had operations and thereafter to maintaining the Company as shell corporation and as a publicly reporting and trading shell corporation.
 
2.1 Validity of Agreement.  The execution, delivery and performance of this Agreement by the Company has been duly authorized by its Board of Directors and the Selling Shareholders.  This Agreement is valid and binding upon the Company and the Selling Shareholders and neither the execution nor delivery of this Agreement by such parties nor the performance by such parties of any of their covenants or obligations hereunder will constitute a material default under any contract, agreement or obligation to which the Company or any Selling Shareholder is a party or by which the Company or any Selling Shareholder or any of its or their properties is bound.  This Agreement is enforceable severally against the Company and each of the Selling Shareholders in accordance with its terms, subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium, receivership or other similar laws relating to or affecting creditors’ rights generally.
 
 
 

 
2.2 Organization and Good Standing.  The Company is a corporation duly organized and existing in good standing under the laws of the State of Nevada. The Company has full corporate power and authority to carry on its business as now conducted and to own or lease and operate the properties and assets now owned or leased and operated by it. The Company is duly qualified to transact business in the State of Nevada and in all states and jurisdictions in which the business or ownership of its property makes it necessary so to qualify, except for jurisdictions in which the nature of the property owned or business conducted, when considered in relation to the absence of serious penalties, renders qualification as a foreign corporation unnecessary as a practical matter.
 
2.3 Title.  The Selling Shareholders have full right and title to the Company Shares to be sold pursuant to this Agreement free and clear of all liens, encumbrances, restrictions and claims of every kind and such Company Shares constitute all of the Company Shares which the Selling Shareholders, directly or indirectly, own or have any right to acquire.  The Selling Shareholders have the legal right, power and authority to enter into this Agreement and will have the right to sell, assign, transfer and convey the Company Shares so owned by them pursuant to this Agreement and deliver to the Purchasers valid title to the Company Shares pursuant to the provisions of this Agreement, free and clear of all liens, encumbrances, restrictions and claims of every kind.  There are no outstanding options, warrants, rights, calls, commitments, conversion rights, rights of exchange, plans or other agreements of any character providing for the purchase or sale of any Company Shares owned by the Selling Shareholders.
 
2.4 Exclusive Dealing.  The Selling Shareholders are not engaged in any discussions or negotiations for the purchase or sale of the Company or any interest in the Company, except those discussions with that are embodied in this Agreement.
 
2.5 Capitalization.  The authorized capital stock of the Company consists of 100,000,000 shares consisting of 90,000,000 shares of Common Stock, par value $0.001 and 10,000,000 shares of Preferred Stock, par value $0.001.  The Company has 7,112,600 shares of Common Stock issued and outstanding and no Shares of Preferred Stock issued and outstanding. The Company Shares consist of the issued and outstanding shares of Common Stock owned by the Selling Shareholders.  The Company Shares are validly issued, fully paid and non-assessable and are subject to no restrictions on transfer, except those imposed by the applicable federal and state securities laws.  All Company Shares are certificated, and the Company has not executed and delivered certificates for Company Shares in excess of the number of Company Shares set forth in this Section 2.5.  Except as set forth in Section 2.5 of the Company Disclosure Schedule, there are no outstanding options, warrants, rights, calls, commitments, conversion rights, plans or other agreements of any character providing for the purchase, issuance or sale of, or any securities convertible into, capital stock of the Company, whether issued, unissued or held in its treasury.  There are no treasury shares.
 
2.6 No Subsidiaries.  The Company has no subsidiaries.  The Company does not own five percent (5%) or more of the securities having voting power of any corporation (or would own such securities in such amount upon the closing of any existing purchase obligations for securities).
 
 
 

 
2.7 Ownership and Authority.  The execution, delivery and performance of this Agreement by the Company has been duly authorized by its Board of Directors and all other required corporate approvals have been obtained.  This Agreement is valid and binding upon the Company, the Selling Shareholders and the Principal Shareholder and is enforceable against the Company, the Selling Shareholders and the Principal Shareholder in accordance with its terms, subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium, receivership or other similar laws relating to or affecting creditors’ rights generally.  The execution, delivery and performance of this Agreement by the Company, the Selling Shareholders and the Principal Shareholder will not result in the violation or breach of any term or provision of charter instruments applicable to the Company or constitute a material default under any indenture, mortgage, deed of trust or other contract or agreement to which the Company, the Selling Shareholders and the Principal Shareholder are a party or by which such parties or any of their properties is bound and will not cause the creation of a lien or encumbrance on any properties owned by or leased to such parties.
 
2.8 Liabilities and Obligations.  Except to the extent set forth in the Financial Statements (as defined in Section 2.9) and as set forth on Schedule 2.8 hereto, the Company has no liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise) secured by a pledge or a lien on any of its assets.
 
2.9 Financial Statements.  The audited financial statements for the Company for the years ending December 31, 2009 and 2010 (the “Audited Financial Statements”) have been prepared from the books and records of the Company by its independent public accountants, HJ & Associates, LLC, Salt Lake City, UT.  The unaudited financial statements of the Company for the period from January 1, 2011 through September 30, 2011 (the “Unaudited Financial Statements” and, together with the Audited Financial Statements, the “Financial Statements”) have been prepared from the books and records of the Company by its management, but are in auditable condition.  The Financial Statements and the Reviewed Financial Statements (i) are true, complete, and correct, and fairly and accurately present the financial condition and assets and liabilities or the results of operations of each respective entities as of the dates thereof and for the periods indicated in conformity with generally accepted accounting principles consistently applied, and (ii) contain and reflect all necessary adjustments for fair and accurate presentation of the financial condition as of such dates.  There has not been any change between the date of the Financial Statements and the Reviewed Financial Statements and the date of this Agreement which has had an adverse effect on the financial position or results of operations of the Acquired Companies.  Except as and to the extent reflected or reserved against in such Financial Statements or Reviewed Financial Statements, as applicable, or otherwise expressly disclosed therein, each of the Acquired Companies has no liabilities or obligations, contingent or otherwise, of a nature required to be reflected in the Financial Statements or the Reviewed Financial Statements, as applicable, in accordance with generally accepted accounting principles consistently applied.
 
 
 

 
2.10 Absence of Certain Changes.  During the period from the date of this Agreement through and including the Closing Date, the Company has not:
 
2.10.1 Suffered any adverse change affecting its assets, liabilities, financial condition or business except in the ordinary course of business;
 
2.10.2 Made any change in the compensation payable or to become payable to any of its employees or agents, or made any bonus payments or compensation arrangements to or with any of its employees or agents, whether direct or indirect, except in the ordinary course of business consistent with past practices;
 
2.10.3 Paid or declared any dividends, distributions or other payments due or owing to any of its shareholders or redeemed or repurchased (or agreed to redeem or repurchase) any of its capital stock;
 
2.10.4 Issued any stock, or granted any stock options or warrants to purchase stock or issued any securities convertible into common stock of any of the Company;
 
2.10.5 Sold or transferred any of its assets or canceled any indebtedness or claims owing to it, except in the ordinary course of business and consistent with its past practices;
 
2.10.6 Sold, assigned or transferred any formulas, inventions, patents, patent applications, trademarks, trade names, copyrights, licenses, computer programs or software, know-how or other intangible assets;
 
2.10.7 Amended or terminated any contract, agreement or license to which it is a party otherwise than in the ordinary course of business or as may be necessary or appropriate for the consummation of the transactions described herein;
 
2.10.8 Borrowed any money or incurred, directly or indirectly (as a guarantor or otherwise), any indebtedness in excess of $5,000, except in the ordinary course of business and consistent with its past practices;
 
2.10.9 Discharged or satisfied any lien or encumbrance or paid any obligation or liability (absolute or contingent), other than current liabilities shown in the Financial Statements, the Reviewed Financial Statements or current liabilities incurred since such date in the ordinary course of business, consistent with its past practices;
 
2.10.10 Mortgaged, pledged or subjected to lien, charge or other encumbrance any of its assets, except in the ordinary course of business and consistent with its past practices; or
 
2.10.11 Entered into or committed to any other transaction other than in the ordinary course of business, consistent with past practices.
 
2.11 Taxes.  Except as set forth on Schedule 2.11, the Company has filed all federal, state, local or foreign tax returns, tax reports or forms required to be filed since its inception.  No taxes are due to any federal, state, local or foreign tax authority.  The Company is not obligated to make any payments, and is not a party to any agreement that under any circumstances could obligate it to make any payments that will not be deductible under Section 280G of the Code.  The Company has disclosed on its federal income tax returns all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Code.  The Company is not a party to any Tax allocation or sharing agreement.  The Company (i) has not been a member of an affiliated group filing a consolidated federal income tax return, (ii) is not and has not ever been a partner in a partnership or an owner of an interest in an entity treated as a partnership for federal income tax purposes, and (iii) has no liability for the Taxes of any person (other than the Company) under Treasury Regulation Section 1.1502-6 (or any similar provision of state, local or foreign law), as a transferee or successor, by contract or otherwise.
 
 
 

 
2.12 Title to Properties and Assets.  The Company presently does not own or lease any real property from which it conducts its business and owns or leases certain personal property.
 
2.13 Accounts Receivable/Payable.  Except as set forth on Schedule 2.13, the Company has no accounts receivable, unbilled invoices and other debts.  There have been no material adverse changes since September 30, 2011 in any accounts receivable or other debts due to the Company or the allowances with respect thereto or accounts payable of each of the Acquired Companies from that reflected in the Financial Statements or the Reviewed Financial Statements.
 
2.14 Material Documents. The Company is not party to any material agreements or documents.
 
2.15 Intellectual Properties.  The Company has no interest in and owns no domestic and foreign letters patent, patents, patent applications, patent licenses, software licenses and know-how licenses, trade names, trademarks, copyrights, unpatented inventions, service mark registrations and applications and copyright registrations and applications owned or used by the Company in the operation of its business (collectively, the “Intellectual Property”).  No Intellectual Property is required or used in the operation of the business of the Company.  There are no pending or threatened claims of infringement upon the rights to any intellectual property of others or any agreement undertakings with respect to any such rights.
 
2.16 No Default.  Neither the Company nor the Selling Shareholders are in default under any provision of any contract, commitment, or agreement respecting its assets to which any the Company or the Selling Shareholders is or are a party or by which they are bound.
 
2.17 Litigation.  There are no lawsuits, arbitration actions or other proceedings (equitable, legal, administrative or otherwise) pending or, threatened, and there are no investigations pending or threatened against the Company that relate to and could have a material adverse effect on the properties, business, assets or financial condition of the Company that could adversely affect the validity or enforceability of this Agreement or the obligation or ability of the Company to perform its obligations under this Agreement or to carry out the transactions contemplated by this Agreement or otherwise affecting the Company.
 
2.18 Finders.  Neither the Company nor the Selling Shareholders owe any fees or commissions, or other compensation or payments to any broker, finder, financial consultant, or similar person claiming to have been employed or retained by or on behalf of the Company or the Selling Shareholders in connection with this Agreement or the transactions contemplated hereby.
 
 
 

 
2.19 Employees.  The Company has no employees. The Company has no written employment agreements and the Company does not currently use the services of nor has it at any time engaged any independent contractor.
 
2.20 Absence of Pension Liability.  The Company has no liability of any nature to any person or entity for pension or retirement obligations, vested or unvested, to or for the benefit of any of its existing or former employees.  The consummation of the transactions contemplated by this Agreement will not entitle any employee of the Company to severance pay, unemployment compensation or any other payment, except as expressly provided in this Agreement, including the Exhibits, or accelerate the time of payment or increase the amount of compensation due to any such employee.  The Company does not presently have nor has it ever had any employee benefit plans and has no announced plan or legally binding commitment to create any employee benefit plans.
 
2.21 Compliance with Laws.  The Company has conducted and is continuing to conduct its business in compliance with, and is in compliance with, all applicable statutes, orders, rules and regulations promulgated by governmental authorities relating in any respect to its operations, conduct of business or use of properties, except where noncompliance with any such statutes, orders, rules or regulations would not have an adverse effect on the Company or its results of operations.  Such statutes, orders, rules or regulations include, but are not limited to, any applicable statute, order, rule or regulation relating to (i) wages, hours, hiring, nondiscrimination, retirement, benefits, pensions, working conditions, and worker safety and health; (ii) air, water, toxic substances, noise, or solid, gaseous or liquid waste generation, handling, storage, disposal or transportation; (iii) zoning and building codes; (iv) the production, storage, processing, advertising, sale, distribution, transportation, disposal, use and warranty of products; or (v) trade and antitrust regulations.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated by this Agreement will not, separately or jointly, violate, contravene or constitute a default under any applicable statutes, orders, rules and regulations promulgated by governmental authorities or cause a lien on any property used, owned or leased by the Company to be created thereunder.  There are no proposed changes in any applicable statutes, orders, rules and regulations promulgated by governmental authorities that would cause any representation or warranty contained in this Section 2.21 to be untrue or have an adverse effect on its operations, conduct of business or use of properties.
 
2.22 Filings.  The Company made all filings and reports required under all local, state and federal laws with respect to its business and of any predecessor entity or partnership, except filings and reports in those jurisdictions in which the nature of the property owned or business conducted, when considered in relation to the absence of serious penalties, renders the required filings or reports unnecessary as a practical matter.
 
 
 

 
2.23 Certain Activities.  The Company has not, directly or indirectly, engaged in or been a party to any of the following activities:
 
2.23.1 Bribes, kickbacks or gratuities to any person or entity, including domestic or foreign government officials or any other payments to any such persons or entity, whether legal or not legal, to obtain or retain business or to receive favorable treatment of any nature with regard to business (excluding commissions or gratuities paid or given in full compliance with applicable law and constituting ordinary and necessary expenses incurred in carrying on its business in the ordinary course);
 
2.23.2 Contributions (including gifts), whether legal or not legal, made to any domestic or foreign political party, political candidate or holder of political office;
 
2.23.3 Holding of or participation in bank accounts, funds or pools of funds created or maintained in the United States or any foreign country, without being reflected on the corporate books of account, or as to which receipts or disbursements therefrom have not been reflected on such books, the purpose of which is to obtain or retain business or to receive favorable treatment with regard to business;
 
2.23.4 Receiving or disbursing monies, the actual nature of which has been improperly disguised or intentionally misrecorded on or improperly omitted from the corporate books of account;
 
2.23.5 Paying fees to domestic or foreign consultants or commercial agents which exceed the reasonable value of the ordinary and customary consulting and agency services purported to have been rendered;
 
2.23.6 Paying or reimbursing (including gifts) personnel of the Company for the purpose of enabling them to expend time or to make contributions or payments of the kind or for the purposes referred to in Subsections 2.23.1 through 2.23.5 above;
 
2.23.7 Participating in any manner in any activity which is illegal under the international boycott provisions of the Export Administration Act, as amended, or the international boycott provisions of the Internal Revenue Code, or guidelines or regulations thereunder; and
 
2.23.8 Making or permitting unlawful charges, mischarges or defective or fraudulent pricing under any contract or subcontract under a contract with any department, agency or subdivision thereof, of the United States government, state or municipal government or foreign government.
 
2.24 Employment Relations.  The Company is in compliance with all Federal, state or other applicable laws, domestic or foreign, respecting employment and employment practices, terms and conditions of employment and wages and hours, and has not and is not engaged in any unfair labor practice; no unfair labor practice complaint against the Company is pending before the National Labor Relations Board; there is no labor strike, dispute, slow down or stoppage actually pending or threatened against or involving the Company; no labor representation question exists respecting the employees of the Company; no grievance which might have an adverse effect upon the Company or the conduct of its business exists; no arbitration proceeding arising out of or under any collective bargaining agreement is currently being negotiated by the Company; and the Company has not experienced any material labor difficulty during the last three (3) years.
 
 
 

 
2.25 Insurance Coverage.   The Company maintains no insurance policies.
 
2.26 Articles of Incorporation and Bylaws.  The Articles of Incorporation and By-Laws of the Company, together with all amendments to each of the same as of the date hereof, provided to the Purchasers at the Closing are true and correct and in full force and effect.
 
2.27 Corporate Minutes.  The minute books and records of the Company provided to the Purchasers at the Closing will be the correct and only such minute books and records and do and will contain, in all material respects, complete and accurate records of any and all proceedings and actions at all meetings, including written consents executed in lieu of meetings of shareholders, Board of Directors and committees thereof through the Closing Date.  The stock records of the Company delivered to the Company at the Closing are the correct and only such stock records and accurately reflects all issues and transfers of record of the capital stock of each the Company.  With the exception of monthly computer backup tapes held offsite in a safety deposit box, the Company does not have any of its records or information recorded, stored, maintained or held off its premises.
 
2.28 Default on Indebtedness.  The Company is not in default under any evidence of indebtedness for borrowed money.
 
2.29 Indebtedness.  Except as set forth on Schedule 2.29, the Company does not have any indebtedness or liability to any Shareholder or any corporation or entity with which the Company is affiliated.
 
2.30 Agreements, Judgment and Decrees Affecting the Company and the Selling Shareholders.  The Company, the Selling Shareholders and the Principal Shareholder jointly and severally represent and warrant that none is subject to any agreement, judgment or decree adversely affecting its or their ability to enter into this Agreement, to consummate the transactions contemplated herein.
 
2.31 Governmental Approvals.  No consent, approval or authorization of, or notification to or registration with, any governmental authority, either federal, state or local, is required in connection with the execution, delivery and performance of this Agreement by the Company.
 
2.32 Securities Filings; Financial Statements.  The Company has made available to the Purchasers a Disclosure Schedule and true and complete copies of all reports, statements and registration statements and amendments thereto filed by the Company with the Securities and Exchange Commission through December 8, 2011 (the "SEC Reports").  As of their respective dates, or as of the date of the last amendment thereof, if amended after filing, none of the SEC Reports (including all schedules thereto and disclosure documents incorporated by reference therein), contains any untrue statement of a material fact or omitted a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.  Each of the SEC Reports as of the time of filing or as of the date of the last amendment thereof, if amended after filing, complied in all material respects with the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or the Securities Act of 1933, as amended (the "Securities Act"), as applicable.  The consolidated financial statements of the Company included in the SEC Reports fairly present in conformity in all material respects with GAAP applied on a consistent basis the consolidated financial position of the Company as of the dates thereof and their consolidated results of operations and changes in financial position for the periods then ended.
 
 
 

 
2.33 Licenses, Permits and Required Consents.  The Company has all required franchises, tariffs, licenses, ordinances, certifications, approvals, authorizations and permits (“Authorizations”) necessary to the conduct of its business as currently conducted or proposed to be conducted.  All Authorizations relating to the business of each of the Acquired Companies are in full force and effect, no violations have been made in respect thereof, and no proceeding is pending or threatened which could have the effect of revoking or limiting any such Authorizations and the same will not cease to remain in full force and effect by reason of the transactions contemplated by this Agreement.
 
2.34 Transferability of Company Shares.  The Company Shares are qualified for trading on the OTC Bulletin Board under the symbol CCSG.OB.  There are at least two market makers for the Company Shares and will be at least two market makers after the transaction contemplated by this Agreement.  The Company Shares owned by certain non-Affiliates were registered with the SEC under an SB-2 Registration Statement No. 102684 and are freely tradable on the OTC Bulletin Board and transferable without further action by the Company.  The Company Shares owned by those non-Affiliates will continue to be tradable on the OTC Bulletin Board and transferable by non-Affiliates after the transaction contemplated by this Agreement, provided that the Company timely files a report on Form 8-K containing information about the transaction contemplated by this Agreement and the Company as required by applicable SEC regulations.  The term "Affiliate" in this Agreement shall have the meaning as defined in Rule 415 under the Securities Act of 1933, as amended.  The foregoing representations and warranties do not apply if those non-Affiliates who hold Company Shares have pledged, hypothecated or otherwise restricted the transferability of their Company Shares.
 
2.35 Inventory.  The Company has no inventory.
 
2.36 Vendors and Customers.  The Company has no vendors or customers.
 
2.37 Completeness of Representations and Schedules.  The Disclosure Schedule to this Agreement, where applicable to the Company, completely and correctly presents in all material respects the information required by this Agreement.  This Agreement, the Disclosure Schedule and the representations and warranties contained in this Section 2.37, and the documents and written information pertaining the Company furnished to the Purchasers or their agents by or on behalf of the Company, do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make this Agreement, the Disclosure Schedule, documents or written information not misleading.
 
ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF
THE PURCHASERS
 
The Purchasers represent and warrant to the Company and the Selling Shareholders as follows:
 
 
 

 
3.1 Organization and Good Standing. The Purchasers are citizens and residents of the countries set forth in Exhibit A.  Each has the authority and legal capacity to enter into this Agreement and purchase the Company Shares.  Each of the Purchasers may legally own the Company Shares he is purchasing under this Agreement.
 
3.2 Capacity.  Each of the Purchasers has read and understands this Agreement, has consulted legal and accounting representatives to the extent deemed necessary and has the capacity to enter into this Agreement and to carry out the transactions contemplated hereby without the consent of any third party.
 
3.3 Finders.  No agent, broker, person or firm acting on behalf of the Purchasers is, or will be, entitled to any commission or broker’s or finder’s fees from any of the parties to this Agreement, or from any person controlling, controlled by or under common control with any of the parties to this Agreement, in connection with any of the transactions contemplated in this Agreement.
 
3.4 Authority. This Agreement is valid and binding upon the Purchasers and is enforceable against the Purchasers in accordance with its terms, subject to bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium, receivership or other similar laws relating to or affecting creditors’ rights generally.
 
3.5 Validity of Agreement.  Neither the execution nor the delivery of this Agreement by the Purchasers, nor the performance by the Purchasers of any of the covenants or obligations to be performed by the Purchasers hereunder, will result in any violation of any order, decree or judgment of any court or other governmental body, or statute or law applicable to the Purchasers, or constitute a default under any indenture, mortgage, deed of trust or other contract to which the Purchasers are parties or by which the Purchasers are bound.
 
ARTICLE 4
CONDITIONS PRECEDENT TO THE OBLIGATIONS
OF THE PURCHASERS
 
The obligations of the Purchasers pursuant to this Agreement are, at the option of the Purchasers, subject to the fulfillment to their satisfaction on or before the Closing Date of each of the following conditions:
 
4.1 Execution of this Agreement.  The Company, the Selling Shareholders and the Principal Shareholder shall have duly executed and delivered this Agreement, and all corporate action required to consummate the transactions contemplated hereby shall have been duly and validly taken.
 
4.2 Representations and Warranties Accurate.  All representations and warranties of the Company, the Selling Shareholders and the Principal Shareholder contained in this Agreement or in any document, statement, list or certificate furnished pursuant to this Agreement shall be true and correct in all respects as of the Closing Date. The tender of the Company Shares by the Selling Shareholders and the Principal Shareholder shall constitute an affirmation by the Selling Shareholders and the Principal Shareholder of the truth, as of the Closing Date, of the representations and warranties made by the Selling Shareholders and the Principal Shareholder in this Agreement.
 
 
 

 
4.3 Performance of the Company and the Selling Shareholders.  The Company, the Selling Shareholders and the Principal Shareholder shall have performed and complied with all agreements, terms and conditions required by this Agreement to be performed or complied with by them.
 
4.4 Tender of the Company Shares and Resignation.  The Selling Shareholders and the Principal Shareholder shall deliver to the Purchasers the Company Shares and all options, warrants or other rights to acquire Company Shares owned by the Selling Shareholders and the Principal Shareholder free and clear of any liens, encumbrances and other obligations.  At the Closing, the Selling Shareholders and the Principal Shareholder shall resign any and all offices that the Selling Shareholders and the Principal Shareholder holds with the Company.  All directors and officers of the Company shall resign their offices at the Closing.
 
4.5 Title.  On or prior to the Closing Date, the Company shall deliver evidence that no liens have been recorded against any of its properties or assets.
 
4.6 Consent of Material Customers.  Prior to Closing, the Company shall have obtained all approvals in connection with the transfer of the Company Shares by the Selling Shareholders to Company as may be required by any material contracts between any of its principal customers, and such approvals shall have been issued in written form and substance satisfactory to the Purchasers and their counsel or the Purchasers shall have waived such requirements.
 
4.7 Obligations to Third Parties.  There shall be no loans or obligations outstanding from the Company to any third party, except those incurred in the ordinary course of business.
 
4.8 Outstanding Obligations to Employees.  There shall be no outstanding claims, loans or obligations of the Company owed to any of its employees or officers, provided, that the Purchasers shall give notice to the Company of their approval or withholding of approval of any claims, loans or obligations then known to the Purchasers or before the Closing Date.
 
4.9 Employment Agreements.  As of the Closing Date, there shall be no employment or consulting agreements between the Company and any employee or third party.  There shall be no employees of the Company as of the Closing Date.
 
4.10 Approval of Agreement.  This Agreement shall have been duly approved by the Selling Shareholders, the Principal Shareholder and the Company pursuant to applicable law.
 
4.11 Financial and Other Conditions.  The Company shall have no contingent or other liabilities connected with its business, except as disclosed in the Financial Statements or the Reviewed Financial Statements.  The review of the business, premises and operations of the Company, the Financial Statements and the Reviewed Financial Statements by the Purchasers at their expense shall not have revealed any matter which, in the sole judgment of the Purchasers, makes the acquisition on the terms herein set forth inadvisable for the Purchasers.
 
 
 

 
4.12 Legal Prohibition; Regulatory Consents.  On the Closing Date, there shall exist no injunction or final judgment, law or regulation prohibiting the consummation of the transactions contemplated by this Agreement.  Any required governmental or regulatory consents shall have been obtained.
 
4.13 No Outstanding Contracts.  The Company shall not be subject to any lines of credit, debts, financing arrangements, leases and other contracts as of the Closing Date and all approvals relating to the sale of the Company Shares by the Selling Shareholders and the Principal Shareholder, and to effect the transactions contemplated hereby, required by the foregoing instruments and arrangements shall have been obtained by the Closing Date.
 
4.14 Preferred Stock or Convertible Securities.  The Company shall have no shares of Preferred Stock outstanding or any shares of its capital stock subject to issuance under any option, warrant, note or other securities convertible into capital stock.
 
4.15 No Personal Liability.  The Company shall have removed the Selling Shareholders and the Principal Shareholder from any personal liability, guarantee or obligation the Selling Shareholders and the Principal Shareholder have incurred in connection with the business of the Company.
 
4.16 No Adverse Change.  There shall not have occurred any material adverse change in the assets, business, condition or prospects of the Company.
 
4.17 Securities Filings.  The Company shall have filed all required periodic reports under the Securities Exchange Act of 1934 (the "Exchange Act") and shall have made all other such filings with the Securities and Exchange Commission and state securities regulators as may be required by applicable state and federal law.
 
4.18 Share Acquisition and Exchange Agreement.  The parties to the Share Acquisition and Exchange Agreement between the Company and certain other parties attached as Exhibit C (the "Exchange Agreement") hereto shall have closed the transaction contemplated by the Exchange Agreement.
 
ARTICLE 5
CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE COMPANY, THE SELLING SHAREHOLDERS AND THE PRINCIPAL SHAREHOLDER
 
The obligations of the Company, the Selling Shareholders and the Principal Shareholder are, at the option of the Company, the Selling Shareholders and the Principal Shareholder, subject to the fulfillment to the satisfaction of the Company, the Selling Shareholders and the Principal Shareholder on or before the Closing Date of each of the following conditions:
 
5.1 Execution and Approval of Agreement.  The Purchasers shall have duly executed and delivered this Agreement to the Company, the Selling Shareholders and the Principal Shareholder.
 
5.2 Payment.  Subject to the terms and conditions hereof, the Purchasers shall have tendered payment of the Purchase Price for the Company Shares and the Principal Shareholder Loan in accordance with the terms of this Agreement. The payment of the Purchase Price by the Purchasers shall constitute an affirmation by the Purchasers of the truth, as of the Closing Date, of the representations and warranties made by the Purchasers in this Agreement
 
 
 

 
5.3 Representations and Warranties.  The representations and warranties made to the Company, the Selling Shareholders and the Principal Shareholder by the Purchasers in this Agreement or contained in any document, statement, list or certificate furnished pursuant hereto shall be true and correct as of the Closing Date.
 
5.4 Approval of Agreement.  This Agreement shall have been duly approved by the Purchasers, its Board of Directors and shareholders on its own behalf under to the applicable law.
 
ARTICLE 6
INDEMNIFICATION
 
6.1 Survival of Representations, Warranties and Certain Covenants.  The representations and warranties made by the parties in this Agreement and all of the covenants of the parties in this Agreement shall survive the execution and delivery of this Agreement and the Closing Date and shall expire on the second anniversary of the Closing Date.  Any claim for indemnification shall be effective only if notice of such claim is given by the party claiming indemnification or other relief on or before the second anniversary of the Closing Date.
 
6.2 Indemnification by the Purchasers.  The Purchasers agree to indemnify and hold the Company, the Selling Shareholders and the Principal Shareholder harmless, from and after the Closing Date, against and in respect of all matters in connection with any losses, liabilities, costs or damages (including reasonable attorneys’ fees) incurred by the Company, the Selling Shareholders and the Principal Shareholder that result from any misrepresentation or breach of the warranties by the Purchasers in Article 3, “Representations and Warranties of the Purchasers,” or any breach or nonfulfillment of any agreement or covenant on the part of the Purchasers contained in this Agreement, and all suits, actions, proceedings, demands, judgments, costs and expenses incident to the foregoing matters, including reasonable attorneys’ fees.
 
6.3 Indemnification by the Principal Shareholder.  The Principal Shareholder agrees to indemnify and hold the Purchasers harmless, from and after the Closing Date, against and in respect of all matters in connection with any losses, liabilities or damages (including reasonable attorneys’ fees) incurred by the Purchasers resulting from any misrepresentation or breach of the warranties made by the Company, the Selling Shareholders or Principal Shareholder in Article 2, "Representations and Warranties of the Company, the Selling Shareholders and Principal Shareholder" or any breach or nonfulfillment of any agreement or covenant on the part of the Company, the Selling Shareholders or Principal Shareholder contained in this Agreement or any liabilities, obligations and commitments of, or claims against the Purchasers arising out of the operation of the business prior to the Closing and not disclosed in or reflected in this Agreement, the Financial Statements or the Reviewed Financial Statements, and all suits, actions, proceedings, demands, judgments, costs and expenses incident to the foregoing matters, including reasonable attorneys’ fees.
 
