Software License Agreement - SORELL - 6-14-2006 by EPRA-Agreements

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									EXHIBIT 10.6

                                  SOFTWARE LICENSE AGREEMENT

This SOFTWARE LICENSE AGREEMENT (AGREEMENT) serial number QU-2005.03.17.61 (LICENSE
NUMBER) made this 4th day of February, 2005 (EFFECTIVE DATE) by and between SCAM CO., LTD.
(LICENSEE), having its principal place of business at 303, Gyenggi Venture Building 1017 Ingae-dong, Paldal-
gu, Suwon-si, Gyeonggi-do, Korea and INGENIENT TECHNOLOGIES, INC. (LICENSOR), having its
principal place of business at 1701 W. Golf Road, Tower-1 Suite 300, Rolling Meadows, Illinois 60008 U.S.A.,
is an addendum to QU-2004.03.10.61. All legal aspects of QU-2004.03.10.61 apply to QU-2005.03.17.61,
and the terms of QU-2004.03.10.61 remain unchanged.

In witness whereof, this AGREEMENT is accepted by the undersigned, who are respectively duly authorized
representatives of LICENSEE and LICENSOR.

RECIPROCITY
LICENSOR should not license the same LICENSED MATERIALS contained in this AGREEMENT to other
customers at lower ROYALTY FEE. If for whatever reason LICENSOR licenses the same LICENSED
MATERIALS contained in this AGREEMENT to other customers at lower ROYALTY FEE, then LICENSOR
should reduce LICENSEE's running ROYALTY FEE reasonably.

                       LICENSEE                          LICENSOR


                       By:                               By:
                                ------------------               ------------------

                       Name:                             Name:   SAMI   LEVI
                                ------------------
                       Title:                            Title: PRESIDENT      &   CEO
                                ------------------
                       Date:                             Date:
                                ------------------               ------------------




AUTHORIZED DISTRIBUTOR

By:
Name:
Title:
Date:

                                                     1
                        QUOTATION NUMBER: SLA- QU-2005.03.17.61
  EXHIBIT 1             QUOTATION DATE: MARCH 20, 2005
  -------------------   -----------------------------------------------------------------------
  PRODUCT               DESCRIPTION
  -------------------   -----------------------------------------------------------------------
                        MP4010-HDI-DM320 HOST-DSP BRIDGE
                        MP4010-MAF-DM320 MULTIMEDIA APPLICATION FRAMEWORK
                        MP4010-MAP-DM320 MULTIMEDIA APPLICATION FUNCTIONALITY DEMO PROGRAM
                        LICENSE TYPE:    SOURCE CODE
  MP4010-PAC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT AND USER'S GUIDE
  -------------------   -----------------------------------------------------------------------
                        MP4020-TSD-DM320 MPEG-2 TRANSPORT STREAM DEMUX
                        MP4020-SYL-DM320 MPEG-4 SYNC LAYER
                        LICENSE TYPE:    SOURCE CODE
  MP4020-PAC-DM320-15   DOCUMENTATION:   APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------
                        MP4050-AUD-DM320 AUDIO INTERFACE SOFTWARE DRIVER FOR AIC23
                        MP4050-VDI-DM320 VIDEO INTERFACE SOFTWARE DRIVER FOR TVP5150
                        MP4050-HDD-DM320 HDD INTERFACE SOFTWARE DRIVER FOR NOTEBOOK HDD
                        MP4050-CFC-DM320 CFC INTERFACE SOFTWARE DRIVER
                        LICENSE TYPE:    OBJECT CODE
  MP4050-PAC-DM320-10   DOCUMENTATION:   APPLICABLE USER'S GUIDE
  -------------------   -----------------------------------------------------------------------
                        MP4040-JNS-DM320 JANUS DRM
                        LICENSE TYPE:    OBJECT CODE
                        DOCUMENTATION:   APPLICABLE USER'S GUIDE
  MP4060-JNS-DM320-10   AVAILABILITY:    WITHIN 10 WEEKS FROM 1ST PAYMENT
  -------------------   -----------------------------------------------------------------------
                        MPEG-4 SIMPLE PROFILE COMPLIANT VIDEO ENCODE AND DECODE
                        LICENSE TYPE:    OBJECT CODE
  MP4110-COD-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------
                        H.264 BASELINE PROFILE VIDEO DECODE
                        LICENSE TYPE:    OBJECT CODE
  MP4140-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------
                        DIVX VER 3.11(VGA),4.0(D1),5.0(D1) AND 5PRO (D1) COMPLIANT VIDEO DECODE
                        LICENSE TYPE:    OBJECT CODE
  MP4161-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------
                        XVID VIDEO DECODE
                        LICENSE TYPE:    OBJECT CODE
  MP4165-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------
                        MPEG-2 COMPLIANT VIDEO MP@ML DECODE
                        -----------------------------------------------------------------------
                        LICENSE TYPE: OBJECT CODE
  MP4170-DEC-DM320-10   DOCUMENTATION: APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------
                        MPEG-1 COMPLIANT VIDEO DECODE
                        LICENSE TYPE: OBJECT CODE
  MP4175-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
  -------------------   -----------------------------------------------------------------------




2001-2005 Ingenient Techologies,INC CONFIDENTIAL INFORMATION SLA-QU-2005.03.17.61

                                                2
                      QUOTATION NUMBER: SLA- QU-2005.03.17.61
EXHIBIT 1 (CONT)      QUOTATION DATE: MARCH 20, 2005
-------------------   -------------------------------------------------------------------------------
PRODUCT               DESCRIPTION
-------------------   -------------------------------------------------------------------------------
                      MICROSOFT WMV9.0 MP@LL COMPLIANT VIDEO DECODE
                      LICENSE TYPE:    OBJECT CODE
                      DOCUMENTATION:   APPLICABLE API DOCUMENT
                      NOTE:          THIS SOFTWARE INCLUDES TECHNOLOGY OWNED OR LICENSED BY MICROSOFT
                      LICENSING, INC. ("MICROSOFT") AND CANNOT BE RECEIVED, USED, OR
                      DISTRIBUTED BY LICENSEE WITHOUT A LICENSE FROM MICROSOFT.
                      CONTACT:       MICROSOFT CORPORATION;
                      ATTN: DMD LICENSING
                      ONE MICROSOFT WAY
                      REDMOND, WA 98051 USA
MP4181-DEC-DM320-10   EMAIL: WMLA@MICROSOFT.COM
-------------------   -------------------------------------------------------------------------------
                      JPEG COMPLIANT ENCODE AND DECODE WITH THUMBNAIL, ROTATION AND RESIZING
                      LICENSE TYPE:    OBJECT CODE
MP4190-COD-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      BMP COMPLIANT DECODE WITH ROTATION AND SCALING
                      LICENSE TYPE:    OBJECT CODE
MP4193-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      GIF COMPLIANT DECODE WITH ROTATION AND SCALING
                      LICENSE TYPE:    OBJECT CODE
MP4194-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      G.726 COMPLIANT VOICE ENCODE AND DECODE
                      LICENSE TYPE:    OBJECT CODE
MP4226-COD-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      MPEG-1 LAYER 3 COMPLIANT AUDIO ENCODE AND DECODE
                      LICENSE TYPE:    OBJECT CODE
MP4240-COD-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      MPEG-1 LAYER 1 & 2 AUDIO DECODE
                      LICENSE TYPE: OBJECT CODE
MP4241-DEC-DM320-10   DOCUMENTATION: APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      MP3PRO COMPLIANT AUDIO DECODE
                      LICENCE TYPE:    OBJECT CODE
MP4242-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      OGG VORBIS AUDIO DECODE
                      LICENSE TYPE:    OBJECT CODE
MP4245-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      MPEG-4 BSAC AUDIO DECODE
                      LICENSE TYPE:    OBJECT CODE
MP4262-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      DOLBY AC-3 2CH. DOWNMIX DECODE
                      LICENSE TYPE:    OBJECT CODE
MP4270-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
-------------------   -------------------------------------------------------------------------------
                      MICROSOFT WMA9.0 LEVEL 1 AND 2 COMPLIANT AUDIO DECODE
                      LICENCE TYPE:    OBJECT CODE
                      DOCUMENTATION:   APPLICABLE API DOCUMENT
                      NOTE:          THIS SOFTWARE INCLUDES TECHNOLOGY OWNED OR LICENSED BY MICROSOFT
                      LICENSING, INC. ("MICROSOFT") AND CANNOT BE RECEIVED, USED, OR
                      DISTRIBUTED BY LICENSEE WITHOUT A LICENSE FROM MICROSOFT.
                      CONTACT:       MICROSOFT CORPORATION;
                      ATTN: DMD LICENSING
                      ONE MICROSOFT WAY
                      REDMOND, WA 98051 USA
MP4280-DEC-DM320-10   EMAIL: WMLA@MICROSOFT.COM
-------------------   -------------------------------------------------------------------------------




2001-2005 Ingenient Techologies,INC CONFIDENTIAL INFORMATION SLA-QU-2005.03.17.61
3
                      QUOTATION NUMBER: SLA- QU-2005.03.17.61
EXHIBIT 1 (CONT)      QUOTATION DATE: MARCH 20, 2005
-------------------   ---------------------------------------------------------------------------
PRODUCT               DESCRIPTION
-------------------   ----------------------------------------------------------------------------
                      LINEAR PCM AUDIO DECODE
                      LICENSE TYPE:    OBJECT CODE
MP4290-DEC-DM320-10   DOCUMENTATION:   APPLICABLE API DOCUMENT
                      LICENSOR'S TARGET DEVICE HARDWARE REFERENCE DESIGN(QUANTITY 1)
                      SUPPORTING HDD, CFC INTERFACE AND LCD INTERFACE
MP4900-BRD-DM320-10   THIS PACKAGE INCLUDES SCHEMATICS AND GERBER PLOTS
-------------------   ---------------------------------------------------------------------------
                      SOFTWARE MAINTENANCE OF DM320 BASED LICENSED MATERIALS
MP4000-SMC-DM320-01   SOFTWARE UPDATES AND UPGRADES FOR A 12-MONTH PERIOD
-------------------   ---------------------------------------------------------------------------
MP4000-SUP-DM320-05   40 HOURS OF TELEPHONE/EMAIL BASED TECHNICAL SUPPORT PER LICENSED MATERIALS
-------------------   ---------------------------------------------------------------------------
                      3-BUSINESS DAY TECHNICAL TRAINING ON DM320 BASED LICENSED MATERIALS
                      TRAINING WILL BE HELD IN LICENSOR'S ROLLING MEADOWS, ILLINOIS
                      FACILITIES AND LICENSEE IS RESPONSIBLE FOR ALL TRAVEL COSTS FOR THIS
MP4000-TRN-DM320-03   TRAINING.
-------------------   ---------------------------------------------------------------------------




2001-2005 Ingenient Techologies,INC CONFIDENTIAL INFORMATION SLA-QU-2005.03.17.61

                                                4
EXHIBIT 10.7

                                           LICENSE AGREEMENT

AUDIO MPEG, INC., a corporation organized under the laws of the Commonwealth of Virginia, with an office
at 2800 Shirlington Road, Suite 325, Arlington, VA 22206, U.S.A. ("Audio MPEG"); SOCIETA' ITALIANA
PER LO SVILUPPO DELL'ELETTRONICA, S.I.SV.EL., S.P.A., a corporation organized under the laws of
Italy, with headquarters in Via Castagnole, 59, I-10060 None (TO), Italy ("SISVEL"); and S-CAM CO., LTD.,
a corporation organized under the laws of Korea with headquarters in #303, 3rd floor Gyeonggi Venture Center,
Suwon Center, 1017, Ingye-dong, Paldal-gu, Suwon, Gyeonggi-do, 442-270, Korea ("LICENSEE"), agree as
follows:

WHEREAS:

A. Koninklijke Philips Electronics N.V. (Groenewoudseweg 1, NL 5600 MD Eindhoven, The Netherlands),
U.S. Philips Corporation (100 East 42nd St., New York, NY 10070), France T l com and T l diffusion de
France acting through the France T l com R&D (38-40 rue du G n ral Leclerc, F-92794 Issy-Les-Moulineaux
Cedex 09, France), BRW (Bayerische Rundfunkwerbung GmbH, Arnulfstra e 42, D-80335 M nchen, Germany)
and IRT (Institut f r Rundfunktechnik GmbH, Floriansm hlstra e 60, D-80939 M nchen, Germany) (the "Rights
Holders") are the owners of the patents listed in Enclosures 1 and 2;

B. Audio MPEG has the exclusive right to grant non-exclusive licenses to third parties under the US patent rights
listed in Enclosure 1 for Licensed Products (as hereinafter defined);

C. SISVEL has the exclusive right to grant non-exclusive licenses to third parties under the patent rights listed in
Enclosure 2 for Licensed Products (as hereinafter defined);

D. LICENSEE and its Controlled Companies (as hereinafter defined) are interested in acquiring a non-
transferable, non-assignable, and non-exclusive license under the patent rights listed in Enclosures 1 and 2;

E. Audio MPEG is willing to grant to LICENSEE a non-transferable, non-assignable, and non-exclusive license
under the US patent rights listed in Enclosure 1;

F. SISVEL is willing to grant to LICENSEE a non-transferable, non-assignable, and non-exclusive license under
the patents listed in Enclosure 2.

                                                          1
                                ARTICLE 1. DEFINITIONS/ENCLOSURES

1.01 "Effective Date" shall mean January 1st, 2005.

1.02 "Licensed Products" shall mean any consumer electronics product sufficiently assembled to be suitable for
sale to or use by an end user, covered by at least one claim of the patent rights listed in Enclosure 1 or 2, and
conforming to the ISO/IEC 11172-3 or ISO/IEC 13818-3. For example, Licensed Products include, but are not
limited to, any hardware for transmitting and/or receiving and/or storing and/or reproducing audio signals such as
set-top boxes, sound boards for computers, and MP3 players, regardless of whether they are standing alone or
incorporated in other products such as cellular telephones, computers, home theatres, multimedia players, boom-
boxes, car audio radios, or DVD players with MP3 capabilities, which conform to the ISO/IEC 11172-3 or
ISO/IEC 13818-3. However, "Licensed Products" shall not include: (a) Products or part of products which
make use of optical record carriers (and including such carriers), such as CD, Video-CD and DVD, only
carrying records in standards other than MP3; (b) High-definition TV products according to the "Grand Alliance"
standard as provided by ACATS on December 7, 1994, and any of its amendments and/or extensions; (c)
products, methods, and/or services which conform to the DAB (Digital Audio Broadcast) Standard or any of its
amendments and/or extensions; (d) components, such as, but not limited to, integrated circuit chips or chip sets,
subsystem circuit boards (which are not PC or TV-cards sold to end-users), unless when sold to end-users to be
incorporated into or used in combination with other products in a form that would constitute an end user
consumer electronic product, including, but not limited to, products sold in kit form.

1.03 "US Patents" shall mean the United States patent rights listed in Enclosure 1 to this Agreement, and any
divisional, continuation, reissue, reexamination, or extension thereof.

1.04 "Non-US Patents" shall mean those patent rights listed in Enclosure 2 to this Agreement, and any divisional,
continuation, reissue, reexamination, or extension thereof.

1.05 "Logo" shall mean the MPEG Audio logo, as reproduced in Enclosure 5.

1.06 "Controlling Interest" means, in case of a corporation to own, at any time during the term of this Agreement,
directly or indirectly, an amount of that number of shares thereof representing the right to elect a majority of the
directors of the corporation or persons performing a similar function; and in the case of any other kind of business
organization, it means direct or indirect ownership or control, at any time during the term of this Agreement, of the
capital thereof, or other interest therein, by or through which LICENSEE exercises, or

                                                         2
has the power to exercise, in any manner, directly or indirectly, control or direction thereof.

1.07 "Controlled Company" means (i) any company, including any legal entity similar to a corporation, and more
generally enterprises or any other kind of business organizations of which, on Effective Date or after Effective
Date LICENSEE has a Controlling Interest; (ii) any company, including any legal entity similar to a corporation,
and more generally enterprises or any other kind of business organizations, which, on Effective Date or after
Effective Date is directly or indirectly under a Controlling Interest of the same entity as LICENSEE; and (iii) the
companies listed in Enclosure 3. A company shall be considered a Controlled Company only for the time a
Controlling Interest exists. LICENSEE will provide an organization chart of all of the Controlled Companies to
SISVEL and Audio MPEG on or before LICENSEE's signature and within one month of any changes in the
identity or structure of the Controlled Companies.

ARTICLE 2. GRANT OF RIGHTS

2.01 Provided that the compensation under Article 4.01(a) and the Addendum of this Agreement has been paid,
and the bank guarantee under Article 16.03 and Enclosure 6 infra has been provided to SISVEL and Audio
MPEG: (i) Audio MPEG grants LICENSEE and its Controlled Companies a non-transferable, non-assignable,
non-exclusive license, with no right to sublicense, under the US Patents, to make, have made, use, import, sell,
offer to sell, or otherwise dispose of Licensed Products in the United States; (ii) SISVEL grants LICENSEE and
its Controlled Companies a non-transferable, non-assignable, non-exclusive license, with no right to sublicense,
under the Non-US Patents, to make, have made, use, import, sell, offer to sell, or otherwise dispose of Licensed
Products in all countries of the world other than the United States.

2.02 LICENSEE, for itself and its Controlled Companies, acknowledges and agrees that the license granted in
Article 2.01 is limited to Licensed Products sold or otherwise disposed of solely for private, non-professional use
by consumers for licensed contents and no rights or licenses are granted under this Agreement for professional
uses of Licensed Products.

2.03 No rights are granted under this Agreement for product features or functions that, although covered by the
US Patents and/or Non-US Patents, do not conform to the ISO/IEC 11172-3 or ISO/IEC 13818-3.

2.04 No rights granted under this Agreement extend to any product or process, conforming to the ISO/IEC
11172-3 or ISO/IEC 13818-3 and covered by the US Patents and/or Non-US Patents, merely because it is
used or sold in combination with a product licensed under this Agreement.

                                                          3
                                  ARTICLE 3. SCOPE OF PROTECTION

3.01 Audio MPEG and SISVEL each represent and warrant that:

(1) The Rights Holders are the sole and exclusive owners of the US Patents and Non-US Patents; Audio MPEG
has the right to grant licenses under the US Patents; and SISVEL has the right to grant licenses under the Non-
US Patents.

(2) Audio MPEG and SISVEL each have the right, power and authority to enter into this Agreement on behalf of
the Rights Holders and to grant LICENSEE and its Controlled Companies the rights, and privileges herein set
forth.

3.02 Nothing in this Agreement shall be construed as: (i) a warranty or representation by Audio MPEG and/or
SISVEL as to the validity or scope of any of the US Patents and Non-US Patents; or (ii) a warranty or
representation by Audio MPEG and/or SISVEL that anything made, used, imported, offered for sale, sold, or
otherwise disposed of under any license granted in this Agreement is or will be free from infringement of patents
different from the ones listed in Enclosures 1 and 2.

3.03 LICENSEE represents and warrants that it has the right to enter into this Agreement with Audio MPEG and
SISVEL on its behalf and on behalf of its Controlled Companies.

                                       ARTICLE 4. COMPENSATION

4.01 In consideration of the licenses and rights granted to LICENSEE by Audio MPEG and SISVEL under
respectively the US Patents and the Non-US Patents, LICENSEE shall pay:

(a) a non-refundable, non-recoupable sum of five thousand US Dollars (US$ 5,000) as an entrance fee; and

(b) a royalty as specified in the following royalty schedule of Article 4.02 and 4.03 for each Licensed Product.

4.02 The royalty for each calendar year shall be based on the number of Licensed Products manufactured, used,
sold, offered for sale, imported, leased, or otherwise disposed of by LICENSEE and its Controlled Companies
during each calendar year starting from and

                                                        4
including the year of the Effective Date of this Agreement. The royalty for each calendar year shall be calculated
as follows:

               Number of single mono channels in
               Licensed Products per calendar year             Royalty payment
               --------------------------------------          -------------------------------
               On those from 1 to 800,000                      US$0.30 per single mono channel
               --------------------------------------          -------------------------------
               On those from 800,001 to 4,000,000              US$0.20 per single mono channel
               --------------------------------------          -------------------------------
               On those from 4,000,001 to 8,000,000            US$0.18 per single mono channel
               --------------------------------------          -------------------------------
               On those from 8,000,001 to 12,000,000           US$0.16 per single mono channel
               --------------------------------------          -------------------------------
               On those from 12,000,001 to 20,000,000          US$0.14 per single mono channel
               --------------------------------------          -------------------------------
               On those exceeding 20,000,000                   US$0.10 per single mono channel
               --------------------------------------          -------------------------------




The above table of royalties is to be understood according to the following example. If, for instance, 800,001
single mono channels are produced in one calendar year the royalty payment for that year is US$ 240,000.20. If,
for instance, 28,000,000 single mono channels are produced in one calendar year the royalty payment for that
year is US$ 4,160,000.00. No more than three channels will be charged for any single multi-channel sound
representation.

Notwithstanding the foregoing, with respect to the payments of royalties for the licenses granted under this
Agreement for LICENSEE'S activities from Effective Date until five years after the Effective Date, LICENSEE
will not have to pay a cumulative amount higher than US Dollars twenty-two million five hundred thousand (US$
22,500,000.00) for the royalties due under this Agreement.

4.03 LICENSEE shall divide every sum due according to Article 4.02 by the total number of channels licensed
for that specific period and shall multiply the result by:

(a) the number of channels manufactured, used, sold, or otherwise disposed of in the United States for that same
period. That is the amount that LICENSEE shall pay to Audio MPEG;

(b) the number of channels exclusively manufactured, used, sold, or otherwise disposed of in countries different
from the United States for that same period. That is the amount that LICENSEE shall pay to SISVEL.

                                                         5
4.04 If LICENSEE purchases Licensed Products from a third party that is licensed to manufacture and sell
Licensed Products under the US Patents and the Non-US Patents, and such third party has fulfilled its obligations
under such license, then LICENSEE shall have no royalty obligation under this Agreement for such Licensed
Products purchased from such third party. The Licensed Products for which LICENSEE has no royalty
obligation according to this Article 4.04 will not be considered when calculating the royalty due by LICENSEE
according to Article 4.02 above, but they need to be listed in the royalty statements as per Article 5.03 below. If
LICENSEE purchased products from an entity which either is not licensed under the US Patents and Non-US
Patents or is in default of a license agreement under the US Patents and Non-US Patents, LICENSEE has the
obligation to pay royalties for such products according to the general terms of this Agreement until this unlicensed
party has entered into a license agreement under the US Patents and the Non-US Patents and has cured any
default.

                        ARTICLE 5. PAYMENTS AND ROYALTY STATEMENT

5.01 The payment according to Article 4.01(a) is due to SISVEL on LICENSEE's signature.

5.02 The payments according to Article 4.01(b) are due within one month from the end of each calendar quarter
beginning with the calendar quarter of the Effective Date of this Agreement. The royalties accrued during each
calendar quarter will be due within one month from the end of that calendar quarter.

5.03 LICENSEE shall, within one month after the end of each calendar quarter, render to both Audio MPEG
and SISVEL a full royalty statement according to the form shown in Enclosure 4, including: (a) the total number
of units and channels of Licensed Products manufactured, used, imported, sold, offered for sale, leased, or
otherwise disposed of by LICENSEE and/or its Controlled Companies in the preceding calendar quarter
licensed under this Agreement; for each shipment of those Licensed Products, the model number sold, a brief
description of the product (i.e. DVD/MP3 player), the brand or trademark on the product, the name of the
customer, the country of destination, the name of the manufacturer, the country of manufacture, the number of
units, the number of channels; and the total amount due for that calendar quarter; (b) the name and the address of
any entity not licensed under the US Patents and Non-US Patents, and what quantity of units and channels of
Licensed Products were purchased from or sold to such entity; (c) the total number of units and channels of
Licensed Products that LICENSEE and/or its Controlled Companies purchased from or sold to a third party
licensed under the US Patents and the Non-US Patents in the preceding calendar quarter, and, for each shipment
of those Licensed Products, the model number sold, a brief description of the product (i.e. DVD/MP3 player),
the brand or trademark on the product, the name of the customer, the country of destination, the name of the
manufacturer, the country of manufacture, the number of units, and the number of

                                                         6
channels; (d) the name and the address of any entity licensed under the US Patents and Non-US Patents, and
what quantity of units and channels of Licensed Products were purchased from or sold to such entity. For each of
the reports under (a) and (c) above, LICENSEE will specifically state (1) the quantities manufactured, used, sold,
imported, or otherwise disposed of in the United States and the corresponding amount due to Audio MPEG,
including any applicable withholding tax as per Article 5.07 below and the resulting net amount paid to Audio
MPEG; and (2) the quantities exclusively manufactured, used, sold, imported, or otherwise disposed of in
countries different from the United States and the corresponding amount due to SISVEL, including any applicable
withholding tax as per Article 5.07 below and the resulting net amount paid to SISVEL. LICENSEE shall render
to both Audio MPEG and SISVEL the above full royalty statement both in paper and in electronic format to be
sent via e-mail to the addresses MPEG-reporting@sisvel.it and MPEG-reporting@audiompeg.com.

