Waiver of Related Party Advances Agreement between Technics Group Limited and Hometouch
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Summary
Technics Group Limited, controlled by David Gunawan Ng and Stella Wai Yau, provided temporary, unsecured, non-interest bearing advances to Hometouch totaling $449,651 as of March 31, 2009. Under an oral agreement, these advances were repayable on demand. On March 31, 2009, Technics Group Limited unconditionally waived repayment of the entire outstanding balance. This agreement formalizes the waiver and releases Hometouch from any obligation to repay the advances.
EX-10.14 2 hometouch_ex1014.htm TERMS OF ORAL AGREEMENT hometouch_ex1014.htm
Exhibit 10.14
As of March 31, 2008, a balance of $382,702 due to related parties represented temporary advances pursuant to an oral agreement from a related company, Technics Group Limited, which is controlled by Mr. David Gunawan Ng and Ms. Stella Wai Yau. The balance was unsecured, non-interest bearing and repayable on demand. For the year ended March 31, 2009, the Company received the additional advances of $66,949 and the balance of $449,651 due to related parties was waived by the related company subsequently.
This waiver was granted 3/31/2009 and the waiver is unconditional.
/s/ David Gunawan Ng
David Gunawan Ng
/s/ Stella Wai Yau
Stella Wai Yau