 
 

 
6.4 Arbitration.  If the Purchasers believes that a matter has occurred that entitles them to indemnification under Section 6.3, “Indemnification by the Company, the Selling Shareholders and Principal Shareholder,” or the Company, the Principal Shareholder and/or the Selling Shareholders believe that a matter has occurred that entitles them to indemnification under Section 6.2, “Indemnification by the Purchasers,” the Purchasers, the Company, or the Selling Shareholders, as the case may be (the “Indemnified Party”), shall give written notice to the party or parties against whom indemnification is sought (each of whom is referred to herein as an “Indemnifying Party”) describing such matter in reasonable detail.  The Indemnified Party shall be entitled to give such notice prior to the establishment of the amount of its losses, liabilities, costs or damages, and to supplement its claim from time to time thereafter by further notices as they are established.  Each Indemnifying Party shall send a written response to such claim for indemnification within thirty (30) days after receipt of the claim stating its acceptance or objection to the indemnification claim, and explaining its position in respect thereto in reasonable detail.  If such Indemnifying Party does not timely so respond, it will be deemed to have accepted the Indemnified Party’s indemnification claim as specified in the notice given by the Indemnified Party.  If the Indemnifying Party gives a timely objection notice, then the parties will negotiate in good faith to attempt to resolve the dispute, and upon the expiration of an additional thirty (30) day period from the date of the objection notice or such longer period as to which the Indemnified and Indemnifying Parties may agree, any such dispute shall be submitted to arbitration in Phoenix, Arizona, to a member of the American Arbitration Association mutually appointed by the Indemnified Party and Indemnifying Party (or, in the event the Indemnified Party and Indemnifying Party cannot agree on a single such member, to a panel of three members of such Association selected in accordance with the rules of such Association), who shall promptly arbitrate such dispute in accordance with the rules of such Association and report to the parties upon such disputed items, and such report shall be final, binding and conclusive on the parties.  Judgment upon the award by the arbitrator(s) may be entered in any court having jurisdiction.  The prevailing party in any such arbitration shall be entitled to recover from, and have paid by, the other party hereto all fees and disbursements of such arbitrator or arbitrators.  For this purpose, a party shall be deemed to be the prevailing party only if such party would be deemed to be a prevailing party under Section 6.8.
 
6.5 No Finders.  The Company, the Principal Shareholder and each of the Selling Shareholders represents and warrants to the Purchasers and the Purchasers represents and warrants to the Company, the Principal Shareholder and each of the Selling Shareholders that there are no obligations to pay any fee or commission to any broker, finder or intermediary for or on account of the transactions contemplated by this Agreement.  The Company, the Principal Shareholder and each of the Selling Shareholders agrees to indemnify and hold the Purchasers harmless from any breach of the representation by the Company, the Principal Shareholder and the Selling Shareholders in the previous sentence or from their failure to pay such fees, and the Purchasers agree to indemnify and hold the Company, the Principal Shareholder and Selling Shareholders harmless from any breach of its representation in the previous sentence or from its failure to pay such fees.
 
 
 

 
6.6 Third Person Claim Procedures.  If any third person asserts a claim against an Indemnified Party in connection with the matter involved in such claim, the Indemnified Party shall promptly (but in no event later than ten (10) days prior to the time at which an answer or other responsive pleading or notice with respect to the claim is required) notify the Indemnifying Party of such claim.  The Indemnifying Party shall have the right, at its election, to take over the defense or settlement of such claim by giving prompt notice to the Indemnified Party that it will do so, such election to be made and notice given in any event at least five (5) days prior to the time at which an answer or other responsive pleading or notice with respect thereto is required.  If the Indemnifying Party makes such election, the Indemnifying Party may conduct the defense of such claim through counsel of its choosing (subject to the Indemnified Party’s approval, not to be unreasonably withheld), will be responsible for the expenses of such defense, and shall be bound by the results of its defense or settlement of the claim to the extent it produces damage or loss to the Indemnified Party.  The Indemnifying Party shall not settle such claims without prior notice to and consultation with the Indemnified Party, and no such settlement involving any injunction or material and adverse effect on the Indemnified Party may be agreed to without its consent.  As long as the Indemnifying Party is diligently contesting any such claim in good faith, the Indemnified Party shall not pay or settle any such claim.  If the Indemnifying Party does not make such election, or having made such election does not proceed diligently to defend such claim prior to the time at which an answer or other responsive pleading or notice with respect thereto is required, or does not continue diligently to contest such claim, then the Indemnified Party may take over defense and proceed to handle such claim in its exclusive discretion, and the Indemnifying Party shall be bound by any defense or settlement that the Indemnified Party may make in good faith with respect to such claim.  The parties agree to cooperate in defending such third party claims, and the defending party shall have access to records, information and personnel in control of the other part which are pertinent to the defense thereof.
 
6.7 Limitation of Remedies.  No party to this Agreement shall be liable to any other party or parties or have any remedies against any other party or parties under this Agreement other than as provided in this Article 6.  The parties understand that this Agreement requires that all disputed claims shall be submitted to arbitration in accordance with Section 6.4, “Arbitration.”
 
6.8 Definition of “Prevailing.”  Notwithstanding any of the other provisions hereof, in the event of arbitration and/or litigation with respect to the interpretation or enforcement of this Agreement or any provisions hereof, the prevailing party in any such matter shall be entitled to recover from the other party their or its reasonable costs and expense, including reasonable attorneys’ fees, incurred in such arbitration and/or litigation.  For purposes of this Agreement, a party shall be deemed to be the prevailing party only if such party (A)(i) receives an award or judgment in such arbitration and/or litigation for more than fifty percent (50%) of the disputed amount involved in such matter, or (ii) is ordered to pay the other party less than fifty percent (50%) of the disputed amount involved in such matter or (B)(i) succeeds in having imposed a material equitable remedy on the other party (such as an injunction or order compelling specific performance), or (ii) succeeds in defeating the other party’s request for such an equitable remedy.
 
ARTICLE 7
CERTAIN COVENANTS, EXPENSES AND TRANSFER TAXES
 
7.1 Public Announcements.  The parties agree that no public release, announcement or any other disclosure concerning any of the transactions contemplated hereby shall be made or issued by any party without the prior written consent of the Purchasers and the Company (which consent shall not be unreasonably withheld or delayed), except to the extent such release, announcement or disclosure may be required by applicable laws, in which case the person required to make the release, announcement or disclosure shall allow the Purchasers or the Company, as applicable, reasonable time to comment on such release, announcement or disclosure in advance of such issuance or disclosure; provided, however, that no notice is required if the disclosure is determined by the Company's legal counsel to be required under federal or state securities laws or exchange regulation applicable to the Company.
 
 
 

 
7.2 Costs of the Selling Shareholders.  The Selling Shareholders and the Principal Shareholder shall be solely responsible for paying their own expenses and costs incident to the preparation of this Agreement and to the consummation of the transactions contemplated by this Agreement, and shall have no obligation for paying such expenses or costs of the other parties.
 
7.3 Costs of the Company, Selling Shareholders and Principal Shareholder.  The Selling Shareholders and the Principal Shareholder shall be solely responsible for paying the  expenses and costs of the Company, Selling Shareholders and Principal Shareholder incident to the preparation of this Agreement and to the consummation of the transactions contemplated by this Agreement, and shall have no obligation to reimburse the expenses or costs of the other parties.
 
7.4 Costs of the Purchasers.  The Purchasers shall be solely responsible for paying its own expenses and costs incident to the preparation of this Agreement and to the consummation of the transactions contemplated by this Agreement, and shall have no obligation for paying such expenses or costs of the other parties.
 
ARTICLE 8
NOTIFICATION OF CLAIMS
 
Each party will promptly notify the other of any third party claims against any party relating to the sale and purchase of the Company Shares of which it receives knowledge or notice so as to permit such party an opportunity to prepare a timely defense to such claim or to attempt settlement.
 
ARTICLE 9
MISCELLANEOUS
 
9.1 Binding Agreement.  The parties covenant and agree that this Agreement, when executed and delivered by the parties, will constitute a legal, valid and binding agreement between the parties and will be enforceable in accordance with its terms.
 
9.2 Assignment.  This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto, their legal representatives, successors.  This Agreement cannot be assigned without the consent of the Company and the Selling Shareholders.
 
9.3 Entire Agreement.  This Agreement and its exhibits and schedules constitute the entire contract among the parties hereto with respect to the subject matter thereof, superseding all prior communications and discussions and no party hereto shall be bound by any communication on the subject matter hereof unless such is in writing signed by any necessary party thereto and bears a date subsequent to the date hereof.  The exhibits and schedules shall be construed with and deemed as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein.  Information set forth in any exhibit, schedule or provision of this Agreement shall be deemed to be set forth in every other exhibit, schedule or provision of this Agreement and therefore shall be deemed to be disclosed for all purposes of this Agreement.
 
 
 

 
9.4 Modification.  This Agreement may be waived, changed, amended, discharged or terminated only by an agreement in writing signed by the party against whom enforcement of any waiver, change, amendment, discharge or termination is sought.
 
9.5 Notices.  All notices provided for herein shall be validly given if in writing and delivered personally, sent by express delivery service, such as Federal Express or United Parcel Service, or sent by certified mail, postage prepaid, to the addresses set forth below or such other address as the party in question may from time to time designate in writing by giving notice in one of the foregoing forms.
 
If to the Company:
 
Living 3D Holdings, Inc.
1225 W. Washington Street, Suite 213
Tempe, AZ  85281
Attn. President
 
If to the Selling Shareholders:
 
c/o Jeff W. Holmes
1225 W. Washington Street
Suite 213
Tempe, AZ  85281
 
If to the Purchasers:
 
Alex Liang
2030 Ridgeview Avenue
Los Angeles, CA  90041
 
With copy to:
 
Christian J. Hoffmann, III, Esq.
Quarles & Brady, LLP
One Renaissance Square
Two North Central Avenue
Phoenix, AZ  85004-2391
 
or to such other address as any party shall designate to the other in writing.  The parties shall promptly advise each other of changes in addresses for such notices.
 
 
 

 
 
9.6 Choice of Law and Jurisdiction.  This Agreement shall be governed by, construed, interpreted and enforced according to the laws of the State of Arizona.  Each party to this Agreement hereby irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement or any agreements or transactions contemplated hereby may be brought in the courts of the State of Arizona or of the United States of America for the District of Arizona and hereby expressly submits to the personal jurisdiction and venue of such courts for the purposes thereof and expressly waives any claim of improper venue and any claim that such courts are an inconvenient forum.  Each party hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the address set forth in Section 9.5, “Notices,” such service to become effective ten (10) days after such mailing.
 
9.7 Severability.  If any portion of this Agreement shall be finally determined by any court or governmental agency of competent jurisdiction to violate applicable law or otherwise not to conform to requirements of law and, therefore, to be invalid, the parties will cooperate to remedy or avoid the invalidity, but, in any event, will not upset the general balance of relationships created or intended to be created between them as manifested by this Agreement and the instruments referred to herein.  Except insofar as it would be an abuse of the foregoing principle, the remaining provisions hereof shall remain in full force and effect.
 
9.8 Other Documents.  The parties shall upon reasonable request of the other, execute such documents as may be necessary or appropriate to carry out the intent of this Agreement.
 
9.9 Headings and the Use of Pronouns.  The section headings hereof are intended solely for convenience of reference and shall not be construed to explain any of the provisions of this Agreement.  All pronouns and any variations thereof and other words, as applicable, shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the person or matter may require.
 
9.10 Time is of the Essence.  Time is of the essence of this Agreement.
 
9.11 No Waiver and Remedies.  No failure or delay on a party’s part to exercise any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by a party of a right or remedy hereunder preclude any other or further exercise.  No remedy or election hereunder shall be deemed exclusive but it shall, where ever possible, be cumulative with all other remedies in law or equity.
 
9.12 Counterparts.  This Agreement may be executed in two or more counterparts, and by the different parties hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
 
9.13 Further Assurances.  Each of the parties hereto shall use commercially practicable efforts to fulfill all of the conditions set forth in this Agreement over which it has control or influence (including obtaining any consents necessary for the performance of such party’s obligations hereunder) and to consummate the transactions contemplated hereby, and shall execute and deliver such further instruments and provide such documents as are necessary to effect this Agreement.
 
 
 

 
9.14 Rules of Construction.  The normal rules of construction which require the terms of an agreement to be construed most strictly against the drafter of such agreement are hereby waived since each party have been represented by counsel in the drafting and negotiation of this Agreement.
 
9.15 Third Party Beneficiaries.  Each party hereto intends this Agreement shall not benefit or create any right or cause of action in or on behalf of any person other than the parties hereto.
 
[The rest of this page intentionally left blank]
 

--
QB\144058.00002\12873342.6
 
 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

Company:
Living 3D Holdings, Inc. (formerly AirWare International Corp. and formerly Concrete Casting Incorporated), a Nevada corporation
By /s/ Kevin Asher
Name:  Kevin Asher
Title:  President
 
Purchasers:
/s/ Wong Jimmy Kent-Lam
Wong Jimmy Kent-Lam
/s/ Jung Yon Mon
Jung Yon Mon
/s/ Li Chang 
Li Chang
/s/ Ngai Kin Wah
Ngai Kin Wah
/s/ Su Lin
Su Lin
Selling Shareholders:
/s/ Shirl Ann Klein
Shirl Ann Klein
/s/ Carol Holmes
Carol Holmes
/s/ Bob Deller
Bob Deller
/s/ Chris Holmes
Chris Holmes
/s/ Kevin Asher
Kevin Asher
/s/ Gary R. Henrie
Gary R. Henrie
/s/ Dallin A. Henrie
Dallin A. Henrie
 
Principal Shareholder:
/s/ Jeff W. Holmes
Jeff W. Holmes

--
QB\144058.00002\12873342.6
 
 

 

Exhibits
 
Exhibit A                                List of Purchasers
 
Exhibit B                                List of Selling Shareholders
 
Exhibit C                                Share Acquisition and Exchange Agreement
 

QB\144058.00002\12873342.6
 
 

 

Disclosure Schedule
 
Schedule 2.8                                Liabilities and Obligations
 
Schedule 2.11                                Tax Returns
 
Schedule 2.13
Accounts Receivable/Payable
 
Schedule 2.23                                Certain Activities
 
Schedule 2.29                                Indebtedness
 

QB\144058.00002\12873342.6
 
 

 

Exhibit A
 
List of Purchasers
 
 
Name of Purchaser
Number of
Shares Purchased
 
Citizenship
Country of Residence
Wong Jimmy Kent-Lam
2,539,198
   
Jung Yon Mon
399,017
   
Li Chang
362,743
   
Ngai Kin Wah
181,371
   
Su Lin
145,097
   
 
3,627,426
   

 

 
QB\14257952.4
 
 

 

Exhibit B
 
List of Selling Shareholders
 
Name of
Selling Shareholder
Number
of Shares
Allocation of
Purchase Price
Jeff W. Holmes
2,800,000
$300,830.07
Shir Ann Klein
300,000
$30,517.51
Carol Holmes
178,426
$18,150.39
Bob Deller
100,000
$10,172.50
Chris Holmes
24,000
$2,441.40
Kevin J. Asher
75,000
$7,629.38
Gary R. Henrie
130,000
$13,224.25
Dallin A. Henrie
20,000
$2,034.50
 
3,627,426
$385,000.00

 

 
QB\14257952.4
 
 

 

EX-2.2 3 exhibittwopointtwo.htm EX 2.2 exhibittwopointtwo.htm
Exhibit 2.2
 
 
Share Acquisition and Exchange Agreement
 
by and among
 
Living 3D Holdings, Inc.
 
(formerly AirWare International Corp.; formerly Concrete Casting Incorporated),
Living 3D Holding Ltd (“L3D-BVI"),
 
and
 
Shareholders of L3D-BVI
 

 

Dated as of December 8, 2011

 
QB\14257952.4
 
 

 


TABLE OF CONTENTS

     
Page
       
1.
Definitions and Interpretation
6
       
2.
Acquisition of L3D-BVI by the Company; Closing
10
       
 
2.1
Exchange of L3D-BVI Shares for the Company Shares
11
 
2.2
Closing
11
 
2.3
L3D-BVI Shareholders’ and L3D-BVI Closing Deliveries
11
 
2.4
Company's Closing Deliveries
11
       
3.
Representations and Warranties of L3D-BVI and L3D-BVI Shareholders
12
       
 
3.1
Power and Authority
12
 
3.2
Consents and Approvals
12
 
3.3
Authorized and Issued Capital Stock
13
 
3.4
Subsidiaries
13
 
3.5
Undisclosed Liabilities
13
 
3.6
Intellectual Property
13
 
3.7
Personal Property
14
 
3.8
Real Property
14
 
3.9
Litigation and Complaints
14
 
3.10
Employees; Benefits
14
 
3.11
Tax Matters
15
 
3.12
Financial Statements
15
 
3.13
Contract
15
 
3.14
Compliance with Laws
16
 
3.15
No Adverse Changes
16
 
3.16
Insurance
16
 
3,17
Incorporation or Formation Documents; Minute Books
16
 
3.18
Brokers
16
       
4.
Representations and Warranties of L3D-BVI Shareholders
16
       
 
4.1
Power and Authority
17
 
4.2
Ownership of L3D-BVI Shares
17
 
4.3
Consents and Approvals
17
 
4.4
Investment Representations
17
 
4.5
Information on L3D-BVI Shareholders
18
       
5.
Representations and Warranties of the Company
18
       
 
5.1
Power and Authority of the Company
18
 
5.2
Consents and Approvals
18
 
5.3
Authorized and Issued Capital Stock
19
 
5.4
Other Subsidiaries
19
 
5.5
Undisclosed Liabilities
19
 
5.6
Intellectual Property
20
 
5.7
Personal Property
20
 
5.8
Real Property and Other Assets
20
 
5.9
Litigation, Complaints, and Government Inquiries
20
 
5.10
Employees; Benefits
21
 
5.11
Tax Matters
21
 
5.12
Financial Statements
22
 
5.13
Compliance with Laws
22
 
5.14
No Adverse Changes
22
 
5.15
Insurance
22
 
5.16
Articles of Incorporation; Minute Books
22
 
5.17
Brokers
22
 
5.18
Exchange Act Reports
22
 
5.19
Trading
23
       
6.
Covenants; Additional Agreements
23
       
 
6.1
Affirmative Covenants
23
 
6.2
Negative Covenants of L3D-BVI
23
 
6.3
Access and Information
24
 
6.4
Confidential Information
25
 
6.5
Additional Covenants of the Company and L3D-BVI
25
 
6.6
Board of Directors
25
 
6.7
Resignation of Officers and Directors
25
 
6.8
Cost of L3D-BVI Audited Financial Statements
25
 
6.9
Consulting Agreement
25
       
7.
Closing Conditions
26
       
 
7.1
Conditions to the obligations of L3D-BVI Shareholders to Close
26
 
7.2
Conditions to the Company's obligation to Close
26
       
8.
Notices
27
       
9.
Termination
27
       
10.
Miscellaneous
28
       
 
10.1
Entire Agreement
28
 
10.2
Waiver
28
 
10.3
Amendment
28
 
10.4
Construction
28
 
10.5
Assignment
28
 
10.6
Costs and Expenses
28
 
10.7
Non-Impairment of Rights
28
 
10.8
Counterparts
28
 
10.9
Governing Law
29


 
QB\14257952.4
 
 

 


Exhibits

Exhibit A – List of L3D-BVI Shareholders, and shares to be exchanged

Schedules

3.5
L3D-BVI Undisclosed Liabilities
3.6
L3D-BVI Intellectual Property Rights
3.8
L3D-BVI Real Property
3.10
L3D-BVI Employee Benefits
3.11
L3D-BVI Tax Matters
3.12
L3D-BVI Financial Statements
3.13
L3D-BVI Contracts
3.14
L3D-BVI Compliance with Laws
3.15
L3D-BVI Adverse Changes
5.1.2
Company Subsidiaries
5.3.3
Outstanding Company Warrants and Options
5.5
Company Liabilities
5.9.2
Company Litigation and Complaints
5.11
Company Tax Matters
5.14
Company Adverse Changes
 

 
QB\14257952.4
 
 

 

Share Acquisition and Exchange Agreement
 
This Share Acquisition and Exchange Agreement (“Agreement”) dated as of December 8, 2011, is between and among Living 3D Holdings, Inc. (formerly AirWare International Corp.; formerly Concrete Casting Incorporated) (the "Company”), a Nevada corporation having an office for the transaction of business at 1225 W. Washington Street, Suite 213, Tempe, Arizona 85281, Living 3D Holdings Ltd., (“L3D-BVI”), a corporation incorporated under the laws of the British Virgin Islands, having an office for the transaction of business at 2030 Ridgeview Avenue, Los Angeles, California 90041, and the shareholders of L3D-BVI listed on the signature page and Schedule A hereto, constituting all of the shareholders of L3D-BVI (collectively, the “L3D-BVI Shareholders” and individually, a “L3D-BVI Shareholder”), each having an address set forth on Schedule A hereto.
 
Whereas, the L3D-BVI Shareholders own all of the issued and outstanding shares of L3D-BVI (the “L3D-BVI Shares”);
 
Whereas, the Company desires to acquire from the L3D-BVI Shareholders all of the L3D-BVI Shares making L3D-BVI a wholly-owned subsidiary of the Company, and the L3D-BVI Shareholders desire to exchange all of their L3D-BVI Shares (the “Exchange”) for the issuance by the Company of an aggregate of 62,590,880 shares (the “Company Shares”) of common stock, par value $0.001 per share, of the Company (the “Company Common Stock”), which Company Shares shall constitute 89.80% of the issued and outstanding shares of Company Common Stock on the Closing Date (as defined herein);
 
Whereas, pursuant to that certain Stock Purchase Agreement of even date herewith by and among the Company, certain shareholders of the Company (the "Existing Company Shareholders") and the L3D-BVI Shareholders (the "Stock Purchase Agreement"), the L3D Shareholders shall have purchased 3,627,426 shares of Company Common Stock (the "Purchased Shares"), which Purchased Shares shall constitute 5.20% of the issued and outstanding shares of Company Common Stock on the Closing Date;
 
Whereas, prior to the issuance of the Company Shares pursuant to the Exchange and prior to the purchase of the Purchased Shares pursuant to the Stock Purchase Agreement, the Company had 7,112,600 shares of Company Common Stock outstanding; no options to purchase shares of Company Common Stock outstanding ("Company Options"); and no warrants to purchase shares of Company Common Stock outstanding ("Company Warrants"); immediately prior to the Closing Date;
 
Whereas, the Existing Company Shareholders, after giving effect to the issuance of the Company Shares to the L3D-BVI Shareholders pursuant to the Exchange and the purchase of the Purchased Shares pursuant to the Stock Purchase Agreement, will own 3,485,174 shares of Company Common Stock, which shares shall constitute 5.00% of the issued and outstanding shares of Company Common Stock on the Closing Date; and
 
Whereas, it is the intention of the parties hereto that, to the extent applicable: (i) the Exchange shall qualify as a transaction exempt from registration or qualification under the Securities Act of 1933, as amended (the “Securities Act”), and (ii) the Exchange shall qualify as a “tax-free” transaction within the meaning of Section 368 of the Internal Revenue Code of 1986.
 
Now, therefore, in consideration of the foregoing, and the mutual terms, covenants and conditions herein below set forth, the parties agree, as follows:
 
1.           Definitions and Interpretation.
 
1.1           In this Agreement:
 
"Balance Sheet Date" means September 30, 2011;
 
 
 

 
"Benefit Plan" and "Benefit Plans" have the meanings attributed to such terms in Section 3.10.3 and 5.8.3;
 
"Closing" means closing of the exchange of the L3D-BVI Shares for Company Shares in accordance with the terms, and subject to the conditions of this Agreement;
 
"Closing Date" means the first business day following the satisfaction of the closing conditions described in Section 7 herein, or such other date as the Parties shall mutually agree upon in writing;
 
"Code" means the Internal Revenue Code of 1986, as amended;
 
"Commission" means the United States Securities and Exchange Commission;
 
"Exchange" means the exchange of L3D-BVI Shares for Company Shares;
 
"Exchange Act" means the United States Securities Exchange Act of 1934, as amended;
 
"Governmental Entity" means any federal, state or local government or any court, administrative or regulatory agency or commission or other governmental authority or agency, domestic or foreign;
 
"Company Common Stock" means the common stock, $0.001 par value per share, of the Company;
 
Company Shares” means 62,590,880 shares of Company Common Stock;
 
"Company Reports" has the meaning attributed to such term in Section 5.10.1;
 
"Income Tax" means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not;
 
"Income Tax Return" means any return, declaration, report, claim for refund, or information return or statement relating to any Income Tax, including any schedule or attachment thereto, and including any amendment thereof;
 
"Intellectual Property Right" means all (i) patents, patent applications, patent disclosures and inventions, (ii) trademarks, service marks, trade dress, trade names, URL's, logos and corporate names and registrations and applications for registration thereof, together with all of the goodwill associated therewith, (iii) copyrights (registered or unregistered) and copyrightable works and registrations and applications for registration thereof, (iv) mask works and registrations and applications for registration thereof, (v) computer software, data, data bases and documentation thereof, (vi) trade secrets and other confidential information (including ideas, formulas, compositions, inventions (whether patentable or unpatentable and whether or not reduced to practice), know-how, manufacturing and production processes and techniques, research and development information, drawings, specifications, designs, plans, proposals, technical data, copyrightable works, financial and marketing plans and customer and supplier lists and information), (vii) other intellectual property rights and (viii) copies and tangible embodiments thereof (in whatever form or medium);
 
"Liability" or "Liabilities" mean any and all debts, liabilities, commitments and obligations, whether fixed, contingent or absolute, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, whenever or however arising (including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be required by GAAP to be reflected in financial statements or disclosed in the notes thereto;
 
 
 

 
"Lien" means any right which (a) shall entitle any Person to terminate, amend, accelerate or cancel any agreement, option, license or other instrument to which the Company, L3D-BVI or any L3D-BVI Shareholder is a party by reason of the occurrence of (i) a violation, breach or default thereunder by the Company, L3D-BVI or any L3D-BVI Shareholder, as the case may be; or (ii) an event which with or without notice or lapse of time or both would become a default thereunder; or (b) if exercised by the holder thereof, will (i) entitle such Person to accelerate the performance of any obligations or the payment of any sums owed by the Company, L3D-BVI or any L3D-BVI Shareholder, as the case may be, under any agreement, option, license or other instrument, or (ii) result in any loss of any benefit under, or the creation of any pledges, claims, equities, options, liens, charges, call rights, rights of first refusal, "tag" or "drag" along rights, encumbrances and security interests of any kind or nature whatsoever on any of the property or assets of the Company, L3D-BVI or any L3D-BVI Shareholder;
 
"Material Adverse Effect" means any effect or change that would be materially adverse to the business, assets, condition (financial or otherwise), operating results, operations, or business prospects of the Company, or L3D-BVI or any L3D-BVI Shareholder, as the case may be, taken as a whole, or on the ability of any Party to consummate timely the transactions contemplated hereby;
 
"L3D-BVI Financial Statements" means the audited financial statements of L3D-BVI for the year ended December 31, 2010 and the unaudited financial statements for L3D-BVI for the nine months ended September 30, 2011.
 
"L3D-BVI Shares" means all of the issued and outstanding shares of L3D-BVI;
 
"Parties" means, collectively, the Company, L3D-BVI and the L3D-BVI Shareholders;
 
"Party" means the Company, L3D-BVI or any L3D-BVI Shareholder, individually;
 
"Person" means a natural person, company, corporation, partnership, association, trust or any unincorporated organization;
 
"Rule 144" means Rule 144 promulgated by the Commission under the Securities Act;
 
"Securities Act" means the United States Securities Act of 1933, as amended;
 
"Subsidiary" means, with respect to any Person, any corporation, limited liability company, partnership, association, or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof or (ii) if a limited liability company, partnership, association, or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof and for this purpose, a Person or Persons own a majority ownership interest in such a business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such business entity's gains or losses or shall be or control any managing director or general partner of such business entity (other than a corporation). The term "Subsidiary" shall include all Subsidiaries of such Subsidiary;
 
 
 

 
"Tax" or "Taxes" means any federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not;
 
"Taxation Authority" means any federal, state, local or foreign governmental agency, department or other entity which is authorized by applicable law to assess and collect Taxes;
 
"Tax Return" means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof; and
 
"Treas. Reg." means the regulations promulgated by the United States Department of the Treasury under the Code, as amended.
 
1.2            Interpretation.
 
1.2.1           As used in this Agreement, unless the context clearly indicates otherwise:
 
(a)           words used in the singular include the plural and words in the plural include the singular;
 
(b)           reference to any Person includes such person's successors and assigns, but only if such successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity;
 
(c)           reference to any gender includes the other gender;
 
(d)           whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation" or "but not limited to" or words of similar import;
 
(e)           reference to any Section means such Section of this Agreement, and references in any Section or definition to any clause means such clause of such Section or definition;
 
(f)           the words "herein," "hereunder," "hereof," "hereto" and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof;
 
(g)           reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement;
 
(h)           reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability, and reference to any particular provision of any law shall be interpreted to include any revision of or successor to that provision regardless of how numbered or classified;
 
(i)           relative to the determination of any period of time, "from" means "from and including," "to" means "to but excluding" and "through" means "through and including"; and
 
(j)           the titles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or interpretation of this Agreement.
 
1.2.2           This Agreement was negotiated by the parties with the benefit of legal representation, and no rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall apply to any construction or interpretation hereof. This Agreement shall be interpreted and construed to the maximum extent possible so as to uphold the enforceability of each of the terms and provisions hereof, it being understood and acknowledged that this Agreement was entered into by the parties after substantial negotiations and with full awareness by the parties of the terms and provisions hereof and the consequences thereof.
 