5.04 Licensed Products shall be deemed made, sold, used, leased, or otherwise disposed of, as the case may be,
when invoiced or, if not invoiced, when shipped to a party other than LICENSEE or a Controlled Company of
LICENSEE.

5.05 Payments to Audio MPEG are to be made in US$ (US Dollars) to Audio MPEG's bank account at
Wachovia Bank N.A., Roanoke, VA, 24040-7314, Account # 2000014031911, Routing # 051400549,
S.W.I.F.T. PNBPUS33. Audio MPEG reserves the right to change such account.

5.06 Payments to SISVEL are to be made in US$ (US Dollars) to SISVEL's bank account at UNICREDIT
BANCA D'IMPRESA, Filiale 8368, Via Stazione 11, I-10060 None (TO), Italy, Account N. 248.60.82, ABI
03226, CAB 01004 (IBAN IT 46 L 03226 01004 000002486082), S.W.I.F.T. UNCRIT2V. SISVEL
reserves the right to change such account.

5.07 Any payment to Audio MPEG or SISVEL which is not made on the date(s) specified herein, shall accrue
interest at the rate of one percent (1%) per month (or part thereof).

5.08 If any payment under this Agreement is subject to a withholding tax by LICENSEE's country and such tax
(i) is required to be withheld from such payment by LICENSEE hereunder and (ii) is permitted to be withheld
from such payment to Audio MPEG or SISVEL under an applicable tax convention, the amount of such tax shall
be deducted from the payment by LICENSEE. LICENSEE shall promptly provide Audio MPEG or SISVEL,
depending on to which of the two the reduced payment was made, with the proper tax certificate to obtain the
corresponding tax credits. Should LICENSEE fail to send such a proper tax certificate within three (3) months
from the date of the original payment,

                                                        7
LICENSEE will immediately transfer to Audio MPEG or SISVEL, depending on which of the two received the
reduced payment, the amount withheld from the original payment without any withholding of any sort. All
payments in favor of SISVEL under this agreement are net of any due Italian VAT (I.V.A.), therefore, if
LICENSEE is an entity organized under the laws of Italy, the due VAT (I.V.A.) must be added to any payment
to SISVEL as provided for by the laws of Italy.

5.09 Any bank charges including those relating to the bank guarantee will be borne by LICENSEE and will not
be deducted by any payment made by LICENSEE.

                          ARTICLE 6. AUDITING OF ROYALTY STATEMENT

6.01 LICENSEE and its Controlled Companies shall keep complete and accurate books and records, including,
but not limited to, all production, purchases, stocks, deliveries, and sales records, and shall keep these books and
records available for at least a period of five (5) years following the manufacture, sale or other disposal of each
Licensed Product.

6.02 To verify the accuracy and completeness of the royalty statements provided for in Article 5, Audio MPEG
and SISVEL shall each have the right to audit all the above mentioned books and records of LICENSEE and its
Controlled Companies from time to time. Any such audit shall take place no more than once per calendar year
unless a prior audit during that year revealed a shortfall and shall be conducted by a public certified auditor
appointed by Audio MPEG and/or SISVEL. Audio MPEG and/or SISVEL, depending on what the case might
be, shall give LICENSEE written notice of such audit at least five (5) days prior to the audit. LICENSEE shall
willingly co-operate and provide all such assistance in connection with such audit as Audio MPEG and/or
SISVEL and/or the auditors may require. The audit shall be conducted at Audio MPEG and/or SISVEL's
expense. However, in the event that LICENSEE has failed to submit any royalty statements by their due date, as
per Article 5 above, in respect of the period to which the audit relates, or in the event that a shortfall exceeding
three percent (3%) of the amounts due is established, all costs connected to the audit, including for example the
preparation of the audit report, shall be borne by LICENSEE, without prejudice to any other claim or remedy as
Audio MPEG and/or SISVEL may have under this Agreement or under applicable law. In addition to paying the
royalty for any established shortfall, in the event that the audit will establish that there is a discrepancy or error
exceeding three percent (3%) of the number of channels of Licensed Products declared, LICENSEE agrees to
pay US$ 0.50 (fifty cents) per channel of Licensed Products exceeding the number of channels included in the
original statement in addition to the royalties and interests due under this Agreement to partially reimburse Audio
MPEG and SISVEL for the administrative costs which LICENSEE understands occur to monitor this Agreement
for non-compliance.

                                                          8
6.03 SISVEL and Audio MPEG's right to audit the books and records of LICENSEE and its Controlled
Companies will continue to be available for SISVEL and Audio MPEG for five (5) years past the term of this
Agreement or any termination of this Agreement.

                                            ARTICLE 7. MARKING

7.01 If requested by Audio MPEG or SISVEL, LICENSEE shall place appropriate patent markings on an
exposed surface of the Licensed Products. The content, form, location and language used in such markings shall
be in accordance with the laws and practices of the country where such markings are used.

7.02 LICENSEE shall provide adequate notice throughout the distribution chain of Licensed Products concerning
all limitations on the rights granted for such Licensed Products under this Agreement, including written notification
that
(a) the use of Licensed Products under this Agreement is limited to private non-professional use by consumers for
licensed contents; (b) no rights are granted for professional use; and (c) no rights granted under this Agreement
extend to any unlicensed product or process used or sold in combination with a product licensed under this
Agreement.

                                          ARTICLE 8. ASSIGNMENT

8.01 This Agreement shall inure to the benefit of and be binding upon each of the parties hereto and their
respective assignees. It may not be assigned in whole or in part by LICENSEE without the prior written consent
of both Audio MPEG and SISVEL.

                                ARTICLE 9. TERM OF THE AGREEMENT

9.01 The Agreement shall be effective on the Effective Date, and shall remain in force for a period of five (5)
years from the Effective Date. Upon expiration of this five (5) years term the Agreement shall be automatically
extended for an additional period of five (5) years, unless terminated six (6) months prior to the expiry of the five
(5) years term by written notice by LICENSEE or unless terminated earlier in accordance with the provisions of
Article 10 below.

                                                          9
                                         ARTICLE 10. TERMINATION

10.01 In the event one party fails to perform any material obligation under this Agreement, any of the other
parties may terminate this Agreement at any time by means of written notice to the other party specifying the
nature of such failure. Such termination shall be effective thirty (30) days after receipt of the notice if the breaches
are not cured by then. Such right of termination shall not be exclusive of any other remedies or means of redress
to which the non-defaulting party may be lawfully entitled, and all such remedies shall be cumulative. Any such
termination shall not affect any royalty or other payment obligations under this Agreement accrued prior to such
termination.

10.02 Audio MPEG and SISVEL may jointly or independently terminate this Agreement forthwith by means of
notice in writing to LICENSEE in the event that a creditor or other claimant attempts to take possession of, or a
receiver, administrator or similar officer is appointed over any of the assets of LICENSEE, or in the event that
LICENSEE pledges its assets or otherwise seek to make or makes any voluntary arrangement with its creditors
or seek protection from any court or administration order pursuant to any bankruptcy or insolvency law, or takes
other actions indicating impending financial difficulties.

10.03 Audio MPEG and SISVEL shall have the right to jointly or independently terminate this Agreement
forthwith or to revoke the license respectively granted under any of the US Patents and Non-US Patents in the
event that LICENSEE or any of its Controlled Companies, directly or indirectly (e.g. via its customers and/or
suppliers) brings a lawsuit or other proceeding to contest the validity or enforceability of any of the US Patents
and/or Non-US Patents.

10.04 Audio MPEG and SISVEL may jointly or independently terminate this Agreement forthwith by means of
notice in writing to LICENSEE in the event LICENSEE and/or its Controlled Companies breach Article 5,
Article 6 or Article 15.

10.05 LICENSEE and its Controlled Companies represent and warrant that at the time of termination or
expiration of this Agreement for any reason, LICENSEE and its Controlled Companies shall immediately cease
the manufacture, sale, importation or any other disposition of Licensed Products. Should LICENSEE or any of
its Controlled Companies breach the above representation by failing to cease the manufacture, sale, importation
or any other disposition of Licensed Products after termination or expiration of this Agreement, LICENSEE
agrees to pay a penalty in the amount of US Dollars ten (US$ 10.00) for each Licensed Products manufactured,
sold, imported or disposed of by LICENSEE or any of its Controlled Companies after termination or expiration
of this Agreement. As an exception to

                                                          10
immediate cessation, Licensed Products that are already manufactured at the termination/expiration date, and are
included by LICENSEE and/or its Controlled Companies in a royalty statement forwarded to Audio MPEG and
SISVEL in accordance with Article 5.03 above, and for which a royalty has been paid, may be sold provided
that LICENSEE and its Controlled Companies agree in writing not to oppose any proceedings that they be
enjoined from any other activity if they do not immediately cease.

10.06 Should LICENSEE breach Articles 4 and 5 of the Agreement by either not providing SISVEL and Audio
MPEG with a royalty statement by its due date, or failing to pay the royalties due to SISVEL and Audio MPEG
by the due date, any Licensed Products manufactured, put into use, imported, sold, leased, or otherwise
disposed of after the end of the last period for which LICENSEE has both provided SISVEL and Audio MPEG
with a royalty statement in accordance with Articles 4.02 and 5.02 above by its due date and paid to SISVEL
and Audio MPEG the corresponding royalties due according to Articles 4.02 and 5.02, will not be covered by
the licenses granted under Article 2.01 above, until LICENSEE cures all of its breaches under the Agreement
and SISVEL and Audio MPEG acknowledge in writing that all those breaches have been cured. Should
LICENSEE breach Article 6 and the Addendum to this Agreement, by refusing or obstructing the audit
according to Article 6, Licensed Products manufactured, put into use, imported, sold, leased, or otherwise
disposed of after the day SISVEL or Audio MPEG has notified LICENSEE of this breach will not be covered
by the Licenses granted under Article 2.01 above, until LICENSEE cures all of its breaches under the Agreement
and SISVEL and Audio MPEG acknowledge in writing that all those breaches have been cured. In both of the
above cases in this Article 10.06 in which LICENSEE is in breach of this Agreement: (i) SISVEL and Audio
MPEG will have the right to communicate the fact that such products are not licensed and to exclude the name of
LICENSEE and its Controlled Companies from any list of companies licensed under the US Patents and Non-
US Patents in good standing;
(ii) LICENSEE and its Controlled Companies will not have the right to claim to be licensed under the US Patents
and Non-US Patents without specifying that LICENSEE is in breach of the Agreement and therefore their
products are no longer covered by the license granted under this Agreement, and LICENSEE will not actively or
passively communicate that it is licensed under the US Patents and Non-US Patents. LICENSEE will ensure that
each agreement, contract, invoice, or other sales document under which the products are sold will specify in
writing as a term of such sale that products are not licensed and remain subject to patent rights of Audio MPEG
and SISVEL if LICENSEE fails to render to Audio MPEG and SISVEL royalties and royalty statements in a full
and timely manner.

                           ARTICLE 11. MOST FAVORABLE CONDITIONS

11.01 In the event that a license under the US Patents and Non-US Patents as per Article 2.01 is granted by
Audio MPEG and/or SISVEL for Licensed Products to a third party under

                                                       11
conditions identical to those granted under this Agreement, but at a royalty rate more favorable than the royalty
rate in this Agreement, LICENSEE shall be entitled to the same royalty rate as applicable to such third party,
provided always that this provision shall not apply in respect to cross-license agreements or other agreements
providing for a consideration which is not exclusively based on payment of royalties and further provided that this
provision shall not apply in respect to licenses or other arrangements made pursuant to a court decision or the
settlement of a dispute between Audio MPEG and/or SISVEL and a third party, irrespective of the nature of
such dispute, the terms of the court decision or the settlement terms, including any amount due for damages for
past infringement.

11.02 The term "third party" as used in this Article shall not include companies or other legal entities related to
Audio MPEG and/or SISVEL or any of the Rights Holders.

                                              ARTICLE 12. LOGO

12.01 For the term of this Agreement and subject to the full and timely performance and observance by
LICENSEE of all its undertakings and obligations hereunder, LICENSEE and its Controlled Companies shall be
entitled to use the Logo enclosed in Enclosure 5 on the Licensed Products, as well as in advertisements and sales
literature for Licensed Products, sold by LICENSEE and/or its Controlled Companies in accordance with the
instructions laid down in Enclosure 5.

12.02 LICENSEE acknowledges and agrees that Audio MPEG and SISVEL make no warranty whatsoever that
any use of the Logo will be free from infringement of any intellectual property rights.

                                      ARTICLE 13. COMMUNICATION

13.01 Any communication relating to this Agreement shall be made, in the English language, to the following
addresses:

                                                          12
       for Audio MPEG:                    for SISVEL:                for LICENSEE:

       AUDIO MPEG, INC.                   S.I.SV.EL., S.P.A.         S-CAM CO., LTD.
       Gen. Richard I. Neal (Ret.)        Ing. Sandro Spina          Mr. Jason Kim
       2800 Shirlington Road              Via Castagnole, 59         #303, 3rd floor Gyeonggi Venture
       Suite 325                          I-10060 None (TO)          Center, Suwon Center,
       Arlington, VA   22206              Italy                      1017 Ingye-dong, Paldal-gu
       U.S.A.                                                        Suwon, Gyeonggi-do, 442-270
                                                                     Korea
       Fax:   +1-703-820-4531             Fax: +39-011-9863725       Fax: +82-31-329-8729




13.02 Any change of address shall be effective in respect to the other party after that it has been communicated
and received by fax or registered mail, postage prepaid.

13.03 If mailed, the date of mailing of the communication shall be deemed to be the date on which such notice,
request or communication has been received by the addressee.

                           ARTICLE 14. MODIFICATION AND ADDITIONS

14.01 Any modification of or addition to this Agreement and its Enclosures shall be made in written form.

                              ARTICLE 15. DISCLOSURE AND PUBLICITY

15.01 LICENSEE and its Controlled Companies, Audio MPEG, and SISVEL acknowledge and agree that,
during the term of this Agreement and for a period of three (3) years after the last to expire of the US Patents and
the Non-US Patents, they shall not disclose to any third party any information relating to the terms and conditions
of this Agreement. Each party may announce or otherwise disclose the fact that this Agreement has been signed,
and that there are no legal or administrative actions pending between the parties, but not the substance of the
understanding between the parties, including but not limited to monetary compensation. This Agreement may
however, if necessary, be disclosed to any judicial or other governmental authority to which disclosure is legally
required.

                                                        13
                                 ARTICLE 16. GENERAL PROVISIONS

16.01 LICENSEE shall be considered directly responsible for any infringement and/or non-performance of any
provision of this Agreement by itself and/or by any of its Controlled Companies.

16.02 Controlled Companies shall not be considered third party beneficiaries under this Agreement and shall
have no right to enforce any of the provisions hereof against Audio MPEG and/or SISVEL. Controlled
Companies' sole rights and remedies shall be against LICENSEE.

16.03 As an assurance of fulfillment of its obligations under the terms of this Agreement, including payment of
amounts due under the Agreement by their due date, submission of royalty statements by their due date,
compliance with the audit procedures according to Article 6 above, LICENSEE will provide SISVEL and Audio
MPEG with a continuing bank guarantee from a first class international bank according to the form shown in
Enclosure 6 on or before LICENSEE's signature. SISVEL and Audio MPEG will have independently the right to
call such bank guarantee each time LICENSEE should fail to fulfill its obligations under the terms of this
Agreement, including payment of amounts due under the Agreement by their due date, submission of royalty
statements by their due date, compliance with the audit procedures according to Article 6 above. Any amount
drawn from the bank guarantee will not be considered as a full or partial fulfillment of any obligations of
LICENSEE under the terms of this Agreement, including the not fulfilled obligations for which the bank guarantee
was called.

16.04 On or before LICENSEE's signature, LICENSEE will provide Audio MPEG and SISVEL with an
organization chart showing the relationship of LICENSEE and all Controlled Companies. LICENSEE represents
and warrants that such organization chart is accurate and will appropriately authenticate the organization chart.
Should additional Controlled Companies arise and make, have made, use, import, sell, offer to sell, or otherwise
dispose of Licensed Products, such additional Controlled Companies will automatically become a LICENSEE
under the Agreement. Within thirty (30) days of any such activities:
(a) LICENSEE will inform Audio MPEG and SISVEL of such activities; (b) LICENSEE will have such
additional Controlled Companies execute a license agreement with Audio MPEG and SISVEL on the same
terms as this Agreement; and (c) LICENSEE will provide Audio MPEG and SISVEL with an updated
authenticated organization chart showing the relationship of LICENSEE and all Controlled Companies. Such
additional entities and all entities who are a LICENSEE under the Agreement will be liable jointly and severally
for any payments due under this Agreement for Licensed Products made, have made, used, imported, sold,
offered to sell, or otherwise disposed of at any time by LICENSEE and Controlled Companies.

                                                       14
                                      ARTICLE 17. MISCELLANEOUS

17.01 This Agreement sets forth the entire agreement and understanding between the parties as to the subject
matter hereof and supersedes and replaces all prior arrangements, discussions and understandings between the
parties relating thereto.

17.02 All definitions and Enclosures form an integral part of this Agreement.

17.03 This Agreement is in the English language and 3 (three) copies have been executed. Audio MPEG,
SISVEL, and LICENSEE shall receive 1 (one) copy each.

17.04 Should any provision of this Agreement be finally determined void or unenforceable in any judicial
proceeding, such determination shall not affect the operation of the remaining provisions hereof. In such event, to
the extent possible, such void or unenforceable provision shall be conformed to a valid provision closest to the
intended effect of the invalid or unenforceable provision.

                                      ARTICLE 18. APPLICABLE LAW

18.01 This Agreement shall be governed by, interpreted and construed in accordance with the laws of Germany.

                                        ARTICLE 19. JURISDICTION

19.01 Any disputes arising between the parties under this Agreement (including any question regarding its
existence, validity or termination) not resolved between or among the parties shall be litigated in the court located
in Mannheim, Germany, and the parties agree not to challenge personal jurisdiction in this forum. However, in
case Audio MPEG and/or SISVEL is the plaintiff, Audio MPEG and/or SISVEL may at their sole discretion
alternatively submit any such dispute to the competent courts in the venue of LICENSEE's registered office, or to
any of the competent courts where LICENSEE's Licensed Products are manufactured, used, sold, leased or
otherwise disposed.

                                                         15
AS WITNESS, the parties hereto have caused this Agreement to be signed on the date first written below.

           Audio MPEG, Inc.                    S.I.SV.EL., S.p.A.           S-Cam Co., Ltd.


           By: \S\ Richard Neal                By: \s\ Sandro Spina         By: \s\ Jason Kim

           Name: Gen. Richard Neal (Ret.)      Name: Ing. Sandro Spina      Name: Mr. Jason Kim

           Date: 5-12-2005                     Date: 5-12-2005              Date: 5-12-2005




                                                     16
EXHIBIT 10.9

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

CONTRACT OF LOAN (LIMIT) TRANSACTION


Revenue
Stamp

                 To   Korea   Exim    Bank                                    Date     2003.   03.


                 Name                              (Sign)
                        ---------------------------------




Address:

I understand that in the loan transaction with Korea Exim Bank (hereinafter referred to as the "Bank") according
to the conditions hereinafter, the standard contract of loan transaction will be applied. I duly recognize the
following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION

The conditions of transaction are as follows.

(In the event there are multiple choices, please listen to the employee's explanation and place an "x" mark inside
the appropriate "[ ]")

                                                         1
Loan subject      Comprehensive export funds
(Loan type)       (Import fund loan on deeds)
---------------   --------------------------------------------------------------------------------
                  [x] Limit transaction
Transaction       [ ] Revolving credit transaction
classification    [ ] Spent credit transaction
---------------   --------------------------------------------------------------------------------
Loan(limit)       [ ] In the range of four hundred thousand USD ($400,000 US)
Amount            [ ]
---------------   --------------------------------------------------------------------------------
Purpose of
fund              Purchase of facility materials
---------------   --------------------------------------------------------------------------------
Loan (limit
transaction)      [x] From commencement of loan within 2 years
period            [ ] From     to
---------------   --------------------------------------------------------------------------------
Interest
rate              Percentage per annum decided by Korean Exim Bank
---------------   --------------------------------------------------------------------------------
Arrears
Compensation
interest          Percentage per annum decided by Korean Exim Bank
---------------   --------------------------------------------------------------------------------
Calculation       A. Won currency : 365 days considered as 1 year, interest is calculated
of interest       on a daily basis.
and arrears       B. Foreign currency : 360 days consiered as 1 year, interest is
compensation      calculated on a daily basis.
---------------   --------------------------------------------------------------------------------
                  Independent loan amount is decided hereinafter for each transaction.
Independent       [ ] Amount required for production within ( ) % of balance of
loan amount       amount already received subtracted from contract fee of export
(applies to       contract, export credit market or product supply contract
limit             [ ] Within ( ) % of import fee or pre-import fee
transaction)      [ ] Miscellaneous :
---------------   --------------------------------------------------------------------------------
Independent       [ ] On each independent loan, within the period from
loan period       initial loan date ( ) plus ( ) days
(applies to       [ ] On each independent loan, within the period from initial
limit             loan date plus ( ) months
transaction)      [ ] Miscellaneous:
---------------   --------------------------------------------------------------------------------
                  [ ] Execute the whole amount on commencement of loan
                  [ ] Part execution after confirmation of the bank of asset purpose and required
                      amount based on documentary evidence and spot goods
Method of         [ ] Execute as required by the customer with preset credentials
loan              [ ] Miscellaneous:
execution             (                                                         )
---------------   --------------------------------------------------------------------------------
                  [ ] Repayment of                       within expiry of loan
                  [ ] Repayment of the whole amount on expiry of loan. Installment
                  repayment is possible with the bank's approval.
                  [ ] First repayment after        (   ) months, installment
                  repayment for ( ) according to installment repayment date chart
                  [ ] Defer payment for ( ) years ( ) months after commencement,
                  installment repayment afterwards according to installment repayment date chart.
                  [ ] Miscellaneous:
                      (                                                         )
                  [ ] Any bank deposit repayments through ATMs or electronic banking
Method of         means after bank business hours may not be recorded as being repaid
repayment         on the day
---------------   --------------------------------------------------------------------------------
                  [ ] Initial interest will be paid within ( ) months of commencement,
                  latter interests will be paid within ( ) months of the day after
                  final calculation of paid interest
                  [ ] Paid according to a separate installment repayment date chart
Time and          [ ] Miscellaneous
method of             (                                                         )
interest          [ ] Any bank deposit repayments through ATMs or electronic banking
payment and       means after bank business hours may not be recorded as being repaid
method            on the day
---------------   --------------------------------------------------------------------------------
2
1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

ARTICLE 3 SPENDING AND REVOLVING MAINTENANCE OF LIMIT TRANSACTION

1. For spending, application for each independent loan will be made within range confirmed through documentary
evidence of asset purpose and the amount spent (such as trade contract) and is not greater than the loan limit
amount in Article 1 that is the sum of applied loan and the total of each independent loan (including approved
amount not withdrawn) until the date of application. The bank may confirm this and approve of it at its own
discretion.

2. For revolving, application for each independent loan will be made within range confirmed through documentary
evidence of asset purpose and the amount spent (such as trade contract) and is not greater than the loan limit
amount in Article 1 that is the sum of applied loan and the loan balance of each independent loan (including
approved amount not withdrawn) until the date of application. The bank may confirm this and approve of it at its
own discretion.

3. In the event of repayment through revolving, the loan amount limit within the loan limit transaction period in
Article 1 will be revived as to the repaid amount. The same is not true for spending type.

ARTICLE 4 INDEPENDENT LOAN INTEREST RATE FOR LIMIT TRANSACTION For limit transaction,
the independent loan interest rate for limit transaction is decided by the clauses hereinafter.

1. Loan interest rate for fixed interest loan (including added interests) : Loan interest rate on the date of
application of independent loan approval

2. Loan interest rate for variable interest loan : Standard interest rate is the standard interest rate for
corresponding initial date of interest, added rate at the added rate of date of approval of loan.

ARTICLE 5 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. For installment repayment loan, the total amount of debt will be decided after the execution.

The method of execution will be based on installment repayment date chart, receipts and other evidences.

2. Install repayment date chart affixed to the contract shall be recorded by the bank on confirmation of total loan
amount according to Article 1 and shall be notified to the debtor and joint sureties.

                                                            3
ARTICLE 6 REDUCTION AND SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the loanee.
In this event the loanee shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 7 SERVICE CHARGE FOR REMAINING LIMIT IN THE CONTRACT

1. For limit transaction or foreign currency loan and there exists a separate clause for any remaining amount within
the credit limit set in Article 1, service charge shall be paid according to the standards set by the clause
(hereinafter referred to as "contract service charge").

2. In the event the payment of contract service charge is delayed, arrears compensation shall be made for the
delayed amount according to the arrears compensation rate.

ARTICLE 8 REVENUE STAMP

1. Revenue stamp cost incurred by this contract shall be paid by ([ ]loanee, [ ]bank, [ ]loanee and bank 50%
each ).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 9 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 10 SECURITY AND INSURANCE

1. The loanee will pledge any buildings or installed facilities along with the land or building it is built on and
including any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the
bank so requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and
place a pledge for the bank on the insurance claim.

2. If the items in Clause 1 is transferred to another through export or technology contract, on reception of the bill
of debt, surety of payment or trust contract offered, the debtor shall immediately offer the above as pledge to the
bank as part of the items in Clause 1 regardless of bank's export loan deferred payment finance agreement with
the debtor.

ARTICLE 11 PREMATURE REPAYMENT

1. For export fund loan deferred payment finance (includes technology fund loan, technology finance and foreign
investment related loans), to repay the loan before the expiry date, the details must be discussed with the bank 30
days before the planned repayment date.

2. In the event of loan repayment in Article 1 before its expiry, and there is a pre-existing clause on premature
repayment amount, the service charge shall be made according to the standards set in the clause.

                                                          4
ARTICLE 12 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                    Classification         20 .         20 .        20 .        20 .         20 .
                    --------------         -----        -----       -----       -----        -----
                     Debt ratio                %            %           %           %            %
                     Self asset ratio          %            %           %           %            %
                     (      )ratio             %            %           %           %            %
                     (      )ratio             %            %           %           %            %




2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets
2. Investment on fixed assets for reasons other than specified in the contract
3. Surety for other's debts
4. Entering new business or foreign investment
5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities
2. Investment of majority shareholder
3. Issuance of new shares to be purchased or publicization of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the loanee and the bank.

ARTICLE 13 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items
3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.
4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spendings, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions
2. Foreign currency supply and application statement
3. Foreign currency derivative product trade statement

3. I agree to submit, on request of the bank, the financial state, loan target business state, the finance and
economic environment of the target country or invested country and other required data of the opposite
contracting party of any export contract, technology contract, import contract and joint investment contract
(hereinafter referred to as "loan target contract").

4. I shall submit data on foreign investment, foreign business or current state of important resource development
project related to this contract every 6 months or as requested by the bank.

5. If any imported items related to this contract was imported for the purpose of sales or has been converted for
the purpose of sales, its monthly store and sales state (number, amount, sold company, date of sale, receipt of
cost, etc) shall be reported to the bank by the 10th of the following month.

                                                        5
ARTICLE 14 FULFILLMENT AND MODIFICATION OF LOAN CONSIDERATION CONTRACT

1. I shall carry out any business related to this contract as to the terms of the loan consideration contract.

2. I shall not change the terms of loan consideration contract without prior approval of the bank.

3. In the event there has been a breach or possible breach of a loan consideration contract by the debtor or the
opposing party of the loan consideration contract, I shall submit detailed report including contents, reason and
solutions to the bank immediately.

4. I shall maintain the effect of loan consideration contract and approval, registration, and declaration in Article 16
Clause 3.

5. In the event of related government branch's action, labour dispute or court action that could effect the loan
consideration contract, I shall immediately inform the bank.

6. If Clauses 1 through 5 is not is not carried without a reason, I shall agree to any actions by the bank.

ARTICLE 15 APPROVAL OF COST OF CONTRACT FULFILLMENT

1. I shall fulfill the sections hereinafter.

1. Any advancement payment deposited in relation to loan consideration contract shall only be used for purposes
approved by the bank.
2. For import funds loan, any import items related with the contract may only be used for the purposes declared
when applying for the loan. If there is a significant reason, the items maybe used for other purposes with the
approval of the bank.

ARTICLE 16 DECLARATION AND GUARANTEES

1. I declare and guarantee to the bank the following sections to be true and accurate.

1.The opposing party in the loan consideration contract was established according to the law of the related
country and has capacity of rights, action, right to agree to loan consideration contract and capacity to fulfill the
contract.
2. The loan consideration contract has passed the internal procedures of the related parties (resolution of board
of directors, etc) and was established legally according to the law of the related country.
3. The opposing party and the debtor have both carried out approval, registration and declaration responsibilities
for the effect, maintenance and debt fulfillment of loan consideration contract, including the related country's
import/export, foreign investment, primary resource development approval and remittance approval.
4. Neither the debtor nor the opposing party is under any breach of debt contract and has arrayed tax payment
of the government or other public institutions.
5. Neither the debtor nor the opposing party has experienced action or bureaucratic procedures or arbitration
that could seriously effect the financial status of the respective parties, and is not under any possible
circumstances to be part of any such action.
6. The loan consideration contract is an act of commercial affair between the debtor and the opposing party and
the opposing party has given up the rights to any primary immunities he holds or may hold in the future in relation
to the loan consideration contract.
7. The loan consideration contract is in accordance with the primary contract and any bill of debt, guarantees or
trust chapter was submitted by the opposing parting was issued in full compliance.
8. All data, information and documentary evidences submitted by the debtor on the debtor, opposing party and
the related country are accurate and true.
9. Financial statements of the debtor, subsidiary company or related company submitted by the debtor is
accurate and was made in accordance with the general accounting principle.
10. The debtor has not received any financial support from other financial institutions in relation to the business
receiving support from the bank, and will not receive any overlapping financial support in the future.

ARTICLE 17 MISCELLANEOUS SPECIAL CLAUSES
                                                  (Name) (Sign)


I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                  (Name) (Sign)

                                                        6
EXHIBIT 10.10

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

CONTRACT OF LOAN (LIMIT) TRANSACTION


Revenue
Stamp

                 To   Korea   Exim    Bank                                    Date     2003.   06.


                 Name                              (Sign)
                        ---------------------------------




Address:

I understand that in the loan transaction with Korea Exim Bank (hereinafter referred to as the "Bank") according
to the conditions hereinafter, the standard contract of loan transaction will be applied. I duly recognize the
following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION

The conditions of transaction are as follows.

(In the event there are multiple choices, please listen to the employee's explanation and place an "x" mark inside
the appropriate "[ ]")

                                                         1
Loan subject      Comprehensive export funds
(Loan type)       (Import fund loan on deeds)
---------------   --------------------------------------------------------------------------------
                  [x] Limit transaction
Transaction       [ ] Revolving credit transaction
classification    [ ] Spent credit transaction
---------------   --------------------------------------------------------------------------------
                  [ ] In the range of Nine million five hundred thousand yen
Loan(limit)           (Y 95,000,000)
Amount            [ ] In the range of Ninety seventy thousand eur (eur 97,000)
---------------   --------------------------------------------------------------------------------
Purpose of
fund              Purchase of facility materials
---------------   --------------------------------------------------------------------------------
Loan (limit
transaction)      [x] From commencement of loan within 2 years
period            [ ] From     to
---------------   --------------------------------------------------------------------------------
Interest
rate              Percentage per annum decided by Korean Exim Bank
---------------   --------------------------------------------------------------------------------
Arrears
Compensation
interest          Percentage per annum decided by Korean Exim Bank
---------------   --------------------------------------------------------------------------------
Calculation       A. Won currency : 365 days considered as 1 year, interest is calculated
of interest       on a daily basis.
and arrears       B. Foreign currency : 360 days consiered as 1 year, interest is
compensation      calculated on a daily basis.
---------------   --------------------------------------------------------------------------------
                  Independent loan amount is decided hereinafter for each transaction.
Independent       [ ] Amount required for production within ( ) % of balance of
loan amount       amount already received subtracted from contract fee of export
(applies to       contract, export credit market or product supply contract
limit             [ ] Within ( ) % of import fee or pre-import fee
transaction)      [ ] Miscellaneous :
---------------   --------------------------------------------------------------------------------
Independent       [ ] On each independent loan, within the period from
loan period       initial loan date ( ) plus ( ) days
(applies to       [ ] On each independent loan, within the period from initial
limit             loan date plus ( ) months
transaction)      [ ] Miscellaneous:
---------------   --------------------------------------------------------------------------------
                  [ ] Execute the whole amount on commencement of loan
                  [ ] Part execution after confirmation of the bank of asset
                  purpose and required
                  amount based on documentary evidence and spot goods
Method of         [ ] Execute as required by the customer with preset credentials
loan              [ ] Miscellaneous:
execution             (                                                         )
---------------   --------------------------------------------------------------------------------
                  [ ] Repayment of                       within expiry of loan
                  [ ] Repayment of the whole amount on expiry of loan. Installment
                  repayment is possible with the bank's approval.
                  [ ] First repayment after        (   ) months, installment
                  repayment for ( ) according to installment repayment date chart
                  [ ] Defer payment for ( ) years ( ) months after commencement,
                  installment repayment afterwards according to installment repayment date chart.
                  [ ] Miscellaneous:
                      (                                                         )
                  [ ] Any bank deposit repayments through ATMs or electronic banking
Method of         means after bank business hours may not be recorded as being repaid
repayment         on the day
---------------   --------------------------------------------------------------------------------
                  [ ] Initial interest will be paid within ( ) months of commencement,
                  latter interests will be paid within ( ) months of the day after
                  final calculation of paid interest
                  [ ] Paid according to a separate installment repayment date chart
Time and          [ ] Miscellaneous
method of             (                                                         )
interest          [ ] Any bank deposit repayments through ATMs or electronic banking
payment and       means after bank business hours may not be recorded as being repaid
method            on the day
---------------   --------------------------------------------------------------------------------
2
1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

ARTICLE 3 SPENDING AND REVOLVING MAINTENANCE OF LIMIT TRANSACTION

1. For spending, application for each independent loan will be made within range confirmed through documentary
evidence of asset purpose and the amount spent (such as trade contract) and is not greater than the loan limit
amount in Article 1 that is the sum of applied loan and the total of each independent loan (including approved
amount not withdrawn) until the date of application. The bank may confirm this and approve of it at its own
discretion.

2. For revolving, application for each independent loan will be made within range confirmed through documentary
evidence of asset purpose and the amount spent (such as trade contract) and is not greater than the loan limit
amount in Article 1 that is the sum of applied loan and the loan balance of each independent loan (including
approved amount not withdrawn) until the date of application. The bank may confirm this and approve of it at its
own discretion.

3. In the event of repayment through revolving, the loan amount limit within the loan limit transaction period in
Article 1 will be revived as to the repaid amount. The same is not true for spending type.

ARTICLE 4 INDEPENDENT LOAN INTEREST RATE FOR LIMIT TRANSACTION For limit transaction,
the independent loan interest rate for limit transaction is decided by the clauses hereinafter.

1. Loan interest rate for fixed interest loan (including added interests) : Loan interest rate on the date of
application of independent loan approval

2. Loan interest rate for variable interest loan : Standard interest rate is the standard interest rate for
corresponding initial date of interest, added rate at the added rate of date of approval of loan.

ARTICLE 5 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. For installment repayment loan, the total amount of debt will be decided after the execution.

The method of execution will be based on installment repayment date chart, receipts and other evidences.

2. Install repayment date chart affixed to the contract shall be recorded by the bank on confirmation of total loan
amount according to Article 1 and shall be notified to the debtor and joint sureties.

                                                            3
ARTICLE 6 REDUCTION AND SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the loanee.
In this event the loanee shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 7 SERVICE CHARGE FOR REMAINING LIMIT IN THE CONTRACT

1. For limit transaction or foreign currency loan and there exists a separate clause for any remaining amount within
the credit limit set in Article 1, service charge shall be paid according to the standards set by the clause
(hereinafter referred to as "contract service charge").

2. In the event the payment of contract service charge is delayed, arrears compensation shall be made for the
delayed amount according to the arrears compensation rate.

ARTICLE 8 REVENUE STAMP

1. Revenue stamp cost incurred by this contract shall be paid by ([ ]loanee, [ ]bank, [ ]loanee and bank 50%
each ).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 9 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 10 SECURITY AND INSURANCE

1. The loanee will pledge any buildings or installed facilities along with the land or building it is built on and
including any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the
bank so requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and
place a pledge for the bank on the insurance claim.

2. If the items in Clause 1 is transferred to another through export or technology contract, on reception of the bill
of debt, surety of payment or trust contract offered, the debtor shall immediately offer the above as pledge to the
bank as part of the items in Clause 1 regardless of bank's export loan deferred payment finance agreement with
the debtor.

ARTICLE 11 PREMATURE REPAYMENT

1. For export fund loan deferred payment finance (includes technology fund loan, technology finance and foreign
investment related loans), to repay the loan before the expiry date, the details must be discussed with the bank 30
days before the planned repayment date.

2. In the event of loan repayment in Article 1 before its expiry, and there is a pre-existing clause on premature
repayment amount, the service charge shall be made according to the standards set in the clause.

                                                          4
ARTICLE 12 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                    Classification         20 .         20 .        20 .        20 .         20 .
                    --------------         -----        -----       -----       -----        -----
                     Debt ratio                %            %           %           %            %
                     Self asset ratio          %            %           %           %            %
                     (      )ratio             %            %           %           %            %
                     (      )ratio             %            %           %           %            %




2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets
2. Investment on fixed assets for reasons other than specified in the contract
3. Surety for other's debts
4. Entering new business or foreign investment
5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities
2. Investment of majority shareholder
3. Issuance of new shares to be purchased or publicization of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the loanee and the bank.

ARTICLE 13 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items
3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.
4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spendings, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions
2. Foreign currency supply and application statement
3. Foreign currency derivative product trade statement

3. I agree to submit, on request of the bank, the financial state, loan target business state, the finance and
economic environment of the target country or invested country and other required data of the opposite
contracting party of any export contract, technology contract, import contract and joint investment contract
(hereinafter referred to as "loan target contract").

4. I shall submit data on foreign investment, foreign business or current state of important resource development
project related to this contract every 6 months or as requested by the bank.

5. If any imported items related to this contract was imported for the purpose of sales or has been converted for
the purpose of sales, its monthly store and sales state (number, amount, sold company, date of sale, receipt of
cost, etc) shall be reported to the bank by the 10th of the following month.

                                                        5
ARTICLE 14 FULFILLMENT AND MODIFICATION OF LOAN CONSIDERATION CONTRACT

1. I shall carry out any business related to this contract as to the terms of the loan consideration contract.

2. I shall not change the terms of loan consideration contract without prior approval of the bank.

3. In the event there has been a breach or possible breach of a loan consideration contract by the debtor or the
opposing party of the loan consideration contract, I shall submit detailed report including contents, reason and
solutions to the bank immediately.

4. I shall maintain the effect of loan consideration contract and approval, registration, and declaration in Article 16
Clause 3.

5. In the event of related government branch's action, labour dispute or court action that could effect the loan
consideration contract, I shall immediately inform the bank.

6. If Clauses 1 through 5 is not is not carried without a reason, I shall agree to any actions by the bank.

ARTICLE 15 APPROVAL OF COST OF CONTRACT FULFILLMENT

1. I shall fulfill the sections hereinafter.

1. Any advancement payment deposited in relation to loan consideration contract shall only be used for purposes
approved by the bank.
2. For import funds loan, any import items related with the contract may only be used for the purposes declared
when applying for the loan. If there is a significant reason, the items maybe used for other purposes with the
approval of the bank.

ARTICLE 16 DECLARATION AND GUARANTEES

1. I declare and guarantee to the bank the following sections to be true and accurate.

1.The opposing party in the loan consideration contract was established according to the law of the related
country and has capacity of rights, action, right to agree to loan consideration contract and capacity to fulfill the
contract.
2. The loan consideration contract has passed the internal procedures of the related parties (resolution of board
of directors, etc) and was established legally according to the law of the related country.
3. The opposing party and the debtor have both carried out approval, registration and declaration responsibilities
for the effect, maintenance and debt fulfillment of loan consideration contract, including the related country's
import/export, foreign investment, primary resource development approval and remittance approval.
4. Neither the debtor nor the opposing party is under any breach of debt contract and has arrayed tax payment
of the government or other public institutions.
5. Neither the debtor nor the opposing party has experienced action or bureaucratic procedures or arbitration
that could seriously effect the financial status of the respective parties, and is not under any possible
circumstances to be part of any such action.
6. The loan consideration contract is an act of commercial affair between the debtor and the opposing party and
the opposing party has given up the rights to any primary immunities he holds or may hold in the future in relation
to the loan consideration contract.
7. The loan consideration contract is in accordance with the primary contract and any bill of debt, guarantees or
trust chapter was submitted by the opposing parting was issued in full compliance.
8. All data, information and documentary evidences submitted by the debtor on the debtor, opposing party and
the related country are accurate and true.
9. Financial statements of the debtor, subsidiary company or related company submitted by the debtor is
accurate and was made in accordance with the general accounting principle.
10. The debtor has not received any financial support from other financial institutions in relation to the business
receiving support from the bank, and will not receive any overlapping financial support in the future.

ARTICLE 17 MISCELLANEOUS SPECIAL CLAUSES
                                                  (Name) (Sign)


I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                  (Name) (Sign)

                                                        6
EXHIBIT 10.11

                                 CONTRACT OF LOAN TRANSACTION ( )
                                            (Enterprise)

Corporation Standard Chartered First Bank Korea Date 2003.1.17

Name (Sign) Address

I understand that in the loan transaction with Standard Chartered First Bank Korea(hereinafter referred to as the
"Bank") according to the conditions in conditions of transaction in Article 1 the standard contract of loan
transaction (enterprise) (including related deposits and trust transaction conditions in the case of savings loan and
current account loan) and will be applied. I duly recognize the following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION

The conditions of transaction are as follows.

(In the event there are multiple choices, a [ ] with a mark is considered as the condition of transaction.)

                                                          1
Loan subject
(Loan type)        Purchase fund loan ( Total purchase )
----------------   ---------------------------------------------------------------------------------------
Transaction        [ ] Line transaction
classification     [ ] Independent transaction
----------------   ---------------------------------------------------------------------------------------
Loan(Limit)
Amount             One Billion Won, W 1,000,000,000
----------------   ---------------------------------------------------------------------------------------
Independent
Transaction
Commencement
date
----------------   ---------------------------------------------------------------------------------------
Expiry date
----------------   ---------------------------------------------------------------------------------------
Line
transaction
Commencement
date
----------------   ---------------------------------------------------------------------------------------
Expiry date
----------------   ---------------------------------------------------------------------------------------
                       % per annum
Interest rate,     (In the event the loan period exceeds a year due to period extension, the additional
miscellaneous.     interest rate decided by the bank is applied)
----------------   ---------------------------------------------------------------------------------------
Arrears
compensation
interest               % per annum
----------------   ---------------------------------------------------------------------------------------
Calculation of
interest and
arrears            365 days considered as 1 year, interest is calculated on a daily basis. But in
compensation       foreign transactions, international and business customs will be applied.
----------------   ---------------------------------------------------------------------------------------
                   [ ] Execute the full amount on commencement of loan
                   [ ] Part execution after confirmation of the bank of capital purpose and required
Method of loan     amount based on documentary evidence and spot goods
execution          [ ] Execute as required by the customer with preset credentials
----------------   ---------------------------------------------------------------------------------------
                   [ ] Repayment of the whole amount on expiry of loan
                   [ ] Discretionary repayment during transaction period, part full repayment at the
                   expiry of first revolution, full repayment at expiry of transaction period
                   [ ] Defer payment for ( ) years ( ) months after commencement, installment repayment
                   from ( ) ( ) ( ) every ( )months
                   [ ] Defer payment for ( ) years ( ) months after commencement, installment repayment
                   at ( ) ( ) ( ),( ) ( ) ( ),( ) ( ) ( ).
Method of          [ ] Repayment at recorded payment date(including time frame and expiry period)
repayment          according to the bill or the application form at execution of loan
----------------   ---------------------------------------------------------------------------------------
                   [ ] Initial interest will be paid within ( ) months of commencement, latter
                   interests will be paid within ( ) months of the day after final calculation of
                   paid interest
                   [ ] Paid on monthly settlement decided by the bank
                   [ ] Paid on submission of monthly deposit of installment repayment amount repayment
                   date or related deposited trust (deposits), final monthly interests paid on
Time and method    repayment date
of interest        [ ] Initial interest paid on execution, latter interests will be paid prior on upon
payment and        final calculation of paid interest
method             [ ] Paid on repayment date, on bank's request, interests corresponding to the time fram
----------------   ---------------------------------------------------------------------------------------
                   Concerning deposit trust loans, if monthly deposit is arrayed for 4 consecutive
Offset special     months, the bank may offset related account and loaned money before the expiry
condition          of loan period with notice
----------------   ---------------------------------------------------------------------------------------




                                                2
1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made as to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 , arrears compensation shall be made as to the loan amount
outstanding.

3. In case of trust installment loan, for interest to be paid before offset, arrears compensation shall be made as to
the loan amount outstanding after offset.

4. In case of savings loan or current account loan, if the interests principal exceeds the line amount, arrears
compensation will be made as to the exceeded amount.

ARTICLE 3 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. In the case of an installment repayment loan, the total amount of debt will be decided after the execution. The
method of execution will be based on installment repayment date chart, receipts and other evidences.

2. In the case of installment repayment loan other than installment credit loan, benefits and equal installment
repayment of principal and interests loan, the bank shall make out and notify the debt-related persons of an
installment repayment date chart.

ARTICLE 4 REDUCTION AND SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the debtor.
In this event the debtor shall pay any amount exceeding the line due to the reduction.

ARTICLE 5 AGREEMENTS ON SAVINGS LOAN AND CURRENT ACCOUNT LOAN

1. According to this agreement, in the event of withdrawal request exceeding the balance of the savings loan
account or current account loan account (hereinafter referred to as the "target account"), automatic payment
request of regular payment and other various bills, or use of cash cards and such, the money is considered as
having been withdrawn or automatically paid from the target account.

2. If a separate loan bank book is used in spite of Clause 1, loan outstanding shall be paid through that loan bank
book and any related transaction methods and declarations will be decided by the bank.

3. For any debts incurred through this agreement, any assets paid on the target account or other loan bank book
(any assets of the securities type is exempted until settled, paid securities is considered as having been transferred
to the bank as pledge to the debt through this agreement) will automatically used to repay the loan amount.

4. Interests or arrays compensation will be withdrawn from the target account, or added onto the loan amount
regardless of exceeding the line amount in Clause
1. In this event, any excessive amount shall be paid soon.

5. In current account loan, in the event of any compensation requirement to the bank incurred through publishing
of bills or checks as to this agreement, the debt is considered a loan debt and shall be repaid as to this agreement.

                                                          3
6. In current account loan, if any bills or checks published before the reduction or suspension in Clause 4 is
refused payout, there shall be no disagreements.

7. In current account loan, the bank at its discretion may payout bills or checks published before the expiry of the
transaction period after the expiry of the transaction period. This agreement is applies to any loan amount
incurred from such payout.

ARTICLE 6 SERVICE CHARGE FOR REMAINING LINE IN THE CONTRACT

In the case of a line transaction or foreign currency loan and there exists a separate clause for any remaining
amount within the credit line set in Article 1, service charge shall be paid according to the standards set by the
clause.