 
 

 
1.2.3           Where a statement in this Agreement is qualified by the expression "to the best of the Company’s knowledge," "to the best of L3D-BVI’s knowledge," "to the best of the L3D-BVI Shareholder’s knowledge,” "so far as the Company is aware," "so far as L3D-BVI is aware" or "so far as the L3D-BVI Shareholder is aware" or any similar expression shall be deemed to include the Company’s, L3D-BVI’s or the L3D-BVI Shareholders' actual knowledge and what the Company, L3D-BVI or the L3D-BVI Shareholders should have known after due and careful inquiry of, in the case of the Company and L3D-BVI, the President, the members of the Board of Directors and any relevant person(s) involved in the management of the business of the Company and L3D-BVI.
 
2.            Acquisition of L3D-BVI by the Company; Closing.
 
2.1           Exchange of L3D-BVI Shares for Company Shares. On the Closing Date, the L3D-BVI Shareholders shall exchange, transfer and assign all of the L3D-BVI Shares to the Company, and the Company shall issue and deliver to the L3D-BVI Shareholders the Company Shares in the amounts to each L3D-BVI Shareholder as set forth in Schedule A hereto, subject to the conditions of this Agreement.
 
2.2           Closing. Closing of the Exchange (“Closing”) shall take place at the offices of law offices of Quarles & Brady LLP, One Renaissance Square, Two North Central Avenue, Phoenix, Arizona 85004-2391. All actions taken at the Closing shall be deemed to have been taken simultaneously at the time the last of any such actions is taken or completed. The Closing shall occur on the first business day following the satisfaction of the closing conditions described in Section 7 herein (the “Closing Date”) or at such other place, and on such other date, as the Parties may agree in writing, provided, however, that, the Closing is conditioned upon the simultaneous closing of the transactions contemplated by the parties pursuant to the Stock Purchase Agreement.
 
2.3           L3D-BVI Shareholders’ and L3D-BVI’s Closing Deliveries. At or prior to the Closing, the L3D-BVI Shareholders and/or L3D-BVI shall deliver to the Company the following:
 
(a)           incorporation or formation documents and amendments thereto, and a certificate of good standing in L3D-BVI’s jurisdiction of incorporation;
 
(b)           all applicable schedules hereto;
 
(c)           all stock certificates evidencing the ownership of the L3D-BVI Shares, each of which shall have attached thereto executed blank stock powers dated the Closing Date and signed by the L3D-BVI Shareholders;
 
(d)           copies of board, and if applicable, L3D-BVI Shareholder resolutions approving this Agreement; and
 
(e)           any other document reasonably requested by the Company that it deems necessary for the consummation of this transaction.
 
 
 

 
2.4            The Company's Closing Deliveries. At or prior to the Closing, the Company shall deliver to the L3D-BVI Shareholders the following:
 
(a)           all applicable schedules hereto;
 
(b)           resolutions approved by the Company’s current Board of Directors appointing designees of L3D-BVI to the Company’s Board of Directors;
 
(c)           certificates representing Company Shares issued in the denominations as set forth opposite the respective names of the L3D-BVI Shareholders as set forth on Schedule A on the Closing Date, duly authorized, validly issued, fully paid for and non-assessable;
 
(d)           copies of board, and if applicable, shareholder resolutions approving this transaction and authorizing the issuances of the Company Shares hereto;
 
(e)           resignations of Kevin Asher and Greg Holmes, and any other person, as the case may be, from the Company's Board of Directors and as officers of the Company;
 
(f)           an opinion of the Company's legal counsel satisfactory to the L3D-BVI Shareholders; and
 
(g)           any other document reasonably requested by the L3D-BVI Shareholders that it deems necessary for the consummation of this transaction, including the books and records of the Company.
 
3.           Representations and Warranties of L3D-BVI.
 
L3D-BVI hereby warrants and represents to the Company, as of the date of this Agreement and with the same force and effect on the Closing Date as if then made, as follows:
 
3.1            Power and Authority. L3D-BVI is a corporation duly organized, validly existing, and in good standing under the laws of the British Virgin Islands, and has the corporate power and authority to carry on its business as now conducted and to own, lease and operate its properties and assets. L3D-BVI is duly qualified or licensed to transact business as a foreign corporation in good standing in the states of the United States and/or foreign jurisdictions where the character of its assets or the nature or conduct of its business requires it to be so qualified or licensed. L3D-BVI has all requisite corporate power and authority to execute and deliver this Agreement and each instrument to be executed and delivered by L3D-BVI in connection with the Closing, to perform its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and each instrument required hereby to be executed and delivered by L3D-BVI prior to or at the Closing, the performance of its obligations hereunder and thereunder and the consummation by L3D-BVI of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of L3D-BVI, and no other corporate proceedings on the part of L3D-BVI are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed by L3D-BVI, and, assuming this Agreement has been duly executed by the Company, this Agreement constitutes a valid and binding agreement of L3D-BVI, enforceable against L3D-BVI in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.
 
3.2            Consents and Approvals. The execution and performance of this Agreement do not, and the consummation of the transactions contemplated hereby and compliance with the provisions of this Agreement will not (a) conflict with or violate the incorporation and or formation documents of L3D-BVI, (b) conflict with or violate any statute, ordinance, rule, regulation, judgment, order, writ, injunction, decree or law applicable to L3D-BVI, or by which either L3D-BVI or its properties or assets may be bound or affected, or (c) result in a violation or breach of or constitute a default (or an event which with or without notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in any loss of any benefit under, any contract, agreement or arrangement to which L3D-BVI is a party, or the creation of Liens on any of the property or assets of L3D-BVI. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity, is required by L3D-BVI in connection with the execution of this Agreement or the consummation by it of the transactions contemplated hereby, except for such other consents, approvals, orders, authorizations, registrations, declarations or filings, the failure of which to obtain would not individually or in the aggregate have a Material Adverse Effect.
 
 
 

 
3.3            Authorized and Issued Capital Stock. L3D-BVI is authorized, pursuant to its incorporation and or formation documents, to issue 50,000 shares of common stock,  US$1.00 par value. As of the date hereof, 100 shares of L3D-BVI's common stock are issued and outstanding, of which the L3D-BVI Shareholders own 100 shares or 100%. The L3D-BVI Shares have been duly authorized, are duly and validly issued, fully paid, and nonassessable, and are free of any lien, encumbrance or restrictions on transfer other than restrictions on transfer under this Agreement, and under applicable state and federal securities laws. There is no outstanding security of any kind convertible into or exchangeable for shares or equity ownership interest in L3D-BVI.
 
3.4           Subsidiaries. Schedule 3.4 provides a list of each Subsidiary of L3D-BVI. Each Subsidiary of L3D-BVI is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, with full power and authority to own, lease and operate its business and properties and to carry on its business in the places and in the manner as presently conducted or proposed to be conducted. Each Subsidiary of L3D-BVI is in good standing as a foreign corporation in each jurisdiction in which the properties owned, leased or operated, or the business conducted, by it requires such qualification except for any such failure, which when taken together with all other failures, is not likely to have a Material Adverse Effect on the business of L3D-BVI taken as a whole.
 
3.5            Undisclosed Liabilities. As of the Closing Date, L3D-BVI has no debts, Liabilities or obligations of any nature (whether accrued, absolute, contingent, direct, indirect, unliquidated or otherwise and whether due or to become due) arising out of transactions entered into on or prior to the Closing Date, or any transaction, series of transactions, action or inaction occurring on or prior to the Closing Date, or any state of facts or condition existing on or prior to the Closing Date (regardless of when such liability or obligation is asserted) except such debts, Liabilities or obligations that have been disclosed to the Company in this Agreement or in the L3D-BVI Financial Statements.
 
3.6            Intellectual Property.
 
3.6.1           The activities of L3D-BVI (or of any licensee under any license granted by L3D-BVI) do not infringe or are not likely to infringe on any Intellectual Property Rights of any third party and no claim has been made, has been threatened, or is likely to be made or threatened, against L3D-BVI or any such licensee in respect of such infringement.
 
3.6.2           L3D-BVI does not own any Intellectual Property Rights.
 
3.6.3           L3D-BVI does not, as of the date hereof, use in its business any Intellectual Property Rights of any third party and is under no obligation to pay license fees or royalties for any Intellectual Property Rights of any third party.
 
 
 

 
3.7           Personal Property. L3D-BVI has good and marketable title to, or in the case of leased or licensed personal property, it has valid leasehold or license interests in, all personal property, except for properties and assets sold since the Balance Sheet Date in the ordinary course of business consistent with past practices. None of such personal property is subject to any Liens, other than:
 
3.7.1           Liens that do not materially detract from the value of the personal property as now used, or materially interfere with any present or intended use of the personal property; or
 
3.7.2           Liens reflected on the L3D-BVI Financial Statements.
 
3.7.3           Each item of personal property has no material defects, is in good operating condition and repair (ordinary wear and tear excepted), and is generally adequate for the uses to which it is being put.
 
3.8           Real Property.
 
3.8.1           L3D-BVI does not own any real property. All real property used by L3D-BVI is leased by L3D-BVI as leasee or subleasee.
 
3.8.2           The Leases are valid, binding and enforceable in accordance with their respective terms, and there does not exist under any such Lease any default by L3D-BVI or, to L3D-BVI's knowledge, by any other Person, or any event that, with notice or lapse of time or both, would constitute a default by L3D-BVI or, to L3D-BVI's knowledge, by any other Person. L3D-BVI has delivered to the Company complete and accurate copies of all Leases, including all amendments and agreements related thereto. All rent and other charges currently due and payable under the Leases have been paid.
 
3.9           Litigation and Complaints.
 
3.9.1            L3D-BVI is not engaged in any litigation or arbitration proceedings, and there are no such proceedings pending or, to the knowledge of L3D-BVI and each L3D-BVI Shareholder, threatened against or by L3D-BVI. To the best of L3D-BVI's and each L3D-BVI Shareholder’s knowledge, there are no matters or circumstances which are likely to give rise to any litigation or arbitration proceedings by or against L3D-BVI.
 
3.9.2            L3D-BVI is not subject to any investigation, inquiry or enforcement proceedings or processes by any Governmental Entity, and to the best of L3D-BVI's and each L3D-BVI Shareholder’s knowledge, there are no matters or circumstances which are likely to give rise to any such investigation, inquiry, proceedings or process.
 
3.10            Employees; Benefits.
 
3.10.1           L3D-BVI has no employees. There are no outstanding offers (whether accepted or not) of employment made to any Person by L3D-BVI.
 
3.10.2           L3D-BVI is not party to or bound by any collective bargaining, shop or similar agreements.
 
3.10.3           L3D-BVI does not have any "employee benefit plans," including, but not limited to, bonus, pension, profit sharing, deferred compensation, incentive compensation, excess benefit, stock, stock option, severance, termination pay, change in control or other employee benefit plans, programs or arrangements, whether written or unwritten, qualified or unqualified, funded or unfunded, currently maintained, or contributed to, or required to be maintained or contributed to, by L3D-BVI (each of which is referred to as a "Benefit Plan" and all of which are collectively referred to as the "Benefit Plans"), other than the employment contracts, medical, dental, vision, disability, life insurance and or vacation benefits.
 
 
 

 
3.11           Tax Matters.
 
3.11.1           L3D-BVI has filed, all central governmental, provincial and local Income Tax Returns and all other material Tax Returns that it was required to file since the date of its organization.
 
3.11.2           To the best of L3D-BVI's and each L3D-BVI Shareholder’s knowledge, L3D-BVI has paid all Taxes that it was required to pay since the date of its organization.
 
3.11.3           L3D-BVI is not currently the beneficiary of any extension of time within which to file any Tax Return.
 
3.11.4           To the best of L3D-BVI's and each L3D-BVI Shareholder’s knowledge, there are no Liens for Taxes (other than Taxes not yet due and payable) upon any of the assets of L3D-BVI.
 
3.11.5           There is no material dispute or claim concerning any Tax liability of L3D-BVI either (i) claimed or raised by any Taxation Authority in writing or (ii) as to which L3D-BVI has knowledge.
 
3.12            Financial Statements. Schedule 3.12 contains copies of (i) the audited balance sheet of L3D-BVI at December 31, 2010 and the related statement of operations, stockholders’ equity and cash flows for the year then ended, including the notes thereto as audited by MALONEBAILEY, LLP, certified public accountants (the "L3D-BVI Audited Financial Statements"), and (ii) the unaudited balance sheet of L3D-BVI at September 30, 2011 and the related statement of operations, stockholders’ equity and cash flows for the nine months then ended, including the notes thereto (the "L3D-BVI Unaudited Financial Statements"), as prepared by L3D-BVI’s management (collectively, the “L3D-BVI Financial Statements”). The L3D Financial Statements have been prepared in accordance with generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited statements, to the extent they may exclude footnotes, may be condensed or summary statements or subject to year end adjustments) and fairly present in all material respects the financial position of L3D-BVI as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
 
3.13           Contracts. L3D-BVI is not party to any material contracts, instruments, agreements, or understandings, whether written or oral, that relates to or affects the assets or operations of L3D-BVI or to which L3D-BVI’s assets or operations may be bound or subject (collectively, the “Contracts”). For purposes of this Agreement, a material contract shall be any contract or agreement involving consideration in excess of ten thousand dollars ($10,000).
 
3.14            Compliance with Laws. L3D-BVI is conducting its business or affairs in material compliance with applicable law, ordinance, rule, regulation, court or administrative order, decree or process, or any requirement of insurance carriers. L3D-BVI has received any notice of violation or claimed violation of any such law, ordinance, rule, regulation, order, decree, process or requirement.
 
3.15            No Adverse Changes. Since September 30, 2011, there has not been (a) any material adverse change in the business, prospects, the financial or other condition, or the respective assets or Liabilities of L3D-BVI as reflected in the L3D-BVI Financial Statements, (b) any material loss sustained by L3D-BVI, including, but not limited to any loss on account of theft, fire, flood, explosion, accident or other calamity, whether or not insured, which has materially and adversely interfered, or may materially and adversely interfere, with the operation of L3D-BVI’s business, or (c) to the knowledge of L3D-BVI and the L3D-BVI Shareholders, any event, condition or state of facts, including, without limitation, the enactment, adoption or promulgation of any law, rule or regulation, the occurrence of which materially and adversely does or would affect the results of operations or the business or financial condition of L3D-BVI.
 
3.16            Insurance. L3D-BVI has no insurance policies.
 
 
 

 
3.17            Incorporation or Formation Documents; Minute Books. The copies of the incorporation or formation documents of L3D-BVI, and all amendments to each are true, correct and complete. The minute book of L3D-BVI contains true and complete records of all meetings and consents in lieu of meetings of its Board of Directors (and any committees thereof), or similar governing bodies, since the time of its organization. The stock records of L3D-BVI are true, correct and complete.
 
3.18            Brokers. All negotiations relative to this Agreement and the transactions contemplated hereby have been carried without the intervention of any Person in such a manner as to give rise to any valid claim by any Person against L3D-BVI or any L3D-BVI Shareholder for a finder’s fee, brokerage commission or similar payment.
 
4.            Representations and Warranties of L3D-BVI Shareholders.
 
Each L3D-BVI Shareholder hereby warrants and represents to the Company, severally, but not jointly, as of the date of this Agreement and with the same force and effect on the Closing Date as if then made, as follows:
 
4.1            Power and Authority. The execution and delivery of this Agreement and each instrument required hereby to be executed and delivered by such L3D-BVI Shareholder prior to or at the Closing, the performance of such L3D-BVI Shareholder’s obligations hereunder and thereunder and the consummation by such L3D-BVI Shareholder’s of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of such L3D-BVI Shareholder, and no other proceedings on the part of the L3D-BVI Shareholders are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed by such L3D-BVI Shareholder, and, assuming this Agreement has been duly executed by L3D-BVI and the Company, this Agreement constitutes a valid and binding agreement of such L3D-BVI Shareholder, enforceable against such L3D-BVI Shareholder in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.
 
4.2            Ownership of L3D-BVI Shares. Such L3D-BVI Shareholder is a record and beneficial owner of the L3D-BVI Shares listed on Schedule A, all of which L3D-BVI Shares are owned free and clear of all Liens, and have not been sold, pledged, assigned or otherwise transferred except pursuant to this Agreement. There are no outstanding subscriptions, rights, options, warrants or other agreements obligating such L3D-BVI Shareholder to sell or transfer to any third person any of the L3D-BVI Shares owned by such L3D-BVI Shareholder, or any interest therein. Such L3D-BVI Shareholder have full power and authority to exchange, transfer and deliver to the Company the L3D-BVI Shares held by him.
 
4.3            Consents and Approvals. The execution and performance of this Agreement do not, and the consummation of the transactions contemplated hereby and compliance with the provisions of this Agreement will not (a) conflict with or violate any statute, ordinance, rule, regulation, judgment, order, writ, injunction, decree or law applicable to such L3D-BVI Shareholder, or (b) by which either such L3D-BVI Shareholder or their properties or assets may be bound or affected, or result in a violation or breach of or constitute a default (or an event which with or without notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in any loss of any benefit under, any contract, agreement or arrangement to which such L3D-BVI Shareholder is a party, or the creation of Liens on any of the properties or assets of such L3D-BVI Shareholder. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity, is required by such L3D-BVI Shareholder in connection with the execution of this Agreement by such L3D-BVI Shareholder or the consummation by them of the transactions contemplated hereby, except for such other consents, approvals, orders, authorizations, registrations, declarations or filings, the failure of which to obtain would not individually or in the aggregate have a Material Adverse Effect.
 
 
 

 
4.4            Investment Representations.
 
4.4.1           Such L3D-BVI Shareholder is acquiring the Company Shares to be delivered by the Company hereunder for his own account with the present intention of holding such securities for purposes of investment, and that he has no intention of distributing such the Company Shares or selling, transferring or otherwise disposing of such the Company Shares in a public distribution, in any of such instances, in violation of the federal securities laws of the United States of America.
 
4.4.2           Such L3D-BVI Shareholder understands that (a) the Company Shares that he shall acquire hereunder are "Restricted Securities," as defined in Rule 144; (b) such Company Shares have not been registered under the Securities Act, and are being issued in reliance on exemptions for private offerings contained in Section 4(2) of the Securities Act; (c) the Company Shares may not be distributed, re-offered or resold except through a valid and effective registration statement or pursuant to a valid exemption from the registration requirements under the Securities Act; and (d) until such time as the Company Shares become eligible for sale by him, either pursuant to the registration of such Company Shares under the Securities Act, or pursuant to a valid exemption from such registration, the certificates evidencing the L3D-BVI Shareholder’s ownership of the Company Shares shall contain the following legend:
 
"The shares of common stock evidenced by this certificate have not been registered under the Securities Act of 1933, as amended (the "Act"). Such shares may not be sold, transferred, pledged, hypothecated or otherwise disposed of unless they have been so registered or the issuer of such shares shall have received an opinion of counsel satisfactory to it to the effect that registration thereof for purposes of transfer is not required under the Act or the securities laws of any state."
 
4.4.3            Such L3D-BVI Shareholder is fully aware of the restrictions on sale, transferability and assignment of the Company Shares, and that they must bear the economic risk of retaining ownership of such securities for an indefinite period of time. Such L3D-BVI Shareholder is aware that (a) the Company Shares will not be registered under the Securities Act; and (b) because the issuance of the Company Shares has not been registered under the Securities Act, an investment in the Company Shares cannot be readily liquidated if the L3D-BVI Shareholder desire to do so, but rather may be required to be held indefinitely.
 
4.5            Information on L3D-BVI Shareholders. Such L3D-BVI Shareholder is an “accredited investor,” as such term is defined in Regulation D promulgated under the Securities Act, or is otherwise experienced in investments and business matters, has made investments of a speculative nature and has such knowledge and experience in financial, tax and other business matters as to enable him to evaluate the merits and risks of, and to make an informed investment decision with respect to, this Agreement. Such L3D-BVI Shareholder understands that his acquisition of the Company Shares is a speculative investment, and such L3D-BVI Shareholder represents that he is able to bear the risk of such investment for an indefinite period, and can afford a complete loss thereof.
 
5.            Representations and Warranties of the Company.
 
The Company hereby warrants and represents to L3D-BVI and the L3D-BVI Shareholders, as of the date of this Agreement and with the same force and effect on the Closing Date as if then made, as follows:
 
 
 

 
5.1            Power and Authority of the Company.
 
5.1.1            The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada, and has the corporate power and authority to carry on its business as now conducted and to own, lease and operate its properties and assets. the Company is duly qualified or licensed to transact business as a foreign corporation in good standing in the states of the United States and foreign jurisdictions where the character of its assets or the nature or conduct of its business requires it to be so qualified or licensed. The Company has all requisite corporate power and authority to execute and deliver this Agreement and each instrument to be executed and delivered by the Company in connection with the Closing, to perform its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and each instrument required hereby to be executed and delivered by the Company prior to or at the Closing, the performance of its obligations hereunder and thereunder and the consummation by the Company of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of the Company, and no other corporate proceedings on the part of the Company are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed by the Company, and, assuming this Agreement is duly executed by the L3D-BVI Shareholders and L3D-BVI, this Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.
 
5.1.2            The Company does not own any Subsidiaries.
 
5.2            Consents and Approvals. The execution and performance of this Agreement do not, and the consummation of the transactions contemplated hereby and compliance with the provisions of this Agreement will not (a) conflict with or violate the Articles of Incorporation or Bylaws of the Company, (b) conflict with or violate any statute, ordinance, rule, regulation, judgment, order, writ, injunction, decree or law applicable to the Company, or by which the Company or its properties or assets may be bound or affected, or (c) result in a violation or breach of or constitute a default (or an event which with or without notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in any loss of any benefit under, any contract, agreement or arrangement to which the Company is a party, or the creation of Liens on any of the property or assets of the Company, other than the outstanding warrants and options previously disclosed in the the Company Reports. No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity is required by the Company in connection with the execution of this Agreement by the Company or the consummation by it of the transactions contemplated hereby, except for consents, approvals, orders, authorizations, registrations, declarations or filings, the failure of which to obtain would not individually or in the aggregate have a Material Adverse Effect.
 
5.3            Authorized and Issued Capital Stock. On the Closing Date:
 
5.3.1            The Company is authorized, pursuant to its Articles of Incorporation, to issue 100,000,000 shares of capital stock, 90,000,000 of which are common stock, $0.001 par value per share, and 10,000,000 of which are preferred stock, $0.001 par value per share, issuable in one or more series. The Company currently has 7,112,600 shares of Company Common Stock issued and outstanding, and no preferred stock designated, issued or outstanding.  The Company Shares have been duly authorized, and when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid, and nonassessable, will be free of any lien, encumbrance or restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws.
 
5.3.2            At Closing, no more than 69,703,480 shares of Company Common Stock shall be issued and outstanding.
 
5.3.3            The Company shall not have any outstanding options or warrants other than those previously disclosed in the latest Company Report on Form 10-K or Form 10-Q (“Latest Company Report”) or otherwise identified in Schedule 5.3.3.
 
 
 

 
5.4           Other Subsidiaries. The Company does not own, and has not agreed to acquire, any securities of any other corporation, or any other entity or business association of whatever kind.
 
5.5            Undisclosed Liabilities. As of the Closing Date, except for those Liabilities identified on Schedule 5.5, the Company shall not have any debts, Liabilities or obligations of any nature (whether accrued, absolute, contingent, direct, indirect, unliquidated or otherwise and whether due or to become due) arising out of transactions entered into on or prior to the Closing Date, or any transaction, series of transactions, action or inaction occurring on or prior to the Closing Date, or any state of facts or condition existing on or prior to the Closing Date (regardless of when such liability or obligation is asserted) except such debts, Liabilities or obligations that have been disclosed to the L3D-BVI Shareholders in this Agreement.
 
5.6            Intellectual Property.
 
5.6.1           The activities of the Company (or of any licensee under any license granted by the Company) do not infringe or are not likely to infringe on any Intellectual Property Rights of any third party and no claim has been made, has been threatened, or is likely to be made or threatened, against the Company or any such licensee in respect of such infringement.
 
5.6.2           Details of all registered Intellectual Property Rights (including applications to register the same) and all commercially significant unregistered Intellectual Property Rights owned or used by the Company are identified in the Company Reports.
 
5.6.3           The Company does not, as of the date hereof, use in its business any Intellectual Property Rights, other than the Intellectual Property Rights identified in the Company Reports, and is under no obligation to pay license fees or royalties for any Intellectual Property Rights other than those identified on said Company Reports.
 
5.7            Personal Property.  The Company has good and marketable title to, or in the case of leased or licensed personal property, it has valid leasehold or license interests in, all personal property, except for properties and assets sold since the Balance Sheet Date in the ordinary course of business consistent with past practices. None of such personal property is subject to any Liens, other than:
 
5.7.1           Liens that do not materially detract from the value of the personal property as now used, or materially interfere with any present or intended use of the personal property; or
 
5.7.2           Liens reflected on the Company Financial Statements or in the Company Reports.
 
5.7.3            Each item of personal property has no material defects, is in good operating condition and repair (ordinary wear and tear excepted), and is generally adequate for the uses to which it is being put.
 
5.8            Real Property and Other Assets. The Company does not own or lease any real property, and does not own, lease or license the use of any other assets other than those previously disclosed in the Company Reports.
 
 
 

 
5.9           Litigation; Complaints; Government Inquiries.
 
5.9.1            The Company is not engaged in any litigation or arbitration proceedings, except as identified in the Company Reports, and there are no other such proceedings pending or, to the knowledge of the Company, threatened against or by the Company. To the best of the Company's knowledge, there are no matters or circumstances which are likely to give rise to any additional litigation or arbitration proceedings by or against the Company.
 
5.9.2            The Company is not subject to any investigation, inquiry, unresolved SEC comments or enforcement proceedings or processes by any Governmental Entity, and to the best of the Company's knowledge, there are no matters or circumstances which are likely to give rise to any such investigation, inquiry, proceedings or process, except as provided on Schedule 5.9.2.
 
5.10            Employees; Benefits.
 
5.10.1                       The Company has no full and part-time employees. There are no outstanding offers (whether accepted or not) of employment made to any Person by the Company.
 
5.10.2                       The Company is a not party to or bound by any collective bargaining, shop or similar agreements.
 
5.10.3                       Except as identified in the Company Reports, the Company does not have any "employee benefit plans" including, but not limited to, bonus, pension, profit sharing, deferred compensation, incentive compensation, excess benefit, stock, stock option, severance, termination pay, change in control or other employee benefit plans, programs or arrangements, including those providing medical, dental, vision, disability, life insurance and vacation benefits, whether written or unwritten, qualified or unqualified, funded or unfunded, currently maintained, or contributed to, or required to be maintained or contributed to, by the Company (each of which is referred to as a "Benefit Plan" and all of which are collectively referred to as the "Benefit Plans").
 
5.11            Tax Matters.
 
5.11.1                       The Company has filed all federal Income Tax Returns and all other material Tax Returns that it was required to file since the date of its organization, except as set forth on Schedule 5.11 hereof.
 
5.11.2                       To the best of the Company's knowledge, the Company has paid all Taxes that it was required to pay since the date of its organization.
 
5.11.3                       The Company is not currently the beneficiary of any extension of time within which to file any Tax Return.
 
5.11.4                       To the best of the Company's knowledge, there are no Liens for Taxes (other than Taxes not yet due and payable) upon any of the assets of the Company.
 
5.11.5                       There is no material dispute or claim concerning any Tax liability of the Company either (i) claimed or raised by any Taxation Authority in writing or (ii) as to which the Company has knowledge.
 
5.12            Financial Statements. The audited balance sheet of the Company at December 31, 2010 and the related statements of operations, stockholders’ equity and cash flows for the fiscal year then ended, including the notes thereto, as audited by HJ & Associates, LLC, certified public accountants (the "Company Audited Financial Statements") and the unaudited balance sheet of the Company at September 30, 2011, and the related consolidated statements of operations, stockholders’ equity and cash flows for the nine month period then ended prepared by the Company management (the "Company Unaudited Financial Statement" and, together with the Company Audited Financial Statements, the “Company Financial Statements”) are contained in the Company Reports. As of their respective dates, the financial statements of the Company included in the Company Reports complied as to form in all material respects with the applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes, may be condensed or summary statements or subject to year-end adjustments) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).
 
 
 

 
5.13            Compliance with Laws. Except as set forth in the Company Reports, the Company is conducting its business or affairs in material compliance with applicable law, ordinance, rule, regulation, court or administrative order, decree or process, or any requirement of insurance carriers. The Company has received any notice of violation or claimed violation of any such law, ordinance, rule, regulation, order, decree, process or requirement.
 
5.14            No Adverse Changes. Except as set forth on Schedule 5.14, through the Closing Date, there has not been (a) any material adverse change in the business, prospects, the financial or other condition, or the respective assets or Liabilities of the Company as reflected in the Company Financial Statements, (b) any material loss sustained by the Company, including, but not limited to any loss on account of theft, fire, flood, explosion, accident or other calamity, whether or not insured, which has materially and adversely interfered, or may materially and adversely interfere, with the operation of the Company’s business, or (c) to the knowledge of the Company and the L3D-BVI Shareholders, any event, condition or state of facts, including, without limitation, the enactment, adoption or promulgation of any law, rule or regulation, the occurrence of which materially and adversely does or would affect the results of operations or the business or financial condition of the Company.
 
5.15            Insurance. The Company maintains no insurance policies.
 
5.16            Articles of Incorporation; Minute Books. The copies of the Articles of Incorporation and Bylaws of the Company, and all amendments to each are true, correct and complete. The minute book of the Company contain true and complete records of all meetings and consents in lieu of meetings of their Board of Directors (and any committees thereof), or similar governing bodies, and L3D-BVI Shareholders since the time of the date of organization. The stock records of the Company are true, correct and complete.
 
5.17           Brokers. All negotiations relative to this Agreement and the transactions contemplated hereby have been carried without the intervention of any Person in such a manner as to give rise to any valid claim by any Person against the Company or any L3D-BVI Shareholder for a finder’s fee, brokerage commission or similar payment.
 