ARTICLE 7 SUBMISSION OF BILL OF DEBT AND CONFERMENT OF SUPPLEMENTARY
RIGHTS

1. In loans concerning installment repayment loan, bill loan and line transaction (excluding current account loan), a
copy bill of debt excluding its value and payment date will be published, endorsed by joint surety and submitted
to the bank.

2. The bank may supplement and exercise the blank bill in Clause 1 if the debtor does not pay the debts until the
expiry of repayment date or transaction period, or loses its rights due to Article 7 of the standard contract of loan
transaction (enterprise).

3. The amount of bill in the event of exercising Clause 2 shall be within the sum of principal, interests, arrays
compensations and other miscellaneous costs incurred.

ARTICLE 8 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 9 SECURITY AND INSURANCE

The debtor will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the debtor shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 10 SECURITY RIGHT

1. A pledge has been placed on the deposit shown below and transfer of its evidence (bank book) to the bank
complete for the security of the debt by this contract.

2. The effect of the pledge in Clause 1 includes principal and interest, earning rights (includes any amount
deposited after the contract) and any collaterals to the above including interests, earning rights to earnings, special
subsidies and court subsidies.

3. The effects of the above pledge will persists in the event of extension of period, rewriting, renewal, division,
incorporation, augmentation or reduction of the deposit, and if the trust, the target, has been extended or
automatically extended due to arrears, or the type of trust changed, the pledge will still have effect above its
earning rights.

4. The bank may elect not to exercise the pledge stated in Clause 1 and instead opt to offset the debt of the bank
and the deposit shown below according to the bank's standard contract of loan transaction.

                                                            4
Deposits    for   the   purpose   of    pledge (unit    :   won)


       Deed record        Holder or       Amount                       Total deposit
Type   number             truster         (Contractual amount)         amount til 20                 Date on deed   Payme
----   --------------     -----------     --------------------         ---------------------------   ------------   -----
                                          Amount                       Total deposit
Type   Account number     Beneficiary     (Contractual amount)         amount til 20                 Date on deed   Payme
----   --------------     -----------     --------------------         ---------------------------   ------------   -----




(Only record if pledge is placed for deposits, etc of debtor's name)

ARTICLE 11 MISCELLANEOUS SPECIAL CLAUSES

                                                  (Name) (Sign)

                                                        5
I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                   (Name) (Sign)

Agreement of use of credit information

To Standard Charter Korea First Bank Korea

I agree to the use of my credit transaction information, which is registered and maintained by the Intensive Credit
Information Department of your bank in relation to this loan transaction contract.

Date : 2006. 6. 18 Name :

          We   do   not   wish   written                                     (seal)
                                                        ---------------      ------------------------
          information     on   the    use   of   loan   Joint Surety         (seal)
                                                        ---------------      ------------------------
          after     the   execution   of    loan        Joint Surety         (seal)
                                                        ---------------      ------------------------




                                                         6
The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.


|Revenue|
| Stamp |

(PURCHASE FUND LOAN) ADDITIONAL CONTRACT OF TRANSACTION

                                   (Line augmentation, extension of line transaction period)

Corporation Standard Chartered First Bank Korea Date 2003.1.17

            Name                             (Sign)
                  ---------------------------------
            Address

            Joint     pledgee                      (Sign)
                                -------------------------
            Address

            Joint     pledgee                      (Sign)
                                -------------------------
            Address

            On                              in   addition    to   transaction    contract      (contract   line
                 --------------------




won), is confirmed.

                            Line Augmentation
                            -----------------
                            A. Augmented amount :                               won
                            B. Interested rate for augmented amount :                 % per annum




For loans other than spontaneous current account loan, the interest rate for the augmented rate will be applied
after the augmentation

Extension of line transaction period
A. Transcation period after extension : until 2004. 12. 17 B. Interest rate : ( )

            We   do   not     wish    written                                     (seal)
                                                              ---------------     ------------------------
            information       on    the   use    of   loan    Joint Surety        (seal)
                                                              ---------------     ------------------------
            after     the    execution     of    loan         Joint Surety        (seal)
                                                              ---------------     ------------------------




                                            Final (contract expires afterwards)

                                                              7
              In charge     Representative     Deputy   Deputy Branch Manager       Branch manager
              ---------     --------------     ------   ---------------------       --------------




If this document is judged to contain false and intentionally misleading information or was created through forgery
or alteration, it may cause withdrawal of loan and procedural restriction measures.

                                   STATEMENT OF CURRENT DEBTS

                                                  (current as of )

To Corporation Standard Chartered First Bank Korea Branch office

                                                             I confirm the below information is true

          Debtor                              (Sign)
                   ---------------------------------

          1. Statement of current debts
          ---------------------------------
          Bank:                       (Unit:         Million    won,   thousand   US    dollars)



Loan institution                                                                                                      Total
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Basic assets: Line
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Basic assets: Balance
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Facility assets
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Foreign currency loan                (       )    (       )     (       )   (       )    (       )    (       )       (
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Payment security amount
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Won currency payment surety
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Foreign currency payment
surety                               (       )    (       )     (       )   (       )    (       )    (       )       (
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
D/A, D/P bill purchase               (       )    (       )     (       )   (       )    (       )    (       )       (
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
CP (includes surety bill)
purchase
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Company fund (parent company
funds included) transfer
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Related funds                        (       )    (       )     (       )   (       )    (       )    (       )       (
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Miscellaneous
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------
Total (a)
-----------------------------        ---------    ---------     ---------   ---------    ---------    ---------       --------




                                                         8
EXHIBIT 10.12


Revenue
Stamp

             To   Industrial    Bank    of   Korea                                          Date 2005.10




             Name                             (Sign)
                   ---------------------------------
             Address


             Joint  Surety                           (Sign)
                          ---------------------------------
             Address




Pledgee (Sign) Address

The conditions of the transactions of the contract with the bank shall be changed or added according to the
following. Any clauses not altered remain the same as the original contract.

ARTICLE 1 EXTENSION OF LOAN TRANSACTION PERIOD, AUGMENTATION OF LOAN
LINE
1. Loans that are extended or augmented are as follows.

                                                                     Extension of       *Augmented
                                                                     Loan Period        amount (loan
                                                                     (Loan expiry       line amount       Change of
  Loan Contract                     Loan (line)      Loan Expiry     date after         after             applied
  Date               Loan Type      amount           Date            extension)         augmentation)     interests
  -------------      ----------     ------------     -----------     -------------      -------------     ---------
                                    800 million
  200 . .            Trade fund     won              200 . .         ( ) ( ) ( )        won (    )
  -------------      ----------     ------------     -----------     -------------      -------------     ---------
  200 . .                           won              200 . .         ( ) ( ) ( )        won (    )
  -------------      ----------     ------------     -----------     -------------      -------------     ---------




* In "loan expiry date", record the coming loan date, in "loan extension period" record the extension period from
the start of the current loan expiry date (eg write 1 year if 1 year extension is desired). If specific loan expiry date
is required (eg conditional credit security loan) place two lines over extension of loan period and record the "loan
expiry date after extension" (eg 2004.7.18).
* If this column is filled, Clause 2 is left blank and augmented amount is filled in by the debtor.

2. If the original loan that is extended by Clause 1 is P-rate floating loan or short-loan standard interest floating
loan, the method of interest application is all changed to "Interests based on won currency + add/subtract interest
( %)".

ARTICLE 2 CHANGE OF CONDITIONS OF TRANSACTION, ADDITION SUBJECT Excluding Clause
1, transaction clauses that are altered or added as to this contract are as follows.

                                                                                           Miscellaneous
                                          Loan (pledge)      Transaction     Applied       (Account
           Contract date      Contract    amount             expiry date     interests     number, etc)
           -------------      --------    -------------      -----------     ---------     --------------
           200 . .                        won                200 . .
           -------------      --------    -------------      -----------     ---------     --------------
           200 . .                        won                200 . .
           -------------      --------    -------------      -----------     ---------     --------------
* Contract : Fill in as contract of loan transaction, contract of lending transaction, contract of flexible mortgage,
flexible surety
* Loan (pledge) amount : In case of contract of loan (lending) transaction, fill in current loan amount/credit line, in
case of contract of flexible mortgage, fill in set amount
ARTICLE 3 TERMINATION OF MORTGAGE
Terminate mortgage on maximum set amount of won.

ARTICLE 4 TERMINATION OF FLEXIBLE PLEDGE
Terminate pledge of security credit line won.

ARTICLE 5 TERMINATION/ADDITION OF JOINT SURETY
Alter the joint surety for debtor as to the following.

          Name                                Citizen registration number     Changes made
          ---------------------------         ---------------------------     ----------------------
                                                          -                   Termination   Addition
          ---------------------------         ---------------------------     ----------------------
                                                          -                   Termination   Addition
          ---------------------------         ---------------------------     ----------------------




* Each additional joint surety shall write out separate flexible surety.

ARTICLE 6 CHANGES TO MISCELLANEOUS CONDITIONS OF TRANSACTIONS (for partial
termination of mortgage, exchange of pledged items, changes to repayment date,

          etc)

          --------------------------------------------------------------------------------
          Before change                            After change
          --------------------------------------- ---------------------------------------


          --------------------------------------------------------------------------------
          Reason
          --------------------------------------------------------------------------------




1. I have received the bank's standard contract of loan transaction (enterprise, retail) and the copy of this
contract, and sufficiently understand its contents.
2. I have heard the explanations on debtor's debt state, arrays and credit information and have understood its
meaning.

                                                       Debtor
                                                     Joint Surety
                                                       Pledgee

                         [ ] In spite of standard contract Article 7, if any interests or installments
                         are delayed, debt compensation shall be made to the loan amount before the
                         period even without the notification of the bank and arrears compensation
Notifications            interests will be applied
------------------       -------------------------------------------------------------------------------
                         [ ] In spite of standard contract Article 8, I do not wish for notification of
Notifications            debt compensation information of joint sureties beforehand.
------------------       -------------------------------------------------------------------------------
                         [ ] I do not wish notification of execution of loan (including extension of
Notifications            period)
------------------       -------------------------------------------------------------------------------
                         [ ] In respect to this contract, any personal information (name, citizen
                         registration number, address, occupation), personal loan state (before and
                         afterwards) and debt surety state (before and afterwards) must be agreed upon
                         when given to or is being utilized by others in accordance with "Usage and
                         protection of credit information" Article 23. As such I agree that the bank
Agreement of             may submit the above information to credit information institutions, credit
submission and use       information businesses or credit information supplier and user in conjunction
of personal credit       with judging my credit information or to use with policy data within public
information              institutions.
------------------       -------------------------------------------------------------------------------
Agreements:
------------------
  *Debtor                [ ] Agree (limited to checked items) [ ] Disagree
------------------      --------------------------------------------------             ---------------------------
  *Joint surety         [ ] Agree (limited to checked items) [ ] Disagree
------------------      --------------------------------------------------             ---------------------------
  *Joint surety         [ ] Agree (limited to checked items) [ ] Disagree
------------------      --------------------------------------------------             ---------------------------




Notes:
1. In extension, limited or comprehensive flexible mortgager's signature is not required.
2. Agreements to submission, use of personal credit information is limited to retail loans.
EXHIBIT 10.13

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

CONTRACT OF LOAN (LIMIT) TRANSACTION


Revenue
Stamp

                 To   Korea   Exim    Bank                                    Date     2005.11.19


                 Name                              (Sign)
                        ---------------------------------




Address:

I understand that in the loan transaction with Korea Exim Bank (hereinafter referred to as the "Bank") according
to the conditions hereinafter, the standard contract of loan transaction will be applied. I duly recognize the
following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION

The conditions of transaction are as follows.

(In the event there are multiple choices, please listen to the employee's explanation and place an "x" mark inside
the appropriate "[ ]")

                                                         1
Loan subject      Comprehensive export funds
(Loan type)       (deeds loan, won currency)
---------------   --------------------------------------------------------------------------------
                  [ ] Limit transaction
Transaction       [ ] Revolving credit transaction
classification    [ ] Spent credit transaction
---------------   --------------------------------------------------------------------------------
Loan(limit)       [ ] One Billion Nine Hundred Million Won, (W 1,900,000,000.00)
Amount            [ ]
---------------   --------------------------------------------------------------------------------
Purpose of
fund
---------------   --------------------------------------------------------------------------------
Loan (limit
transaction)      [ ] Within 6 months of frist loan (Only until 2006.05.18)
period            [ ] From     to
---------------   --------------------------------------------------------------------------------



                                                                      Arrears compensation
                                                                      interest
                  Fixed (standard          Until expiry               (standard contract
                  contract of loan         Won currency :      % pa   of loan transaction
                  transaction Article 3    Foreign currency :         Article 3, Section
Interest rate     Clause 2 Section 1)             %pa                 5)                          %pa
---------------   ----------------------   ------------------------   ---------------------   -------
                                           Won currency :             Arrears compensation
                                           Standard interest+(   )%   interest
                  Variable (standard       Foreign currency :         (standard contract
                  contract of loan         Standard interest+(   )%   of loan transaction
                  transaction Article 3    Miscellaneous              Article 3, Section
Interest rate     Clause 2 Section 2)              (              )   5)                          %pa
---------------   ----------------------   ------------------------   ---------------------   -------



                                                                      Arrears compensation
                                                                      interest
                                                                      (standard contract
                                                                      of loan transaction
                                                                      Article 3, Section
Interest rate     Limit transaction : Refer to Article 4              5)                          %pa
---------------   ------------------------------------------------    ---------------------   -------



Calculation       A. Won currency : 365 days considered as 1 year, interest is calculated
of interest       on a daily basis.
and arrears       B. Foreign currency : 360 days consiered as 1 year, interest is
compensation      calculated on a daily basis.
---------------   --------------------------------------------------------------------------------
                  Independent loan amount is decided hereinafter for each transaction.
Independent       [ ] Amount required for production within ( ) % of balance of
loan amount       amount already received subtracted from contract fee of export
(applies to       contract, export credit market or product supply contract
limit             [ ] Within ( ) % of import fee or pre-import fee
transaction)      [ ] Miscellaneous :
---------------   --------------------------------------------------------------------------------
Independent       [ ] On each independent loan, within the period from
loan period       initial loan date ( ) plus ( ) days
(applies to       [ ] On each independent loan, within the period from initial
limit             loan date plus ( ) months
transaction)      [ ] Miscellaneous:
---------------   --------------------------------------------------------------------------------
                  [ ] Execute the whole amount on commencement of loan
                  [ ] Part execution after confirmation of the bank of asset
                  purpose and required
                  amount based on documentary evidence and spot goods
Method of         [ ] Execute as required by the customer with preset credentials
loan              [ ] Miscellaneous:
execution             (                                                         )
---------------   --------------------------------------------------------------------------------
                  [ ] Repayment of                       within expiry of loan
                  [ ] Repayment of the whole amount on expiry of loan. Installment
                  repayment is possible with the bank's approval.
                  [ ] First repayment after        (   ) months, installment
                  repayment for ( ) according to installment repayment date chart
                  [ ] Defer payment for ( ) years ( ) months after commencement,
                  installment repayment afterwards according to installment repayment date chart.
                  [ ] Miscellaneous:
                      (                                                         )
                  [x] Any bank deposit repayments through ATMs or electronic banking
Method of         means after bank business hours may not be recorded as being repaid
repayment         on the day
---------------   --------------------------------------------------------------------------------
                  [ ] Initial interest will be paid within ( ) months of commencement,
                  latter interests will be paid within ( ) months of the day after
                  final calculation of paid interest
                  [ ] Paid according to a separate installment repayment date chart
Time and          [ ] Miscellaneous
method of             (                                                         )
interest          [x] Any bank deposit repayments through ATMs or electronic banking
payment and       means after bank business hours may not be recorded as being repaid
method            on the day
---------------   --------------------------------------------------------------------------------




                                                2
1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

ARTICLE 3 SPENDING AND REVOLVING MAINTENANCE OF LIMIT TRANSACTION

1. For spending, application for each independent loan will be made within range confirmed through documentary
evidence of asset purpose and the amount spent (such as trade contract) and is not greater than the loan limit
amount in Article 1 that is the sum of applied loan and the total of each independent loan (including approved
amount not withdrawn) until the date of application. The bank may confirm this and approve of it at its own
discretion.

2. For revolving, application for each independent loan will be made within range confirmed through documentary
evidence of asset purpose and the amount spent (such as trade contract) and is not greater than the loan limit
amount in Article 1 that is the sum of applied loan and the loan balance of each independent loan (including
approved amount not withdrawn) until the date of application. The bank may confirm this and approve of it at its
own discretion.

3. In the event of repayment through revolving, the loan amount limit within the loan limit transaction period in
Article 1 will be revived as to the repaid amount. The same is not true for spending type.

ARTICLE 4 INDEPENDENT LOAN INTEREST RATE FOR LIMIT TRANSACTION For limit transaction,
the independent loan interest rate for limit transaction is decided by the clauses hereinafter.

1. Loan interest rate for fixed interest loan (including added interests) : Loan interest rate on the date of
application of independent loan approval

2. Loan interest rate for variable interest loan : Standard interest rate is the standard interest rate for
corresponding initial date of interest, added rate at the added rate of date of approval of loan.

ARTICLE 5 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. For installment repayment loan, the total amount of debt will be decided after the execution.

The method of execution will be based on installment repayment date chart, receipts and other evidences.

2. Install repayment date chart affixed to the contract shall be recorded by the bank on confirmation of total loan
amount according to Article 1 and shall be notified to the debtor and joint sureties.

                                                            3
ARTICLE 6 REDUCTION AND SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the loanee.
In this event the loanee shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 7 SERVICE CHARGE FOR REMAINING LIMIT IN THE CONTRACT

1. For limit transaction or foreign currency loan and there exists a separate clause for any remaining amount within
the credit limit set in Article 1, service charge shall be paid according to the standards set by the clause
(hereinafter referred to as "contract service charge").

2. In the event the payment of contract service charge is delayed, arrears compensation shall be made for the
delayed amount according to the arrears compensation rate.

ARTICLE 8 REVENUE STAMP

1. Revenue stamp cost incurred by this contract shall be paid by ([ ]loanee, [ ]bank, [ ]loanee and bank 50%
each ).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 9 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 10 SECURITY AND INSURANCE

1. The loanee will pledge any buildings or installed facilities along with the land or building it is built on and
including any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the
bank so requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and
place a pledge for the bank on the insurance claim.

2. If the items in Clause 1 is transferred to another through export or technology contract, on reception of the bill
of debt, surety of payment or trust contract offered, the debtor shall immediately offer the above as pledge to the
bank as part of the items in Clause 1 regardless of bank's export loan deferred payment finance agreement with
the debtor.

ARTICLE 11 PREMATURE REPAYMENT

1. For export fund loan deferred payment finance (includes technology fund loan, technology finance and foreign
investment related loans), to repay the loan before the expiry date, the details must be discussed with the bank 30
days before the planned repayment date.

2. In the event of loan repayment in Article 1 before its expiry, and there is a pre-existing clause on premature
repayment amount, the service charge shall be made according to the standards set in the clause.

                                                          4
ARTICLE 12 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                    Classification         20 .         20 .        20 .        20 .         20 .
                    --------------         -----        -----       -----       -----        -----
                     Debt ratio                %            %           %           %            %
                     Self asset ratio          %            %           %           %            %
                     (      )ratio             %            %           %           %            %
                     (      )ratio             %            %           %           %            %




2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets
2. Investment on fixed assets for reasons other than specified in the contract
3. Surety for other's debts
4. Entering new business or foreign investment
5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities
2. Investment of majority shareholder
3. Issuance of new shares to be purchased or publicization of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the loanee and the bank.

ARTICLE 13 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items
3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.
4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spendings, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions
2. Foreign currency supply and application statement
3. Foreign currency derivative product trade statement

3. I agree to submit, on request of the bank, the financial state, loan target business state, the finance and
economic environment of the target country or invested country and other required data of the opposite
contracting party of any export contract, technology contract, import contract and joint investment contract
(hereinafter referred to as "loan target contract").

4. I shall submit data on foreign investment, foreign business or current state of important resource development
project related to this contract every 6 months or as requested by the bank.

5. If any imported items related to this contract was imported for the purpose of sales or has been converted for
the purpose of sales, its monthly store and sales state (number, amount, sold company, date of sale, receipt of
cost, etc) shall be reported to the bank by the 10th of the following month.

                                                        5
ARTICLE 14 FULFILLMENT AND MODIFICATION OF LOAN CONSIDERATION CONTRACT

1. I shall carry out any business related to this contract as to the terms of the loan consideration contract.

2. I shall not change the terms of loan consideration contract without prior approval of the bank.

3. In the event there has been a breach or possible breach of a loan consideration contract by the debtor or the
opposing party of the loan consideration contract, I shall submit detailed report including contents, reason and
solutions to the bank immediately.

4. I shall maintain the effect of loan consideration contract and approval, registration, and declaration in Article 16
Clause 3.

5. In the event of related government branch's action, labour dispute or court action that could effect the loan
consideration contract, I shall immediately inform the bank.

6. If Clauses 1 through 5 is not is not carried without a reason, I shall agree to any actions by the bank.

ARTICLE 15 APPROVAL OF COST OF CONTRACT FULFILLMENT

1. I shall fulfill the sections hereinafter.

1. Any advancement payment deposited in relation to loan consideration contract shall only be used for purposes
approved by the bank.
2. For import funds loan, any import items related with the contract may only be used for the purposes declared
when applying for the loan. If there is a significant reason, the items maybe used for other purposes with the
approval of the bank.

ARTICLE 16 DECLARATION AND GUARANTEES

1. I declare and guarantee to the bank the following sections to be true and accurate.

1.The opposing party in the loan consideration contract was established according to the law of the related
country and has capacity of rights, action, right to agree to loan consideration contract and capacity to fulfill the
contract.
2. The loan consideration contract has passed the internal procedures of the related parties (resolution of board
of directors, etc) and was established legally according to the law of the related country.
3. The opposing party and the debtor have both carried out approval, registration and declaration responsibilities
for the effect, maintenance and debt fulfillment of loan consideration contract, including the related country's
import/export, foreign investment, primary resource development approval and remittance approval.
4. Neither the debtor nor the opposing party is under any breach of debt contract and has arrayed tax payment
of the government or other public institutions.
5. Neither the debtor nor the opposing party has experienced action or bureaucratic procedures or arbitration
that could seriously effect the financial status of the respective parties, and is not under any possible
circumstances to be part of any such action.
6. The loan consideration contract is an act of commercial affair between the debtor and the opposing party and
the opposing party has given up the rights to any primary immunities he holds or may hold in the future in relation
to the loan consideration contract.
7. The loan consideration contract is in accordance with the primary contract and any bill of debt, guarantees or
trust chapter was submitted by the opposing parting was issued in full compliance.
8. All data, information and documentary evidences submitted by the debtor on the debtor, opposing party and
the related country are accurate and true.
9. Financial statements of the debtor, subsidiary company or related company submitted by the debtor is
accurate and was made in accordance with the general accounting principle.
10. The debtor has not received any financial support from other financial institutions in relation to the business
receiving support from the bank, and will not receive any overlapping financial support in the future.

ARTICLE 17 MISCELLANEOUS SPECIAL CLAUSES
                                                  (Name) (Sign)


I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                  (Name) (Sign)

                                                        6
EXHIBIT 10.14

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

                               CONTRACT OF LOAN (LIMIT) TRANSACTION
                                      (For limit transaction, enterprise)

                  To   Korea    City    Bank                                     Date    2005.11.29


                  Name                             (Sign)
                        ---------------------------------
                  Address




I understand that in the revolving loan transaction (includes current account loan and savings loan) with Korea
City Bank (hereinafter referred to as the "Bank") according to the conditions hereinafter, the standard contract of
loan transaction (includes deposits transaction contract for enterprise, current account loan and savings loan) will
be applied. I duly recognize the following articles.

                                       CHAPTER 1 GENERAL CONTRACT

ARTICLE 1 LOAN LIMIT
1. The revolving loan limit is as follows, as long as it is within the range of the sum of actual balance (for foreign
currecy loan, won exchange rate of customer telegraphic transfer sales rate is applied) of each independent loan
type limit amount does not exceed the each respective loan type limit or the total limit.

          Total limit        Loan type limit                        Loan subject limit
                             ------------------------------         ---------------------------------
                             Type             Amount                Type                Amount
          -------------      --------------- -------------          ------------------ -------------
          Three hundred
          million won                                                                        Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------
                                                                                             Won
          -------------      ---------------      -------------     ------------------       -------------




2. This clause is also applied to the amount over the limit in loans temporarily over the limit (includes addition of
new loan subjects) due to the debtor's need.

ARTICLE 2 PERIOD OF TRANSACTION
The period of transaction for this contract is until

                                                           1
ARTICLE 3 METHOD OF EXECUTION OF LOAN
Loan is executed upon request of the debtor with certain qualifications.

ARTICLE 4 INTERESTS AND ARREARS COMPENSATION
1. Interest rate for the loan amount is as follows and is paid according to the method and time (for current
account loan and saving loan, each monthly settlement day decided by the bank) decided by the bank (listen to
the employee's explanation and place a check mark inside the appropriate [ ] )

                                                                                       Arrears compensation
      Loan subject     Interest rate                                                   rate
      ------------     ---------------------------------------------------             --------------------
                       Fixed (standard              Variable (standard
                       contract of loan             contract of loan                   Standard contract of
                       transaction Article 3        transaction Article 3              loan transaction
                       Clause 2 Section 1)          Clause 2 Section 2)                Article 3, Section 5
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------
                       [ ]   % pa until expiry of
                       loan contract                   [ ]    + (   ) % pa             Maximum   % pa
      ------------     --------------------------- ----------------------              --------------------




[x] Any bank deposit repayments through ATMs or electronic banking means after bank business hours may not
be recorded as being repaid on the day

2. In the event interest is not paid by the due date, arrears compensation shall be made according to the amount
that was to be paid.

3. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7, arrears compensation shall be made according to the amount of
loan remaining.

4. For current account loan and savings loan, if the limit amount is exceeded through limit-exceeding payment and
interests principal, arrears compensation shall be made according to the amount exceeded.

5. In calculating interests and arrears compensation, 365 days are considered as 1 year, but in foreign
transactions, international and business customs will be applied.

ARTICLE 5 EXECUTION PERIOD OF LOAN
The execution period of the loan limit and loans for each transaction period in Article 1 and 2 is as follows.

                                                          2
1. Each loan execution period is decided separately for each loan.

2. If there are no specific clauses in the section before or is unclear, the debtor shall make repayments on the
repayment date decided by the bank based on bills and other debt deeds. This repayment date maybe extended
at bank's discretion.

ARTICLE 6 REDUCTION AND SUSPENSION
1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the loanee.
In this event the loanee shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 7 SPECIAL OFFSET CLAUSE FOR DEPOSIT TRUST LOAN
1. For deposit trust loan, in the event related monthly deposit is delayed for 4 times or more, the bank may offset
the related deposit and loan amount before expiry of loan period through notification.

2. For deposit trust loan, arrears compensation shall be made as to the interests to be paid before offset and the
loan amount remaining after offset.

ARTICLE 8 SERVICE CHARGE FOR REMAINING LIMIT IN THE CONTRACT
1. In the event there is a separate clause for any remaining amount within the credit limit set in Article 1, service
charge shall be paid according to the standards set by the clause.

ARTICLE 9 REVENUE STAMP
1. Revenue stamp cost incurred by this contract shall be paid by ([ ]loanee, [ ]bank, [ ]loanee and bank 50%
each ).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 10 SUBMISSION OF BILL OF DEBT AND CONFERMENT OF SUPPLEMENTARY
RIGHTS
1. In loans concerning installment repayment loan, bill loan and line transaction (excluding current account loan), a
copy bill of debt excluding its value and payment date will be published, endorsed by joint surety and submitted
to the bank.

2. The bank may supplement and exercise the blank bill in Clause 1 if the debtor does not pay the debts until the
expiry of repayment date or transaction period, or loses its rights due to Article 7 of the standard contract of loan
transaction (enterprise).

3. The amount of bill in the event of exercising Clause 2 shall be within the sum of principal, interests, arrays
compensations and other miscellaneous costs incurred.

ARTICLE 11 PLEDGE
1. A pledge has been placed on the deposit shown below and transfer of its evidence (bank book) to the bank
complete for the security of the debt by this contract.

2. The effect of the pledge in Clause 1 includes principal and interest, earning rights (includes any amount
deposited after the contract) and any collaterals to the above including interests, earning rights to earnings, special
subsidies and court subsidies.

                                                           3
3. The effects of the above pledge will persists in the event of extension of period, rewriting, renewal, division,
incorporation, augmentation or reduction of the deposit, and if the trust, the target, has been extended or
automatically extended due to arrears the pledge will still have effect above its earning rights.

4. The bank may elect not to exercise the pledge stated in Clause 1 and instead opt for proxy appropriation of
restoration repayment or apply commercial customs for the debt of the bank and the deposit shown below
according to the bank's standard contract of loan transaction.
* Deposits for the purpose of pledge

          Deed record        Holder or
          number             truster         Amount                     Total deposit
Type      --------------     -----------     (Contractual               Amount til                          Date on deed   Pay
                                             Amount)                    20 . .
          Account number     Beneficiary
------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---




Note: Use only if the pledge is in the name of the debtor

ARTICLE 12 DUTY OF MAINTENANCE OF REPAYMENT MEANS
1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                   Classification           20 .         20 .        20 .        20 .        20 .
                   ----------------         -----        -----       -----       -----       -----
                   Debt ratio                   %            %           %           %           %
                   Self asset ratio             %            %           %           %           %
                   (      )ratio                %            %           %           %           %
                   (      )ratio                %            %           %           %           %




2. In the event of the following, the bank shall be consulted and agreed upon in advance.
1. Merger, business transfer/acquisition and other sale/rent of important assets
2. Investment on fixed assets for reasons other than specified in the contract
3. Surety for other's debts
4. Entering new business or foreign investment
5. Company structure work out, privatization, or any other significant management changes

                                                            4
3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.
1. Sales of owned real estates or securities
2. Investment of majority shareholder
3. Issuance of new shares to be purchased or going public of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the loanee and the bank.

ARTICLE 13 SUBMISSION OF DATA
1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.
1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items
3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.
4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spending, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.
1. Foreign currency risk maintenance structure and maintenance regulations conditions
2. Foreign currency supply and application statement
3. Foreign currency derivative product trade statement

ARTICLE 14 MEASURES AGAINST SUBMISSION OF FALSE DATA
1. If any false information or any false acts in writing out the documents related to loan contract, the bank may
invoke bank's standard contract of loan transaction Article 7 Clause 4 Section 5 in loss of period rights, and also
terminate applications for new loans as well as take other legal measures.

2. If part or all of contents of the documents separately submitted to the bank other than contracts, special
contracts or self-recovery plan, the bank may terminate applications for new loans and invoke bank's standard
contract of loan transaction Article 7 Clause 4 Section 5 in loss of period rights.

  CHAPTER 2 SPECIAL CONTRACTS ON CURRENT ACCOUNT LOAN AND SAVING LOAN
                              TRANSACTION

ARTICLE 15 PAYMENT OF LOAN AMOUNT
1. In the event of existence of debt incurred by this contract, and assets (deeds are exempted until settled,
deposited bills are considered transferred to the bank as a security to the bank) deposited registered in savings
loan or current account loan (hereinafter referred to as the "target account") will automatically used to repay loan
amount.

2. In the event of withdrawal request exceeding the balance of the savings loan account or current account loan
account, automatic payment request of regular payment and other various bills, the amount is considered as
having been withdrawn or automatically paid from the target account.

                                                          5
3. The bank may pay an amount exceeding the loan limit in Article 1 without notice to the debtor for use in
payment of interest principals and for payout of bills and checks. In this case, the debtor shall compensate for the
exceeded amount.

4. Interests and arrears compensation shall be subtracted from target account or added to the loan amount
regardless of the limit amount in Article 1, in which case compensation shall be made.

5. Loan amount shall be repaid freely over time, the remaining amount shall be repaid temporarily before or on
the expiry of first revolution, the whole amount shall be repaid on the expiry of loan period.

[x] Any bank deposit repayments through ATMs or electronic banking means after bank business hours may not
be recorded as being repaid on the day

ARTICLE 16 SPECIAL CONTRACT ON CURRENT ACCOUNT LOAN
1. The loan period for one current account loan shall be determined by the bank.

2. In the event of incurring claims to the bank through bills or checks issued by the debtor due to this contract, the
amount shall be considered as loan amount debt and repaid according to this contract.

3. If bills or checks issued before reduction or suspension in Article 6 is refused payout, there will be no disputes.

4. If required, such as significant disadvantage to the debtor through refusal of payout of checks or bills, the bank
may payout bills or checks issued before the expiry of the loan transaction after the expiry of loan transaction.
The loan amount incurred through this process will also be subject to this contract.

                          CHAPTER 3 MISCELLANEOUS SPECIAL CLAUSES

                                                   (Name) (Sign)


I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                   (Name) (Sign)


(Affix Revenue Stamp here)

                                                          6
EXHIBIT 10.15

                                  CONTRACT OF LOAN TRANSACTION
                                            (Enterprise)

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

          Corporation    Shinhan    Bank                                               Date: 2003.02.21

                                 Customer Number:
                                 Name (pledgee):                            (Sign)
                                                 ---------------------------------
                                 Address:

                                 Pledgee:                                      (Sign)
                                                    ---------------------------------




                                                     Address:

I understand that in the loan transaction with Corporation Shinhan bank (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction (includes deposits transaction
contract for enterprise, current account loan and savings loan) will be applied. I duly recognize the following
articles.

ARTICLE 1 CONDITIONS OF TRANSACTION
The conditions of transaction are as follows.
(In the event there are multiple choices, please listen to the employee's explanation and place a check mark inside
the appropriate [ ] )

---------------------------------------------------------------------------------------------------------
                                                    Transaction                  [ ] Line transaction
Loan subject:                                       classification:              [ ] Independent transact
---------------- -------------------------------- --------------------------- ------------------------

Loan(Limit)
Amount                Two Billion Won, W 2,000,000,000
----------------      ---------------------------------------------------------------------------------------
Commencement
Date                  200 .    .                               Expiry date                        200   . .
----------------      --------------------------------         ---------------------------        ------------------------
                      [ ] Fixed (standard
                      contract of loan                                                            Period of Interest
Interest rate,        transaction Article 3                    % pa until expiry                  Variation
miscellaneous.        Clause 2 Section 1)                      (                 )                (                     )
----------------      --------------------------------         ---------------------------        ------------------------


                                                        [ ] Market interest variable loan or (new) standard
                      [ ] Variable (standard                variable loan: (    ) + (    ) %
                      contract of loan                  [ ] Deposit interest variable loan: deposit interest
Interest rate,        transaction Article 3                 (         ) %
miscellaneous.        Clause 2 Section 2)               [ ] Single interest variable loan: single interest (
                      -------------------------------- -----------------------------------------------------
                      For installment loan, each independent loan execution date interest is applied
----------------      ---------------------------------------------------------------------------------------
                      1. With 365 days considered as 1 year, interest is calculated on a daily basis. But
Calculation of        in foreign transactions, international and business customs will be applied.
interest and          2. Arrears compensation rate is determined by the bank, at maximum ( ) % pa.
arrears               3. Delayed addition rate is ( ) % if delay is within ( ) months, ( ) % within () months
compensation          and ( )% for over ( ) months.
----------------      ---------------------------------------------------------------------------------------
                      [ ] Market interest variable loan - Premature repayment loan amount X {(     ) % + inter
                      difference (%) X (remaining days/365)} (Maximum     %)
                      [ ] (new) Standard interest variable loan, market interest fixed loan, foreign currency
Premature             loan, single interest loan - more than 1 year remaining : Premature repayment loan amou
repayment             X ( )%      - less than 1 year remaining : Premature repayment loan amount X ( )%
service charge        [ ] Miscellaneous (                                     )
----------------      ---------------------------------------------------------------------------------------
Limit contract
Service charge     [ ] Loan limit amount X ( )% pa paid according to Article 7
----------------   ---------------------------------------------------------------------------------------




                                                1
                   [ ] Execute the whole amount on commencement of loan
                   [ ] Part execution after confirmation of the bank of capital purpose and required amoun
                   based on documentary evidence and spot goods
                   [ ] Execute as required by the customer with preset credentials
Method of loan     [ ] Miscellaneous
execution          (                                                          )
----------------   ---------------------------------------------------------------------------------------
                   [ ] Repayment of the whole amount on expiry of loan
                   [ ] Defer payment for ( ) years ( ) months after
                   commencement, installment repayment from ( ) ( ) ( ) every
                   ( )months
                   [ ] After final loan execution, installment repayment
                   every ( ) months from ( ) ( ) ( ) without deferring
                   [ ] Installment repayment every month on the
                   corresponding day of execution of loan from loan
                   execution
                   [ ] Repaid freely over time, the remaining amount shall
                   be repaid temporarily before or on the expiry of first
                   revolution, the whole amount shall be repaid on the expiry
                   of loan period                                                  [x] Any bank deposit
Method of          [ ] Miscellaneous                                               repayments through ATMs
repayment          (                                        )                      electronic banking mea
----------------   ----------------------------------------------------------      after bankbusiness hou
                   [ ] Initial interest on commencement, latter interests          may not berecorded as be
                   will be paid prior on upon final calculation of paid            repaid on theday
                   interest
                   [ ] Paid prior before expiry of bill
                   [ ] Initial interest will be paid within ( ) months of
                   commencement, latter interests will be paid within ( )
                   months of the day after final calculation of paid interest
                   [ ] Paid on repayment date of installment repayment
Time and method    principal and interest or payment date of monthly deposit
of interest        [ ] Paid upon expiry on loan period
payment and        [ ] Miscellaneous
method             (                                                          )
----------------   ---------------------------------------------------------------------------------------
                   Concerning deposit trust loans, if monthly deposit is arrayed for 4 consecutive months,
Offset special     the bank may offset related account and loaned money before the expiry of loan period
condition          with notice
----------------   ---------------------------------------------------------------------------------------




                                                2
ARTICLE 2 ALTERATION OF LOAN INTEREST RATE
1. "Market interest variable loan" refers to loans that change interest rate due to changes in market standard
interest or announced interest, and is applied to sections hereinafter.
1. The market standard interest of market interest variable loan means for won currency loan interest selected by
the customer during the initial application of average of last 3 days' interest announced by the bank on loan
execution date or interest change date among the following retail earning rates; CD91 days' worth, bank
debenture 6 months' worth, bank debenture 1 year's worth, bank debenture 2 years' worth, bank debenture 3
years' worth, bank debenture 5 years' worth. For foreign currency loan, it means interest selected by the
customer during the initial application among the following; LIBOR 1 month, 3 months, 6 months, 12 months'
worth. FOR INDIVIDUAL DIFFERENCES IN EACH RESPECTIVE MARKET STANDARD INTEREST,
THE FOLLOWING CHANGE PERIOD AND APPLICATION PROCEDURE IS APPLIED.
(1) CD 90 DAYS' WORTH STANDARD INTEREST apply 3 business days' simple average interest of CD 91
days' worth retail earning rate ad valorem announced by KSDA on loan execution date and that date every 3
months. Thus the interest rate changes every 3 months.
(2) BANK DEBENTURE 6 MONTHS' WORTH STANDARD INTEREST apply 3 business days' simple
average interest of periodical bank debenture AAA ad valorem announced by KIS Bond Pricing and Korean
Bond Pricing on loan execution date and that date every 6 months. Thus the interest rate changes every 6 months.

(3) BANK DEBENTURE 1 YEAR'S WORTH STANDARD INTEREST apply 3 business days' simple
average interest of periodical bank debenture AAA ad valorem announced by KIS Bond Pricing and Korean
Bond Pricing on loan execution date and that date every year. Thus the interest rate changes every year.
(4) BANK DEBENTURE 2 YEARS' WORTH STANDARD INTEREST apply 3 business days' simple
average interest of periodical bank debenture AAA ad valorem announced by KIS Bond Pricing and Korean
Bond Pricing on loan execution date and that date every 2 years. Thus the interest rate changes every 2 years.
(5) BANK DEBENTURE 3 YEARS' STANDARD INTEREST apply 3 business days' simple average interest
of periodical bank debenture AAA ad valorem announced by KIS Bond Pricing and Korean Bond Pricing on
loan execution date and that date every 3 years. Thus the interest rate changes every 3 years.
(6) BANK DEBENTURE 5 YEARS' WORTH STANDARD INTEREST apply 3 business days' simple
average interest of periodical bank debenture AAA ad valorem announced by KIS Bond Pricing and Korean
Bond Pricing on loan execution date and that date every 5 years. Thus the interest rate changes every 5 years.
(7) LIBOR 1 MONTH'S WORTH STANDARD INTEREST applies the business day interest supplied by
official communication institution (Reuters, Telerate, Bloomberg, etc) and announced by BBA (British Bankers
Association) on 11 am in London, United Kingdom on loan execution date and that date every month. Thus the
interest rate changes every month.
(8) LIBOR 3 MONTHS' WORTH STANDARD INTEREST applies the business day interest supplied by
official communication institution (Reuters, Telerate, Bloomberg, etc) and announced by BBA (British Bankers
Association) on 11 am in London, United Kingdom on loan execution date and that date every 3 months. Thus
the interest rate changes every 3 months.
(9) LIBOR 6 MONTHS' WORTH STANDARD INTEREST applies the business day interest supplied by
official communication institution (Reuters, Telerate, Bloomberg, etc) and announced by BBA (British Bankers
Association) on 11 am in London, United Kingdom on loan execution date and that date 6 months. Thus the
interest rate changes every 6 months.
(10) LIBOR 12 MONTHS' WORTH STANDARD INTEREST applies the business day interest supplied by
official communication institution (Reuters, Telerate, Bloomberg, etc) and announced by BBA (British Bankers
Association) on 11 am in London, United Kingdom on loan execution date and that date every 12 months. Thus
the interest rate changes every 12 months.
2. The announced interest of market standard interest variable loan means the simple average interest of 3
business days of CD 91 days' worth ad valorem announced by KSDA, and based on simple standard interest,
periodical announced interest calculated daily from day 1 till year 30, including asset expenditure of bank
debenture AAA of bank debenture 6 months' worth, bank debenture 1 year's worth, bank debenture 2 years'
worth, bank debenture 3 years' worth, bank debenture 5 years' worth of ad valorem announced by KIS Bond
Pricing and Korea Bond Pricing. For discount bills, purchase funds, trade funds will be applied in addition to
independent daily announced interest considering total limit loan effect, for current account loan and
comprehensive savings loan the interest announced by the bank will be applied daily to each respective balance.

                                                       3
2. "(new)Standard interest variable loan means loans with variable interest altered by application of (new)
standard interest announced by the bank,
(new)standard interest refers to interest calculated by adding appropriate expenditure, margin and work principal
to the bank's average supply principal, and is applied to the loan interest rate each time (new)standard interest is
changed.

3. "Single interest variable loan" means loans with applied interest announced by this bank or fund loan
institutions, the interest rate will be applied according to each loan subject and the change of announced interest
of this bank or fund loan institutions during the contract period.

4. "Deposit interest variable loan" means pledging the customers' deposits banking as guarantee, the interest rate
will be applied according to the change of deposit interest of the deposit banking.

ARTICLE 3 PREMATURE REPAYMENT SERVICE CHARGE
1. In the event of premature repayment of the loan (includes extended period if loan period was extended),
premature repayment service charge will be paid to the bank as to Article 1.

2. The premature repayment service charge is calculated by multiplying premature repayment loan amount to the
premature repayment service charge rate in Article 1, the calculation of premature repayment loan amount is as
follows.
1. "Premature repayment loan amount" is the loan amount to be repaid before the expiry of contract, for
installment repayment loan it includes loan amount repaid before the date of agreed upon installment repayment.
2. "Remaining days" is the number of days from the date of premature repayment to the initial date of contract, for
installment repayment loan it is calculated for each installment amount, premature repayment is made in the order
of expiry of installment repayment date.
3. "Interest difference" is the agreed upon interest of the initial loan contract minus the interest that would be
applied on the date of premature repayment on a new loan with the same conditions as the initial loan.

3. Premature repayment service charge is exempted in the following cases in the sections hereinafter.
1. The remaining period of the loan is less than a month
2. Reclaiming of the loan by the bank before the expiry due to loss of periodic rights, etc
3. Offsetting the deposit before the expiry due to the needs of this bank
4. For loans with a building as a guarantee, when the debtor changes due to the transfer of the said building's
pledge rights
5. For public servants' loan, when the debtor repays the debt with retirement wage
6. For fixed interest loan, with the change of interest in the bank's standard contract of loan transaction or with
(new)standard interest variable loan, in (new)standard interest or with single standard interest variable loan in the
change of single interest announced by the bank, the debtor with the above reasons repays the entire loan amount
within a month of the interest change.

ARTICLE 4 ARREARS COMPENSATION
1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

3. For deposit trust loan, arrears compensation shall be made for interest to be paid before offset and loan
balance after offset.

                                                          4
ARTICLE 5 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART
1. In the case of an installment repayment loan, the total amount of debt will be decided after the execution. The
method of execution will be based on installment repayment date chart, receipts and other evidences.

2. In the case of installment repayment loan other than installment credit loan and benefit, the bank shall make out
and notify the debt-related persons of an installment repayment date chart.

ARTICLE 6 REDUCTION AND SUSPENSION
1. In the case of a limit transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the debtor.
In this event the debtor shall pay any amount exceeding the line due to the reduction.

2. The sudden changes in national economy and financial state in Clause 1 refers to credit rating drop of 2 steps
or more of the nation or the bank, predicted difficulties in supplying capital to the bank through significant rise of
supply interest, emergency fund request of the nation to an international institution through dangers such as foreign
currency crisis, request of the bank to Korea Bank of fluidity control loan due to lack of payout ability, and other
sudden changes to national economical and financial status.

3. Significant deterioration of personal credit state of the debtor refers to difficulties in normal loan transactions
due to changes in management personnel, outside inspectors opinion is either unsatisfactory, news reports on
newspapers, TVs and other mass media predicting significant deterioration of credit status is proven to be true, in
the event of an investigation that could negatively effect credit status or court actions that could negatively effect
business and loss of periodic rights as regulated in the bank's standard contract of loan transaction (enterprise)
Article 7.

4. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 7 LIMIT CONTRACT SERVICE CHARGE
1. For loan transaction contracts (includes new, extension and renewal) of loan limits with limit contract service
charge, the entire amount in accordance with the rate in Article 1 will be paid.

2. In the event of alteration (reduction, expiry, termination, suspension) through the debtor's request or through
chargeable reasons in bank's standard contract of loan transaction (enterprise), loan transaction contract or this
contract, limit contract service charge will not be refunded.

3. In the event of alteration (reduction, expiry, termination, suspension) through no chargeable reasons in bank's
standard contract of loan transaction (enterprise), service charge applicable to the changed amount of contract
limit will be refunded on monthly percentage (percentage below month is ignored) from the time of change of
contract limit to the remaining time of the initial transaction period.

4. In the event of augmentation of contract limit, limit contract service charge is paid from the time of change of
contract limit to the remaining period on percentage (percentage below month is ignored).

                                                          5
ARTICLE 8 AGREEMENT ON COMPREHENSIVE SAVINGS LOAN AND CURRENT ACCOUNT
LOAN
1. In the event of existence of debt incurred by this contract, and assets (deeds are exempted until settled,
deposited bills are considered transferred to the bank as a security to the bank) deposited registered in savings
loan or current account loan (hereinafter referred to as the "target account") will automatically used to repay loan
amount in the order of arrears compensation, unpaid interests and loan principal.

2. In the event of withdrawal request exceeding the balance of the savings loan account or current account loan
account, automatic payment request of regular payment and other various bills, the amount is considered as
having been withdrawn or automatically paid from the target account.

3. Interests and arrears compensation shall be subtracted from target account or added to the loan amount
regardless of the limit amount in Article 1, in case of delay of payment of interests due to shortage of limit amount
the interest that was not paid (hereinafter referred to as "unpaid interest") will be paid in which case compensation
shall be made. For unpaid interest, arrears compensation will be made according to the determined rate.

4. For current account loan, in the event of incurring claims to the bank through bills or checks issued by the
debtor due to this contract, the amount shall be considered as loan amount debt and repaid according to this
contract.