5.18            Exchange Act Reports.
 
5.18.1                       The Company has filed with the Commission all forms, reports, schedules, statements and other documents required to be filed by it pursuant to Section 13 or 15 of the Exchange Act through the date of this Agreement (as such documents have been amended since the time of their filing, collectively, the "Company Reports"). As of their respective dates or, if amended, as of the date of the last such amendment, the Company Reports, including, without limitation, any financial statements or schedules included therein, to the best of the Company's knowledge, complied in all material respects with the Securities Act or the Exchange Act, as the case may be, and the rules and regulations of the Commission promulgated thereunder applicable to such Company Reports, and did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. No Subsidiary of the Company is required to file any forms, reports or other documents with the Commission pursuant to Sections 13 or 15 of the Exchange Act.
 
 
 

 
5.18.2                       The Company keeps books, records and accounts which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company and its Subsidiaries.
 
5.19            Trading. The Company Common Stock is currently eligible for trading on the Over the Counter Bulletin Board, (“OTCBB”) and the Company has received no notice that its Company Common Stock is subject to being delisted therefrom. Since at least 2006, (i) Company Common Stock has been designated for quotation on the OTCBB, (ii) trading in the Company Common Stock has not been suspended by the SEC or the OTCBB and (iii) the Company has received no communication, written or oral, from the SEC or the OTCBB regarding the suspension or delisting of the Company Common Stock from the OTCBB.
 
5.20.            Disclosure Procedures; Internal Accounting Controls. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company is made known to the certifying officers by others within those entities, particularly during the period in which the Company’s Form 10-K or 10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s controls and procedures as of end of the filing period prior to the filing date of the Form 10-Q for the fiscal quarter ended September 30, 2011 (such date, the “Evaluation Date”). The Company presented in its most recently filed Form 10-K or Form 10-Q the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the Company’s internal controls (as such term is defined in Item 307(b) of Regulation S-K under the Exchange Act) or, to the Company’s knowledge, in other factors that could significantly affect the Company’s internal controls.
 
5.21            No SEC or FINRA Inquiries. Neither the Company nor any of its past or present officers or directors is the subject of any formal or informal inquiry or investigation by the SEC or the Financial Industry Regulatory Authority ("FINRA"), except as is set forth on Schedule 5.9.2. The Company currently does not have any outstanding comment letters or other correspondences from the SEC or the FINRA.
 
6.            Covenants; Additional Agreements.
 
6.1            Affirmative Covenants. Prior to the Closing Date or the earlier termination of this Agreement, pursuant to Section 8 hereof, unless otherwise specifically provided in this Agreement or consented to in writing by the Company and the L3D-BVI Shareholders, the Company and L3D-BVI each shall: (i) operate its business and conduct its affairs only in the usual and ordinary course consistent with past practices, and in such manner as shall be consistent with all representations and warranties of the Company and L3D-BVI so that the same remain true and accurate as of the Closing Date; (ii) preserve substantially intact its business organization, maintain its rights and franchises, use its reasonable efforts to retain the services of its officers and key employees and maintain its relationships with its customers and suppliers.
 
 
 

 
6.2            Negative Covenants. Except as specifically provided in this Agreement or otherwise consented to in writing by the other party (such other party being the Company or L3D-BVI (which consent shall not be unreasonably withheld), as applicable) from the date of this Agreement until the Closing Date, or until the earlier termination of this Agreement, neither the Company nor L3D-BVI shall do any of the following:
 
6.2.1           increase the compensation payable or to become payable to any director of officer; (ii) grant any severance or termination pay to, or enter into any employment or severance agreement with, any director, officer or employee; or (iii) establish, adopt, enter into, or amend, any Benefit Plan except as may be required by applicable Law except in any case for customary bonus or increases in the ordinary course of business or as required by contract;
 
6.2.2           declare, set aside or pay any dividend on, or make any other distribution in respect of, outstanding shares of capital stock;
 
6.2.3           redeem, purchase or otherwise acquire any shares of its capital stock or any securities or obligations convertible into or exchangeable for any shares of its capital stock, or any options, warrants or conversion or other rights to acquire any shares of its capital stock or any such securities or obligations; (ii) effect any reorganization or recapitalization; or (iii) split, combine or reclassify any of its capital stock or issue or authorize or propose the issuance of any other securities.
 
6.2.4           acquire or agree to acquire, by merging or consolidating with, by purchasing an equity interest in or a portion of the assets of, or in any other manner, any business or any corporation, partnership, association or other business organization or division thereof, or otherwise acquire or agree to acquire any assets of any other person;
 
6.2.5           sell, lease, exchange, mortgage, pledge, transfer or otherwise dispose of, or agree to sell, lease, exchange, mortgage, pledge, transfer or otherwise dispose of, any of its material assets, except for dispositions of assets in the ordinary course of business and consistent with past practice;
 
6.2.6            initiate, solicit, encourage (including by way of furnishing information or assistance), or take any other action to facilitate, any inquiries or the making of any proposal that constitutes, or may reasonably be expected to lead to, any competing transaction, or enter into discussions or negotiate with any person or entity in furtherance of such inquires or otherwise with respect to a competing transaction, or agree to or endorse any competing transaction, or authorize or permit any of the officers, directors or employees of L3D-BVI or any investment banker, financial advisor, attorney, accountant or other representative retained by L3D-BVI to take any such action;
 
6.2.7           propose or adopt any amendments to its incorporation or formation documents;
 
6.2.8           incur any obligation for borrowed money or purchase money indebtedness, whether or not evidenced by a note, bond, debenture or similar instrument, except in the ordinary course of business consistent with past practice;
 
6.2.9           change any of its methods of accounting in effect at September 30, 2011 (ii) make or rescind any express or deemed election relating to taxes, or (iii) change any of its methods of reporting income or deductions for federal income tax purposes from those employed in the preparation of the federal income tax returns for the taxable year ended December 31, 2011, except, in the case of clause (i) or (ii) as may be required by Law or generally accepted accounting principles;
 
6.2.10            agree in writing or otherwise to do any of the foregoing.
 
 
 

 
6.3            Access and Information. The Company and L3D-BVI shall: (i) provide to each party and its officers, directors, employees, accountants, consultants, legal counsel, agents and other representatives (collectively, the "Representatives") reasonable access at reasonable times upon reasonable prior notice to the officers, employees, agents, properties, offices and other facilities of the other party and to the books and records thereof; (ii) furnish promptly to the other party and their representatives such information concerning the business, properties, contracts, records and personnel of the other party (including, without limitation, financial, operating and other data and information) as may be reasonably requested, from time to time, by such party; each party shall keep such information confidential in accordance with the terms of Section 6.4.
 
6.4            Confidential Information. In connection with the negotiation of this Agreement and the consummation of the transactions contemplated hereby, each party hereto will have access to data and confidential information relating to the other party. Each party hereto shall treat such data and information as confidential, preserve the confidentiality thereof and not duplicate or use such data or information, except in connection with the transactions contemplated hereby, and in the event of the termination of this Agreement for any reason whatsoever, each party hereto shall return to the other all documents, work papers and other material (including all copies thereof) obtained in connection with the transactions contemplated hereby and will use reasonable efforts, including instructing its employees who have had access to such information, to keep confidential and not to use any such data or information; provided, however, that such obligations shall not apply to any data and information (i) which at the time of disclosure, is available publicly, (ii) which, after disclosure, becomes available publicly through no fault of the receiving party, (iii) which the receiving party knew or to which the receiving party had access prior to disclosure by the disclosing party, (iv) which is required by law, regulation or exchange rule, or in connection with legal process, to be disclosed, (v) which is disclosed by a receiving party to its attorneys or accountants, who shall respect the above restrictions, or (vi) which is obtained in connection with any Tax matters and is disclosed in connection with the filing of Tax returns or claims for refund or in conducting an audit or other proceeding.
 
6.5            Additional Covenants of the Company and L3D-BVI. From the date of this Agreement until the Closing Date, or until the earlier termination of this Agreement, the Company and L3D-BVI shall not take or agree in writing or otherwise take any action which would make any of the representations or warranties of the Company or L3D-BVI contained in this Agreement untrue or incorrect or prevent the Company or L3D-BVI from performing or causing or cause the Company and L3D-BVI not to perform their covenants hereunder.
 
6.6            Board of Directors. The Board of Directors of the Company currently consists of one (1) member. Immediately following the Closing Date, the Company shall increase the number of members to its Board of Directors to four (4) members. L3D-BVI shall appoint four (4) directors to fill the allocated number of seats.
 
 
 

 
6.7            Resignation of Officers and Directors. At the Closing, Kevin Asher and Greg Holmes shall resign as director of the Company and all officers of the Company shall resign (and their respective employment agreements shall be terminated, if any) and designees of L3D-BVI as listed below shall be appointed as directors and officers:
 
Name
 
Title
     
Wong Jimmy Kent-Lam
 
Chief Executive Officer and Chairman of the Board
     
Su Lin
 
Chief Financial Officer and Director
     
Li Chang
 
Chief Technology Officer and Director
     
Ngai Kin Wah
 
Director

 
6.8            Cost of L3D-BVI Audited Financial Statements. Prior to the Closing Date, L3D-BVI will pay all costs and fees for the preparation of the L3D-BVI Audited Financial Statements and the L3D-BVI Unaudited Financial Statements, each as defined in Section 7.2.4 herein.
 
6.9            Liabilities. Other than the liabilities set forth on Schedule 5.5, the Company shall satisfy all other outstanding liabilities of the Company incurred by the Company prior to the Closing or in connection thereto, including any amounts required to be paid on behalf of the Company for filing fees, tax preparation or accounting services whether due prior to or after the Closing Date.
 
6.10            Consent of Shareholders; Increase in Number of Directors. The Company’s Board of Directors shall obtain the written consent of the Existing Company Shareholders to an increase of the authorized number of directors. Kevin Asher and Greg Holmes agree to vote all of their shares of Company Common Stock in favor of such resolutions.
 
6.11           No Company Operations. The L3D-BVI Shareholders understand that the Company has no operations.
 
7.            Closing Conditions.
 
7.1            Conditions to the Obligations of the L3D-BVI Shareholders to Close. The obligation of the L3D-BVI Shareholders to consummate the transactions contemplated hereby at the Closing is subject to the fulfillment to the satisfaction of the L3D-BVI Shareholders, or the waiver by the L3D-BVI Shareholders, at or prior to the Closing of each of the following conditions:
 
7.1.1            Each of the representations and warranties of the Company contained in Article 5 shall be true, correct and complete on and as of the Closing Date as though then made.
 
7.1.2            That the parties shall have performed or complied with all agreements, terms and conditions required by this Agreement to be performed or complied with by them prior to or at the time of the Closing.
 
7.1.3            No material adverse change shall have occurred in the financial, business or trading conditions of L3D-BVI from the date hereof up to and including the Closing Date.
 
7.1.4            The Company shall have changed its name from "AirWare International Corp." to "Living 3D Holdings, Inc."
 
7.1.5           The parties to the Stock Purchase Agreement shall have closed the transactions contemplated by the Stock Purchase Agreement.
 
7.1.6           Receipt of a legal opinion of the Company's legal counsel satisfactory to the L3D-BVI Shareholders.
 
 
 

 
7.2            Conditions to the Company's Obligation to Close. The obligation of the Company to consummate the transactions contemplated hereby at the Closing is subject to the fulfillment to the satisfaction of the Company, or the waiver by the Company, at or prior to the Closing, of each of the following conditions:
 
7.2.1            Each of the representations and warranties of L3D-BVI contained in Article 3, and each of the representations and warranties of the L3D-BVI Shareholders contained in Article 4 shall be true, correct and complete on and as of the Closing Date as though then made.
 
7.2.2            That the parties shall have performed or complied with all agreements, terms and conditions required by this Agreement to be performed or complied with by them prior to or at the time of the Closing.
 
7.2.3            No material adverse change shall have occurred in the financial, business or trading conditions of L3D-BVI from the date hereof up to and including the Closing Date.
 
7.2.4            Receipt by the Company of (i) an unaudited balance sheet, related statement of income, retained earnings and changes in financial position, and statement of cash flow of L3D-BVI for the nine months ended September 30, 2011 (“L3D-BVI Financial Statements”) as required by the Company for regulatory purposes, including the Securities and Exchange Commission, in each case which are not materially adverse compared to the tax returns and or unaudited financial information provided by L3D-BVI to the Company for the relevant periods.
 
8.           Termination.
 
8.1            Termination. This Agreement may be terminated at any time prior to or, at Closing, by:
 
8.1.1            The mutual agreement of the Parties;
 
8.1.2           Any Party if:
 
(i)            Any provision of this Agreement applicable to a Party shall be materially untrue or fail to be accomplished;
 
(ii)            Any legal proceeding shall have been instituted or shall be imminently threatening to delay, restrain or prevent the consummation of this Agreement; or
 
(iii)           By December 15, 2011, the closing conditions are not satisfied.
 
8.2            Effect of Termination. In the event of termination of this Agreement pursuant to Section 8.2, this Agreement shall become void, there shall be no liability under this Agreement on the part of the Company, the L3D-BVI Shareholders or L3D-BVI or any of their respective officers or directors, and all rights and obligations of each party hereto shall cease.
 

 
 
 

 
9.            Notices.
 
9.1            All notices and other communications hereunder shall be in writing and shall be deemed given if sent by e-mail transmission (if receipt is electronically confirmed), or by a prepaid overnight courier service (if receipt is confirmed in writing) addressed to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
 

 
9.1.1           In the case of the L3D-BVI Shareholders and L3D-BVI:
 
Living 3D Holdings Ltd.
2030 Ridgeview Avenue
Los Angeles, California 90041
Attn: Mr. Su Lin
 
9.1.2           In the case of the Company:
 
Living 3D Holdings, Inc.
(formerly AirWare International Corp.; formerly Concrete Casting Incorporated)
1225 W. Washington Street, Suite 213
Tempe, Arizona 85018
Attention:  Kevin Asher
 
10.            Miscellaneous.
 
10.1            Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter contained herein. All prior negotiations and agreements between the parties hereto with respect to the transactions provided for herein are superseded by this Agreement.
 
10.2            Waiver. No waiver of any of the provisions of this Agreement shall be effective against any party to this Agreement unless reduced in writing and duly signed by such party. The waiver by any party of any right hereunder or of any breach of any of the terms hereof or defaults hereunder shall not be deemed a waiver of any other rights or any subsequent breach or default, whether of the same or of a similar nature, and shall not in any way affect the terms hereof except to the extent of such waiver.
 
10.3            Amendment. This Agreement can not be amended or modified unless made in writing and duly signed by or on behalf of the L3D-BVI Shareholders, L3D-BVI and the Company.
 
10.4            Construction. Wherever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law and in such a way as to, as closely as possible, achieve the intended economic effect of such provision and this Agreement as a whole, but if any provision contained herein is, for any reason, held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or any other provisions hereof, unless such a construction would be unreasonable.
 
10.5            Assignment. This Agreement may not be transferred, assigned, pledged or hypothecated by any party hereto. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assignees.
 
10.6            Costs and Expenses. Each party shall pay its own and its advisers' fees and expenses (including financial and legal advisors) incurred in connection with the negotiation, execution and closing of this Agreement and the transactions contemplated herein.
 
10.7            Non-Impairment of Rights. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.
 
10.8            Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart, or facsimile of a counterpart, of the Agreement signed by the other party or parties hereto. Delivery of an executed copy of this Agreement by facsimile transmission shall have the same effect as delivery of an originally executed copy of this Agreement, whether an originally executed copy shall be delivered subsequent thereto.
 
10.9            Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of Nevada excluding the conflicts of laws provisions thereof. The parties agree that the exclusive jurisdiction and venue of any action with respect to this Agreement shall be in the courts of [Clark] County, Nevada, and each of the parties hereby submits to the exclusive jurisdiction and venue of such courts for the purpose of such action.
 
[Signature Pages Follow]

 
 

 


In witness whereof, the parties have executed this Agreement on the date first above written.
 
Living 3D Holdings, Inc.
(formerly AirWare International Corp.; formerly Concrete Casting Incorporated)
 
Living 3D Holdings Ltd.
 
           
By::
/s/ Kevin Asher
 
By:
/s/ Wong Jimmy Kent-Lam
 
 
Name:  Kevin Asher
   
Name:  Wong Jimmy Kent-Lam
 
 
Title:  Chief Executive Officer
   
Title:  Chief Executive Officer
 
 
 
Shareholders of Living 3D Holdings Ltd.
 
       
       
/s/ Wong Jimmy Kent-Lam
 
/s/ Jung You Mon
 
Wong Jimmy Kent-Lam
 
Jung You Mon
 
       
       
/s/ Li Chang
 
/s/ Ngai Kin Wah
 
Li Chang
 
Ngai Kin Wah
 
       
       
/s/ Su Lin
     
Su Lin
     

 
 

 


Schedule A

Name
 
Amount of 
L3D-BVI
Shares
 
%
 
Amount of
Company
Shares
Wong Jimmy Kent-Lam
   
70
 
70%
 
43,813,616
Jung You Mon
   
11
 
11%
 
6,884,997
Li Chang
   
10
 
10%
 
6,259,088
Ngai Kin Wah
   
5
 
5%
 
3,129,544
Su Lin
   
4
 
4%
 
2,503,635
     
100
 
100%
 
62,590,880
               
               
               
 
 

 
 

 

EX-3.1 4 exhibittghreepointone.htm EX 3.1 exhibittghreepointone.htm
Exhibit 3.1
*090201*
ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684 5708
Website: www.nvsos.gov
 

Certificate of Amendment
(PURSUANT TO NRS 78.385 AND 78.390)

 
USE BLACK INK ONLY - DO NOT HIGHLIGHT                                                                                                               ABOVE SPACE IS FOR OFFICE USE ONLY
 
Certificate of Amendment to Articles of Incorporation
 
For Nevada Profit Corporations
 
(Pursuant to NRS 78.385 and 78.390 - After Issuance of Stock)
 

1.
Name of corporation:
 
AirWare International Corp.
2.
The articles have been amended as follows:  (provide article numbers, if available)
 
 
Articles 1. is amended to read in its entirety as follows:
Article 1.  Name of Corporation.
The name of the corporation is Living 3D Holdings, Inc.
 
 
3.
The vote by which the stockholders holding shares in the corporation entitling them to exercise
at least a majority of the voting power, or such greater proportion of the voting power as may be
required in the case of a vote by classes or series, or as may be required by the provisions of the
articles of incorporation* have voted in favor of the amendment is:
   
51%

4.
Effective date of filing: (optional)
 
(must not be later than 90 days after the certificate is filed)
5.
Signatures: (required)
 

X  /s/ Kevin Asher 9/27/2011                                              
Signature of Officer
 
* If any proposed amendment would  alter or change any preference or any relative or other right given to any class or series of outstanding shares, then the amendment must be approved by the vote, in addition to the affirmative vote otherwise required, of
 
the holders of shares representing a majority of the voting power of each class or series affected by the amendment regardless to
 
limitations or restrictions on the voting power therof.
 
IMPORTANT: Failure to include any of the above information and submit with the proper fees may cause this filing to be rejected.
 
This form must be accompanied by appropriate fees
Nevada Secretary of State Restated Articles
Revised: 3-6-09
 

 
 

 
*090501*
ROSS MILLER
Secretary of State
204 North Carson Street, Suite 1
Carson City, Nevada 89701-4520
(775) 684 5708
Website: www.nvsos.gov
 
Certificate to Accompany
Restated Articles or
Amended and Restated Articles
(PURSUANT TO NRS)
 
USE BLACK INK ONLY - DO NOT HIGHLIGHT                                                                                                               ABOVE SPACE IS FOR OFFICE USE ONLY
 
This Form is to Accompany Restated Articles or Amended and Restated Articles of Incorporation
 
(Pursuant to NRS 78.403, 82.371, 86.221, 87A, 88.355 or 88A.250)
 
(This form is also to be used to accompany Restated Articles or Amended and Restated Articles for Limited-Liability
 
Companies, Certificates of Limited Partnership, Limited-Liability Limited Partnerships and Business Trusts)
1.
Name of Nevada entity as last recorded in this office:
   
 
Concrete Casting Incorporated
   
2.
The articles are: (mark only one box)
¨ Restated
ý Amended and Restated
 
Please entitle your attached articles "Restated" or "Amended and Restated," accordingly.
3.
Indicate what changes have been made by checking the appropriate box:*
 
¨
No amendments; articles are restated only and are signed by an officer of the corporation who has been authorized to execute the certificate by resolution of the board of directors adopted on:
The certificate correctly sets forth the text of the articles or certificate as amended to the date of the certificate.
 
ý
The entity name has been amended.
 
¨
The registered agent has been changed. (attach Certificate of Acceptance from new registered agent)
 
¨
The purpose of the entity has been amended.
 
ý
The authorized shares have been amended.
 
ý
The directors, managers or general partners have been amended.
 
¨
IRS tax language has been added.
 
ý
Articles have been added.
 
¨
Articles have been deleted.
 
¨
Other. The articles or certificate have been amended as follows: (provide article numbers, if available)
 
* This form is to accompany Restated Articles or Amended and Restated Articles which contain newly altered or amended articles. The Restated Articles must contain all of the requirements as set forth in the statutes for amending or altering the articles for certificates.
 
IMPORTANT: Failure to include any of the above information and submit with the proper fees may cause this filing to be rejected.
 
This form must be accompanied by appropriate fees
Nevada Secretary of State Restated Articles
Revised: 10-16-09
 

 
 

 

Amended and Restated
Articles of Incorporation
of
Concrete Casting Incorporated
(A Nevada corporation)
 
Concrete Casting Incorporation, to be renamed AirWare International Corp., a corporation organized and existing under the laws of the state of Nevada, pursuant to Section 78.403 of the Nevada Revised Statutes, upon approval of its Board of Directors and approval by a majority of its stockholders, does hereby adopt the following as its Amended and Restated Articles of Incorporation, replacing in their entirety, the Corporation's present Articles of Incorporation.
 
Article 1.                      Name of Corporation.
 
The name of the corporation is AirWare International Corp. (the “Corporation”).
 
Article 2.                      Resident Agent.
 
The name and address of the Resident Agent for the corporation is Quasar Corporate Services, Inc., 8275 South Eastern Avenue, Suite 200, Las Vegas, Nevada  89123.  The Resident Agent may be changed in the manner permitted by law.
 
Article 3.                      Authorized Stock.
 
(a)           The Corporation shall have the authority to issue a total of one hundred million (100,000,000) shares of capital stock, consisting of:
 
(i)           Ninety million (90,000,000) shares of common stock, par value $0.001 per share; and
 
(ii)           Ten million (10,000,000) shares of blank check preferred stock, par value $0.001 per share.
 
(b)           Blank Check Preferred Stock. The shares of preferred stock may be issued from time to time in one or more series.  The Board of Directors is hereby authorized, by filing a certificate pursuant to the applicable law of the state of Nevada, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences and rights of the shares of each such series and the qualifications, limitations or restrictions thereof.  The board of directors of the Corporation is hereby expressly granted authority, without stockholder action, and within the limits set forth in the Nevada Revised Statutes, to:
 
(i) designate in whole or in part, the powers, preferences, limitations, and relative rights, of any class of shares before the issuance of any shares of that class;
 
(ii) create one or more series within a class of shares, fix the number of shares of each such series, and designate, in whole or part, the powers, preferences, limitations, and relative rights of the series, all before the issuance of any shares of that series;
 
(iii) alter or revoke the powers, preferences, limitations, and relative rights granted to or imposed upon any wholly unissued class of shares or any wholly unissued series of any class of shares;
 
 
 

 
(iv) increase or decrease the number of shares constituting any series, the number of shares of which was originally fixed by the board of directors, either before or after the issuance of shares of the series; provided that, the number may not be decreased below the number of shares of the series then outstanding, or increased above the total number of authorized shares of the applicable class of shares available for designation as a part of the series;
 
(v) determine the dividend rate on the shares of any class of shares or series of shares, whether dividends will be cumulative, and if so, from which date(s), and the relative rights of priority, if any, of payment of dividends on shares of that class of shares or series of shares;
 
(vi) determine whether that class of shares or series of shares will have voting rights, in addition to the voting rights provided by law, and, if so, the terms of such voting rights;
 
(vii) determine whether that class of shares or series of shares will have conversion privileges and, if so, the terms and conditions of such conversion, including provision for adjustment of the conversion rate in such events as the board of directors determines;
 
(viii) determine whether or not the shares of that class of shares or series of shares will be redeemable and, if so, the terms and conditions of such redemption, including the date or date upon or after which they are redeemable, and the amount per share payable in case of redemption, which amount may vary under different conditions and at different redemption dates;
 
(ix) determine whether that class of shares or series of shares will have a sinking fund for the redemption or purchase of shares of that class of shares or series of shares and, if so, the terms and amount of such sinking fund;
 
(x) determine the rights of the shares of that class of shares or series of shares in the event of voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and the relative rights of priority, if any, of payment of shares of that class of shares or series of shares; and
 
(xi) determine any other relative rights, preferences and limitations of that class of shares or series of shares.
 
The allocation between the classes, or among the series of each class, of unlimited voting rights and the right to receive the net assets of the Corporation upon dissolution, shall be as designated by the board of directors.  In the event of dissolution or liquidation of the Corporation, voluntary or involuntary, the holders of serial preferred stock, in preference to the common stock, will be entitled to receive such amount or amounts as may be fixed by the Board of Directors of the Corporation pursuant to the authority herein conferred upon it.  Preferred stock of any series redeemed, converted, exchanged, purchased or otherwise acquired by the Corporation shall be canceled by the Corporation and returned to the status of authorized but unissued preferred stock.  All shares of any series of serial preferred stock, as between themselves, shall rank equally and be identical; and all series of serial preferred stock, as between themselves, shall rank equally and be identical, except as set forth in resolutions of the Board of Directors authorizing the issuance of the series.  All rights accruing to the outstanding shares of the Corporation not expressly provided for to the contrary herein or in the Corporation’s bylaws or in any amendment hereto shall be vested in the common stock.  Accordingly, unless and until otherwise designated by the Board of Directors, and subject to any superior rights as so designated, the common stock shall have unlimited voting rights and be entitled to receive the net assets of the Corporation upon dissolution.
 
 
 

 
Article 4.                      Board of Directors.
 
The governing board of this Corporation shall be known as directors, and the number of directors may from time to time be increased or decreased in such manner as shall be provided by the Bylaws of this Corporation, providing that the number of directors shall not be reduced to fewer than one (1).  Provisions for the regulation of the internal affairs of the Corporation will be contained in its Bylaws as adopted by the Board of Directors.
 
Article 5.                      Purpose.
 
The Corporation is organized purpose of conducting any lawful business for which a corporation may be organized under the laws of the State of Nevada.  The Corporation may maintain offices at such other places within or without the state of Nevada as it may from time to time determine.  Corporate business of every kind and nature may be conducted, and meetings of directors and stockholders may be held outside the state of Nevada with the same effect as if in the state of Nevada.
 
Article 6.                      Limitation of Liability; Indemnification.
 
(a)           Limitation of Liability.  A director or officer of the Corporation shall, to the fullest extent permitted by the Nevada Revised Statutes (the "NRS"), as it now exists or as it may hereafter be amended, not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director.  Neither any amendment nor repeal of this Article, nor the adoption of any provision of these Articles of Incorporation inconsistent with this Article, shall eliminate or reduce the effect of this Article in respect of any matter occurring, or any cause of action, suit or claim that, but for this Articles, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision.
 
(b)           Indemnification.  The Corporation shall indemnify and may advance expenses to its directors and officers to the fullest extent permitted by the NRS as it now exists or as it may hereafter be amended.  Every person who was or is a party or is threatened to be made a party to or is involved in any action, suit or proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or officer of the Corporation, shall be indemnified and held harmless to the fullest extent legally permissible under the NRS, as it now exists or as it may hereafter be amended, against all expenses, liability and loss (including attorney's fees, judgments, fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by him or her in connection therewith.  Such right of indemnification shall be a contract right that may be enforced in any manner desired by such person.  Such right of indemnification shall not be exclusive of any other right which such directors, officers or representatives may have or hereafter acquire and, without limiting the generality of such statement, they shall be entitled to their respective rights of indemnification under any Bylaw, agreement, vote of stockholders, provision of law or otherwise, as well as their rights under this Article 6.  Without limiting the application of the foregoing, the Board of Directors may adopt Bylaws from time to time with respect to indemnification to provide at all times the fullest indemnification permitted by the NRS, as it now exists or as it may hereafter be amended, and may cause the Corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation as a director of officer of another corporation, or as its representative in a partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred in any such capacity or arising out of such status, whether or not the Corporation would have the power to indemnify such person.
 
 
 

 
Article 7.                      Bylaws.
 
Subject to the power of the stockholders of the Corporation to adopt, amend or repeal any bylaw made by the Board of Directors, the Board of Directors is expressly authorized and empowered to adopt, amend, or repeal the Bylaws of the Corporation.
 
Article 8.                      Amendment.
 
The Corporation reserves the right at any time, and from time to time, to amend, alter, change, or repeal any provision contained in these Articles of Incorporation, and other provisions authorized by the laws of the state of Nevada at the time in force may be added or inserted, in the manner now or hereafter prescribed by law; and all rights, preferences and privileges of whatsoever nature conferred upon stockholders, directors or any other persons whomsoever by and pursuant to this Article in its present form or as hereafter amended are granted subject to the rights reserved in this Article.
 
Article 9.                      Duration.
 
The period of its duration shall be perpetual.
 
Article 10.                      Inapplicability of NRS Sections 78.378 through 78-3793
 
The provisions of NRS Sections 78.378 through 78-3793 shall not apply to the Corporation or to an acquisition of a controlling interest of an existing or future holder of capital stock of the Corporation.
 

 
 
 

 

IN WITNESS WHEREOF, the undersigned, being the Chief Executive Officer, Chief Financial Officer and Treasurer of the Corporation, executed the foregoing Amended and Restated Articles of Incorporation of Concrete Casting Incorporated, to be renamed AirWare International Corp., to be filed in the Office of the Secretary of State of the State of Nevada for the purposes therein set forth this 1st day of July 2010.
 