5. For current account loan, if bills or checks issued before reduction or suspension in Article 6 is refused payout,
there will be no disputes.

6. For current account loan, if required, such as due to significant disadvantage to the debtor through refusal of
payout of checks or bills, the bank may payout bills or checks issued before the expiry of the loan transaction
after the expiry of loan transaction. The loan amount incurred through this process will also be subject to this
contract.

7. In the event of 14 days delay after unpaid interest occurs, loss of periodic rights occurs and from this point on
arrears compensation shall be made according to the determined rates as to the related loan amount.

ARTICLE 9 REVENUE STAMP
1. Revenue stamp cost incurred by this contract shall be paid by ([ ]debtor, [ ]bank, [ ]debtor and bank 50%
each ).

2. In the event the bank pays the revenue stamp cost that was to be paid by the debtor according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 10 REPAYMENT CURRENCY AND EXCHANGE RATES
Principal and interest of foreign currency loan may be repaid with loaned currency or with
won currency. Exchange rate in the event of repayment through won currency the telegraph
transfer sales rate towards customer shall be applied.

ARTICLE 11 SECURITY AND INSURANCE
The debtor will pledge any buildings or installed facilities along with the land or building
it is built on and including any miscellaneous facilities within as a security to the bank
unless otherwise stated by the bank. If the bank so requests, the debtor shall enter into
an insurance of the type and the amount agreed by the bank and place a pledge for the bank
on the insurance claim.

ARTICLE 12 SECURITY RIGHT
1. A pledge has been placed on the deposit shown below and transfer of its evidence (bank book) to the bank
complete for the security of the debt by this contract.

                                                          6
2. The effect of the pledge in Clause 1 includes principal and interest, earning rights (includes any amount
deposited after the contract) and any collaterals to the above including interests, earning rights to earnings, special
subsidies and court subsidies.

3. The effects of the above pledge will persists in the event of extension of period, rewriting, renewal, division,
incorporation, augmentation or reduction of the deposit, and if the trust, the target, has been extended or
automatically extended due to arrears the pledge will still have effect above its earning rights.

4. The bank may elect not to exercise the pledge stated in Clause 1 and instead opt for proxy appropriation of
restoration repayment or apply commercial customs for the debt of the bank and the deposit shown below
according to the bank's standard contract of loan transaction.

* Deposits for the purpose of pledge

          Deed record        Holder or
          number             truster         Amount                     Total deposit
Type      --------------     -----------     (Contractual               Amount til                          Date on deed   Pay
                                             Amount)                    20 . .
          Account number     Beneficiary
------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---




ARTICLE 13 DUTY OF MAINTENANCE OF REPAYMENT MEANS
1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                   Classification           20 .         20 .        20 .        20 .        20 .
                   ----------------         -----        -----       -----       -----       -----
                   Debt ratio                   %            %           %           %           %
                   Self asset ratio             %            %           %           %           %
                   (      )ratio                %            %           %           %           %
                   (      )ratio                %            %           %           %           %




2. In the event of the following, the bank shall be consulted and agreed upon in advance.
1. Merger, business transfer/acquisition and other sale/rent of important assets
2. Investment on fixed assets for reasons other than specified in the contract
3. Surety for other's debts
4. Entering new business or foreign investment
5. Company structure work out, privatization, or any other significant management changes

                                                          4
                                                          7
ARTICLE 14 SUBMISSION OF DATA
1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.
1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items
3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.
4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spending, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.
1. Foreign currency risk maintenance structure and maintenance regulations conditions
2. Foreign currency supply and application statement
3. Foreign currency derivative product trade statement

ARTICLE 15 MISCELLANEOUS SPECIAL CLAUSES

I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                                         Written notification of
                                                                         the contract details:

                Name                                                     [ ]Required
                (pledgee)                                                [ ]Not required
                ---------------------------------------------            -----------------------
                                                                         [ ]Required
                Pledgee                                                  [ ]Not required
                ---------------------------------------------            -----------------------




Confirmation Place: Position: Name:

                                                          8
       CHANGE OF LOAN TRANSACTION CONDITIONS AND ADDITIONAL CLAUSES
                   (Extension of period, change of conditions, change of limit)

To Shinhan Bank

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

In charge Responsible Check

I would like to change the conditions of the loan contract and confirm the additional clauses.

1. Extension of period

                                                                Expiry                   Miscellaneous
                         Loan                                   after        Applied     (account
          Loan time      subject     Loan Limit     Expiry      extension    Interest    number)
          ---------      ---------   -----------    --------    ---------    --------    --------------
                         Purchase    Two billion
                         fund loan   won            2004.2.5     2005.2.4
          ---------      ---------   -----------    --------    ---------    --------    --------------




2. Change of conditions (Change and termination of loanee, pledge, security)

                                                                                          Miscellaneous
                           Loan                                                           (account number,
 Loan time                 subject   Loan Limit    Expiry           Applied interest      contents of security)
 -------------------       -------   ----------    ------------     ----------------      ---------------------
                                                   2004.2.5
 -------------------       -------   ----------    ------------     ----------------      ---------------------


 Before change:                                    After change:
 ----------------------------------------          -----------------------------------------------------

 -----------------------------------------------------------------------------------------------
 Reason for change :
 -----------------------------------------------------------------------------------------------




3. Change of limit

                                              Amount before     Amount after     Miscellaneous
                Loan time    Loan subject     change            change           (account number)
                ---------    ------------     -------------     ------------     ----------------

                ---------    ------------     -------------     ------------     ----------------




                                                         9
1. I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents
2. The joint sureties have sufficiently heard and understood the contents of the debtors debt state, arrears state
and credit condition

                                                                         Written notification of
                                                                         the contract details:

                Name                                                     [ ]Required
                (pledgee)                                                [ ]Not required
                ---------------------------------------------            -----------------------
                                                                         [ ]Required
                Joint Surety                                             [ ]Not required
                ---------------------------------------------            -----------------------
                                                                         [ ]Required
                Joint Surety                                             [ ]Not required
                ---------------------------------------------            -----------------------
                                                                         [ ]Required
                Joint Surety                                             [ ]Not required
                ---------------------------------------------            -----------------------

                *   Debtor (pledgee):                                 Phone:
                    Address:                                          Company/Cell:

                *   Joint surety:                                     Phone:
                    Address:                                          Company/Cell:

                *   Joint surety:                                     Phone:
                    Address:                                          Company/Cell:

                *   Pledgee:                                          Phone:
                    Address:                                          Company/Cell:


                Confirmation       Place:                  Position:                  Name:




(Notes)
1. For extension of corporate loan, no signature is required for limited or comprehensive mortgage pledgee
2. Include the interest changes in case of interest change for extension of loan
3. In the event the surety changes, record old joint surety in before change column and new joint surety in after
change column, for those with immunity, record immunity in after change column
4. In changing surety (immunity), record the surety type and limit in the miscellaneous column of the
corresponding loan
5. In adding surety, record "Addition of surety" in the reasons for change column.

                                                         10
       CHANGE OF LOAN TRANSACTION CONDITIONS AND ADDITIONAL CLAUSES
                   (Extension of period, change of conditions, change of limit)

To Shinhan Bank

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

In charge Responsible Check

I would like to change the conditions of the loan contract and confirm the additional clauses.

1. Extension of period

                                                                 Expiry                    Miscellaneous
                      Loan                                       after        Applied      (account
         Loan time    subject       Loan Limit       Expiry      extension    Interest     number)
         ---------    ---------     -------------    --------    ---------    --------     --------------
                      Purchase      1,080,000,000
                      fund loan     won
         ---------    ---------     -------------    --------    ---------    --------     --------------




2. Change of conditions (Change and termination of loanee, pledge, security)

                                                                                          Miscellaneous
                          Loan                                                            (account number,
 Loan time                subject    Loan Limit     Expiry          Applied interest      contents of security)
 -------------------      -------    ----------     ------------    ----------------      ---------------------
                                                    2004.2.5
 -------------------      -------    ----------     ------------    ----------------      ---------------------


 Before change:                                     After change:
 ----------------------------------------           -----------------------------------------------------

 -----------------------------------------------------------------------------------------------
 Reason for change :
 -----------------------------------------------------------------------------------------------




3. Change of limit

                                             Amount before      Amount after      Miscellaneous
               Loan time     Loan subject    change             change            (account number)
               ---------     ------------    -------------      -------------     ----------------
                             Purchase        1,350,000,000      1,080,000,000
               2003.2.21     fund loan       won                won               660-51-014820
               ---------     ------------    -------------      -------------     ----------------




                                                         11
1. I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents
2. The joint sureties have sufficiently heard and understood the contents of the debtors debt state, arrears state
and credit condition

                                                                   Written notification of
                                                                   the contract details:

          Name                                                     [ ]Required
          (pledgee)                                                [ ]Not required
          ---------------------------------------------            -----------------------
                                                                   [ ]Required
          Joint Surety                                             [ ]Not required
          ---------------------------------------------            -----------------------
                                                                   [ ]Required
          Joint Surety                                             [ ]Not required
          ---------------------------------------------            -----------------------
                                                                   [ ]Required
          Joint Surety                                             [ ]Not required
          ---------------------------------------------            -----------------------

                                                                                              2005. 8. 4


          *   Debtor (pledgee):                                 Phone:
              Address:                                          Company/Cell:

          *   Joint surety:                                     Phone:
              Address:                                          Company/Cell:

          *   Joint surety:                                     Phone:
              Address:                                          Company/Cell:

          *   Pledgee:                                          Phone:
              Address:                                          Company/Cell:


          Confirmation       Place:                  Position:                  Name:




(Notes)
1. For extension of corporate loan, no signature is required for limited or comprehensive mortgage pledgee
2. Include the interest changes in case of interest change for extension of loan
3. In the event the surety changes, record old joint surety in before change column and new joint surety in after
change column, for those with immunity, record immunity in after change column
4. In changing surety (immunity), record the surety type and limit in the miscellaneous column of the
corresponding loan
5. In adding surety, record "Addition of surety" in the reasons for change column.

                                                         12
        CHANGE OF LOANTRANSACTION CONDITIONS AND ADDITIONAL CLAUSES
                    (Extension of period, change of conditions, change of limit)

To Shinhan Bank

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

In charge Responsible Check

I would like to change the conditions of the loan contract and confirm the additional clauses.

1. Extension of period

                                                                Expiry                   Miscellaneous
                         Loan                                   after        Applied     (account
          Loan time      subject     Loan Limit     Expiry      extension    Interest    number)
          ---------      ---------   -----------    --------    ---------    --------    --------------
                         Purchase    870,000,000
                         fund loan   won
          ---------      ---------   -----------    --------    ---------    --------    --------------




2. Change of conditions (Change and termination of loanee, pledge, security)

                                                                                          Miscellaneous
                           Loan                                                           (account number,
 Loan time                 subject   Loan Limit    Expiry           Applied interest      contents of security)
 -------------------       -------   ----------    ------------     ----------------      ---------------------
                                                   2004.2.5
 -------------------       -------   ----------    ------------     ----------------      ---------------------


 Before change:                                    After change:
 ----------------------------------------          -----------------------------------------------------

 -----------------------------------------------------------------------------------------------
 Reason for change :
 -----------------------------------------------------------------------------------------------




3. Change of limit

                                              Amount before     Amount after     Miscellaneous
                Loan time    Loan subject     change            change           (account number)
                ---------    ------------     -------------     ------------     ----------------

                ---------     ------------    -------------     ------------     ----------------




                                                         13
1. I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents
2. The joint sureties have sufficiently heard and understood the contents of the debtors debt state, arrears state
and credit condition

                                                                   Written notification of
                                                                   the contract details:

          Name                                                     [ ]Required
          (pledgee)                                                [ ]Not required
          ---------------------------------------------            -----------------------
                                                                   [ ]Required
          Joint Surety                                             [ ]Not required
          ---------------------------------------------            -----------------------
                                                                   [ ]Required
          Joint Surety                                             [ ]Not required
          ---------------------------------------------            -----------------------
                                                                   [ ]Required
          Joint Surety                                             [ ]Not required
          ---------------------------------------------            -----------------------

                                                                                              2006. 2. 4


          *   Debtor (pledgee):                                 Phone:
              Address:                                          Company/Cell:

          *   Joint surety:                                     Phone:
              Address:                                          Company/Cell:

          *   Joint surety:                                     Phone:
              Address:                                          Company/Cell:

          *   Pledgee:                                          Phone:
              Address:                                          Company/Cell:


          Confirmation       Place:                  Position:                  Name:




(Notes)
1. For extension of corporate loan, no signature is required for limited or comprehensive mortgage pledgee
2. Include the interest changes in case of interest change for extension of loan
3. In the event the surety changes, record old joint surety in before change column and new joint surety in after
change column, for those with immunity, record immunity in after change column
4. In changing surety (immunity), record the surety type and limit in the miscellaneous column of the
corresponding loan
5. In adding surety, record "Addition of surety" in the reasons for change column.

                                                         14
EXHIBIT 10.16

                        CONTRACT OF LOAN TRANSACTION (ENTERPRISE)

Corporation Korea Exchange Bank

The bank shall explain the key contents of this contract and distribute the copies of this
contract and the bank's standard contract of loan transaction.
I understand that in the loan transaction with Korea Exchange Bank (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction (includes deposits transaction
contract for savings revolving loan, current account loan) will be applied. I duly recognize the following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION ([ ] is recorded by the debtor, place a check mark inside
[ ])
1. The loan subject, contract(limit) amount, contract period, interest, security rate, arrears compensation rate, and
transaction method is as below. The period and method of loan execution is determined by the bank, the debtor
pays the interest according to the calculation method and payment time determined by he bank. In the event of
extension of contract period or change of external loan rate or loan rate due to the bank's supply purpose, or the
period of the loan is longer than a year, the bank may change the interest, security rate.

                                                                            Arrears
                         Contract            Contract    Interest,          compensation      Transaction
       Loan subject      (Limit) amount      period      security rate      rate              method
       -------------     --------------      --------    -------------      -------------     --------------
                         One billion                     [ ]Fixed
       Corporate         six hundred                     [ ]Variable        Minimum   %       [ ]Limit
       purchase fund     million won                         % pa           Maximum   %       [ ]Independent
       -------------     --------------                  -------------      -------------     --------------
                                                         [ ]Fixed
                                                         [ ]Variable        Minimum   %       [ ]Limit
                                                             % pa           Maximum   %       [ ]Independent
                                                         -------------      -------------     --------------
                                                         [ ]Fixed
                                                         [ ]Variable        Minimum   %       [ ]Limit
                                                             % pa           Maximum   %       [ ]Independent
                                                         -------------      -------------     --------------




2. For limit transaction loan in Clause 1, loan and repayment maybe freely made within the limit amount and the
period, for independent loan the loan amount shall be repaid in whole sum by the end of agreement.

3. For limit transaction loan a separate period maybe set for one revolution period and independent loan period.
This period is determined by the bank.

4. For installment repayment transaction loan, ( ) years ( ) months is deferred from the time of initial loan
payment. From the end of deferred period, the loan amount is repaid for ( ) years ( ) months, or without deferred
period, according to the installment repayment date chart distributed by the bank.

5. For deposits loan, based on loan payment date, installment repayment is made monthly.

6. The bank may confirm fund purpose and required amount through documentary evidences and such than
execute installment.

                                                          1
7. For using independent loan within the loan subject limit in Clause 1, the debtor shall submit an application set
by the bank. The clause still applies even if the application form is exempted through the bank's discretion.

8. For calculating interest, security charge and arrears compensation 365 days are considered as 1 year, interest
is calculated on a daily basis. But in foreign transactions, international and business customs will be applied, that is
if 1 year is considered as different number of days.

9. Any bank deposit repayments through ATMs or electronic banking means after bank business hours may not
be recorded as being repaid on the day.

ARTICLE 2 AGREEMENTS ON PAYMENT GUARANTEE
1. The bank may stand surety exceeding the period or the amount set in Article 1 on the request of the debtor.
This agreement applies to the exceeded amount.

2. The application for payment guarantee is made on the preset payment guarantee application form. The bank
may guarantee payment through issuance of payment guarantee, bill guarantee, bill transfer and other debt
guarantee methods at its discretion.

3. The bank on basis of this agreement may fulfill the guarantee before the expiry of guarantee date according to a
separate prior payment clause (in the event of transaction suspension measure by bill exchange center or request
for bankruptcy) without notice to the debtor and regardless of the expiry of the primary debt. The method and
the amount of the fulfillment are based on the conditions in the payment guarantee and the debtor shall repair the
guarantee the bank has fulfilled instead.

4. The debtor does not incur responsibilities on the bank on the primary debt guaranteed by the bank by
depositing the payment funds the day before payment or fulfilling the debt on the day of payment.

5. On fulfillment of the debt by the debtor or termination of the primary debt through offset, immunity or
expiration, and the opposing party requests fulfillment of the contract or the bank's guarantee is affected by
pledge or changes in expiration, the debtor immediately informs the bank.

6. In the event the bank fulfills the guarantee on request of the claimant upon delay of the notification in clause 5,
the debtor shall make compensations for the amount as repayment debt.

7. When the bank fulfills the guarantee, the debtor repays the following.
1. Guarantee fulfillment amount
2. Expenses incurred through guarantee fulfillment
3. Expenses incurred exercise or preservation of rights of other debtors
4. Any arrears compensation for expenses in Clause 1 through Clause 3 from the time of payment to the time of
repayment according to the rates in Article 1.

ARTICLE 3 PREMATURE REPAYMENT CHARGE ([ ] Agree [ ] Disagree Check the according [ ])
1. In the event of part or whole premature repayment of the loan (hereinafter referred to as "Premature
repayment"), premature repayment service charge will be paid to the bank as to Clause 2 unless otherwise stated
by the bank.

2. Premature repayment service charge is calculated by multiplying premature repayment amount by the service
charge in the following sections.
1. Variable interest rates
1) Remaining loan period is more than ( ) months and less than ( ) months ( )%
2) Remaining loan period is more than ( ) months ( )%
2. Fixed interest rates
1) Interest difference X remaining loan period (months)/12

                                                           2
2) "Interest difference" is the agreed upon interest of the initial loan contract minus the standard interest for the
remaining loan period, the standard interest is announced by the bank.

3. For premature repayment of installment repayment loan, service charge is calculated for each loan amount and
for part premature repayment the installment repayment coming up first is repaid first.

ARTICLE 4 SERVICE CHARGE FOR REMAINING LIMIT IN THE CONTRACT ([ ] Agree [ ]
Disagree Check the according [ ])
1. For any remaining amount within the credit limit set in Article 1, service charge shall be paid according to the
standards set by the following sections.
1. Formula : (Limit - Previous months average balance) X Service charge rate X Days maintained in the previous
months/365
2. Service charge rate : ( ) %
3. Average balance is calculated for each loan subject by the bank from the time of final payment of the unused
limit till the day of payment.

2. Service charge for remaining limit is paid on ( ) each month. For current account loan and savings revolving
loan it is added to the loan principal regardless of the limit, if the balance is savings, it is deducted from the
savings.

ARTICLE 5 REVENUE STAMP (Check the according [ ])
1. Revenue stamp cost incurred by this contract shall be paid by ([ ]loanee, [ ]bank, [ ]loanee and bank 50%
each ).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 6 SUBMISSION OF BILL OF DEBT AND CONFERMENT OF SUPPLEMENTARY
RIGHTS ([ ]
Submit [ ] Do not submit Check the according [ ])
1. In loans excluding payment guarantee transaction a bill of debt excluding its value and payment date will be
published, endorsed by joint surety and submitted to the bank.

2. The bank may supplement and exercise the blank bill in Clause 1 if the debtor does not pay the debts until the
expiry of repayment date or transaction period, or loses its rights due to the standard contract of loan transaction.

3. The amount of bill in the event of exercising Clause 2 shall be within the sum of principal, interests, arrays
compensations and other miscellaneous costs incurred.

ARTICLE 7 SECURITY AND INSURANCE
The debtor will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the debtor shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 8 DUTY OF MAINTENANCE OF REPAYMENT MEANS
1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                                                            3
                           Classification           .        .        .       .        .
                           ----------------       -----    -----    -----   -----    -----
                           Debt ratio                 %        %        %       %        %
                           Self asset ratio           %        %        %       %        %
                           (      )ratio              %        %        %       %        %
                           (      )ratio              %        %        %       %        %




2. In the event of the following, the bank shall be consulted and agreed upon in advance.
1. Merger, business transfer/acquisition and other sale/rent of important assets
2. Investment on fixed assets for reasons other than specified in the contract
3. Surety for other's debts
4. Entering new business or foreign investment
5. Company structure work out, privatization, or any other significant management changes 6 Transfer or
important assets for issuance of asset security deed

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.
1. Sales of owned real estates or securities
2. Investment of majority shareholder
3. Issuance of new shares to be purchased or going public of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the debtor and the bank.

ARTICLE 9 MISCELLANEOUS SPECIAL CLAUSES

                                                    2005. 10. 21

                                                   Debtor : Name
                                                     Address

I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

Receive written documents of the contract : [ ] Yes [ ] No

                                                          4
To Korea Exchange Bank

I would like to apply for the loan amount of the following as determined by your bank, and agree that to your
bank's standard contract of loan transaction applies.

Name:

                                                   Company:

                                                 Representative:
                                                    Phone:

                             Received bank's standard contract of loan transaction

          Amount                                                One billion Six hundred million won
          -------------------------------------------           -----------------------------------
          Subject                                               Corporate purchase fund
          -------------------------------------------           -----------------------------------
          Period
          -------------------------------------------
          Fund purpose
          -------------------------------------------
          Interest rate                                                                        % pa
          -------------------------------------------           -----------------------------------
          Arrears compensation rate                                                            % pa
          -------------------------------------------           -----------------------------------
          Time of interest payment
          -------------------------------------------
          Repayment resource and method
          -------------------------------------------
          Miscellaneous conditions
          -------------------------------------------
          Reason for application and fund usage plan
          (for facility fund, summary of business
          plan, for payment guarantee summary of
          primary debt)
          -------------------------------------------



                                                         Estimated                   Relation
               Guarantee    Place   Type   Number        market price      Pledgee   with loanee
               ---------    -----   ----   ----------    ------------      -------   ------------

                            -----   ----   ----------       ------------   -------   ------------
                                           Occupation                                Address
               Joint                       and           Monthly           Actual          (phone
               Sureties     Name    Age    position      income            assets    number)
               ---------    -----   ----   ----------    ------------      -------   ------------

                            -----   ----   ----------       ------------   -------   ------------

                            -----   ----   ----------       ------------   -------   ------------

                            -----   ----   ----------       ------------   -------   ------------

                            -----   ----   ----------       ------------   -------   ------------




                                                        5
Estimated    assets   (unit    :   million   won)

Type              ( ) results                     ( ) Predictions   Calculation and completion methods
--------------    -----------------------         ---------------   ------------------------------------------
                                                                    1. Fill in maintenance fund column for
                                                                    maintenance fund application, and both
                                                                    columns for facility fund application
                                                                    2. Calculating maintenance fund
                                                                    1) Required fund for 1 revolution = (total
                                                                    principal - added or subtracted costs) x
                                                                    1 revolution period/365
                                                                    2) 1 revolution period = (remaining
                                                                    assets + sales rights + prior payout
                                                                    amount)revolution percentage-(purchase
                                                                    debts+ prior payment)revolution
                                                                    3) Self assets = pure liquid capital -
                                                                    pure liquid debts
                                                                    3. Completing maintenance fund
                                                                    1) Based on recent year or 6 months
                                                                    results and predictions
                Maintenance fund for 1                              2) Primary sales business are calculated
                revolution Total                                    by primary transaction bank's loan limit
                principal                                           3) When applying for amount exceeding
                1 revolution period                                 required fund for one revolution, record
                Self asset Future                                   the reason
                deposits Insufficient                               4) For those business with limit contents
Maintenance     asset (plans for                                    that are not applicable, it maybe left
Fund            supply)                                             blank.
-------------- ----------------------- ---------------              ------------------------------------------
                Total spent assets
Facility        Primary Secondary
Fund            loans Self assets
-------------- ----------------------- --------------- ------------------------------------------
Grounds for applied loan amount (trade funds, commercial bills)


----------------------------------------------------------------------------------------------------




Exports are in US$, total amounts in exchanged won amount, in ( ) for production sales, record the number of
sales

         Classification       Type       (    )     (    )   Item                    (    )   (     )
         --------------       --------   ------     ------   ---------------------   ------   -------
         Production           Total      (    )     (    )   Total Sales
                                         (    )     (    )   Original sales price
         --------------       --------   ------     ------   General maintenance     ------   -------
         Sales                Export     (    )     (    )   sales fee
                                         (    )     (    )   Earnings from non
                              --------   ------     ------   business matters        ------   -------
                              Domestic   (    )     (    )   Expenses from non
                                         (    )     (    )   business matters        (    )   (     )
                              --------   ------     ------   (Paid interests and     ------   -------
                              Total      (    )     (    )   discounts)
                                         (    )     (    )   Special Profit
                                                             Special loss
                                                             Registration fee
                                                             Period Total Profit
         --------------       --------   ------     ------   ---------------------   ------   -------




                                                         6
Business Plan

Exports are in US$, total amounts in exchanged won amount, in ( ) for production sales, record the number of
sales

         Classification     Type        (    )   (    )    Item                     (    )    (     )
         --------------     --------    ------   ------    ---------------------    ------    -------
         Production         Total       (    )   (    )    Total Sales
                                        (    )   (    )    Original sales price
         --------------     --------    ------   ------    General maintenance       ------    -------
         Sales              Export      (    )   (    )    sales fee
                                        (    )   (    )    Earnings from non
                            --------    ------   ------    business matters          ------    -------
                            Domestic    (    )   (    )    Expenses from non
                                        (    )   (    )    business matters         (    )    (     )
                            --------    ------   ------    (Paid interests and      ------    -------
                            Total       (    )   (    )    discounts)
                                        (    )   (    )    Special Profit
                                                           Special loss
                                                           Registration fee
                                                           Period Total Profit
         --------------     --------    ------   ------    ---------------------     ------    -------




Record of transaction with other banks (unit : million won, thousand US$)
* Record transactions with secondary fund institutions and private funds
* For import/export results, record previous years and correspond year's results

            Bank  Loan                           Pledge             Savings         Export    Import
                  ------------------------       --------------     ------------
                  Subject Amount Period          Type    Amount     Type Amount
            ----- ------- ------ -------         ------ ------      ---- ------     ------    ------




            ----- -------    ------    -------   ------    ------   ----   ------   ------    ------




                                                       7
EXHIBIT 10.17

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

                                  CONTRACT OF LOAN TRANSACTION

                                                    (Enterprise)


Revenue
Stamp

          Corporation Hana Bank                                                        Date     2005.3.21


          Name                              (Sign)
                 ---------------------------------




Address:

I understand that in the loan transaction with Corporation Hana Bank (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction will be applied. I duly recognize
the following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION

The conditions of transaction are as follows.