 
 
 
 
 
By:
/s/ Kevin J. Asher
 
 
Kevin J. Asher

 
 
 

 

EX-3.2 5 exhibitthreetwo.htm EX 3.2 exhibitthreetwo.htm
Exhibit 3.2
 
 

 
                                                                               Territory of the British Virgin Islands
 



 
                                                                                  The BVI Business Companies Act, 2004
 

 

 
                                                                       MEMORANDUM AND ARTICLES
 
                                                                       OF ASSOCIATION

 

 
                                                                   OF
 

 
 
                                          LIVING 3D HOLDINGS LTD Incorporated this 23rd day of June, 2008
 



CCS MANAGEMENT LIMITED

Sea Meadow House, Blackburne Highway Road Town, Tortola

                                                                British Virgin Islands
 
                                                                 Tel: 1-284-494-8025
 
                                                           Fax: 1-284-494-8026  email: ccs@cayman-hk.com
 




 
 

 


TERRITORY OF THE BRITISH VIRGIN ISLANDS
THE BVI BUSINESS COMPANIES ACT, 2004
 
                   MEMORANDUM OF ASSOCIATION OF
                     LIVING 3D HOLDINGS LTD
 
A COMPANY LIMITED BY SHARES
 

 
1.          NAME
 

The name of the Company is LIVING 3D HOLDINGS LTD.

2.          INCORPORATION

The Company is incorporated as a company limited by shares.

 
3.          REGISTERED OFFICE
 

The  first registered office of the Company shall be situated at the office of the
first  Registered Agent at CCS Management Limited, Sea Meadow House, Blackburne Highway, Road Town, Tortola, British Virgin Islands.
 

4.          REGISTERED AGENT
 

 
The first registered agent of the Company shall be at CCS Management Limited, Sea Meadow House, Blackburne Highway, Road Town, Tortola, British Virgin Islands.
 

5.          OBJECTS AND POWERS
 

 
(a)     The object for which the Company is incorporated is to engage without limitation in any act or activities which are not prohibited under any law for the time being in force in the British Virgin Islands.
 

(b)          The Company shall have full capacity, power, right, and privilege to:
 

 
(i)   engage in any business or businesses whatsoever, or in any act or  activities which are not prohibited under any law for the time being in force in the British Virgin Islands;
 

(ii)        carry on business with persons resident in the British Virgin
 
Islands;

 
 

 


 

 
(iii)   carry on banking or trust business, pursuant to a license issued to it under the Banks and Trust Companies Act, 1990 and to act as trustee of a Virgin Islands Special Trust;
 

 
(iv)   carry on business as an insurance company or as a reinsurance company, insurance agent, or insurance broker, pursuant to a license issued to it under the Insurance Act, 1994;
 

 
(v)   carry on the business of company management pursuant to a license issued to it under the Company Management Act, 1990;
 

 
(vi)
act as a custodian of shares in  a company incorporated under the laws of the British Virgin Islands, pursuant to a license issued to it under the Financial Services Commission Act, 2001:

 
(vii)
issue, cancel, and hold treasury shares, grant options over
 
unissued shares in the Company and treasury shares, issue
 
securities that are converted into shares, and give financial assistance to any person in connection with the acquisition of its own shares;
 

 
(viii)
issue debentures, guarantee a liability or obligation of any person and secure any of its obligations by mortgage, pledge or other charge of any of its assets;

 
 
(ix)   protect the assets of the Company for the benefit of  the Company, its creditors and its members and, at the discretion of  the  directors, for any  person  having  a  direct  or  indirect interest in the Company;
 

 
(x)    buy, sell, underwrite, invest in, exchange or otherwise acquire and hold, manage, develop, deal with and turn to account any bonds, debentures, shares, (whether fully paid or not) stocks, options, commodities, futures, forward contracts, notes or securities of Governments, States, municipalities, public authorities or public or private limited or unlimited companies in any part of the world, precious metals,  gems, works of art and other articles  of value  and whether on  a cash or  margin basis and including short sales, and to lend money against the security of any of the aforementioned property;
 

 
(xi)   buy, own,  hold, subdivide,  lease,  sell, rent,  prepare  building sites, construct, reconstruct, alter, improve, decorate, furnish, operate,  maintain,  reclaim  or  otherwise  deal  with  and/or develop land and buildings and otherwise deal in real estate in all its branches,  make  advances  upon the security  of  land or houses or other  property or any interest  therein,  and whether

 

2

 
 

 


 

erected or in course of erection and whether on first mortgage or charge  or  subject   to  prior  mortgage  or  charge,  and  to develop land and buildings as may seem expedient to the Company;
 

 
(xii)   borrow or raise money  by the issue of debentures,  debenture stock (perpetual  or terminable), bonds, mortgages, or any other securities founded or based upon all or any of the assets or property  of  the  Company  or  without  any  such  security  and upon  such  terms  as to priority  or otherwise as the Company may think fit;
 

 
(xiii)
do all such other things as are incidental to, or which the
 
company may think conductive to the attainment of all the above objects, powers, rights and privileges.

 
(c)
For the purposes of section 9(4) of the Act, there are no limitations on the businesses that the Company may carry on.
 

 
 
6.
SHARES IN THE COMPANY
 

 
(1)           The Company shall be authorized to issue a maximum of 50,000 shares

 
(2)
The shares in the Company shall be issued in the currency of the United
 
States of America.

 
(3)
Shares in the Company shall be issued as registered shares only.
 

 
(4)
The shares may be divided into such number of classes and series as the directors or members may by resolution from time to time determine, and
 
until so divided shall comprise one class and series.
 

 
(5)
The  Company  shall  not  be  authorized  to  issue  bearer  shares;  convert
 
registered  shares  to  bearer  shares;  nor  exchange  registered  shares  for
 
bearer shares.
 

 
7.
DESIGNATIONS, RIGHTS, PRIVILEGES, RESTRICTIONS AND
 
CONDITIONS ATTACHING TO SHARES
 

The directors or members shall by resolution have the power to issue any class or
series of shares that the Company is authorized to issue, with or subject to any
designations,  powers,  preferences,  rights,  qualifications,  limitations  and
restrictions.



 

 
 

 


 

 
 
8.
VARIATION OF CLASS RIGHTS
 

If at any time the number of shares which the Company is authorized to issue is
divided into different classes of shares, the rights attached to any class (unless
otherwise provided by the terms of issue of the shares of that class) shall whether
or not the Company is being wound up, be varied by a resolution with the consent
in writing of the holders of a majority in excess of 50% of the issued shares of
that class and of the holders of not less than 30% of the issued shares of any other
class of shares which may be affected by such variation.

 
9.
RIGHTS  NOT VARIED BY THE ISSUE OF SHARES PARI PASSU
 

Rights conferred upon the holders of the shares of any class issued with preferred
or other rights shall not, unless otherwise expressly provided by the terms of issue
of the shares of that class, be deemed to be varied by the creation or issue of such
further shares ranking part passu therewith.
 

 
10.
AMENDMENTS
 

 
(1)
The Company may by resolution of the members or resolution of the
 
directors, amend this Memorandum of Association and the Articles of
 
Association of the Company.
 

 
(2)
Amendments to this Memorandum of Association and to the Articles of
 
Association may include changing the name of the Company; and
 
increasing the number of shares which the Company is authorized to issue.
 

 
(3)
No amendment may be made by a Resolution of Directors:

 
(i)
to restrict the rights or powers of members to amend the memorandum  of association or the articles of association;
 

 
(ii)
to  change  the  percentage  of  members  required  to  pass  a resolution  of members to amend the memorandum of
 
association or articles of association;
 

 
(iii)
to clauses 7, 8, 9, and 10 of this Memorandum;
 

 
(iv)
to prohibit members from amending the memorandum of
 
association or articles of association; and
 

 
(v)
to Regulations 122, 126 or 127 of the Articles of Association
 
of the Company.




 
 
 

 

 
 
(4)      Where a resolution is passed to amend the memorandum or articles of Association, the ·Company shall file for registration with the Registrar of Corporate Affairs:
 

 
(i)
a notice of amendment in the approved form; or
 

 
(ii)
a restated memorandum or articles of association incorporating the amendments made.
 





 

 
 

 


We,  the  undersigned   Registered  Agent,  CCS  Management   Limited  of  Sea  Meadow House, Blackburne Highway, Road Town, Tortola, British Virgin Islands, for the purpose of  incorporating  a  BVI  Business  Company  under  the  BVI  Business  Companies  Act, hereby sign this Memorandum of Association the 23rd day of June, 2008.




 

Incorporator:
 




 
 
 

 


 
TERRITORY OF THE BRITISH VIRGIN ISLANDS
 
THE BVI BUSINESS COMPANIES ACT, 2004
 
ARTICLES OF ASSOCIATION
 
OF
 
LIVING 3D HOLDINGS LTD
 
A COMPANY LIMITED BY SHARES
 
INTERPRETATION
 
1.  
References in these Articles to the "Act" shall mean the BVI Business Companies Act,
 
 
2004, and shall include amendments to the Act and such regulations as may from time be
 
 
made under the Act.
 
2.  
(1)         The following Regulations shall constitute the Articles of the Company.
 
(2)  
In these Articles words and expressions defined in the Act shall have the same meaning.
 
(3)  
Unless otherwise required by the context, the singular shall include the plural and vice
 
 
versa, and the masculine gender shall include the feminine and the neuter genders.
 
(4)  
References to "person” shall include corporations and all other entities which are capable
 
 
of having a legal existence.
 
ISSUE OF SHARES AND VARIATION OF RIGHTS
 
3.  
(1)Subject to the provisions of these Articles, the unissued shares of the Company shall be at the disposal of the directors who may offer, allot, grant options over, or otherwise dispose
 
 
of them to such persons at such times and for such consideration, and upon such terms
 
 
and conditions as the directors may determine.
 
(2)  
Section 46 of the Act in respect of pre-emptive rights shall not apply to the issue,
 
 
allotment, transfer, purchase, redemption, or acquisition of shares in the Company.
 
(3)  
The Company shall not be authorized to issue bearer shares; convert registered shares to bearer shares; or exchange registered shares for bearer shares.
 
(4)  
The directors shall issue no shares for a consideration other than money, unless the
 
 
directors have passed a resolution stating:
 
(a)  
the amount to be credited for the issue of the Shares;
 

 
 

 


 
(b)  
their determination of the reasonable present cash value of the non-money consideration for the issue; and
 
(c)  
that, in their opinion, the present cash value of the non money consideration for the issue is not less that the amount to be credited for the issue of the Shares.
 
4.  
The directors may issue shares in the Company with such preferred, deferred or other
 
 
special rights or such restrictions, whether in regard to dividend, voting, return of capital
 
 
or otherwise as the directors may determine.
 
5.  
The Company shall keep and maintain a register of members which shall contain the following:
 
(a)  
the names and addresses of the persons who hold registered shares in the Company;
 
(b)  
the number of each class and series of shares held by each shareholder;
 
(c)  
the date on which the name of each shareholder was entered in the register of members; and
 
(d)  
the date on which a person ceased to be a shareholder of the Company.
 
6.  
(1)Every person whose name is entered as a member in the register of members, being the holder of shares and every person to whom a bearer share in the Company has been
 
 
issued shall, without payment, be entitled to a certificate signed by two directors or two officers or by one director or one officer of the Company or under the common seal of
 
 
the Company with or without the signature of any director or officer of the Company.
 
(2)  
The certificate shall specify the share or shares held and the par value thereof (if any) provided that in respect of a share, or shares, held jointly by several persons, the
 
 
Company shall not be bound to issue more than one certificate, and delivery of a certificate for a share to one of several joint holders shall be sufficient delivery to all.
 
(3)  
If a certificate is worn out or lost it may be renewed on production of the worn out certificate, or on satisfactory proof of its loss together with such indemnity as the
 
 
directors may reasonably require.
 
(4)  
Any member receiving a share certificate shall indemnify and hold the Company and its officers harmless from any loss or liability which it or they may incur by reason of
 
 
wrongful or fraudulent use or representation made by any person by virtue of the
 
 
possession-of such a certificate.
 
7.  
A share issued by the Company upon conversion of, or in exchange for, another share or
 
 
a debt obligation or other security in the Company, shall be treated for all purposes as
 

 

 
 

 


 
having been issued for money equal to the consideration received or deemed to have been
 
received by the Company in respect of the other share, debt obligation or security.
 
8.  
The Company may issue fractions of a share and a fractional share shall have the same corresponding fractional liabilities, limitations, preferences, privileges, qualifications,
 
 
restrictions, rights and other attributes of a whole share of the same class or series of
 
 
shares.
 
9.  
The consideration in respect of the shares constitutes capital to the extent designated by
 
 
the directors and the excess constitutes surplus, except that the directors must designate
 
 
as capital an amount of the consideration that is at least equal to the amount that the share
 
 
is entitled to as a preference, if any, in the assets of the Company upon liquidation of the Company.
 
10.  
Subject to the provisions of the Act, shares may be issued on the terms that they are
 
 
redeemable, or at the option of the company be liable to be redeemed on such terms and
 
 
in such manner as the directors before or at any time of the issue of the shares may
 
 
determine.
 
ACQUISITION OF OWN SHARES AND REDEMPTION OF SHARES
 
11.  
(1)The directors may, in accordance with the Act, on behalf of the Company purchase,
 
 
redeem, or otherwise acquire any of the Company's own shares for such consideration as they consider fit, and may either cancel or hold such shares as treasury shares.
 
(2)  
The directors may dispose of any shares held as treasury shares on such terms and
 
 
conditions as they may from time to time determine. Shares may be purchased or
 
 
otherwise acquired in exchange for newly issued shares in the Company.
 
(3)  
The directors may redeem any such share at a premium.
 
(4)  
The directors shall by resolution determine whether sections 60, 61, and 62 of the Act
 
 
shall apply to the acquisition of shares.
 
(5)  
Upon cancellation of a share, the amount included as capital of the Company with respect
 
 
to that share shall be deducted from the capital of the Company.
 
12.  
Except as required by law, no person shall be recognized by the Company as holding any
 
 
share upon any trust, and the Company shall not be bound by or be compelled in any way
 
 
to recognize (even when having notice thereof) any equitable, contingent, future, or
 
 
partial interest in any share or any interest in any fractional part of a share.
 
NOTICE OF TRUST
 
13.  
No notice of a trust, whether expressed, implied or constructive, shall be entered in the
 
 
register of members.
 

 
 

 


 
TRANSFER OF SHARES
 
14.  
(1)Shares in the Company may be transferred by a written instrument signed by the
 
 
transferor and containing the name and address of the transferee or such other
 
 
manner or form and subject to such evidence as the directors shall consider
 
 
appropriate.
 
(2)  
The instrument of transfer shall be signed by the transferee if registration as a
 
 
holder of the share imposes a liability to the Company on the transferee.
 
(3)  
The instrument of transfer of a registered share shall be sent to the Company for
 
 
registration.
 
15.  
(1)The Company shall register a transfer of shares by entering the name of the
 
 
transferee of the shares in the register of members, if the directors are satisfied.
 
(2)  
If the directors of the Company are satisfied that an instrument of transfer relating
 
 
to Shares has been signed but that the instrument has been lost or destroyed, they
 
 
may resolve by Resolution:
 
(a)  
to accept such evidence of the transfer of shares as they consider
 
 
appropriate; and
 
(b)  
that the transferee's name should be entered in the register of members notwithstanding the absence of the instrument of transfer.
 
TRANSMISSION OF SHARES
 
16.  
(1)The personal representative of a deceased member, the guardian of an incompetent
 
 
member, or the trustee of a bankrupt member shall be the only person recognized by the Company as having any title to his share.
 
(2)  
Such personal representative, guardian or trustee shall not be entitled to exercise any
 
 
rights as a member of the Company until that person has proceeded in the manner set out below.
 
(3)  
The production to the Company of any document which is evidence of:
 
(a)  
a grant of probate of the will, or grant of letters of administration of the estate, or confirmation of the appointment as executor, of a deceased
 
 
member; or
 
(b)  
the appointment of a guardian of an incompetent member; or
 
(c)  
the trustee of a bankrupt member; or
 

 
 

 


 
(d)  
any other documentation providing reasonable evidence of the applicants beneficial ownership of the shares,
 
shall be accepted by the Company.
 
(4)  
If the deceased, incompetent member or bankrupt member is domiciled outside the
 
 
British Virgin Islands of the Company shall accept the documents referred to in sub-regulation (3) above, if such documents are issued by a foreign court which had
 
 
competent jurisdiction in the matter.
 
(5)  
For the purposes of establishing whether or not a foreign court had competent
 
 
jurisdiction in the matter the directors may obtain appropriate legal advice.
 
(6)  
The directors may also require an indemnity to be given by the personal representative, guardian, or trustee of the member.
 
17.  
An application by any such person to be registered as a member shall for all purposes be
 
 
deemed to be a transfer of shares of the deceased, incompetent, or bankrupt member and
 
 
the directors shall treat it as such.
 
18.  
Any person who has become entitled to a share in consequence of the death,
 
 
incompetence, or bankruptcy of any member may, instead of being registered himself,
 
 
request in writing that some person to be named by him be registered as the transferee of
 
 
such share and such request shall likewise be treated as if it were a transfer.
 
19.  
What amounts to incompetence on the part of a person is a matter to be determined by the
 
 
court having regard to all the relevant evidence and the circumstances of the case.
 
LIEN
 
20.  
(1)The Company shall have a first and paramount lien on every share which has been
 
 
registered in the name of a member, whether singly or jointly with any other person, for
 
 
all the debts incurred before or after the notice to the Company of any interest of any
 
 
person other than such member, and whether the time for the payment or discharge of the same shall have actually arrived or not, and notwithstanding that the same are joint debts
 
 
or liabilities of such member or his estate and any other person, whether a member of the Company or not.
 
(2)  
The Company's lien on a share shall extend to all dividends payable thereon.
 
(3)  
The directors may at any time either generally, or in any particular case, waive any lien
 
 
that has arisen or may declare any share to be wholly or in part exempt from the
 
 
provisions of this regulation.
 

 
 

 


 
21.  
The Company may sell, in such manner as the directors may by resolution determine, any
 
 
share on which the Company has a lien, but no sale shall be made unless the sum in
 
 
 respect of which the lien exists is payable nor until the expiration of twenty one days after
 
 
a notice in writing, demanding payment of the sum payable and giving notice of the
 
 
 intention to sell in default of such payment, has been served on the holder of the share for
 
 
the time being.
 
22.  
(1)The net proceeds of the sale by the Company of any share on which it has a lien shall be applied in or towards payment in respect of which the lien exists so far as the same is
 
 
payable and any residue shall (subject to a like lien for debts or liabilities not payable as existed upon the share prior to the sale) be paid to the holder of the share immediately
 
 
before such sale.
 
(2)  
For giving effect to any such sale, the directors may authorise some person to transfer the share sold to the purchaser thereof.
 
(3)  
The purchaser shall be registered as the holder of the share and he shall not be bound to
 
 
see the application of the purchase money, nor shall his title to the share be affected by
 
 
any irregularity or invalidity in the proceedings in reference to the sale.
 
MEETINGS OF MEMBERS
 
23.  
The directors shall convene meetings of the members of the Company at such times and
 
 
in such manner and place as the directors consider necessary or desirable, and they shall
 
 
convene such a meeting upon the written request of members holding no less than 30% of the votes of the issued voting shares in the Company.
 
24.  
Seven days' notice at the least specifying the place, the day and the hour of the meeting
 
 
and general nature of the business to be conducted shall be given in the manner
 
 
hereinafter mentioned to such persons whose names on the date the notice is given appear
 
 
as members in the register of members of the Company and who are entitled to vote.
 
25.  
A meeting of the members shall be deemed to have been validly held, notwithstanding
 
 
that it is held in contravention of the requirement to give notice.
 
26.  
Notice of the meeting is waived by an absolute majority in number of the members
 
 
 having a right to attend and vote at the meeting.
 
27.  
The inadvertent failure of the directors to give notice of a meeting to a member, or the
 
 
fact that a member has not received the notice, does not invalidate the meeting.
 
28.  
A meeting of the members may on the application of a member or director of the
 
 
Company be ordered by the Court if:
 
(a)  
it is impracticable to call or conduct a meeting of the members of a company in the manner specified in the Act or in these Articles; or
 

 
 

 


 
(b)  
if it is in the interest of the members of the Company that a meeting of members is held.
 
PROCEEDINGS AT MEETINGS OF MEMBERS
 
29.  
No business shall be transacted at any meeting unless a quorum of members is present at
 
 
the time when the meeting proceeds to business. A quorum shall consist of the holder or
 
 
holders present in person or by proxy of a majority of more than 50% of the voting
 
 
shares.
 
30.  
If, within half an hour from the time appointed for the meeting, a quorum is not present,
 
 
the meeting shall be dissolved.
 
31.  
At every meeting the members present shall choose someone of their number to be the
 
 
chairman.  If the members are unable to choose a chairman for any reason, then the
 
 
person representing the greatest number of shares entitled to vote and who is present at
 
 
the meeting shall preside as chairman failing which the oldest individual person shall take
 
 
the chair.
 
32.  
The chairman may, with the consent of the meeting, adjourn any meeting from time to
 
 
time, and from place to place, but no business shall be transacted at any adjourned
 
 
meeting other than the business left unfinished at the meeting from which the
 
 
adjournment took place.
 
33.  
At any meeting, a resolution put to the vote shall be decided on a show of hands by a
 
 
simple majority unless a poll is (before or on the declaration of the result of the show of
 
 
hands) demanded:
 
(a)  
by the chairman; or
 
(b)  
by any member present in person, voting trustee, committee or by proxy
 
 
and representing not less than one tenth of the shares entitled to vote.
 
34.  
Unless a poll be so demanded, a declaration by the chairman that a resolution has, on a
 
 
show of hands, been carried, and an entry to that effect in the book containing the
 
 
minutes of the proceedings of the Company, shall be sufficient evidence of the fact,
 
 
without proof of the number or proportion of the votes recorded in favour of or against
 
 
such resolution.
 
35.  
If a poll is duly demanded it shall be taken in such manner as the chairman directs, and the
 
 
result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
 
36.  
The demand for a poll may be withdrawn.
 

 
 

 


 
37.  
In the case of an equality of votes, whether on a show of hands, or on a poll, the chairman
 
 
of the meeting at which the show of hands takes place, or at which the poll is demanded,
 
 
shall be entitled to a second or casting vote.
 
VOTES OF MEMBERS
 
38.  
At any meeting of members whether on a show of hands or on a poll, every member
 
 
entitled to vote and who is present in person, by a voting trustee, by a committee, or by
 
 
proxy shall have one vote for every voting share of which he is the holder.
 
39.  
A member may be represented at a meeting of members by a voting trustee, by a
 
 
committee, or by proxy who may speak and vote on behalf of that member.
 
40.  
A resolution which has been notified to all members and which has been approved by a
 
 
majority in excess of 50% of the votes to those members in the form of one or more
 
 
documents in writing or any telex, telegram, cable, or other written electronic
 
 
communication shall forthwith, without the need for any notice, become effectual as a
 
 
resolution of the members.
 
41.  
If a committee shall be appointed for any member who is entitled to a vote and who is of
 
 
unsound mind that member may vote by his committee.
 
42.  
If two or more persons are jointly entitled to a share or shares and if more than one of
 
 
such persons shall vote in person or by voting trustee or by or by committee or by proxy at any meeting of members, the vote of that person whose name appears first among such voting
 
 
 joint holders in the register of members shall alone be counted.
 
43.  
The instrument appointing a proxy shall be in such form as the chairman of the meeting
 
 
shall accept as properly evidencing the wishes of the member appointing the proxy.
 
44.  
The instrument appointing a proxy shall be in writing under the hand of the appointer
 
 
unless the appointer is a corporation or other form of legal entity other than one or more
 
 
individuals holding as joint owners in which case the instrument appointing a proxy shall
 
 
be in writing under the hand of an individual duly authorised by such corporation or legal
 
 
entity to execute the same.
 
45.  
The chairman of any meeting at which a vote is cast by proxy so authorised may call for a notarially certified copy of such authority which shall be produced within seven days of
 
 
being so requested or the vote or votes cast by such proxy shall be disregarded.
 
46.  
The instrument appointing a proxy shall be produced at the place appointed for the
 
 
meeting before the time for holding the meeting at which the person named in such
 
 
instrument proposes to vote.
 
47.  
A member of the Company shall be deemed to be present at a meeting of members if:
 

 
 

 


 
(a)  
he participates by telephone or other electronic means; and
 
(b)  
all members participating in the meeting are able to hear each other.
 
CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS
 
48.  
A corporation or other form of corporate legal entity which is a member of the Company
 
 
may by resolution of its directors or other governing body authorise such person as it
 
 
thinks fit to act as its representative at any meeting of the members of the Company, and
 
 
the person so authorised shall be entitled to exercise the same powers on behalf of the
 
 
corporation which he represents as that corporation could exercise if it were an individual
 
 
member of the Company.
 
49.  
An action that may be taken by members of the Company at a meeting of members may
 
 
also be taken by a resolution of members consented to in writing, or by telex, telegram,
 
 
cable, or other written electronic communication without the need for any notice.
 
50.  
A resolution consent to in writing may consist of several documents including
 
 
electronic communication in like form each signed or assented to by one or more
 
 
members.
 
DIRECTORS
 
51.  
The number of the directors shall be not less than one nor more than fifteen.
 
52.  
(1)The first director or directors shall be appointed by the first Registered Agent of
 
 
the Company within such time after the date of incorporation of the Company
 
 
as may be prescribed by law. Thereafter, the directors shall be elected by the
 
 
directors or members who are entitled to vote for such period.
 
(2)  
Where the Company has only one member who is an individual and that member
 
 
is also the sole director of the Company, that sole member/director, may by
 
 
instrument in writing, nominate a person who is not disqualified from being a
 
 
director of the Company under the Act, as a reserve director of the Company to
 
 
act in place of the sole director on the event of the death of the sole
 
 
director/member.
 
(3)  
The nomination of a person as a reserve director of the Company shall cease if:
 
(a)  
before the death of the sole director/member who nominated him
 
(b)  
he resigns as the reserve director; or
 
(c)  
the sole member/director revokes the nomination in writing.
 

 
 

 


 
(d)  
the sole member/director who nominated him ceases to be the sole member/director of the Company for any reason other than his death.
 
53.  
The directors shall be removed by the directors or members.
 
54.  
A person shall not be appointed as a director or be nominated as a reserve director of the
 
 
Company unless that person has consented in writing to be a director or to be a reserve
 
 
director.
 
55.  
The Company shall maintain a register of directors which shall contain:
 
(a)  
the names and addresses of the persons who are directors of the
 
 
Company of the person who has been nominated as a reserve director of
 
 
the Company;
 
(b)  
the date on which each person whose name is entered in the register was appointed as a director of the Company or who was nominated as a director
 
 
of the Company;
 
(c)  
the date on which each person named as a director or was nominated as
 
 
a reserve director ceased to be a director of the Company or a reserve
 
 
director of the Company, and
 
(d)  
such other information as may be prescribed.
 
56.  
Each director holds office until his successor takes office or until his earlier death,
 
 
resignation, or removal.
 
57.  
A vacancy in the board of directors may be filled by a resolution of the directors or a
 
 
 resolution of the members who are entitled to vote.
 
58.  
The office of director shall be vacated if the director:
 
(a)  
is removed from office by a resolution of members;
 
(b)  
becomes bankrupt or makes any arrangement or composition with his creditors generally;
 
(c)  
becomes of unsound mind, or of such infirm health as to be incapable of
 
 
managing his affairs; or
 
(d)  
resigns his office by a notice in writing to the Company; or
 
(e)  
dies.
 

 
 

 


 
59.  
(1)A director shall not require a share qualification, but nevertheless shall be entitled
 
 
to attend and speak at any meeting of the members.
 
(2)  
A trustee of designated shares in the Company which are held under a Virgin
 
 
Islands Special Trust shall not be a director of the Company.
 
60.  
(1)A director by writing under his hand deposited at the Registered Office of the
 
 
Company, may from time to time appoint another director or another person to be
 
 
his alternate.
 
(2)  
Every such alternate shall be entitled to be given notice of meetings of the
 
 
directors and to attend and vote as a director at any such meeting at which the
 
 
director appointing him is not personally present and generally at such meeting to
 
 
have and exercise all the powers, rights, duties and authorities of the director
 
 
appointing him.
 
61.  
Every such alternate shall be deemed to be an officer of the Company and shall not
 
 
be deemed to be an agent of the director appointing him.
 
62.  
If undue delay or difficulty would be occasioned by giving notice to a director of a
 
 
resolution of which his approval is sought, his alternate (if any) shall be entitled to signify
 
 
approval of the same on behalf of that director.
 
63.  
The remuneration of an alternate shall be payable out of the remuneration payable to the
 
 
director appointing him, and shall consist of such portion of the last mentioned
 
 
remuneration as shall be agreed between such alternate and the director appointing him.
 
64.  
A director by writing under his hand deposited at the Registered Office of the Company
 
 
may at any time revoke the appointment of an alternate appointed by him.
 
65.  
If a director shall die or cease to hold the office of director, the appointment of his
 
 
alternate shall thereupon cease.
 
66.  
The directors may, by resolution, fix the emoluments of directors in respect of services
 
 
rendered or to be rendered in any capacity to the Company. The directors may also be
 
 
paid such traveling, hotel, and other expenses properly incurred by them in attending and
 
 
returning from meetings of the directors, or any committee of the directors or meeting of
 
 
the members, or in connection with the business of the Company as shall be approved by
 
 
resolution of the directors.
 
67.  
A director who, by request, goes or resides abroad for any purposes of the Company, or
 
 
who performs services which in the opinion of the Board go beyond the ordinary duties
 
 
of a director, may be paid such extra remuneration (whether by way of salary,
 
 
commission, participation in profits or otherwise) as shall be approved by resolution of
 
 
the directors.
 

 
 

 


 
68.  
The Company may pay to a director who at the request of the Company holds any office (including a directorship) in; or renders services to, any company in which the Company
 
 
may be interested, such remuneration (whether by way of salary, commission,
 
 
participation in profits or otherwise) in respect of such office or services as shall be
 
 
approved by resolution of the directors.
 
69.  
A director may hold any other office or position of profit under the Company (except that
 
 
of auditor) in conjunction with his office of director, and may act in a professional
 
 
capacity to the Company on such terms as to remuneration or otherwise as the directors
 
 
shall determine.
 
CONFLICT OF INTEREST
 
70.  
(1)A director may be or become a director or officer of, or otherwise be interested in
 
 
any company promoted by the Company, or in which the Company may be
 
 
interested, as a member or otherwise and no such director shall be accountable for
 
 
any remuneration or other benefits received by him as director or officer or from
 
 
his interest in such other company.
 
(2)  
A director may also exercise the voting powers conferred by the shares in any
 
 
other company held or owned by the Company in such manner in all respects as
 
 
they think fit, including the exercise thereof in favour of any resolutions
 
 
appointing them or of their number, directors or officers of such other company,
 
 
or voting or providing for the payment of remuneration to the directors or officers
 
 
of such other company.
 
(3)  
A director may vote in favour of the exercise of such voting rights in the manner
 
 
aforesaid notwithstanding that he may be, or be about to become a director or
 
 
officer of such other company, and as such in any other manner is, or may be,
 
 
interested in the exercise of such voting rights in the manner aforesaid.
 
(4)  
No director shall be disqualified by his office from contracting with the Company
 
 
either as a vendor, purchaser or otherwise, nor shall any such contract or
 
 
arrangement entered into by or on behalf of the Company in which any director
 
 
shall in any way interested be voided, nor shall any director so contracting or
 
 
being so interested be liable to account to the Company for any profit realized by
 
 
any such contract or arrangement, by reason of such director holding that office or
 
 
of the fiduciary relationship thereby established.
 
(5)  
The nature of a director's interest must be declared by him at the meeting of the
 
 
directors at which the question of entering into the contract or arrangement is first
 
 
taken into consideration, and if the director was not at the date of the meeting
 
 
interested in the proposed contract or arrangement, or shall become interested in a
 
 
contract or arrangement after it is made, he shall forthwith after becoming so
 
 
interested, advise the Company in writing of the fact and nature of his interest.
 

 
 

 


 
(6)  
A general notice to the directors by a director that he is a member of a special
 
 
firm or company, and is to be regarded as interested in any contract or transaction
 
 
which may, after the date of notice, be made with such firm or company shall (if
 
 
such director shall give the same at a meeting of the directors, or shall take
 
 
reasonable steps to secure that the same is brought up and read at the next meeting
 
 
of the directors after it is given) be a sufficient declaration of interest in relation to
 
 
such contract or transaction with such firm or company.
 
(7)  
A director may be counted as one of a quorum upon a motion in respect of any
 
 
contract or arrangement which he shall make with the Company, or in which he is
 
 
so interested as aforesaid, and may vote upon such motion.
 
POWERS OF DIRECTORS
 
71.  
The business and affairs of the Company shall be managed by the directors who may pay
 
 
all expenses incurred preliminary to and in connection with the formation and registration
 
 
of the Company, and may exercise all such powers of the Company as are not by the Act
 
 
or by these Articles required to be exercised by the members subject to any delegation of
 
 
such powers as may be authorised by these Articles and to such requirements as may be
 
 
prescribed by resolution of the members, but no requirement made by resolution of the
 
 
members shall prevail if it be inconsistent with these Articles nor shall such requirement
 
 
invalidate any prior act of the directors which would have been valid if such requirement
 
 
had not been made.
 
72.  
The Board may entrust to and confer upon any director or officer any of the powers
 
 
exercisable by it upon such terms and conditions and with such restrictions as it thinks fit,
 
 
and either collaterally with, or to the exclusion of, its powers, and may from time to time
 
 
revoke, withdraw, alter or vary all or any of such powers.
 
73.  
The directors may delegate any of their powers to committees consisting of such member
 
 
or members of their body as they think fit. Any committee so formed shall in the exercise
 
 
of powers so delegated conform to any regulations that may be imposed on it by the
 
 
directors.
 
74.  
Subject to the provisions of the Act, the directors may from time to time by power of
 
 
attorney appoint any company, fine or person or body of persons, whether nominated
 
 
directly or indirectly by the directors, to be the attorney or attorneys of the Company for
 
 
such purposes and with such powers, authorities and discretions (not exceeding those
 
 
vested in or exercisable by the directors under these Articles) and for such period and
 
 
subject to such conditions as they think fit, and any such powers of attorney may contain
 
 
such provisions for the protection and convenience of persons dealing with any such
 
 
attorney to delegate all or any of the powers authorities and discretions vested in him.
 
75.  
Any director who is a body corporate may appoint any person its duly authorized
 
 
representative for the purpose of representing it at Board meetings and of transacting any
 
 
of the business of the directors.
 

 
 

 


 
76.  
All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments
 
 
and all receipts for monies paid to the Company, shall be signed, drawn, accepted,
 
 
endorsed or otherwise executed as the case may be, in such manner as the directors shall
 
 
by resolution determine.
 
77.  
The directors may exercise all of the powers of the Company to borrow money and to
 
 
mortgage or charge its undertakings, property and uncalled capital or any part thereof, to
 
 
issue debentures, debenture stock and other securities whenever money is borrowed or as
 
 
security for any debt, liability or obligation of the Company or of any third party.
 
78.  
If the number of directors shall have been fixed at two or more persons and by reason of
 
 
vacancies having occurred in the Board there shall be only one continuing director, he
 
 
shall be authorised to act alone for the purpose of appointing another director.
 
PROCEEDINGS OF DIRECTORS
 
79.  
(1)The meetings of the Board of Directors and any committee thereof shall be held at
 
 
such place or places as the directors shall determine.
 
(2)  
Any one or more directors may convene a meeting of directors.
 
80.  
A director may at any time summon a meeting of the directors.
 
81.  
A director shall be given no less than seven days' notice of a meeting of directors.
 
82.  
If the Company shall have only one director, the provisions hereinafter contained for
 
 
meetings of the directors shall not apply but such sole director shall have full power to
 
 
represent and act for the Company in all matters and in lieu of minutes of a meeting shall
 
 
record in writing and sign a note or memorandum of all matters requiring a resolution
 
 
of the directors. Such note or memorandum shall constitute sufficient evidence of such
 
 
resolution for all purposes.
 
83.  
The directors may elect a chairman of their meeting and determine the period for which
 
 
he is to hold office; but if no such chairman is elected, or if at any meeting the chairman
 
 
is not present at the time appointed for holding the same, the directors present may
 
 
choose one of their number to be chairman for the meeting.
 
84.  
The directors may meet together for the dispatch of business, adjourn and otherwise
 
 
regulate their meetings as they think fit.
 
85.  
Questions arising at any meeting shall be decided by a majority of votes. In case of an
 
 
equality in votes the Chairman shall have a second or casting vote.
 

 
 

 


 
86.  
A meeting of the directors held in contravention of the notice requirement shall be valid
 
 
if a majority of the directors entitled to vote at the meeting have waived notice of the
 
 
meeting.
 
87.  
The inadvertent failure to give notice of a meeting to a director, or the fact that a director
 
 
has not received the notice, shall not invalidate the meeting.
 
88.  
A meeting of the directors is duly constituted for all purposes if at the commencement of
 
 
the meeting there are present in person or by alternate a majority of the total number of
 
 
directors. If the total number of directors is two, a meeting shall be duly constituted for
 
 
all purposes with both directors.
 
89.  
If within half an hour form the time appointed for the meeting a quorum is not present,
 
 
the meeting shall be dissolved.
 
90.  
Any one or more members of the Board of Directors or any committee thereof may
 
 
participate in a meeting of such Board or committee by means of a conference telephone
 
 
or similar communications equipment allowing all persons participating in the meeting to
 
 
hear each other at the same time.  Participation by such means shall constitute presence in
 
 
person at a meeting.
 
91.  
A resolution approved by a majority of the directors for the time being entitled to receive
 
 
notice of a meeting of the directors or of a committee of the directors and taking the form
 
 
of one or more documents in writing or by telex, telegram, cable or other written or
 
 
electronic communication shall be as valid and effectual as if it had been passed at a
 
 
meeting of the directors or of such committee duly convened and held, without the need
 
 
for notice.
 
OFFICERS
 
92.  
The directors of the Company may, by resolution, appoint officers of the Company at
 
 
such times as shall be considered necessary or expedient, and such officers may consist
 
 
of a President, one or more Vice Presidents, a Secretary, and a Treasurer and such other
 
 
officers as may from time to time be deemed desirable.
 
93.  
The officers shall perform such duties as shall be prescribed at the time of their
 
 
appointment subject to any modifications in such duties as may be prescribed by the
 
 
directors. In the absence of any specific allocation of duties it shall be the responsibility
 
 
of the President to manage the day to day affairs of the Company, the Vice Presidents to
 
 
act in order of seniority in the absence of the President, but otherwise to perform such
 
 
duties as may be delegated to them by the President; the Secretary to maintain the
 
 
registers, minute books and records (other than financial records) of the Company and to
 
 
ensure compliance with all procedural requirements imposed on the Company by law;
 
 
and the Treasurer to be responsible for the financial affairs of the Company.
 

 
 

 


 
94.  
A person may hold more than one office and no officer need be a director or member of
 
 
the Company. The officers. shall remain in the office until removed from office by the
 
 
directors whether or not a successor is appointed.
 
95.  
An officer who is a body corporate may appoint any person its duly authorized
 
 
representative for the purpose of representing it and of transacting any of the business of
 
 
the officers.
 
INDEMNITY
 
96.  
Subject to the provisions of the Act and of any other statute for the time being in force
 
 
every director or other officer of the Company shall be entitled to be indemnified out of
 
 
the assets of the Company against all losses or liabilities which he may sustain or incur in
 
 
or about the execution of the duties of his office or otherwise in relation thereto, and no
 
 
director or other officer shall be liable for any loss, damage, or misfortune which may
 
 
happen to, or be incurred by the Company in the execution of the duties of his office, or
 
 
in relation thereto.
 
SEAL
 
97.  
(1)The Company shall have a common seal an imprint of which shall be kept at the
 
 
office of the registered agent of the Company.
 
(2)  
The directors shall provide for the safe custody of the common seal of the
 
 
Company.
 
(3)  
The common seal when affixed to any instrument except as provided herein, shall
 
 
be witnessed by a director or such other person who is authorised from time to
 
 
time by the directors to witness the application of the seal of the Company.
 
98.  
The directors may provide for a facsimile of the common seal and approve the signature
 
 
of any director or authorised person which may be reproduced by printing or other means
 
 
on any instrument and it shall have the same force and validity as if the seal had been
 
 
affixed to such instrument and the same had been signed as hereinbefore described.
 
DIVIDENDS AND RESERVES
 
99.  
The directors may, by resolution, declare a dividend.
 
100.  
No dividend shall be declared and paid except out of surplus and unless the directors
 
 
determine that immediately after the payment of the dividend
 
(a)  
the Company will be able to satisfy its liabilities as they become due in the ordinary course of its business; and
 

 
 

 


 
(b)  
the realisable value of the assets of the Company will not be less than the sum of its total liabilities, other than deferred taxes, as shown in the books of account, and its capital.
 
101.  
Dividends may be declared and paid in money, shares, or other property of the Company.
 
102.  
In computing the surplus for the purpose of resolving to declare and pay a dividend, the
 
 
directors may include in their computation the net unrealised appreciation of the assets of
 
 
the Company.
 
103.  
The directors may from time to time pay to the members such interim dividends as
 
 
appear to the directors to be justified by the surplus of the Company.
 
104.  
Subject to the rights of the holders of shares entitled to special rights as to dividends, all
 
 
dividends shall be declared and paid according to the par value of the shares in issue,
 
 
excluding those shares which are held by the Company as treasury shares at the date of
 
 
declaration of the dividend.
 
105.  
The directors may, before recommending any dividend, set aside out of the profits of the Company such sums as they think proper as a reserve or reserves which shall, at their
 
 
discretion, either be employed in the business of the Company or be invested in such
 
 
investments as the directors may think fit.
 
106.  
If several persons are registered as joint holders of any share, any of them may give
 
 
effectual receipt for any dividend or other monies payable on or in respect of the share.
 
107.  
Notice of any dividend that may have been declared shall be given to each member and
 
 
all dividends unclaimed for three years after having been declared may be forfeited by the directors for the benefit of the Company.
 
108.  
No dividend shall bear interest against the Company.
 
BOOKS AND RECORDS
 
109.  
The Company shall keep such accounts and records as the directors consider necessary or
 
 
desirable in order to reflect the financial position of the Company.
 
110.  
The Company shall keep minutes of all meetings of directors, members, committees of
 
 
directors, committees of officers and committees of members, and copies of all
 
 
resolutions consented to by the directors, members, committees of directors, committees
 
 
of officers and committees of members.
 
111.  
The books, records, and minutes shall be kept at the Registered Office of the Company or
 
 
at such other place as the directors may determine, and shall be open to the inspection of
 
 
the directors at all times.
 

 
 

 


 
112.  
(1)       The directors shall from time to time determine whether and to what extent and at
 
 
what times and places and under what conditions or regulations the books, records
 
 
and minutes of the Company or any of them shall be open to the inspection of
 
 
members not being directors, and no member (not being a director) shall have any
 
 
right of inspecting any book, record, minute or document of the Company except
 
 
as conferred by law or authorised by a resolution of the directors.
 
(2)  
The Company shall keep the following documents at the office of its registered
 
 
agent:
 
(a)  
the Memorandum of Association and the Articles of Association;
 
(b)  
the register of members or a copy of the register of members;
 
(c)  
the register of directors, or a copy of the register of directors; and
 
(d)  
copies of all notices and other documents filed by the Company with the
 
 
Registrar of Corporate Affairs in the previous 10 years.
 
(3)  
If the Company maintains only a copy of the register of members or a copy of the
 
 
register of directors at the office of its registered agent, it shall:
 
(a)  
notify the registered agent in writing of the change within such period of
 
 
time as may be prescribed by law; and
 
(b)  
provide the registered agent with a written record of the physical address
 
 
of the place or places at which the original register of members or the
 
 
original register of directors is kept.
 
(4)  
The Company shall keep the following records at the office of its registered agent
 
 
or at such other place or places, within or outside the British Virgin Islands, as the
 
 
directors may determine:
 
(a)  
minutes of meetings and resolutions of shareholders and classes of
 
 
shareholders;
 
(b)  
minutes of meetings and Resolutions of Directors and committees of
 
 
directors; and
 
(c)  
an impression of the Seal.
 

 
 

 


 
(5)  
Where any original records referred to in this Regulations are maintained other
 
 
than at the office of the registered agent of the Company, and the place at which
 
 
the original records is changed, the Company shall within such period of time as
 
 
may be prescribed by law, provide the registered agent with the physical address
 
 
of the new location of the records.
 
(6)  
The records kept by the Company under this Regulation shall be in written form
 
 
or either wholly or partly as electronic records complying with the requirements
 
 
of the Electronic Transactions Act (No. 5 of 2001).
 
REGISTER OF CHARGES
 
113.  
The Company shall keep at the office of its registered agent a register of charges in which
 
 
there shall be entered the following particulars regarding each charge created by the
 
 
Company:
 
(a)  
the date of creation of the charge;
 
(b)  
a short description of the liability secured by the charge;
 
(c)  
a short description of the property charged;
 
(d)  
the name and address of the trustee for the security or, if there is no such
 
 
trustee, the name and address of the chargee;
 
(e)  
unless the charge is a security to bearer, the name and address of the
 
 
holder of the charge; and
 
(f)  
details of any prohibition or restriction contained in the instrument
 
 
creating the charge on the power of the Company to create any future
 
 
charge ranking in priority to or equally with the charge.
 
AUDIT
 
114.  
The directors may, by resolution call for the accounts of the Company to be examined by
 
 
an auditor or auditors to be appointed by them at such remuneration as may from time to
 
 
time be agreed.
 
115.  
The auditor may be a member of the Company but no director or officer shall be eligible
 
 
to be an auditor of the Company during his continuance in office.
 
116.  
Every auditor of the Company shall have a right of access at all times to the books of
 
 
accounts and vouchers of the Company, and shall be entitled to require from the officers
 
 
of the Company such information and explanations as he may think necessary for the
 
 
performance of his duties.
 

 
 

 


 
117.  
The report of the auditor shall be annexed to the accounts upon which he reports, and the
 
 
auditor shall be entitled to receive notice of, and to attend, any meeting at which the
 
 
Company's audited Profit and Loss Account and Balance Sheet are to be presented.
 
NOTICES
 
118.  
Any notice, information, or written statement required to be given to members shall be
 
 
served by air-mail service addressed to each member at the address shown in the register
 
 
of members.
 
119.  
All notices directed to be given to the members shall, with respect to any registered
 
 
shares to which persons are jointly entitled, be given to whichever of such persons is
 
 
named first in the register of members, and notice so given shall be sufficient notice to all
 
 
the holders of such shares.
 
120.  
Any notice served by post shall be deemed to have been served within ten days of
 
 
posting, and in proving such service it shall be sufficient to prove that the letter
 
 
containing the notice was properly addressed and put into the Post Office.
 
PENSION AND SUPUPANNUATION FUND
 
121.  
The directors may establish, maintain, or procure the establishment and maintenance of
 
 
any non-contributory or contributory pension or superannuation fund for the benefit of,
 
 
and give or procure the giving of donations, gratuities, pensions, allowances or
 
 
emoluments to any directors, officers or any other persons who arc or were at any time in
 
 
the employment or service of the Company or any company which is a subsidiary of the
 
 
Company or is allied to or associated with the Company or with any of its subsidiaries,
 
 
and to the wives, widows, families and dependents of any such persons. The Company
 
 
may any of the matters aforesaid either alone or in conjunction with any such other
 
 
company as aforesaid. All persons described above shall be entitled to participate in and
 
 
retain for his own benefit any such donation, gratuity, pension, allowance, or emolument.
 
WINDING UP
 
122.  
(1)       The Company may voluntarily commence to wind up and dissolve by resolution of
 
 
members or a resolution of directors.
 
(2)  
If the Company shall be wound up, the Liquidator may, in accordance with a
 
 
resolution of members or resolution of directors, divide amongst the members in
 
 
specie or in kind the whole or any part of the assets of the Company and may for such purpose set such value as he deems fair upon any such property to be divided as
 
 
aforesaid and may determine how such division shall be carried out as between the
 
 
members or different classes of members.
 

 
 

 


 
123.  
The Liquidator may vest the whole or any part of such assets in trustees upon such trust
 
 
for the benefit of the contributors as the Liquidator shall think fit, but so that no member
 
 
shall be compelled to accept any shares or other securities whereon there is any liability.
 
ARBITRATION
 
124.  
Whenever any difference arises between the Company on the one hand and any of the
 
 
members, their personal representatives or assigns on the other hand touching the true
 
 
intent and construction or the incidence or consequences of these presents or of the Act.
 
 
The parties agree to refer the same to a single arbitrator, or failing that, be referred to two arbitrators, one to be chosen by each of the parties and the arbitrators shall before
 
 
entering on the reference appoint an umpire.
 
125.  
If either party to the reference makes default in appointing an arbitrator either originally
 
 
or by way of substitution (in the event that an appointed arbitrator shall die, be incapable
 
 
of acting, or refuse to act) for ten days after the other party has given him notice to
 
 
appoint the same, such other party may appoint an arbitrator to act in the place of the
 
 
arbitrator of the defaulting party.
 
MERGER, CONSOSOLIDATION AND ARRANGEMENTS
 
126.  
The Company may by resolution of members or resolution of directors, merge,
 
 
consolidate or arrange with other companies in the manner prescribed in the Act.
 
CONTINUATION
 
127.  
The Company may by a resolution of members or resolution of directors, continue as a
 
 
company incorporated under the laws of a jurisdiction outside the Virgin Islands.
 

 
 

 


 
We, the undersigned Registered Agent, CCS Management Limited of Sea Meadow House,
 
Blackburne Highway, Road Town, Tortola, British Virgin Islands, for the purpose of
 
incorporating a BVI Business Company under the BVI Business Companies Act, hereby sign
 
these Articles of Association the 23rd day of June, 2008.
 
Incorporator:
 

 

 
/s/ Viola Salomon                                                 
 
Viola Salomon
Authorised Signatory
CCS Management Limited
Sea Meadow House
Blackburne Highway
Road Town, Tortola
British Virgin Islands
 

 
 

 

EX-3.3 6 exhibitthreethree.htm EX 3.3 exhibitthreethree.htm
AMENDED
 
BYLAWS
 
OF
 
AIRWARE INTERNATIONAL CORP.
 
 (A NEVADA CORPORATION)
 
ARTICLE
 
 OFFICES
 

 
  Section 1.  Registered Office. The registered office of the corporation in the State of Nevada shall be in the City of Las Vegas, State of Nevada.
 
  Section 2.  Other Offices.  The corporation shall also have and maintain an office or principal place of business at such place as may be fixed by the Board of Directors, and may also have offices at such other places, both within and without the State of Nevada as the Board of Directors may from time to time determine or the business of the corporation may require.
 
ARTICLE II
 
 CORPORATE SEAL
 
  Section 3.  Corporate Seal.  If the corporation has a corporate seal, it shall consist of a die bearing the name of the corporation and the inscription, "Corporate Seal-Nevada." Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.  The existence and use of a corporate seal is optional.  Any document to which the corporation is a party shall be as valid and binding without the impress or image of a seal affixed as with it.
 
ARTICLE III
 
STOCKHOLDERS' MEETINGS
 
  Section 4.  Place of Meetings.  Meetings of the stockholders of the corporation shall be held at such place, either within or without the State of Nevada, as may be designated from time to time by the Board of Directors, or, if not so designated, then at the office of the corporation required to be maintained pursuant to Section 2 hereof.
 
Section 5.  Annual Meeting.
 
  (a)  The annual meeting of the stockholders of the corporation, for the purpose of election of directors and for such other business as may lawfully come before it, shall be held on such date and at such time as may be designated from time to time by the Board of Directors.  Failure to hold an annual meeting shall not work to dissolve the corporation or pierce the corporate veil other than as required by applicable law.  If directors are not elected during any calendar year, the corporation shall not for that reason be dissolved, but every director shall continue to hold office and discharge his duties until his or her successor has been elected.
 
  (b)  At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting.  To be properly brought before an annual meeting, business must be: (A) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors, (B) otherwise properly brought before the meeting by or at the direction of the Board of Directors, or (C) otherwise properly brought before the meeting by a stockholder.  For business to be properly brought before an annual meeting by a
 
 
 

 
stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the corporation. To be timely, a stockholder's notice must be delivered to or mailed and received at the principal executive offices of the corporation not later than the close of business on the sixtieth (60th) day nor earlier than the close of business on the ninetieth (90th) day prior to the first anniversary of the preceding year's annual meeting; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual meeting has been changed by more than thirty (30) days from the date contemplated at the time of the previous year's proxy statement, notice by the stockholder to be timely must be so received not earlier than the close of business on the ninetieth (90th) day prior to such annual meeting and not later than the close of business on the later of the sixtieth (60th) day prior to such annual meeting or, in the event public announcement of the date of such annual meeting is first made by the corporation fewer than seventy (70) days prior to the date of such annual meeting, the close of business on the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the corporation.  A stockholder's notice to the Secretary shall set forth as to each matter the stockholder proposes to bring before the annual meeting:  (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and address, as they appear on the corporation's books, of the stockholder proposing such business, (iii) the class and number of shares of the corporation which are beneficially owned by the stockholder, (iv) any material interest of the stockholder in such business and (v) any other information that is required to be provided by the stockholder pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the "1934 Act"), in his capacity as a proponent to a stockholder proposal.  Notwithstanding the foregoing, in order to include information with respect to a stockholder proposal in the proxy statement and form of proxy for a stockholder's meeting, stockholders must provide notice as required by the regulations promulgated under the 1934 Act.  Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at any annual meeting except in accordance with the procedures set forth in this paragraph (b).  The chairman of the annual meeting shall, if the facts warrant, determine and declare at the meeting that business was not properly brought before the meeting and in accordance with the provisions of this paragraph (b), and, if he should so determine, he shall so declare at the meeting that any such business not properly brought before the meeting shall not be transacted.
 
  (c)  Only persons who are confirmed in accordance with the procedures set forth in this paragraph (c) shall be eligible for election as directors.  Nominations of persons for election to the Board of Directors of the corporation may be made at a meeting of stockholders by or at the direction of the Board of Directors or by any stockholder of the corporation entitled to vote in the election of directors at the meeting who complies with the notice procedures set forth in this paragraph (c).  Such nominations, other than those made by or at the direction of the Board of Directors, shall be made pursuant to timely notice in writing to the Secretary of the corporation in accordance with the provisions of paragraph (b) of this Section 5.  Such stockholder's notice shall set forth (i) as to each person, if any, whom the stockholder proposes to nominate for election or re-election as a director: (A) the name, age, business address and residence address of such person, (B) the principal occupation or employment of such person, (c) the class and number of shares of the corporation which are beneficially owned by such person, (D) a description of all arrangements or understandings between the stockholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the stockholder, and (E) any other information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the 1934 Act (including without limitation such person's written consent to being named in the proxy statement, if any, as a nominee and to serving as a director if elected); and (ii) as to such stockholder giving notice, the information required to be provided pursuant to paragraph (b) of this Section 5.  At the request of the Board of Directors, any person nominated by a stockholder for election as a director shall furnish to the Secretary of the corporation that information required to be set forth in the stockholder's notice of nomination which pertains to the nominee.  No person shall be eligible for election as a director of the corporation unless nominated in accordance with the procedures set forth in this paragraph (c).  The chairman of the meeting shall, if the facts warrant, determine and declare at the meeting that a nomination was not made in accordance with the procedures prescribed by these Bylaws, and if he should so determine, he shall so declare at the meeting, and the defective nomination shall be disregarded.
 
 
 

 
  (d)  For purposes of this Section 5, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.
 

 
  Section 6.  Special Meetings.
 
  (a)  Special meetings of the stockholders of the corporation may be called, for any purpose or purposes, by (i) the Chairman of the Board of Directors, (ii) the Chief Executive Officer, or (iii) the Board of Directors pursuant to a resolution adopted by a majority of the total number of authorized directors (whether or not there exist any vacancies in previously authorized directorships at the time any such resolution is presented to the Board of Directors for adoption), and shall be held at such place, on such date, and at such time as the Board of Directors, shall determine.
 
(b)  If a special meeting is called by any person or persons other than the Board of Directors, the request shall be in writing, specifying the general nature of the business proposed to be transacted, and shall be delivered personally or sent by registered mail or by telegraphic or other facsimile transmission to the Chairman of the Board of Directors, the Chief Executive Officer, or the Secretary of the corporation.  No business may be transacted at such special meeting otherwise than specified in such notice.  The Board of Directors shall determine the time and place of such special meeting, which shall be held not less than thirty-five (35) nor more than one hundred twenty (120) days after the date of the receipt of the request.  Upon determination of the time and place of the meeting, the officer receiving the request shall cause notice to be given to the stockholders entitled to vote, in accordance with the provisions of Section 7 of these Bylaws.  If the notice is not given within sixty (60) days after the receipt of the request, the person or persons requesting the meeting may set the time and place of the meeting and give the notice.  Nothing contained in this paragraph (b) shall be construed as limiting, fixing, or affecting the time when a meeting of stockholders called by action of the Board of Directors may be held.
 
  Section 7.  Notice of Meetings.  Except as otherwise provided by law or the Articles of incorporation, written notice of each meeting of stockholders shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting, such notice to specify the place, date and hour and purpose or purposes of the meeting.  Notice of the time, place and purpose of any meeting of stockholders may be waived in writing, signed by the person entitled to notice thereof, either before or after such meeting, and will be waived by any stockholder by his attendance thereat in person or by proxy, except when the stockholder attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.  Any stockholder so waiving notice of such meeting shall be bound by the proceedings of any such meeting in all respects as if due notice thereof had been given.
 
  Section 8.  Quorum.  At all meetings of stockholders, except where a greater requirement is provided by statute or by the Articles of Incorporation, or by these Bylaws, the presence, in person or by proxy duly authorized, of the holder or holders of 33 1/3 percent of the outstanding shares of the corporation's common voting stock shall constitute a quorum for the transaction of
 
 
 

 
business.  In the absence of a quorum, any meeting of stockholders may be adjourned, from time to time, either by the chairman of the meeting or by vote of the holders of a majority of the shares represented thereat, but no other business shall be transacted at such meeting.  The stockholders present at a duly called or convened meeting, at which a quorum is present, may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.  Except as otherwise provided by law, the Articles of Incorporation or these Bylaws, all action taken by the holders of a majority of the votes cast, excluding abstentions, at any meeting at which a quorum is present shall be valid and binding upon the corporation; provided, however, that directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.  Where a separate vote by a class or classes or series is required, except where otherwise provided by the statute or by the Articles of Incorporation or these Bylaws, a majority of the outstanding shares of such class or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter and, except where otherwise provided by the statute or by the Articles of Incorporation or these Bylaws, the affirmative vote of the majority (plurality, in the case of the election of directors) of the votes cast, including abstentions, by the holders of shares of such class or classes or series shall be the act of such class or classes or series.
 
  Section 9.  Adjournment and Notice of Adjourned Meetings.  Any meeting of stockholders, whether annual or special, may be adjourned from time to time either by the chairman of the meeting or by the vote of a majority of the shares casting votes, excluding abstentions.  When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken.  At the adjourned meeting, the corporation may transact any business which might have been transacted at the original meeting.  If the adjournment is for more than thirty (30) days or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.
 
  Section 10.  Voting Rights.  For the purpose of determining those stockholders entitled to vote at any meeting of the stockholders, except as otherwise provided by law, only persons in whose names shares stand on the stock records of the corporation on the record date, as provided in Section 12 of these Bylaws, shall be entitled to vote at any meeting of stockholders.  Every person entitled to vote shall have the right to do so either in person or by an agent or agents authorized by a proxy granted in accordance with Nevada law.  An agent so appointed need not be a stockholder.  No proxy shall be voted after three (3) years from its date of creation unless the proxy provides for a longer period.
 