(In the event there are multiple choices, please listen to the employee's explanation and place an "x" mark inside
the appropriate "[ ]")

                                                         1
Loan subject      Comprehensive export funds
(Loan type)       (deeds loan, won currency)
---------------   --------------------------------------------------------------------------------
                  [ ] Limit transaction
Transaction       [ ] Revolving credit transaction
classification    [ ] Spent credit transaction
---------------   --------------------------------------------------------------------------------
Loan(limit)       [ ] One Billion Won, (W 1,000,000,000.00)
Amount            [ ]
---------------   --------------------------------------------------------------------------------
Commencement
Date              2005.3.21
---------------   --------------------------------------------------------------------------------
Expiry Date       2005.9.21
---------------   --------------------------------------------------------------------------------



                  [ ] Fixed (standard
                  contract of loan
                  transaction Article 3                               Arrears compensation
Interest rate,    Clause 2 Section 1)         % pa until expiry       interest (standard      Maximum
miscellaneous     ----------------------   ------------------------   contract of loan            %pa
                                                                      transaction Article 3
                                                                      Section 5)
                  [ ] Variable (standard   [ ] Standard interest
                  contract of loan               + (    ) %
                  transaction Article 3    [ ] Miscellaneous
                  Clause 2 Section 2)            (              )
---------------   ----------------------   ------------------------   ---------------------   -------



                                                                      Arrears compensation
                                                                      interest
                                                                      (standard contract
                                                                      of loan transaction
                                                                      Article 3, Section
Interest rate     Limit transaction : Refer to Article 4              5)                          %pa
---------------   ------------------------------------------------    ---------------------   -------



Calculation
of interest
and arrears       With 365 days considered as 1 year, interest is calculated on a daily basis. But
compensation      in foreign transactions, international and business customs will be applied.
---------------   --------------------------------------------------------------------------------
                  [ ] Execute the whole amount on commencement of loan
                  [ ] Part execution after confirmation of the bank of asset purpose and required
                      Amount based on documentary evidence and spot goods
Method of         [ ] Execute as required by the customer with preset credentials
loan              [ ] Miscellaneous:
execution             (                                                         )
---------------   --------------------------------------------------------------------------------
                  [ ] Repayment of the whole amount on expiry of loan.
                  [ ] Defer payment for ( ) years ( ) months after commencement,
                  installment repayment from ( ) ( ) ( ) every ( )months
                  [ ] Miscellaneous:
                      (                                                         )
                  [x] Any bank deposit repayments through ATMs or electronic banking
Method of         means after bank business hours may not be recorded as being repaid
repayment         on the day
---------------   --------------------------------------------------------------------------------
                  [ ] Initial interest on commencement, latter interests will be paid prior or
                      upon final calculation of paid interest
                  [ ] Paid prior before expiry of bill
                  [ ] Initial interest will be paid within ( ) months of commencement, latter
                      interests will be paid within ( ) months of the day after final calculation
                      of paid interest
                  [ ] Paid on repayment date of installment repayment principal and interest or
                      payment date of monthly deposit
                  [ ] Paid upon expiry on loan period
Time and          [ ] Miscellaneous
method of             (                                                         )
interest          [x] Any bank deposit repayments through ATMs or electronic banking
payment and       means after bank business hours may not be recorded as being repaid
method            on the day
---------------   --------------------------------------------------------------------------------
                  Concerning deposit trust loans, if monthly deposit is arrayed for 4 consecutive
Offset special    months , the bank may offset related account and loaned money before the expiry
condition         of loan period with notice
---------------   --------------------------------------------------------------------------------




                                                2
ARTICLE 2 ARREARS COMPENSATION

1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

ARTICLE 3 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. In the case of an installment repayment loan, the total amount of debt will be decided after the execution. The
method of execution will be based on installment repayment date chart, receipts and other evidences.

2. In the case of installment repayment loan other than installment credit loan and benefit, the bank shall make out
and notify the debt-related persons of an installment repayment date chart.

ARTICLE 4 REDUCTION AND SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the loanee.
In this event the loanee shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 5 SERVICE CHARGE FOR REMAINING LINE IN THE CONTRACT

In the case of a line transaction or foreign currency loan and there exists a separate clause for any remaining
amount within the credit line set in Article 1, service charge shall be paid according to the standards set by the
clause.

ARTICLE 6 REVENUE STAMP

1. Revenue stamp cost incurred by this contract shall be paid by ([ ] loanee,
[ ] bank, [ ] loanee and bank 50% each).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 7 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 8 SECURITY AND INSURANCE

The loanee will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 9 SECURITY RIGHT

1. A pledge has been placed on the deposit shown below and transfer of its evidence (bank book) to the bank
complete for the security of the debt by this contract.

2. The effect of the pledge in Clause 1 includes principal and interest, earning rights (includes any amount
deposited after the contract) and any collaterals to the above including interests, earning rights to earnings, special
subsidies and court subsidies.

                                                          3
3. The effects of the above pledge will persists in the event of extension of period, rewriting, renewal, division,
incorporation, augmentation or reduction of the deposit, and if the trust, the target, has been extended or
automatically extended due to arrears the pledge will still have effect above its earning rights.

4. The bank may elect not to exercise the pledge stated in Clause 1 and instead opt for proxy appropriation of
restoration repayment or apply commercial customs for the debt of the bank and the deposit shown below
according to the bank's standard contract of loan transaction.

* Deposits for the purpose of pledge

          Deed record        Holder or
          number             truster         Amount                     Total deposit
Type      --------------     -----------     (Contractual               Amount til                          Date on deed   Pay
                                             Amount)                    20 . .
          Account number     Beneficiary
------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---




ARTICLE 10 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                    Classification         20 .        20 .         20 .        20 .        20 .
                    --------------         -----       -----        -----       -----       -----
                     Debt ratio                %           %            %           %           %
                     Self asset ratio          %           %            %           %           %
                     (      )ratio             %           %            %           %           %
                     (      )ratio             %           %            %           %           %




                                                          4
2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets

2. Investment on fixed assets for reasons other than specified in the contract

3. Surety for other's debts

4. Entering new business or foreign investment

5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities

2. Investment of majority shareholder

3. Issuance of new shares to be purchased or going public of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the loanee and the bank.

ARTICLE 11 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items

2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items

3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.

4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spending, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions

2. Foreign currency supply and application statement

3. Foreign currency derivative product trade statement

ARTICLE 12 MISCELLANEOUS SPECIAL CLAUSES

                                                   (Name) (Sign)
I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                  (Name) (Sign)

                                                        5
The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

In charge Responsible Deputy Branch manager

Revenue
Stamp

( ) TRANSACTION ADDITIONAL CLAUSES


                               (Limit increase, extension of limit transaction period)

            To Hana Bank                                                                   2005.9.21
                            Name                                     (Tel:           )
                            --------------------------------         -------------------------------
                            Address

                            Company    Address
                                                                     (Tel:               )
                            Company    Name                          (Cell:              )


                            Joint surety                             (Tel:           )
                            --------------------------------         -------------------------------
                            Address

                            Company    Address
                                                                     (Tel:           )
                            Company Name                             (Cell:          )
                            Joint surety                             (Tel:           )
                            --------------------------------         -------------------------------
                            Address

                            Company    Address
                                                                     (Tel:               )
                            Company    Name                          (Cell:              )


          To the (              ) transaction contract (Limit               won) in          .   .   , the
          following (                ) additions are confirmed.

          Limit increase
          ---------------
               The amount increased :                                          Won
               (Total limit after increase            :                         Won)


          Extension of limit transaction period
          -----------------------------------------
               A. Transaction period after extension : Until 2005 .12.21
               B. Limit amount to be extended :                         Won
               C. Interest rate : (                                       )
          -----------------------------------------------------------------------------




                                                          6
        LOAN ([ ] EXTENSION OF PERIOD [ ] CHANGE OF CONDITION) APPLICATION

                                                                                  Deputy
                       Confirm                                                    branch
                       self-seal        In charge       Responsible        RM     manger
                     -------------     -----------    --------------     ------ ----------




To Hana Bank

I would like to change the conditions of the loan contract from your bank according to the following information.

* Current Loan

                        Loan date   Loan subject   Loan amount      Expiry   Miscellaneous
                        ---------   ------------   -----------      ------   -------------
                                    Trade funds
                        ---------   ------------   -----------      ------   -------------




* Extension of period

        Part repayment      Application of amount of
        amount              period extension                 Expiry of extended period    Miscellaneous
        --------------      ------------------------         -------------------------    -------------
        One hundred
        million won         Six hundred million won                                  0                0
        --------------      ------------------------         -------------------------    -------------




* Change of conditions

                            Before change                      After change
                            ---------------------------        ---------------------

                            ---------------------------         ---------------------
                            Reasons for change

                            --------------------------------------------------




                                                      Name
                                                     Address

                                                   Joint surety
                                                    Address

                                                   (Tel: Cell : )

                                                   Joint surety
                                                    Address

                                                   (Tel: Cell : )

                                                         7
The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

In charge Responsible Deputy Branch manager

Revenue
Stamp

( ) TRANSACTION ADDITIONAL CLAUSES


                               (Limit increase, extension of limit transaction period)

              To Hana Bank                                                                 2006.3.21
                             Name                                    (Tel:           )
                             --------------------------------        -------------------------------
                             Address

                             Company   Address
                                                                     (Tel:               )
                             Company   Name                          (Cell:              )


                             Joint surety                            (Tel:           )
                             --------------------------------        -------------------------------
                             Address

                             Company   Address
                                                                     (Tel:           )
                             Company Name                            (Cell:          )
                             Joint surety                            (Tel:           )
                             --------------------------------        -------------------------------
                             Address

                             Company   Address
                                                                     (Tel:               )
                             Company   Name                          (Cell:              )


           To the (             ) transaction contract (Limit               won) in          .   .   , the
           following (               ) additions are confirmed.

           Limit increase
           ---------------
                The amount increased :                                         Won
                (Total limit after increase           :                         Won)


           Extension of limit transaction period
           -----------------------------------------
                A. Transaction period after extension : Until 2006.6.21
                B. Limit amount to be extended :                       Won




C. Interest rate : ( )

                                                          8
EXHIBIT 10.18

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

                                  CONTRACT OF LOAN TRANSACTION

                                                    (Enterprise)


Revenue
Stamp

          Corporation Hana Bank                                                        Date     2004.8.25


          Name                              (Sign)
                 ---------------------------------




Address:

I understand that in the loan transaction with Corporation Hana Bank (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction will be applied. I duly recognize
the following articles.

ARTICLE 1 CONDITIONS OF TRANSACTION

The conditions of transaction are as follows.

(In the event there are multiple choices, please listen to the employee's explanation and place an "x" mark inside
the appropriate "[ ]")

                                                         1
Loan subject
(Loan type)       (trade funds)
---------------   --------------------------------------------------------------------------------
                  [ ] Limit transaction
Transaction       [ ] Revolving credit transaction
classification    [ ] Spent credit transaction
---------------   --------------------------------------------------------------------------------
Loan(limit)       348,848,000.00 Won
Amount
---------------   --------------------------------------------------------------------------------
Commencement
Date
---------------   --------------------------------------------------------------------------------
Expiry Date
---------------   --------------------------------------------------------------------------------



                  [ ] Fixed (standard
                  contract of loan
                  transaction Article 3                               Arrears compensation
Interest rate,    Clause 2 Section 1)         % pa until expiry       interest (standard      Maximum
miscellaneous     ----------------------   ------------------------   contract of loan            %pa
                                                                      transaction Article 3
                                                                      Section 5)
                  [ ] Variable (standard   [ ] Standard interest
                  contract of loan               + (    ) %
                  transaction Article 3    [ ] Miscellaneous
                  Clause 2 Section 2)            (              )
---------------   ----------------------   ------------------------   ---------------------   -------



                                                                      Arrears compensation
                                                                      interest
                                                                      (standard contract
                                                                      of loan transaction
                                                                      Article 3, Section
Interest rate     Limit transaction : Refer to Article 4              5)                          %pa
---------------   ------------------------------------------------    ---------------------   -------



Calculation
of interest
and arrears       With 365 days considered as 1 year, interest is calculated on a daily basis. But
compensation      in foreign transactions, international and business customs will be applied.
---------------   --------------------------------------------------------------------------------
                  [ ] Execute the whole amount on commencement of loan
                  [ ] Part execution after confirmation of the bank of asset purpose and required
                      Amount based on documentary evidence and spot goods
Method of         [ ] Execute as required by the customer with preset credentials
loan              [ ] Miscellaneous:
execution             (                                                         )
---------------   --------------------------------------------------------------------------------
                  [ ] Repayment of the whole amount on expiry of loan.
                  [ ] Defer payment for ( ) years ( ) months after commencement,
                  installment repayment from ( ) ( ) ( ) every ( )months
                  [ ] Miscellaneous:
                      (                                                         )
                  [x] Any bank deposit repayments through ATMs or electronic banking
Method of         means after bank business hours may not be recorded as being repaid
repayment         on the day
---------------   --------------------------------------------------------------------------------
                  [ ] Initial interest on commencement, latter interests will be paid prior or
                      upon final calculation of paid interest
                  [ ] Paid prior before expiry of bill
                  [ ] Initial interest will be paid within ( ) months of commencement, latter
                      interests will be paid within ( ) months of the day after final calculation
                      of paid interest
                  [ ] Paid on repayment date of installment repayment principal and interest or
                      payment date of monthly deposit
                  [ ] Paid upon expiry on loan period
Time and          [ ] Miscellaneous
method of             (                                                         )
interest          [x] Any bank deposit repayments through ATMs or electronic banking
payment and       means after bank business hours may not be recorded as being repaid
method            on the day
---------------   --------------------------------------------------------------------------------
                  Concerning deposit trust loans, if monthly deposit is arrayed for 4 consecutive
Offset special    months , the bank may offset related account and loaned money before the expiry
condition         of loan period with notice
---------------   --------------------------------------------------------------------------------




                                                2
ARTICLE 2 ARREARS COMPENSATION

1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

ARTICLE 3 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. In the case of an installment repayment loan, the total amount of debt will be decided after the execution. The
method of execution will be based on installment repayment date chart, receipts and other evidences.

2. In the case of installment repayment loan other than installment credit loan and benefit, the bank shall make out
and notify the debt-related persons of an installment repayment date chart.

ARTICLE 4 REDUCTION AND SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the loanee.
In this event the loanee shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 5 SERVICE CHARGE FOR REMAINING LINE IN THE CONTRACT

In the case of a line transaction or foreign currency loan and there exists a separate clause for any remaining
amount within the credit line set in Article 1, service charge shall be paid according to the standards set by the
clause.

ARTICLE 6 REVENUE STAMP

1. Revenue stamp cost incurred by this contract shall be paid by ([ ] loanee,
[ ] bank, [ ] loanee and bank 50% each).

2. In the event the bank pays the revenue stamp cost that was to be paid by the loanee according to Clause 1, it
shall be paid within a short period according to bank's standard contract of loan transaction Article 4.

ARTICLE 7 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 8 SECURITY AND INSURANCE

The loanee will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the loanee shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 9 SECURITY RIGHT

1. A pledge has been placed on the deposit shown below and transfer of its evidence (bank book) to the bank
complete for the security of the debt by this contract.

2. The effect of the pledge in Clause 1 includes principal and interest, earning rights (includes any amount
deposited after the contract) and any collaterals to the above including interests, earning rights to earnings, special
subsidies and court subsidies.

                                                          3
3. The effects of the above pledge will persists in the event of extension of period, rewriting, renewal, division,
incorporation, augmentation or reduction of the deposit, and if the trust, the target, has been extended or
automatically extended due to arrears the pledge will still have effect above its earning rights.

4. The bank may elect not to exercise the pledge stated in Clause 1 and instead opt for proxy appropriation of
restoration repayment or apply commercial customs for the debt of the bank and the deposit shown below
according to the bank's standard contract of loan transaction.

* Deposits for the purpose of pledge

          Deed record        Holder or
          number             truster         Amount                     Total deposit
Type      --------------     -----------     (Contractual               Amount til                          Date on deed   Pay
                                             Amount)                    20 . .
          Account number     Beneficiary
------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---

          --------------     -----------

------    --------------     -----------     --------------------       ---------------------------         ------------   ---




ARTICLE 10 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as shown below for the purpose of maintaining repayment means for
the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it shall
be affixed to the end of this transaction contract and considered a part of this transaction contract.

                    Classification         20 .        20 .         20 .        20 .        20 .
                    --------------         -----       -----        -----       -----       -----
                     Debt ratio                %           %            %           %           %
                     Self asset ratio          %           %            %           %           %
                     (      )ratio             %           %            %           %           %
                     (      )ratio             %           %            %           %           %




                                                          4
2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets

2. Investment on fixed assets for reasons other than specified in the contract

3. Surety for other's debts

4. Entering new business or foreign investment

5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities

2. Investment of majority shareholder

3. Issuance of new shares to be purchased or going public of the company

4. The 1st and the 3rd Clause will only be applied in the presence of any special agreements for each Clause
between the loanee and the bank.

ARTICLE 11 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items

2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items

3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.

4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spending, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions

2. Foreign currency supply and application statement

3. Foreign currency derivative product trade statement

ARTICLE 12 MISCELLANEOUS SPECIAL CLAUSES

                                                   (Name) (Sign)
I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

                                                  (Name) (Sign)

                                                        5
EXHIBIT 10.19

                 CONTRACT OF COMPREHENSIVE LOAN LIMIT TRANSACTION
                                    (Enterprise)

Choheung Bank Date 200 . .

                                                Name (Sign) Address

I understand that in the loan transaction with Corporation Choheung bank (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction (includes deposits transaction
contract, current account loan and savings loan) will be applied. I duly recognize the following articles.

ARTICLE 1 LOAN LIMIT
1. The loan limit agreed upon is as follows. Each loan (for foreign currency loans, the customer telegraph sales
rate will apply) within independent loan subject limit cannot exceed the loan type limit (general, trust loan and
foreign currency related loan), the sum of balance of loan subject cannot exceed the comprehensive loan limit.

Comprehensive      Loan type limit                             Loan subject limit
Loan Limit         --------------------------------            -----------------------------------------------------
                   Classification   Amount                     Loan Subject Loan (Limit) Amount Transaction method
-------------      --------------- ---------------             ------------ ------------------- ------------------
                                                                             won
                                                               ------------ ------------------- ------------------
Won                                     Two billion won                      won
                                                               ------------ ------------------- ------------------
                                                                             won
-------------      ---------------      ---------------        ------------ ------------------- ------------------




2. For limit transaction loan in Clause 1, loan and repayment maybe freely made within the limit amount and the
period, for independent loan the loan amount shall be repaid in whole sum by the end of agreement.

3. For limit transaction loan a separate period maybe set for one revolution period and independent loan period.
This period is determined by the bank.

4. In the event of loan transaction of the bank on behalf of the debtor's request within the limit (limit set with other
loan subjects within the agreement period in Clause 1 limit allowance for loan subjects and Article 2 agreement
period), this clause will still apply.

5. In the event of loan transaction of the bank on behalf of the debtor's request but it exceeds the limit in Clause
1, this clause will still apply.

ARTICLE 2 AGREEMENT PERIOD

The comprehensive loan limit agreement period from this contract is till

                                                           1
ARTICLE 3 INTERESTS AND ARREARS COMPENSATION

1. Interests, securities and arrears compensation for the loan amount is as follows and its calculation method and
time of payment is determined by the bank. 365 days are considered as 1 year, interest is calculated on a daily
basis. But for foreign transactions, international and business customs will be applied.

                                  Interest rate, security charge
               Loan subject       rate                                    Arrears compensation rate
               -------------      ------------------------------          -------------------------
                                                            % pa                               % pa
               -------------      ------------------------------          -------------------------
                                                            % pa                               % pa
               -------------      ------------------------------          -------------------------
                                                            % pa                               % pa
               -------------      ------------------------------          -------------------------
                                                            % pa                               % pa
               -------------      ------------------------------          -------------------------




2. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

3. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date is lost, arrears
compensation shall be made according to the amount of loan remaining.

4. For discretionary loan and current account loan, arrears compensation shall be made if the limit amount is
exceeded through payout or interest principal according to the amount exceeded.

5. For payment guarantee (including transfer of bills) the bank shall pay the arrears compensation from the time of
fulfillment to the time of payment for the amount the bank has guaranteed, and for period where payment of
guarantee is delayed or period where primary debt is not fulfilled but the guarantee payment is expired, the bank
shall pay arrears compensation for agreed guarantee fee. For period where primary debt is fulfilled but not
notified to the bank, special compensation shall be made according to the agreed guarantee amount rate.

ARTICLE 4 EXECUTION OF LOAN

To use the independent loan within the limit range of loan subject in Article 1, pre determined application will be
submitted to the bank.

ARTICLE 5 REPAYMENT OF LOAN

The repayment date for the loan executed as to Article 1 and Article 2 will be determined by the clauses
hereinafter.

1. Repayment date for independent loan executed according to this contract shall be determined at its execution.
For current account loan, general savings revolving loan, trust loan and revolving loan, the repayment date is
within the agreed period in Article 2. If there are no specific clauses in the section before or is unclear, the debtor
shall make repayments on the repayment date decided by the bank based on bills and other debt deeds.

                                                           2
ARTICLE 6 REDUCTION AND SUSPENSION

The bank may decide to reduce the loan (limit) amount in Article 1 through notice or temporarily stop the loan
execution regardless of the transaction period due to sudden changes in national economy and financial state or
for maintenance of rights. In this event the debtor shall pay any amount exceeding the line due to the reduction.