  Section 11.  Joint Owners of Stock.  If shares or other securities having voting power stand of record in the names of two (2) or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, tenants by the entirety, or otherwise, or if two (2) or more persons have the same fiduciary relationship respecting the same shares, unless the Secretary is given written notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, their acts with respect to voting shall have the following effect: (a) if only one (1) votes, his act binds all; (b) if more than one (1) votes, the act of the majority so voting binds all; (c) if more than one (1) votes, but the vote is evenly split on any particular matter, each faction may vote the securities in question proportionally, or may apply to the Nevada Court of Chancery for relief as provided in the General Corporation Law of Nevada, Section 217(b).  If the instrument filed with the Secretary shows that any such tenancy is held in unequal interests, a majority or even-split for the purpose of subsection (c) shall be a majority or even-split in interest.
 
 
 

 
  Section 12.  List of Stockholders.  The Secretary shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at said meeting, arranged in alphabetical order, showing the address of each stockholder and the number of shares registered in the name of each stockholder.  Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not specified, at the place where the meeting is to be held.  The list shall be produced and kept at the time and place of meeting during the whole time thereof and may be inspected by any stockholder who is present.
 
  Section 13.  Action Without Meeting.  Any action required or permitted to be taken at  a meeting of the stockholders may be taken without a meeting if a written consent thereto is signed by stockholders holding at least a majority of the voting power, except that if a different proportion of voting power is required for such an action at a meeting, then that proportion of written consents is required.
 
  Section 14.  Organization.
 
  (a)  At every meeting of stockholders, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the President, or, if the President is absent, a chairman of the meeting chosen by a majority in interest of the stockholders entitled to vote, present in person or by proxy, shall act as chairman.  The Secretary, or, in his absence, an Assistant Secretary directed to do so by the President, shall act as secretary of the meeting.
 
  (b)  The Board of Directors of the corporation shall be entitled to make such rules or regulations for the conduct of meetings of stockholders as it shall deem necessary, appropriate or convenient.  Subject to such rules and regulations of the Board of Directors, if any, the chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing an agenda or order of business for the meeting, rules and procedures for maintaining order at the meeting and the safety of those present, limitations on participation in such meeting to stockholders of record of the corporation and their duly authorized and constituted proxies and such other persons as the chairman shall permit, restrictions on entry to the meeting after the time fixed for the commencement thereof, limitations on the time allotted to questions or comments by participants and regulation of the opening and closing of the polls for balloting on matters which are to be voted on by ballot.  Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with rules of parliamentary procedure.
 
ARTICLE IV
 
DIRECTORS
 
  Section 15.  Number and Qualification.  The authorized number of directors of the corporation shall be not less than one (1) nor more than nine (9) as fixed from time to time by resolution of the Board of Directors; provided that no decrease in the number of directors shall shorten the term of any incumbent directors.  Directors need not be stockholders unless so required by the Articles of Incorporation.  If for any cause, the directors shall not have been elected at an annual meeting, they may be elected as soon thereafter as convenient at a special meeting of the stockholders called for that purpose in the manner provided in these Bylaws.
 
  Section 16.  Powers.  The powers of the corporation shall be exercised, its business conducted and its property controlled by the Board of Directors, except as may be otherwise provided by statute or by the Articles of Incorporation.
 
 
 

 
  Section 17.  Election and Term of Office of Directors.  Members of the Board of Directors shall hold office for the terms specified in the Articles of Incorporation, as it may be amended from time to time, and until their successors have been elected as provided in the Articles of Incorporation.
 
  Section 18.  Vacancies.   Unless otherwise provided in the Articles of Incorporation, any vacancies on the Board of Directors resulting from death, resignation, disqualification, removal or other causes and any newly created directorships resulting from any increase in the number of directors, shall unless the Board of Directors determines by resolution that any such vacancies or newly created directorships shall be filled by stockholder vote, be filled only by the affirmative vote of a majority of the directors then in office, even though less than a quorum of the Board of Directors.  Any director elected in accordance with the preceding sentence shall hold office for the remainder of the full term of the director for which the vacancy was created or occurred and until such director's successor shall have been elected and qualified.  A vacancy in the Board of Directors shall be deemed to exist under this Bylaw in the case of the death, removal or resignation of any director.
 
  Section 19.  Resignation.  Any director may resign at any time by delivering his written resignation to the Secretary, such resignation to specify whether it will be effective at a particular time, upon receipt by the Secretary or at the pleasure of the Board of Directors.  If no such specification is made, it shall be deemed effective at the pleasure of the Board of Directors.  When one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office for the unexpired portion of the term of the director whose place shall be vacated and until his successor shall have been duly elected and qualified.
 
  Section 20.  Removal.  Subject to the Articles of Incorporation, any director may be removed by:
 
  (a)  the affirmative vote of the holders of a majority of the outstanding shares of the Corporation then entitled to vote, with or without cause; or
 
  (b)  the affirmative and unanimous vote of a majority of the directors of the Corporation, with the exception of the vote of the directors to be removed, with or without cause.
 
  Section 21.  Meetings.
 
  (a)  Annual Meetings.  The annual meeting of the Board of Directors shall be held immediately after the annual meeting of stockholders and at the place where such meeting is held.  No notice of an annual meeting of the Board of Directors shall be necessary and such meeting shall be held for the purpose of electing officers and transacting such other business as may lawfully come before it.
 
  (b)  Regular Meetings.  Except as hereinafter otherwise provided, regular meetings of the Board of Directors shall be held in the office of the corporation required to be maintained pursuant to Section 2 hereof.  Unless otherwise restricted by the Articles of Incorporation, regular meetings of the Board of Directors may also be held at any place within or without the state of Nevada which has been designated by resolution of the Board of Directors or the written consent of all directors.
 
  (c)  Special Meetings.  Unless otherwise restricted by the Articles of Incorporation, special meetings of the Board of Directors may be held at any time and place within or without the State of Nevada whenever called by the Chairman of the Board, the President or any two of the  directors.
 
  (d)  Telephone Meetings.  Any member of the Board of Directors, or of any committee thereof, may participate in a meeting by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting.
 
 
 

 
  (e)  Notice of Meetings.  Notice of the time and place of all special meetings of the Board of Directors shall be orally or in writing, by telephone, facsimile, telegraph or telex, during normal business hours, at least twenty-four (24) hours before the date and time of the meeting, or sent in writing to each director by first class mail, charges prepaid, at least three (3) days before the date of the meeting.  Notice of any meeting may be waived in writing at any time before or after the meeting and will be waived by any director by attendance thereat, except when the director attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.
 
  (f)  Waiver of Notice.  The transaction of all business at any meeting of the Board of Directors, or any committee thereof, however called or noticed, or wherever held, shall be as valid as though had at a meeting duly held after regular call and notice, if a quorum be present and if, either before or after the meeting, each of the directors not present shall sign a written waiver of notice.  All such waivers shall be filed with the corporate records or made a part of the minutes of the meeting.
 
  Section 22.  Quorum and Voting.
 
  (a)  Unless the Articles of Incorporation requires a greater number and except with respect to indemnification questions arising under Section 43 hereof, for which a quorum shall be one-third of the exact number of directors fixed from time to time in accordance with the Articles of Incorporation, a quorum of the Board of Directors shall consist of a majority of the exact number of directors fixed from time to time by the Board of Directors in accordance with the Articles of Incorporation provided, however, at any meeting whether a quorum be present or otherwise, a majority of the directors present may adjourn from time to time until the time fixed for the next regular meeting of the Board of Directors, without notice other than by announcement at the meeting.
 
  (b)  At each meeting of the Board of Directors at which a quorum is present, all questions and business shall be determined by the affirmative vote of a majority of the directors present, unless a different vote be required by law, the Articles of Incorporation or these Bylaws.
 
  Section 23.  Action Without Meeting.  Unless otherwise restricted by the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing, and such writing or writings are filed with the minutes of proceedings of the Board of Directors or committee.
 
  Section 24.  Fees and Compensation.  Directors shall be entitled to such compensation for their services as may be approved by the Board of Directors, including, if so approved, by resolution of the Board of Directors, a fixed sum and expenses of attendance, if any, for attendance at each regular or special meeting of the Board of Directors and at any meeting of a committee of the Board of Directors.  Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent, employee, or otherwise and receiving compensation therefor.
 
  Section 25.  Committees.
 
  (a)  Executive Committee.  The Board of Directors may by resolution passed by a majority of the whole Board of Directors appoint an Executive Committee to consist of one (1) or more members of the Board of Directors.  The Executive Committee, to the extent permitted by law and provided in the resolution of the Board of Directors shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, including without limitation the power or authority to declare a dividend, to authorize the issuance of stock and to adopt a certificate of ownership and merger, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Articles of  Incorporation (except that a committee may, to the extent authorized in the resolution or resolutions providing for the issuance of shares of stock adopted by the Board of Directors fix the designations and any of the preferences or rights of such shares relating to dividends, redemption, dissolution, any distribution of assets of the corporation or the conversion into, or the exchange of such shares for, shares of any other class or classes or any other series of the same or any other class or classes of stock of the corporation or fix the number of shares of any series of stock or authorize the increase or decrease of the shares of any series), adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation's property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending the bylaws of the corporation.
 
 
 

 
  (b)  Other Committees.  The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, from time to time appoint such other committees as may be permitted by law.  Such other committees appointed by the Board of Directors shall consist of one (1) or more members of the Board of Directors and shall have such powers and perform such duties as may be prescribed by the resolution or resolutions creating such committees, but in no event shall such committee have the powers denied to the Executive Committee in these Bylaws.
 
  (c)  Term.  Each member of a committee of the Board of Directors shall serve a term on the committee coexistent with such member's term on the Board of Directors.  The Board of  Directors, subject to the provisions of subsections (a) or (b) of this Bylaw may at any time increase or decrease the number of members of a committee or terminate the existence of a  committee.  The membership of a committee member shall terminate on the date of his death or voluntary resignation from the committee or from the Board of Directors.  The Board of Directors may at any time for any reason remove any individual committee member and the Board of Directors may fill any committee vacancy created by death, resignation, removal or increase in the number of members of the committee.  The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee, and, in addition, in the absence or disqualification of any member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.
 
  (d)  Meetings.  Unless the Board of Directors shall otherwise provide, regular meetings of the Executive Committee or any other committee appointed pursuant to this Section 25 shall be held at such times and places as are determined by the Board of Directors, or by any such committee, and when notice thereof has been given to each member of such committee, no further notice of such regular meetings need be given thereafter.  Special meetings of any such committee may be held at any place which has been determined from time to time by such committee, and may be called by any director who is a member of such committee, upon written notice to the members of such committee of the time and place of such special meeting given in the manner provided for the giving of written notice to members of the Board of Directors of the time and place of special meetings of the Board of Directors.  Notice of any special meeting of any committee may be waived in writing at any time before or after the meeting and will be waived by any director by attendance thereat, except when the director attends such special meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.  A majority of the authorized number of members of any such committee shall constitute a quorum for the transaction of business, and the act of a majority of those present at any meeting at which a quorum is present shall be the act of such committee.
 
  Section 26.  Organization.  At every meeting of the directors, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the President, or if the President is absent, the most senior Vice President, or, in the absence of any such officer, a chairman of the meeting chosen by a majority of the directors present, shall preside over the meeting. The Secretary, or in his absence, an Assistant Secretary directed to do so by the President, shall act as secretary of the meeting.
 
 
 

 
ARTICLE V
 
 OFFICERS
 
  Section 27.  Officers Designated.  The officers of the corporation shall include the President, the Secretary, and the Treasurer.  The Board of Directors may also appoint one or more Assistant Secretaries, Assistant Treasurers and such other officers and agents with such powers and duties as it shall deem necessary.  The Board of Directors may assign such additional titles to one or more of the officers as it shall deem appropriate.  Any one person may hold any number of offices of the corporation at any one time unless specifically prohibited therefrom by law.  The salaries and other compensation of the officers of the corporation shall be fixed by or in the manner designated by the Board of Directors.
 
  Section 28.  Tenure and Duties of Officers.
 
  (a)  General.  All officers shall hold office at the pleasure of the Board of Directors and until their successors shall have been duly elected and qualified, unless sooner removed.  Any officer elected or appointed by the Board of Directors may be removed at any time by the Board of Directors.  If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors.
 
  (b)  Duties of President.  The President shall preside at all meetings of the stockholders and at all meetings of the Board of Directors, unless the Chairman of the Board of Directors has been appointed and is present.  Unless some other officer has been elected Chief Executive Officer of the corporation, the President shall be the chief executive officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation.  The President shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.
 
  (c)  Duties of Secretary.  The Secretary shall attend all meetings of the stockholders and of the Board of Directors and shall record all acts and proceedings thereof in the minute book of the corporation.  The Secretary shall give notice in conformity with these Bylaws of all meetings of the stockholders and of all meetings of the Board of Directors and any committee thereof requiring notice.  The Secretary shall perform all other duties given him in these Bylaws and other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.  The President may direct any Assistant Secretary to assume and perform the duties of the Secretary in the absence or disability of the Secretary, and each Assistant Secretary shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.
 
  (d)  Duties of Treasure.  The Treasure shall keep or cause to be kept the books of account of the corporation in a thorough and proper manner and shall render statements of the financial affairs of the corporation in such form and as often as required by the Board of Directors or the President.  The Treasure, subject to the order of the Board of Directors, shall have the custody of all funds and securities of the corporation.  The Treasure shall perform other duties commonly incident to his office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.
 
  Section 29.  Delegation of Authority.  The Board of Directors may from time to time delegate the powers or duties of any officer to any other officer or agent, notwithstanding any provision hereof.
 
  Section 30.  Resignations.  Any officer may resign at any time by giving written notice to the Board of Directors or to the President or to the Secretary.  Any such resignation shall be effective when received by the person or persons to whom such notice is given, unless a later time is specified therein, in which event the resignation shall become effective at such later time. Unless otherwise specified in such notice, the acceptance of any such resignation shall not be necessary to make it effective.  Any resignation shall be without prejudice to the rights, if any, of the corporation under any contract with the resigning officer.
 
  Section 31.  Removal.  Any officer may be removed from office at any time, either with or without cause, by the affirmative vote of a majority of the directors in office at the time, or by the unanimous written consent of the directors in office at the time, or by any committee or superior officers upon whom such power of removal may have been conferred by the Board of Directors.
 
 
 

 
ARTICLE VI
 
 EXECUTION OF CORPORATE INSTRUMENTS AND VOTING
 
OF SECURITIES OWNED BY THE CORPORATION
 
  Section 32.  Execution of Corporate Instrument.  The Board of Directors may, in its discretion, determine the method and designate the signatory officer or officers, or other person or persons, to execute on behalf of the corporation any corporate instrument or document, or to sign on behalf of the corporation the corporate name without limitation, or to enter into contracts on behalf of the corporation, except where otherwise provided by law or these Bylaws, and such execution or signature shall be binding upon the corporation.   Unless otherwise specifically determined by the Board of Directors or otherwise required by law, promissory notes, deeds of trust, mortgages and other evidences of indebtedness of the corporation, and other corporate instruments or documents requiring the corporate seal, and certificates of shares of stock owned by the corporation, shall be executed, signed or endorsed by the Chairman of the Board of Directors, or the President or any Vice President, and by the Secretary or Treasurer or any Assistant Secretary or Assistant Treasurer.  All other instruments and documents requiting the corporate signature, but not requiring the corporate seal, may be executed as aforesaid or in such other manner as may be directed by the Board of Directors.  All checks and drafts drawn on banks or other depositaries on funds to the credit of the corporation or in special accounts of the corporation shall be signed by such person .or persons as the Board of Directors shall authorize so to do.   Unless authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.
 
  Section 33.  Voting of Securities Owned by the Corporation.  All stock and other securities of other corporations owned or held by the corporation for itself, or for other parties  in any capacity, shall be voted, and all proxies with respect thereto shall be executed, by the person authorized so to do by resolution of the Board of Directors, or, in the absence of such authorization, by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or any Vice President.
 
ARTICLE VII
 
  SHARES OF STOCK
 
  Section 34.  Form and Execution of Certificates. Certificates for the shares of stock of the corporation shall be in such form as is consistent with the Articles of Incorporation and applicable law.  Every holder of stock in the corporation shall be entitled to have a certificate signed by or in the name of the corporation by the Chairman of the Board of Directors, or the President or any Vice President and by the Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary, certifying the number of shares owned by him in the corporation.   Any or all of the signatures on the certificate may be facsimiles.  In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued with the same effect as if he were such officer, transfer agent, or registrar at the date of issue.  Each certificate shall state upon the face or back thereof, in full or in summary, all of the powers, designations, preferences, and rights, and the limitations or restrictions of the shares authorized to be issued or shall, except as otherwise required by law, set forth on the face or back a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional, or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.  Within a reasonable time after the issuance or transfer of uncertificated stock, the corporation shall send to the registered owner thereof a written notice containing the information required to be set forth or stated on certificates pursuant to this section or otherwise required by law or with respect to this section a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.  Except as otherwise expressly provided by law, the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.
 
 
 

 
  Section 35.  Lost Certificates.  A new certificate or certificates shall be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed.  The corporation may require, as a condition precedent to the issuance of a new certificate or certificates, the owner of such lost, stolen, or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require or to give  the corporation a surety bond in such form and amount as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen, or destroyed.
 
  Section 36.  Transfers.
 
  (a)  Transfers of record of shares of stock of the corporation shall be made only upon its books by the holders thereof, in person or by attorney duly authorized, and upon the surrender of a properly endorsed certificate or certificates for a like number of shares.
 
  (b)  The corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock of the corporation to restrict the transfer of shares of stock of the corporation of any one or more classes owned by such stockholders in any manner not prohibited by the General Corporation Law of Nevada.
 
  Section 37.  Fixing Record Dates.
 
  (a)  In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix, in advance, a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting.  If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.  A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.
 
  (b)  In order that the corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action.  If no record date is filed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.
 
  Section 38.  Registered Stockholders.  The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Nevada.
 
 
 

 
ARTICLE VIII
 
 OTHER SECURITIES OF THE CORPORATION
 
  Section 39.  Execution of Other Securities.  All bonds, debentures and other corporate securities of the corporation, other than stock certificates (covered in Section 34), may be signed by the Chairman of the Board of Directors, the President or any Vice President, or such other person as may be authorized by the Board of Directors, and the corporate seal impressed thereon or a facsimile of such seal imprinted thereon and attested by the signature of the Secretary or an Assistant Secretary, or the Chief Financial Officer or Treasurer or an Assistant Treasurer; provided, however, that where any such bond, debenture or other corporate security shall be authenticated by the manual signature, or where permissible facsimile signature, of a trustee under an indenture pursuant to which such bond, debenture or other corporate security shall be issued, the signatures of the persons signing and attesting the corporate seal on such bond, debenture or other corporate security may be the imprinted facsimile of the signatures of such persons.  Interest coupons appertaining to any such bond,  debenture or other corporate security, authenticated by a trustee as aforesaid, shall be signed by the Treasurer or an Assistant Treasurer of the corporation or such other person as may be authorized by the Board of Directors, or bear imprinted thereon the facsimile signature of such person.  In case any officer who shall have signed or attested any bond, debenture or other corporate security, or whose facsimile signature shall appear thereon or on any such interest coupon, shall have ceased to be such officer before the bond, debenture or other corporate security so signed or attested shall have been delivered, such bond, debenture or other corporate security nevertheless may be adopted by the corporation and issued and delivered as though the person who signed the same or whose facsimile signature shall have been used thereon had not ceased to be such officer of the corporation.
 
ARTICLE IX
 
DIVIDENDS
 
  Section 40.  Declaration of Dividends.   Dividends upon the capital stock of the corporation, subject to the provisions of the Articles of Incorporation, if any, may be declared by the Board of Directors pursuant to law at any regular or special meeting. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Articles of Incorporation.
 
  Section 41.  Dividend Reserve.   Before payment of any dividend, there may be set aside out of any funds of the corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the Board of Directors shall think conducive to the interests of the corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.
 
ARTICLE X
 
 FISCAL YEAR
 
  Section 42.  Fiscal Year.  The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.
 
 
 

 
ARTICLE XI
 
IMMUNITY AND INDEMNIFICATION
 
  Section 43.  Immunity of Directors and Indemnification of Directors and Officers.
 
  (a)  Director Immunity.  Directors will be immune from monetary liabilities  to the fullest extent not prohibited by Nevada law.  Excepted from  that immunity are:
 
       *  a willful failure to deal fairly with the corporation or its shareholders in connection with a matter in which the director has  a material conflict of interest;
 
       *  a violation of criminal law unless the director had reasonable  cause to believe that his or her conduct was lawful or no  reasonable cause to believe that his or her conduct was  unlawful;
 
       *  a transaction from which the director derived an improper personal profit; and
 
       *  willful misconduct.
 
  (b)  Directors and Officers.  The corporation will indemnify its directors and officers to the fullest extent not prohibited by Nevada law; provided, however, that the corporation may modify the extent of such indemnification by individual contracts with its directors and officers; and, provided, further, that the corporation shall not be required to indemnify any director or officer in connection with any proceeding (or part thereof) initiated by such person unless (i) such indemnification is  expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the corporation, (iii) such indemnification is provided by the corporation, in its sole discretion, pursuant to the powers vested in the corporation under N evada law or (iv) such indemnification is required to be made pursuant to these Bylaws.
 
  (c)  Expense.  The corporation will advance to any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director or officer, of the corporation, or is or was serving at the request of the corporation as a director or executive officer of another corporation, partnership, joint venture, trust or other enterprise, prior to the final disposition of the proceeding, promptly following request therefor, all expenses incurred by any director or officer in connection with such proceeding upon receipt of an undertaking by or on behalf of such person to repay said amounts if it should be determined ultimately that such person is not entitled to be indemnified under these Bylaws.  No advance shall be made by the corporation to an officer of the corporation (except by reason of the fact that such officer is or was a director of the corporation in which event this paragraph shall not apply) in any action, suit or proceeding, whether civil, criminal, administrative or investigative, if a determination is reasonably and promptly made (i) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to the proceeding, or (ii) if such quorum is not obtainable, or, even if obtainable, a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, that the facts known to the decision-making party at the time such determination is made demonstrate clearly and convincingly that such person acted in bad faith or in a manner that such person did not believe to be in or not opposed to the best interests of the corporation.
 
 
 

 
ARTICLE XII
 
 NOTICES
 
  Section 44.  Notices.
 
  (a)  Notice to Stockholders.   Whenever, under any provisions of these Bylaws, notice is required to be given to any stockholder, it shall be given in writing, timely and duly deposited in the United States mail, postage prepaid, and addressed to his last known post office address as shown by the stock record of the corporation or its transfer agent.
 
  (b)  Notice to directors.  Any notice required to be given to any director may be given by the method stated in subsection (a), or by facsimile, telex or telegram, except that such notice other than one which is delivered personally shall be sent to such address as such director shall have filed in writing with the Secretary, or, in the absence of such filing, to the last known post office address of such director.
 
  (c)  Affidavit of Mailing. An affidavit of mailing, executed by a duly authorized and competent employee of the corporation or its transfer agent appointed with respect to the class of stock affected, specifying the name and address or the names and addresses of the stockholder or stockholders, or director or directors, to whom any such notice or notices was or were given, and the time and method of giving the same, shall in the absence of fraud, be prima facie evidence of the facts therein contained.
 
  (d)  Time Notices Deemed Given.  All notices given by mail, as above provided, shall be deemed to have been given as at the time of mailing, and all notices given by facsimile, telex or telegram shall be deemed to have been given as of the sending time recorded at time of transmission.
 
  (e)  Methods of Notice.  It shall not be necessary that the same method of giving notice be employed in respect of all directors, but one permissible method may be employed in respect of any one or more, and any other permissible method or methods may be employed in respect of any other or others.
 
  (f)  Failure to Receive Notice. The period or limitation of time within which any stockholder may exercise any option or right, or enjoy any privilege or benefit, or be required to act, or within which any director may exercise any power or right, or enjoy any privilege, pursuant to any notice sent him ill the manner above provided, shall not be affected or extended in any manner by the failure of such stockholder or such director to receive such
 
notice.
 
  (g)  Notice to Person with Whom Communication Is Unlawful. Whenever notice is required to be given, under any provision of law or of the Articles of Incorporation or Bylaws of the corporation, to any person with whom communication is unlawful, the giving of such notice to such person shall not be require and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person.  Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given.  In the event that the action taken by the corporation is such as to require the filing of a certificate under any provision of the Nevada General Corporation Law, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.
 
  (h)  Notice to Person with Undeliverable Address.  Whenever notice is required to be given, under any provision of law or the Articles of Incorporation or Bylaws of the corporation, to any stockholder to whom (i) notice of two consecutive annual meetings, and all notices of meetings or of the taking of action by written consent without a meeting to such person during the period between such two consecutive annual meetings, or (ii) all, and at least two, payments (if sent by first class mail) of dividends or interest on securities during a twelve-month period, have been mailed addressed to such person at his address as shown on the  ecords of the corporation and have been returned undeliverable, the giving of such notice to such person shall not be required. Any action or meeting which shall be taken or held without notice  to such person shall have the same force and effect as if such notice had been duly given.  If any such person shall deliver to the corporation a written notice setting forth his then current address, the requirement that notice be given to such person shall be reinstated.  In the event that the action taken by the corporation is such as to require the filing of a certificate under  ny provision of the Nevada General Corporation Law, the certificate need not state that notice was not given to persons to whom notice was not required to be given pursuant to this paragraph.
 
 
 

 
ARTICLE XII
 
 AMENDMENTS
 
  Section 45.  Amendments.
 
  The Board of Directors shall have the power to adopt, amend, or repeal   these Bylaws.
 
ARTICLE XIV
 
LOANS TO OFFICERS
 
  Section 46.  Loans to Officers.  The corporation may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the corporation or of its subsidiaries, including any officer or employee who is a Director of the corporation or its subsidiaries, whenever, in the judgment of the Board of Directors, such loan, guarantee or assistance may reasonably be expected to benefit the corporation.  The loan, guarantee or other assistance may be with or without interest and may be unsecured, or secured in such manner as the Board of Directors shall approve, including, without limitation, a pledge of  shares of stock of the corporation. Nothing in these Bylaws shall be deemed to deny, limit or restrict the powers of guaranty or warranty of the corporation at common law or under any statute.
 

 
 

 

EX-4.1 7 exhibitfourone.htm EX 4.1 exhibitfourone.htm
Not valid unless countersigned by transfer agent
Incorporated under the laws of the state of Nevada
                                                                                                                                                                                                                                                                                                                                                                                              CUSIP NO. 206694 10 1
Number ________                                                                                                                                                                                                                                                                                                                                                                       Shares _______

CONCRETE CASTING
INCORPORATED
AUTHORIZED COMMON STOCK:  500,000,000 SHARES
PAR VALUE:  $0.001

THIS CERTIFIES THAT


IS THE HOLDER OF


Shares of Concrete Casting Incorporated Common Stock
Transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate properly endorsed.  This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.

     Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

Dated:


_______________________________                                                                                                                                                                                                                                                                                      ______________________________
                                                   Secretary                                                                                                                                                                                                                                                                                                                                                President

CONCRETE CASTING INCORPORATED
CORPORATE
SEAL
NEVADA

Countersigned:
Standard Registrar & Transfer Company, Inc.                           By:  _____________________________
12528 South 1840 East                                                                         Authorized Signature
Draper, Utah  84020
EX-21.1 8 exhibittwentyoneone.htm EX 21.1 exhibittwentyoneone.htm
Exhibit 21.1
 
Subsidiaries of Living 3D Holdings, Inc.
 
1.           Living 3D Holdings Ltd., a British Virgin Islands corporation ("L3D-BVI").
 
2.
Living 3D (Hong Kong) Limited, a Hong Kong corporation, wholly-owned by L3D-BVI.
 
3.
Columbia College Hollywood International Limited, a British Virgin Islands corporation wholly-owned by L3D-BVI.
 
4.
Living 3D Technology Group Limited, a British Virgin Islands corporation wholly-owned by L3D-BVI.
 
EX-99.1 9 exhibitninetynineone.htm EX 99.1 exhibitninetynineone.htm
Exhibit 99.1
 
Living 3D Holdings, Inc. Enters 3D Business with Acquisition
 
PHOENIX, AZ - December 8, 2011.  Living 3D Holdings, Inc. (the "Company") (OTCBB: CCSG), announced today that it has acquired Living 3D Holdings, Ltd., a privately held company (“Living 3D"), focused on the marketing and sale of 3D image display devices in China.
 
Living 3D, which is based in China, is in the development stage and has concentrated on the markets for 3D touch pads, 3D indoor and outdoor light emitting diode (LED) displays and 3D televisions.  These products are based on "auto stereoscopic 3D" technology, or auto 3D, meaning that viewers are not required to wear 3D glasses in order to experience the 3D effects of the screen, and instant switching between two dimensional, or 2D, and 3D viewing is enabled.
 
Living 3D's image display devices are designed and manufactured by third parties using original equipment manufacturer parts and the technology and know-how of two of its directors and officers.  While its sales to date have focused on customers utilizing its products in media and advertising, 3D display products are applicable in a wide range of industries, including entertainment, education, consumer electronics, medical diagnosis and scientific research.  Living 3D has conducted limited sales marketing efforts to date.  All of its sales have been to government and research entities and educational institutions in China and consisted of large 3D LED displays (approximately three by three meters), 3D TV’s and 3D panels.

Living 3D was incorporated on June 23, 2008 in the British Virgin Islands and became a wholly-owned subsidiary of the Company on December 8, 2011 when its shareholders purchased 3,627,426 shares of common stock from certain shareholders of the Company and exchanged all of their shares in Living 3D for 62,590,880 shares of common stock of the Company.  After the transactions, the shareholders of Living 3D own approximately 95% of the Company's issued and outstanding common stock.  In connection with the transaction, Jimmy Kent-Lam Wong, Chang Li, Kin Wah Ngai and Lin Su, all of whom are principal shareholders of the Company, became our directors and officers, replacing our former board of directors and officers.  Mr. Wong is the new Chairman of the Board of Directors and Chief Executive Officer; Mr. Li is the Chief Technology Officer; Mr. Ngai is the Chief Financial Officer; and Mr. Su is the Secretary.

At the point of the acquisition, the Company had no operations and was seeking new business opportunities.  It was originally named Concrete Casting Incorporated (under which name its stock is now traded), had changed its name to AirWare International Corp. in July 2010 and finally had changed its name to Living 3D Holdings, Inc. in September 2011.

For further information contact www.living3d.com.

This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management.  Therefore, the actual results could differ materially from the forward-looking statements contained in information in this Release.  A wide variety of factors that may cause the actual results to differ from the forward-looking statements include, but are not limited to, the following:  the Company's ability to raise sufficient capital to implement its business plan; its ability to have its product offerings work as planned; whether there will be a commercial market for its products; its ability to market its products, commence revenue operations and then achieve profitable results of operation; whether the technology and know-how in the products it sells can be adapted  to new and different uses; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters.  These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company’s disclosures.  The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements.  In addition, the reader should consider statements that include the words "believes," "expects," "anticipates," "intends," "estimates," "plans," “projections” or other expressions that are predictions of or indicate future events or trends to be uncertain and forward-looking.  The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.  Additional information respecting factors that could materially affect the Company after its acquisition of Living 3D will be contained in a Report on Form 8-K to be filed next week with the Securities and Exchange Commission.

 
EX-99.2 10 exhibitninetyninepointtwo.htm EX 99.2 exhibitninetyninepointtwo.htm
LIVING 3D HOLDINGS LTD

CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

 
 
- 1 -

 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and
Shareholders of Living 3D Holdings Ltd
(A Development Stage Company)

We have audited the consolidated balance sheets of Living 3D Holdings Ltd and its Subsidiaries (collectively, the "Company") as of December 31, 2010 and 2009, and the related consolidated statements of operations and comprehensive income, consolidated statements of shareholders' equity (deficit) and consolidated statements of cash flows for each of the two years then ended and for the period from June 23, 2008 (inception) to December 31, 2010. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2010 and 2009, and the consolidated results of their operations and their cash flows for the years then ended and for the period from June 23, 2008 (inception) through December 31, 2010, in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company has minimal revenue to date and is dependent upon obtaining adequate financing to fulfill its development activities. These factors raise substantial doubts about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also discussed in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

MALONEBAILEY, LLP
www.malonebailey.com
Houston, Texas
December 14, 2011

 
- 2 -

 
Living 3D Holdings Ltd
 
(A Development Stage Company)
 
Consolidated Balance Sheets
 
(Stated in US dollars)
 
               
     
December 31, 2010
   
December 31, 2009
 
               
ASSETS
             
 Current Assets
             
Cash and cash equivalents
    $ 95,723     $ 12,711  
 Total Current Assets
      95,723       12,711  
                   
TOTAL ASSETS
    $ 95,723     $ 12,711  
                   
LIABILITIES & SHAREHOLDERS’ EQUITY (DEFICIT)
                 
 Current Liabilities
                 
Accrued liabilities and other payable
      3,980       985  
Due to related party
      71,926       15,823  
 Total Current Liabilities
      75,906       16,808  
TOTAL LIABILITIES
    $ 75,906     $ 16,808  
                   
SHAREHOLDERS’ EQUITY (DEFICIT)
                 
Common stock, $1.00 par value, 50,000 shares authorized, 100 shares issued and outstanding at December 31, 2010 and December 31, 2009
    $ 100     $ 100  
Subscription receivable
      (100 )     (100 )
Earnings (deficit) accumulated during the development stage
      19,817       (4,097 )
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)
      19,817       (4,097 )
                   
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
$ 
    95,723     $ 12,711  
 
The accompanying notes are an integrated part of these consolidated financial statements.

 
 
- 3 -

 
 
 
Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Statements of Operations and Comprehensive Income
(Stated in US dollars)
 
         
From Inception
 
         
(June 23, 2008)
 
         
Through
 
   
For the Years Ended December 31,
   
December 31,
 
   
2010
   
2009
   
2010
 
Revenue
  $ 137,555     $ -     $ 137,555  
                         
Cost of revenue
    99,997       -       99,997  
                         
 Gross profit     37,558              37,558   
                         
Operating expenses
                       
                         
   General and administrative expenses
    13,775       3,200       17,872  
                         
Total operating expenses
    13,775       3,200       17,872  
                         
Income (loss) from operations
    23,783       (3,200 )     19,686  
                         
   Other income
    131       -       131  
                         
Income (loss) before income tax
    23,914       (3,200 )     19,817  
                         
   Income tax expenses
    -       -       -  
                         
Net Income (Loss)
  $ 23,914     $ (3,200 )   $ 19,817  
                         
Other comprehensive income (loss)
    -       -       -  
                         
Total Comprehensive Income (Loss)
  $ 23,914     $ (3,200 )   $ 19,817  

The accompanying notes are an integrated part of these consolidated financial statements.

 
- 4 -

 

Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Statement of Shasreholders' Equity (Deficit)
June 23, 2008 (Inception) to December 31, 2010
(Stated in US dollars)
 
                     
Earnings
       
                     
(Deficit)
       
                     
Accumulated
       
   
Common Stock
         
During the
       
               
Subscription
   
Development
   
Total Shareholders’
 
   
Shares
   
Amount
   
Receivable
   
Stage
   
Equity (Deficit)
 
                               
Balance as of June 28, 2008 (Date of Inception)
    -     $ -     $ -     $ -     $ -  
                                         
Issuance of common stock
    100       100       (100 )     -       -  
Net loss for the period
                            (897 )     (897 )
                                         
Balance as of December 31, 2008
    100     $ 100     $ (100 )   $ (897 )   $ (897 )
                                         
Net loss for the year
    -       -       -       (3,200 )     (3,200 )
                                         
Balance as of December 31, 2009
    100     $ 100     $ (100 )   $ (4,097 )   $ (4,097 )
                                         
Net income for the year
    -       -       -       23,914       23,914  
                                         
Balance as of December 31, 2010
    100     $ 100     $ (100 )   $ 19,817     $ 19,817  

 
The accompanying notes are an integrated part of these consolidated financial statements.

 
- 5 -

 

Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Statements of Cash Flows
(Stated in US dollars)

         
From Inception
 
         
(June 23, 2008)
 
         
Through
 
   
For the Years Ended December 31,
   
December 31,
 
   
2010
   
2009
   
2010
 
CASH FLOWS FROM OPERATING ACTIVITIES
                 
                   
Net income (loss)
  $ 23,914     $ (3,200 )   $ 19,817  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                       
Changes in operating assets and liabilities:
                       
                         
          Accrued liabilities and other payable
    2,995       88       3,083  
CASH PROVIDED BY (USED IN ) OPERATING ACTIVITIES
    26,909       (3,112 )     22,900  
                         
CASH FLOWS FROM FINANCING ACTIVITIES
                       
                         
    Proceeds from related parties
    56,103       15,823       72,823  
                         
CASH PROVIDED BY FINANCING ACTIVITIES
    56,103       15,823       72,823  
                         
NET INCREASE IN CASH
    83,012       12,711       95,723  
CASH AND CASH EQUIVALENTS AT
                       
BEGINNING OF YEAR
  $ 12,711     $ -     $ -  
CASH AND CASH EQUIVALENTS AT END OF
                       
YEAR
  $ 95,723     $ 12,711     $ 95,723  
                         
Supplementary Disclosures for Cash Flow Information:
                       
                         
Income taxes paid
  $ -     $ -     $ -  
                         
Interest paid
  $ -     $ -     $ -  

The accompanying notes are an integrated part of these consolidated financial statements.

 
- 6 -

 

LIVING 3D HOLDINGS LTD
(A DEVELOPMENT STAGE COMPANY)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES
 
Living 3D Holdings Ltd (“L3D” or the “Company”) was incorporated in the British Virgin Islands (the “BVI”) on June 23, 2008. The Company markets three-dimensional (3D) hardware display devices designed by affiliates and manufactured by third parties.  Such products have application in industries where LCD monitors and LED panels are utilized, including location based entertainment, computer monitors, telecommunications, mobile phones and other hand held devices.

L3D has the following wholly owned subsidiaries, Living 3D (Hong Kong) Ltd, 3D Capital Holdings Inc, Columbia College Hollywood International Limited and Living 3D Technology Group Limited.  L3D and its subsidiaries are collectively referred to as L3D or the Company.  L3D is a development stage company as defined by Statement of Financial Accounting Standard No. 7, Accounting and Reporting by Development Stage Enterprises.
 
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
A.  
BASIS OF PRESENTATION
 
The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America.
 
B.  
BASIS OF CONSOLIDATION
 
The consolidated financial statements include the accounts of L3D and its subsidiaries. All material inter-company accounts and transactions have been eliminated in consolidation.
 
C. USE OF ESTIMATES
 
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from those estimates.
 
D. CASH AND CASH EQUIVALENTS
 
The Company considers cash and cash equivalents to include cash on hand and demand deposits with banks with an original maturity of three months or less.
 
E. FAIR VALUE OF FINANCIAL INSTRUMENTS
 
The carrying value of financial instruments, including cash, other receivables, accounts payable and accrued expenses, approximates their fair value at December 31, 2010 and 2009 due to the relatively short-term nature of these instruments.
 
 
- 7 -

 
F. REVENUE RECOGNITION
 
The Company recognizes revenue when the significant risks and rewards of ownership have been transferred to the customer, including factors such as when persuasive evidence of an arrangement exists, delivery or service has performed, the sales price is fixed and determinable, and collectability is probable. The Company recognizes sales when the merchandise is shipped, title has passed to the customers or service is provided, and collectability is reasonably assured.
 
G.  FOREIGN CURRENCY TRANSLATION
 
For financial reporting purposes, the financial statements of the Company and its subsidiaries, which are prepared in Hong Kong Dollar (“HKD”), are translated into its reporting currency, United States Dollars (“USD”). Balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in the owners' equity.

The exchange rates used for the foreign currency translation were as follows (USD$1 = HKD):
Period Covered
 
Balance Sheet Date Rates
 
Average Rates
Year ended December 31, 2010
 
7.8
 
7.8
Year ended December 31, 2009
 
7.8
 
7.8
 
 
The Company follows FASB ASC 830-30, “Foreign Currency Translation”, for both the translation and re-measurement of balance sheet and income statement items into U.S. dollars. Resulting translation adjustments are reported as a separate component of accumulated comprehensive income (loss) in stockholders’ equity.
 
The Company maintains its books and accounting records in Hong Kong Dollars, the Hong Kong Dollars being the functional currency. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date. Any translation gains (losses) are recorded in exchange reserve as a component of shareholders’ equity. Income and expenditures are translated at the average exchange rate of the year.
 
H. INCOME TAXES
 
Taxes are calculated in accordance with taxation principles currently effective in the Hong Kong. The Company accounts for income taxes using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
 
I.  
RELATED PARTIES
 
A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.
 
 
- 8 -

 
J. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
 
NOTE 3 – GOING CONCERN
 
The Company first generated revenue in 2010 and is still in the early stages of establishing a market for the products it sells. The Company is primarily funded by Wong Jimmy Kent Lam, the Company’s Chief Executive Officer ("CEO") and principal owner. The Company will have to raise additional capital, including through the sale of equity securities, to support its operation and expansion.

These conditions and uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 
NOTE 4 – RELATED PARTY TRANSACTIONS
 
The due to related party balances at December 31, 2010 and 2009 represent advances from Wong Jimmy Kent Lam, the Company’s CEO and principal owner, to support the Company’s operation. The advances were unsecured and non-interest bearing without terms and maturity.
 
NOTE 5 – COMMON STOCK
 
The Company has an authorized capital of 50,000 ordinary shares with $1.00 par value, 100 shares are issued and outstanding but unpaid at December 31, 2010.
 
NOTE 6 – INCOME TAXES

 
The Company is registered in the BVI and under the current laws of the BVI is not subject to income taxes.

Living 3D (Hong Kong) Limited is registered in Hong Kong and Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for the period.

 
- 9 -

 
A reconciliation between the income tax computed at the U.S. statutory rate the Company’s provision for income tax is as follows:

                                                                                                                                                                                     
 
Tax Year
 
                                                                                                                                                                                       
  2010    
2009
   
U.S. statutory rate
    34.0%    
34.0%
   
Foreign income not recognized in the U.S.
    -34.0%    
-34.0%
   
Hong Kong corporate income tax rate
    16.5%    
16.5%
   
Net loss not subject to income tax
    -16.5%    
-16.5%
   
Provision for income tax
    0.0%    
0.0%
   
 
Accounting for Uncertainty in Income Taxes

The Company adopted the provisions of Accounting for Uncertainty in Income Taxes.  This provision clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with the standard “Accounting for Income Taxes,” and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

The Company has evaluated and concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions.  In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense.
 
NOTE 7 – SUBSEQUENT EVENTS

In September 2011, the Company collected $100 for issuance of 100 common shares.

On December 8, 2011, the Company entered into a share exchange agreement (the "Share Exchange") with Living 3D Holdings, Inc. (formerly AirWare International Corp and formerly Concrete Casting Incorporated), a company incorporated in the State of Nevada.  Under the Exchange Agreement Living 3D Holdings, Inc. ("Living 3D") issued an aggregate of 62,590,800 shares of its common stock to the shareholders of the Company in exchange for all of the issued and outstanding securities of the Company.  The Share Exchange closed on December 8, 2011. As a result of the Share Exchange, the Company became Living 3D's wholly-owned subsidiary. The transaction was accounted for as a reverse merger and recapitalization whereby the Company is the accounting acquirer and Living 3D is the acquired party.


 
- 10 -

 

 
 
EX-99.3 11 exhibitninetyninepointthree.htm EX 99.3 exhibitninetyninepointthree.htm
LIVING 3D HOLDINGS LTD


CONSOLIDATED FINANCIAL STATEMENTS
AS OF AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(UNAUDITED)


 
- 1 -

 
 
Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Balance Sheets
(Stated in US dollars)
   
September 30, 2011
   
December 31, 2010
 
   
(Unaudited)
       
ASSETS
           
             
Current Assets
           
     Cash and cash equivalents
  $ 97,041     $ 95,723  
     Other assets
    33       -  
Total Current Assets
    97,074       95,723  
                 
TOTAL ASSETS
  $ 97,074      $ 95,723  
                 
LIABILITIES & SHAREHOLDERS’ EQUITY (DEFICIT)
               
                 
Current Liabilities
               
     Accounts payable
  $ 18,756     $ -  
     Accrued liabilities and other payable
    1,303       3,980  
     Due to related party
    120,418       71,926  
Total Current Liabilities
    140,477       75,906  
TOTAL LIABILITIES
  $ 140,477     $ 75,906  
                 
SHAREHOLDERS’ EQUITY (DEFICIT)
               
Common stock, $1.00 par value, 50,000 shares authorized, 100 shares issued and outstanding at September 30, 2011 and December 31, 2010
  $ 100     $ 100  
     Subscription receivable
    -       (100 )
     Earnings (deficit) accumulated during the development stage
    (43,503 )     19,817  
TOTAL SHARFEHOLDERS’ EQUITY (DEFICIT)
    (43,403 )     19,817  
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
  $ 97,074     $ 95,723  

The accompanying notes are an integrated part of these unaudited consolidated financial statements.

 
- 2 -

 

 

Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(Stated in US dollars)
         
From Inception
 
         
(June 23, 2008)
 
         
Through
 
   
For the Nine Months Ended September 30,
   
September 30,
 
   
2011
   
2010
   
2011
 
                   
Revenue
  $ 21,237     $ 137,555     $ 158,792  
                         
Cost of revenue
    18,756       99,997       118,753  
                         
Gross profit
    2,481       37,558       40,039  
                         
Operating expenses
                       
                         
     General and administrative expenses
    65,817       8,442       83,689  
                         
Total operating expenses
    65,817       8,442       83,689  
                         
Income (loss) from operations
    (63,336 )     29,116       (43,650 )
                         
     Other income (expense)
    16       118       147  
                         
Income (loss) before income tax
    (63,320 )     29,234       (43,503 )
                         
     Income tax expenses
    -       -       -  
                         
Net Income (Loss)
  $ (63,320 )   $ 29,234     $ (43,503 )
                         
Other comprehensive income (loss)
    -       -       -  
                         
Total Comprehensive Income (Loss)
  $ (63,320 )   $ 29,234     $ (43,503 )

The accompanying notes are an integrated part of these unaudited consolidated financial statements.


 
- 3 -

 
Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Statement of Shareholders' Equity (Deficit)
For the Nine Months Ended September 30, 2011
(Unaudited)
(Stated in US dollars)

 
                     
Earnings
       
                     
(Deficit)
       
                     
Accumulated
       
   
Common Stock
         
During the
       
               
Subscription
   
Development
   
Total Shareholders’
 
   
Shares
   
Amount
   
Receivable
   
Stage
   
Equity (Deficit)
 
                               
                               
Balance as of December 31, 2010
    100     $ 100     $ (100 )   $ 19,817     $ 19,817  
                                         
Net loss for the period
    -       -       -       (63,320 )     (63,320 )
 Subscription receivable collected     -       -       100               100  
                              -          
Balance as of September 30, 2011
    100     $ 100     $ -     $ (43,503 )   $ (43,403 )

The accompanying notes are an integrated part of these unaudited consolidated financial statements.


 
- 4 -

 

 

Living 3D Holdings Ltd
(A Development Stage Company)
Consolidated Statements of Cash Flows
(Unaudited)
(Stated in US dollars)
         
From Inception
 
         
(June 23, 2008)
 
         
Through
 
   
For the Nine Months Ended September 30,
   
September 30,
 
   
2011
   
2010
   
2011
 
CASH FLOWS FROM OPERATING ACTIVITIES
                 
                   
Net income (loss)
  $ (63,320 )   $ 29,234     $ (43,503 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                       
Changes in operating assets and liabilities:
                       
                         
          Other assets
    (33 )     -       (33 )
                         
          Accounts payable
    18,756       -       18,756  
                         
          Accrued liabilities and other payable
    (2,677 )     70,556       1,303  
CASH PROVIDED BY (USED IN ) OPERATING ACTIVITIES
    (47,274 )     99,790       (23,477 )
                         
CASH FLOWS FROM FINANCING ACTIVITIES
                       
                         
         Repayment of related party loans
    -       (15,823 )        
                         
         Proceeds from related parties
    48,492       -       120,418  
                         
          Collection of subscription receivable
    100               100  
                         
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    48,592       (15,823 )     120,518  
                         
NET INCREASE IN CASH
    1,318       83,967       97,041  
CASH AND CASH EQUIVALENTS AT
                       
BEGINNING OF YEAR
  $ 95,723     $ 12,711     $ -  
CASH AND CASH EQUIVALENTS AT END OF
                       
YEAR
  $ 97,041     $ 96,678     $ 97,041  
                         
Supplementary Disclosures for Cash Flow Information:
                       
                         
Income taxes paid
  $ -     $ -     $ -  
                         
Interest paid
  $ -     $ -     $ -  
 
The accompanying notes are an integrated part of these unaudited consolidated financial statements.

 
- 5 -

 

LIVING 3D HOLDINGS LTD
(A DEVELOPMENT STAGE COMPANY)
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 – DESCRIPTION OF COMPANY AND BASIS OF PRESENTATION
 
Living 3D Holdings Ltd (“L3D” or the “Company”) was incorporated in the British Virgin Islands (the “BVI”) on June 23, 2008. The Company markets three-dimensional (3D) hardware display devices designed by affiliates and manufactured by third parties.  Such products have application in industries where LCD monitors and LED panels are utilized, including location based entertainment, computer monitors, telecommunications, mobile phones and other hand held devices.

L3D has the following wholly owned subsidiaries, Living 3D (Hong Kong) Limited, 3D Capital Holdings Inc, Columbia College Hollywood International Limited and Living 3D Technology Group Limited.  L3D and its subsidiaries are collectively referred to as L3D or the Company.  L3D is a development stage company as defined by Statement of Financial Accounting Standard No. 7, Accounting and Reporting by Development Stage Enterprises.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, the consolidated financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. Interim operating results are not necessarily indicative of results that may be expected for the year ending December 31, 2011, or for any subsequent period. These interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2010, included herein.
 
NOTE 2 – GOING CONCERN
 
The Company first generated revenue in 2010 and is still in the early stages of establishing a market for the products it sells. In addition, the Company has a working capital deficit at September 30, 2011. The Company is primarily funded by Wong Jimmy Kent Lam, the Company’s Chief Executive Officer ("CEO") and principal owner. The Company will have to raise additional capital, including through the sale of equity securities, to support its operation and expansion.

These conditions and uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
 
NOTE 3 – RELATED PARTY TRANSACTIONS
 
The due to related party balances at September 30, 2011 and December 31, 2010 represent advances from Wong Jimmy Kent Lam, the Company’s CEO and principal owner, to support the Company’s operation. The advances were unsecured and non-interest bearing without terms and maturity.
 
 
- 6 -

 
NOTE 4 – COMMON STOCK
 
The Company has an authorized capital of 50,000 ordinary shares with $1.00 par value, 100 shares are issued and outstanding at September 30, 2011.
 
NOTE 5 – INCOME TAXES
 
The Company is registered in the BVI and under the current laws of the BVI is not subject to incomes taxes.

Living 3D (Hong Kong) Limited is registered in Hong Kong and Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for the period.

A reconciliation between the income tax computed at the U.S. statutory rate the Company’s provision for income tax is as follows:

                                                                                                                                                                                     
Nine Months Ended September 30,
 
                                                                                                                                                                                       
 
2011
   
2010
 
U.S. statutory rate
  34.0%    
34.0%
 
Foreign income not recognized in the U.S.
  -34.0%    
-34.0%
 
Hong Kong corporate income tax rate
  16.5%    
16.5%
 
Net loss not subject to income tax
  -16.5%    
-16.5%
 
Provision for income tax
  0.0%    
0.0%
 
Accounting for Uncertainty in Income Taxes

The company has evaluated and concluded that there are no significant uncertain tax positions required recognition in its financial statement.

The company may from time to time be assessed interest or penalties by major tax jurisdictions.  In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense.
 
NOTE 6 – SUBSEQUENT EVENTS


On December 8, 2011, the Company entered into a share exchange agreement (the "Share Exchange") with Living 3D Holdings, Inc. (formerly AirWare International Corp and formerly Concrete Casting Incorporated), a company incorporated in the State of Nevada.  Under the Exchange Agreement Living 3D Holdings, Inc. ("Living 3D") issued an aggregate of 62,590,800 shares of its common stock to the shareholders of the Company in exchange for all of the issued and outstanding securities of the Company.  The Share Exchange closed on December 8, 2011. As a result of the Share Exchange, the Company became Living 3D's wholly-owned subsidiary. The transaction was accounted for as a reverse merger and recapitalization whereby the Company is the accounting acquirer and Living 3D is the acquired party.


 
- 7 -

 

EX-99.4 12 exhibitninetyninepointfour.htm EX 99.4 exhibitninetyninepointfour.htm
LIVING 3D HOLDINGS LTD
AND
LIVING 3D HOLDINGS INC (FORMERLY AIRWARE INTERNATIONAL CORP)


UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS


 
- 1 -

 
 
   UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2011
          Living 3D Holdings Inc              
   
Living 3D
Holdings
Ltd
   
(formerly AirWare
International
Corp)
   
Pro Forma
Adjustments
   
Pro Forma
Consolidated
 
   
 
                   
ASSETS
                       
                         
Current Assets
                       
     Cash and cash equivalents
  $ 97,041     $ -     $       $ 97,041  
     Other assets
    33       -               33  
Total Current Assets
    97,074       -               97,074  
                                 
TOTAL ASSETS
  $ 97,074     $ -     $       $ 97,074  
                                 
LIABILITIES & SHAREHOLDERS’ EQUITY (DEFICIT)
                               
                                 
Current Liabilities
                               
     Accounts payable
  $ 18,756     $ -     $       $ 18,756  
     Accrued liabilities and other payable
    1,303       2,210       (2,210  )     1,303  
     Due to related party
    120,418       14,101       (14,101  )     120,418  
Total Current Liabilities
    140,477       16,311       (16,311  )     140,477  
                                 
TOTAL LIABILITIES
  $ 140,477     $ 16,311     $       $ 140,477  
                                 
SHAREHOLDERS’ EQUITY (DEFICIT)
                               
Common stock, $1.00 par value, 50,000 shares authorized, 100 shares issued and outstanding
  $ 100             $ (100 )A   $ -  
Common stock, $0.001 par value, 90,000,000 shares authorized, 7,112,600 shares issued and outstanding
            7,113       62,591 B     69,704  
     Additional paid-in capital
    -       499,696       100 A     (69,604 )
                      (62,591  )B        
                      16,311  D        
                      (523,120 )C        
     Deficit accumulated during the development stage
    (43,503 )     (523,120 )     523,120 C     (43,503 )
TOTAL SHARFEHOLDERS’ EQUITY (DEFICIT)
    (43,503 )     (16,311 )     16,311       (43,403 )
                                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
  $ 97,074     $ -     $       $ 97,074  

 

 
- 2 -

 
 
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2010
          Living 3D Holdings Inc              
   
Living 3D
Holdings Ltd
   
(formerly AirWare
International
Corp)
   
Pro Forma
Adjustments
   
Pro Forma
Consolidated
 
                         
Revenue
  $ 137,555     $ -     $       $ 137,555  
                                 
Cost of revenue
    99,997       -               99,997  
                                 
Gross profit
    37,558                       37,558  
                                 
Operating expenses
                               
                                 
     General and administrative expenses
    13,775       22,954               36,729  
                                 
Total operating expenses
    13,775       22,954               36,729  
                                 
Income (loss) from operations
    23,783       (22,954 )             829  
                                 
     Other income
    131       -               131  
                                 
Income (loss) before income tax
    23,914       (22,954 )             960  
                                 
     Income tax expenses
    -       -               -  
                                 
Net Income (Loss)
  $ 23,914     $ (22,954 )   $       $ 960  
                                 
Other comprehensive income (loss)
    -       -               -  
                                 
Total Comprehensive Income (Loss)
  $ 23,914     $ (22,954 )   $       $ 960  
                                 
Basic and Diluted Income (Loss) Per Common Share
  $ -     $ (0.00 )   $       $ 0.00  
                                 
Weighted Average Common Share:  Basic and Diluted
    -       7,112,600               69,703,480  

 

 
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UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011

          Living 3D Holdings Inc.              
   
Living 3D
Holdings Ltd
   
(formerly AirWare
International
Corp)
   
Pro Forma
Adjustments
   
Pro Forma
Consolidated
 
                         
Revenue
  $ 21,237     $ -     $       $ 21,237  
                                 
Cost of revenue
    18,756       -               18,756  
                                 
Gross profit
    2,481                       2,481  
                                 
Operating expenses
                               
                                 
     General and administrative expenses
    65,817       13,152               78,969  
                                 
Total operating expenses
    65,817       13,152               78,969  
                                 
Loss from operations
    (63,336 )     (13,152 )             (76,488 )
                                 
     Other income (expense)
    16       (700 )             (684 )
                                 
Loss before income tax
    (63,320 )     (13,852 )             (77,172 )
                                 
     Income tax expenses
    -       -               -  
                                 
Net Loss
  $ (63,320 )   $ (13,852 )   $       $ (77,172 )
                                 
Other comprehensive loss
    -       -               -  
                                 
Total Comprehensive Loss
  $ (63,320 )   $ (13,852 )   $       $ (77,172 )
                                 
Basic and Diluted Loss Per Common Share
  $ -     $ (0.00 )   $       $ 0.00  
                                 
Weighted Average Common Share:  Basic and Diluted
    -       7,112,600               69,703,480  

 
 
The accompanying notes are an integrated part of these unaudited pro forma consolidated financial statements.
 
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Note 1 - BASIS OF PRESENTATION
 
On December 8, 2011, Living3D Holdings Ltd  (the "Company") entered into a share exchange agreement (the "Share Exchange") with Living 3D Holdings, Inc. (formerly AirWare International Corp and formerly Concrete Casting Incorporated), a company incorporated in the State of Nevada.  Under the Exchange Agreement Living 3D Holdings, Inc. ("Living 3D") issued an aggregate of 62,590,800 shares of its common stock to the shareholders of the Company in exchange for all of the issued and outstanding securities of the Company.  The Share Exchange closed on December 8, 2011. As a result of the Share Exchange, the Company became Living 3D's wholly-owned subsidiary. The transaction was accounted for as a reverse merger and recapitalization whereby the Company is the accounting acquirer and Living 3D is the acquired party.
Consequently, the assets and liabilities and the historical operations that will be reflected in the consolidated financial statements for periods prior to the Share Exchange Agreement will be those of the Company and will be recorded at the historical cost basis. After the completion of the Share Exchange Agreement, the Company’s consolidated financial statements will include the assets and liabilities of the Company and Living 3D, the historical operations of the Company and the operations of Living 3D from the closing date of the Share Exchange Agreement.
 
These pro forma consolidated financial statements are prepared assuming the above transaction occurred on September 30, 2011 (as to the balance sheet) and on January 1, 2010 and on January 1, 2011 (as to the income statements).
 
Audited financial statements of the Company and Living 3D have been used in the preparation of these pro forma consolidated financial statements. These pro forma consolidated financial statements should be read in conjunction with the historical financial statements of Living 3D and the Company.
 
Note 2 – PRO FORMA ASSUMPTIONS AND ADJUSTMENTS
 
A:  To record the elimination of the common stock of Living 3D Holding Ltd the legal acquiree.
B:  To record the exchange of shares of Living 3D Holdings, Inc. for shares of Living 3D Holding Ltd
C:  To record the elimination of the historical retained earnings of Living 3D Holdings, Inc., the legal acquirer.
D:  To record the contribution to capital through forgiveness of company liabilities at the closing of the share exchange.
 


 
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