ARTICLE 7 UNUSED LIMIT CONTRACT SERVICE CHARGE

1. For loan transaction contracts of loan limits with limit contract service charge, the entire unused amount in
accordance with the rate determined by the bank will be paid.

ARTICLE 8 SUBMISSION OF BILL OF DEBT AND CONFERMENT OF SUPPLEMENTARY
RIGHTS

1. When applying for loan, a bill of debt excluding its value and payment date will be published, endorsed by joint
surety and submitted to the bank.

2. The bank may supplement and exercise the blank bill in Clause 1 if the debtor does not pay the debts until the
expiry of repayment date or transaction period, or loses its rights.

3. The amount of bill in the event of exercising Clause 2 shall be within the sum of principal, interests, arrays
compensations and other miscellaneous costs incurred.

ARTICLE 9 REPAYMENT CURRENCY AND EXCHANGE RATES

Principal and interest of foreign currency loan may be repaid with loaned currency or with won currency.
Exchange rate in the event of repayment through won currency the telegraph transfer sales rate towards customer
shall be applied.

ARTICLE 10 AGREEMENT ON SAVINGS LIMIT LOAN AND CURRENT ACCOUNT LOAN

1. In the event of existence of debt incurred by this contract, and assets (deeds are exempted until settled,
deposited bills are considered transferred to the bank as a security to the bank) deposited registered in savings
loan or current account loan (hereinafter referred to as the "target account") will automatically used to repay loan
amount in the order of arrears compensation, unpaid interests and loan principal.

2. In the event of withdrawal request exceeding the balance of the savings loan account or current account loan
account, automatic payment request of regular payment and other various bills, the amount is considered as
having been withdrawn or automatically paid from the target account.

3. The bank at its own discretion may payout amount exceeding limit in Article 1, which will be repaid soon.

4. Interest or arrears compensation is subtracted from the target account or added to the loan amount regardless
of the limit in Article 1, which shall be repaid soon.

                                                           3
5. For current account loan, in the event of incurring claims to the bank through bills or checks issued by the
debtor due to this contract, the amount shall be considered as loan amount debt and repaid according to this
contract.

6. For current account loan, if bills or checks issued before reduction or suspension in Article 6 is refused payout,
there will be no disputes.

7. For current account loan, loan period before initial revolution shall be determined by the bank. The bank at its
own discretion may issue checks or bills that were issued before the expiry of loan period after the expiry, and for
any loan amounts incurred this contract is applied.

ARTICLE 11 SECURITY AND INSURANCE

The debtor will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the debtor shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 12 AGREEMENTS ON PAYMENT GUARANTEE

1. The bank may stand surety exceeding the period or the amount set in Article 1 or the period set in Article 2 on
the request of the debtor. This agreement applies to the exceeded amount.

2. The bank on basis of this agreement may fulfill the guarantee before the expiry of guarantee date according to a
separate prior payment without notice to the debtor and regardless of the expiry of the primary debt and the
debtor shall repair the guarantee the bank has fulfilled instead.

3. The debtor does not incur responsibilities on the bank on the primary debt guaranteed by the bank by
depositing the payment funds the day before payment or fulfilling the debt on the day of payment.

4. On fulfillment of the debt by the debtor or termination of the primary debt through offset, immunity or
expiration, and the opposing party requests fulfillment of the contract or the bank's guarantee is affected by
pledge or changes in expiration, the debtor immediately informs the bank.

5. In the event the bank fulfills the guarantee on request of the claimant upon delay of the notification in clause 5,
the debtor shall make compensations for the amount as repayment debt.

ARTICLE 13 MISCELLANEOUS SPECIAL CLAUSES

I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents


                                                            4
4. The current comprehensive loan limit due to previous clauses 1 and 2 limit amount alteration and period
extension on is confirmed as follows.

Comprehensive loan limit: US $ One million sixteen hundred thousand

             Loan               Lone
             type    Loan       (limit)   Transaction       Applied    Transaction
             limit   Subject    amount    period            interest   method        Miscellaneous
             -----   -------    -------   -----------       --------   -----------   -------------

             -----   -------    -------   -----------       --------   -----------   -------------

             -----   -------    -------   -----------       --------   -----------   -------------

             -----   -------    -------   -----------       --------   -----------   -------------

             -----   -------    -------   -----------       --------   -----------   -------------




                                                        5
Revenue
Stamp

       ADDITIONAL CONTRACT ON COMPREHENSIVE LOAN LIMIT TRANSACTION
                        (For limit augmentation, period extension)

                   Choheung    Bank                                                 2004.6.

                                                       Name                        (sign)
                                                       ----------------------------------
                                                       Address


                                                       Joint Surety                (sign)
                                                       ----------------------------------
                                                       Address


                                                       Joint Surety                (sign)
                                                       ----------------------------------
                                                       Address




In addition to the comprehensive loan limit transaction contract, the following changes are added.

1. Comprehensive loan limit amount

           Before change                                      After change

           --------------------------------------             --------------------------------------
           Comprehensive Loan type limit                      Comprehensive Loan type limit
           loan limit     -----------------------             loan limit     -----------------------
           amount         Classification   Amount             amount         Classification   Amount
           ------------- --------------- ------               ------------- --------------- ------


           -------------     ---------------     ------       -------------   ---------------   ------




                                                          6
2. Comprehensive loan limit transaction period extension

                  Before change                              After change
                  ---------------------------------          --------------------------------
                  Until . .                                  Until . .
                  ---------------------------------          --------------------------------




3. Miscellaneous special agreements


Debtor (sign) Joint surety (sign) Joint surety (sign)

4. The current comprehensive loan limit due to previous clauses 1 and 2 limit amount alteration and period
extension on is confirmed as follows.

Comprehensive loan limit: US $ One million 200 hundred thousand

         Loan                Lone
         type     Loan       (limit)              Transaction   Applied    Transaction
         limit    Subject    amount               period        interest   method        Miscellaneous
         -----    -------    ---------------      -----------   --------   -----------   -------------
                             US one million
                             two hundred
                             thousand
         -----    -------    ---------------      -----------   --------   -----------   -------------

         -----    -------    ---------------      -----------   --------   -----------   -------------

         -----    -------    ---------------      -----------   --------   -----------   -------------

         -----    -------    ---------------      -----------   --------   -----------   -------------




                                                         7
Revenue
Stamp

       ADDITIONAL CONTRACT ON COMPREHENSIVE LOAN LIMIT TRANSACTION
                        (For limit augmentation, period extension)

                   Choheung    Bank                                                 2004.6.24

                                                       Name                        (sign)
                                                       ----------------------------------
                                                       Address


                                                       Joint Surety                (sign)
                                                       ----------------------------------
                                                       Address


                                                       Joint Surety                (sign)
                                                       ----------------------------------
                                                       Address




In addition to the comprehensive loan limit transaction contract, the following changes are added.

1. Comprehensive loan limit amount

 Before change                                              After change

 -----------------------------------------------            ----------------------------------------------
 Comprehensive   Loan type limit                            Comprehensive Loan type limit
 loan limit      -------------------------------            loan limit     -------------------------------
 amount          Classification   Amount                    amount         Classification   Amount
 -------------- --------------- --------------              ------------- --------------- --------------
 US one million                   US one million                                            US one million
 two hundred                      two hundred                                               two hundred
 thousand                         thousand                                                  thousand
 -------------- --------------- --------------              ------------- --------------- --------------




                                                        8
2. Comprehensive loan limit transaction period extension

                  Before change                              After change
                  ---------------------------------          --------------------------------
                  Until . .                                  Until 2006.06.23
                  ---------------------------------          --------------------------------




3. Miscellaneous special agreements


Debtor (sign) Joint surety (sign) Joint surety (sign)

4. The current comprehensive loan limit due to previous clauses 1 and 2 limit amount alteration and period
extension on is confirmed as follows.

Comprehensive loan limit: US $ One million 200 hundred thousand

         Loan                Lone
         type     Loan       (limit)              Transaction   Applied    Transaction
         limit    Subject    amount               period        interest   method        Miscellaneous
         -----    -------    ---------------      -----------   --------   -----------   -------------
                             US one million
                             two hundred
                             thousand
         -----    -------    ---------------      -----------   --------   -----------   -------------

         -----    -------    ---------------      -----------   --------   -----------   -------------

         -----    -------    ---------------      -----------   --------   -----------   -------------

         -----    -------    ---------------      -----------   --------   -----------   -------------




                                                         9
EXHIBIT 10.20

The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

                                  CONTRACT OF LOAN TRANSACTION
                                            (Enterprise)

To Industrial Bank of Korea Date 2004.5.

                                              Name (Sign) Address

I understand that in the loan transaction with the Industrial Bank of Korea (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction (includes deposits transaction
contract for enterprise, current account loan and savings loan) will be applied. I duly recognize the following
articles.

ARTICLE 1 CONDITIONS OF TRANSACTION
The conditions of transaction are as follows.
(In the event there are multiple choices, please listen to the employee's explanation and place a check mark inside
the appropriate [ ] )

Loan subject                                                 Transaction                      [ ] Line transaction
                                                             classification                   [ ] Independent transaction
-----------------      -----------------------------         --------------------------       ---------------------------
                                                                                              [ ] Agreed interest rate +
                                                      Arrayed compensation rate               added interest
Loan(Limit)            Two billion eight hundred      (Standard contract                      [ ] % pa
Amount                 million won                    Article 3 Clause 5)                     (may change during loan per
-----------------      ----------------------------- --------------------------               ---------------------------
                       [ ] Market interest + added/subtracted interest ( )%
                       [ ] won currency interest + added/subtracted interest ( )%
                       [ ] total limit standard interest + added/subtracted interest ( )%
                       [ ] Exterior loan rate + added/subtracted interest ( )%
                       [ ] Fixed interest (until end of loan period %)
                       [ ] Miscellaneous ( )
                       (the interest rate between time of agreement and execution may differ,
Interest rate          all interest rates other than fixed rates change during the period)
-----------------      --------------------------------------------------------------------------------------
                       ( ) ( ) ( )                    Loan execution (start)      Payment of loan amount or r
                                                                                  limit
Loan period            For yearly loans, leave month --------------------------
                       and day blank                  Expiry of loan (repayment) Loan expiry month (day)

-----------------      ----------------------------- -------------------------- ---------------------------
                       [ ] Extend loan period without extension application and
Extension of           notification upon expiry of loan period
loan period            [ ] Extend only with application
                       --------------------------------------------------------------------------------------

-----------------      --------------------------------------------------------------------------------------




                                                         1
                    [ ] Execute the whole amount on commencement of loan
                    [ ] Part execution after confirmation of the bank of capital purpose
                    and required amount based on documentary evidence and spot goods
Method of loan      [ ] Execute as required by the customer with preset credentials
execution           [ ] Miscellaneous (                                                         )
-----------------   --------------------------------------------------------------------------------------
                    [ ] Repayment of the whole amount on expiry of loan
                    [ ] Defer payment for ( ) years ( ) months after commencement,
                    installment repayment from ( ) ( ) ( ) every ( )months
                    [ ] Repaid freely over time, the remaining amount shall be repaid
                    temporarily before or on the expiry of first revolution, the whole
                    amount shall be repaid on the expiry of loan period
                    [ ] Installment repayment every month
                    [ ] Repayment on payment date of bill
Method of           [ ] Miscellaneous
repayment               (                                                     )
-----------------   --------------------------------------------------------------------------------------
                    [ ] Monthly repayment after execution of loan
                    [ ] Based on expiry of loan, payment o every month or every three
                    months
                    [ ] Payment on monthly settlement date set by the bank
                    [ ] Initial interest on execution, latter interests on the final day
                    of calculation of paid interest
                    [ ] Paid prior to the expiry of bill
Time and method     [ ] Payment on installment repayment principal and interest
of interest         repayment
payment             [ ] Miscellaneous
-----------------   --------------------------------------------------------------------------------------
                    [ ] Paid by the loanee (*In the event the bank pays the revenue stamp
                    cost that was to be paid by the loanee it shall be paid within a
                    short period)
* Revenue stamp     [ ] Paid by the bank
-----------------   --------------------------------------------------------------------------------------
                    [ ] In the event of delay of interest or installments, in exception to
                    standard contract Article 7, debt will be incurred without the bank's
                    notice and arrears compensation rate applied
Notifications       [ ] Do not agree
                    --------------------------------------------------------------------------------------
                    [ ] Agree to notification of execution of loan during the period
                    [ ] Do not agree
-----------------   --------------------------------------------------------------------------------------
                    <Example> My savings are as to the attached documents, the following
                    savings (or pledge) is voluntary.

                    Self written column:

Voluntary           * Savings (or pledge) is determined by signing savings transaction
savings and         status chart or filling in the above column.
pledge              [ ] I have received a copy of confirmation and savings transaction
submission          status chart.
-----------------   --------------------------------------------------------------------------------------
* Maintenance of    [ ] Apply Article 7
repayment means     [ ] Do not apply Article 7
-----------------   --------------------------------------------------------------------------------------




                                                2
* Any bank deposit repayments through ATMs or electronic banking means after bank business hours may not
be recorded as being repaid on the day

* If the expiry date of the loan or the date of interest payment is a public holiday (includes Saturdays) it is delayed
until the next business day.

ARTICLE 2 INTEREST RATE

1. Market interest is determined on grounds of CD retail earning rates or industrial fund debt's market price
standard earning rates with the internal interest rates announced by the bank. A new internal rate is applied for
each change in loan interest (every 3 or 6 months.

2. Standard won interest is determined on grounds of a years worth of industrial fund debt's market price
standard earning rates with the internal interest rates announced by the bank and new standard won interest rate
is applied to loan interests each year. In the event the loan period is over a year including extension, from the time
of exceeding one year, 0.25% pa is added each year to a maximum of 1%.

3. Total limit standard interest is on grounds of CD retail earning rates and Korea Bank loan interest with the
interests announced by the bank, external loan interests are as to the interests informed to the bank by the fund
loan institution.

4. Additional or subtracted interest is applied at the execution of the loan due to personal credit, pledge
conditions, loan period and bank's transaction environment, but may change before the expiry of loan through
changes in credit evaluation, pledge conditions and bank's environment.

ARTICLE 3 ARREARS COMPENSATION

1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

3. For discretionary loan and current account loan, arrears compensation shall be made if the limit amount is
exceeded through payout or interest principal according to the amount exceeded.

4. The bank may change the rate, calculation and the payment period of the arrears compensation according to
the standard contract Article 3 Clause 5.

5.

ARTICLE 4 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. In the case of an installment repayment loan, the total amount of debt will be decided after the execution. The
method of execution will be based on installment repayment date chart, receipts and other evidences.

2. In the case of installment repayment loan other than installment credit loan and benefit, the bank shall make out
and notify the debt-related persons of an installment repayment date chart.

                                                          3
ARTICLE 5 REDUCTION AND SUSPENSION

1. In the case of a limit transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the debtor.
In this event the debtor shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 6 SECURITY AND INSURANCE

The debtor will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the debtor shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 7 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as attached at the end for the purpose of maintaining repayment means
for the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it
shall be affixed to the end of this transaction contract and considered a part of this transaction contract.

2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets

2. Investment on fixed assets for reasons other than specified in the contract

3. Surety for other's debts

4. Entering new business or foreign investment

5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities

2. Investment of majority shareholder

3. Issuance of new shares to be purchased or going public of the company

ARTICLE 8 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items

                                                            4
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items

3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.

4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spending, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions

2. Foreign currency supply and application statement

3. Foreign currency derivative product trade statement

3. I shall include the statement of current debts in Clause 1 with debt status, large amount loan status, repayment
plans and loan plans according to the bank, but may replace it with credit information document (CRT
information, etc) affixed to the end of this contract. If any information is missing from the above document, it
should be recorded in an empty space then submitted.

4. If any documents in Clauses 1 through 3 is false, forged, altered or is missing information on purpose, I shall be
responsible for the debt according to Article 7 of the standard contract, and will not dispute if registered as
having poor credit record.

Article 9 Miscellaneous special clauses

Debtor :

I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

Debtor :

Application for automatic transfer of loan principal and interest

I agree that automatic transfer contract between accounts is applied for the purpose of loan principal and interest
repayment and apply for the automatic transfer.

                    Name                                Sign
                    ---------------------------------- ----------------------------
                    Account number
                    ----------------------------------------------------------------
                    Loan account number                 Transfer date
                    ---------------------------------- ----------------------------




Additional transaction contraction (enterprise) is a compulsory contract document and other transaction or
special clauses form a part of the loan transaction contract, therefore confirm related contracts before attaching it
to the primary contract.

                                                          5
The bank shall explain the key contents of this contract and distribute the copies of this contract and the bank's
standard contract of loan transaction.

                                  CONTRACT OF LOAN TRANSACTION
                                            (Enterprise)

            To   Industrial Bank of Korea                                               Date    2004.5.


                                            Name                                  (Sign)
                                                       ---------------------------------
                                            Address




I understand that in the loan transaction with the Industrial Bank of Korea (hereinafter referred to as the "Bank")
according to the conditions hereinafter, the standard contract of loan transaction (includes deposits transaction
contract for enterprise, current account loan and savings loan) will be applied. I duly recognize the following
articles.

ARTICLE 1 CONDITIONS OF TRANSACTION
The conditions of transaction are as follows.
(In the event there are multiple choices, please listen to the employee's explanation and place a check mark inside
the appropriate [ ] )

Loan subject                                                 Transaction                       [ ] Line transaction
                                                             classification                    [ ] Independent transaction
-----------------      -----------------------------         --------------------------        ---------------------------
                                                                                               [ ] Agreed interest rate +
                                                      Arrayed compensation rate                added interest
Loan(Limit)            Two billion five hundred       (Standard contract                       [ ] % pa
Amount                 million won                    Article 3 Clause 5)                      (may change during loan per
-----------------      ----------------------------- --------------------------                ---------------------------
                       [ ] Market interest + added/subtracted interest ( )%
                       [ ] won currency interest + added/subtracted interest ( )%
                       [ ] total limit standard interest + added/subtracted interest ( )%
                       [ ] Exterior loan rate + added/subtracted interest ( )%
                       [ ] Fixed interest (until end of loan period %)
                       [ ] Miscellaneous ( )
                       (the interest rate between time of agreement and execution may differ,
Interest rate          all interest rates other than fixed rates change during the period)
-----------------      --------------------------------------------------------------------------------------
                       ( ) ( ) ( )                    Loan execution (start)      Payment of loan amount or r
                                                                                  limit
Loan period            For yearly loans, leave month --------------------------
                       and day blank                  Expiry of loan (repayment) Loan expiry month (day)

-----------------      ----------------------------- -------------------------- ---------------------------
                       [ ] Extend loan period without extension application and
Extension of           notification upon expiry of loan period
loan period            [ ] Extend only with application
                       --------------------------------------------------------------------------------------

-----------------      --------------------------------------------------------------------------------------




                                                         6
                    [ ] Execute the whole amount on commencement of loan
                    [ ] Part execution after confirmation of the bank of capital purpose
                    and required amount based on documentary evidence and spot goods
Method of loan      [ ] Execute as required by the customer with preset credentials
execution           [ ] Miscellaneous (                                                         )
-----------------   --------------------------------------------------------------------------------------
                    [ ] Repayment of the whole amount on expiry of loan
                    [ ] Defer payment for ( ) years ( ) months after commencement,
                    installment repayment from ( ) ( ) ( ) every ( )months
                    [ ] Repaid freely over time, the remaining amount shall be repaid
                    temporarily before or on the expiry of first revolution, the whole
                    amount shall be repaid on the expiry of loan period
                    [ ] Installment repayment every month
                    [ ] Repayment on payment date of bill
Method of           [ ] Miscellaneous
repayment               (                                                     )
-----------------   --------------------------------------------------------------------------------------
                    [ ] Monthly repayment after execution of loan
                    [ ] Based on expiry of loan, payment o every month or every three
                    months
                    [ ] Payment on monthly settlement date set by the bank
                    [ ] Initial interest on execution, latter interests on the final day
                    of calculation of paid interest
                    [ ] Paid prior to the expiry of bill
Time and method     [ ] Payment on installment repayment principal and interest
of interest         repayment
payment             [ ] Miscellaneous
-----------------   --------------------------------------------------------------------------------------
                    [ ] Paid by the loanee (*In the event the bank pays the revenue stamp
                    cost that was to be paid by the loanee it shall be paid within a
                    short period)
* Revenue stamp     [ ] Paid by the bank
-----------------   --------------------------------------------------------------------------------------
                    [ ] In the event of delay of interest or installments, in exception to
                    standard contract Article 7, debt will be incurred without the bank's
                    notice and arrears compensation rate applied
Notifications       [ ] Do not agree
                    --------------------------------------------------------------------------------------
                    [ ] Agree to notification of execution of loan during the period
                    [ ] Do not agree
-----------------   --------------------------------------------------------------------------------------
                    <Example> My savings are as to the attached documents, the following
                    savings (or pledge) is voluntary.

                    Self written column:

Voluntary           * Savings (or pledge) is determined by signing savings transaction
savings and         status chart or filling in the above column.
pledge              [ ] I have received a copy of confirmation and savings transaction
submission          status chart.
-----------------   --------------------------------------------------------------------------------------
* Maintenance of    [ ] Apply Article 7
repayment means     [ ] Do not apply Article 7
-----------------   --------------------------------------------------------------------------------------




                                                7
* Any bank deposit repayments through ATMs or electronic banking means after bank business hours may not
be recorded as being repaid on the day

* If the expiry date of the loan or the date of interest payment is a public holiday (includes Saturdays) it is delayed
until the next business day.

ARTICLE 2 INTEREST RATE

1. Market interest is determined on grounds of CD retail earning rates or industrial fund debt's market price
standard earning rates with the internal interest rates announced by the bank. A new internal rate is applied for
each change in loan interest (every 3 or 6 months.

2. Standard won interest is determined on grounds of a years worth of industrial fund debt's market price
standard earning rates with the internal interest rates announced by the bank and new standard won interest rate
is applied to loan interests each year. In the event the loan period is over a year including extension, from the time
of exceeding one year, 0.25% pa is added each year to a maximum of 1%.

3. Total limit standard interest is on grounds of CD retail earning rates and Korea Bank loan interest with the
interests announced by the bank, external loan interests are as to the interests informed to the bank by the fund
loan institution.

4. Additional or subtracted interest is applied at the execution of the loan due to personal credit, pledge
conditions, loan period and bank's transaction environment, but may change before the expiry of loan through
changes in credit evaluation, pledge conditions and bank's environment.

ARTICLE 3 ARREARS COMPENSATION

1. In the event interests, installment payment or installment payment principal and interest is not paid by the due
date, arrears compensation shall be made according to the amount that was to be paid.

2. In the event the debt is not discharged at the expiry of the loan or the interest of the expiry date lost according
to standard contract of loan transaction Article 7 (including standard contract of loan transaction Article 9,
redemption debt of discount bill), arrears compensation shall be made according to the amount of loan remaining.

3. For discretionary loan and current account loan, arrears compensation shall be made if the limit amount is
exceeded through payout or interest principal according to the amount exceeded.

4. The bank may change the rate, calculation and the payment period of the arrears compensation according to
the standard contract Article 3 Clause 5.

5.

ARTICLE 4 TOTAL AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT
REPAYMENT DATE CHART

1. In the case of an installment repayment loan, the total amount of debt will be decided after the execution. The
method of execution will be based on installment repayment date chart, receipts and other evidences.

2. In the case of installment repayment loan other than installment credit loan and benefit, the bank shall make out
and notify the debt-related persons of an installment repayment date chart.

                                                          8
ARTICLE 5 REDUCTION AND SUSPENSION

1. In the case of a limit transaction or an installment loan, the bank may decide to reduce the loan (line) amount in
Article 1 through notice or temporarily stop the loan execution regardless of the transaction period due to sudden
changes in national economy and financial state or significant deterioration of personal credit state of the debtor.
In this event the debtor shall pay any amount exceeding the line due to the reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons stated in Clause once such
matters are solved and normal loan transaction is possible.

ARTICLE 6 SECURITY AND INSURANCE

The debtor will pledge any buildings or installed facilities along with the land or building it is built on and including
any miscellaneous facilities within as a security to the bank unless otherwise stated by the bank. If the bank so
requests, the debtor shall enter into an insurance of the type and the amount agreed by the bank and place a
pledge for the bank on the insurance claim.

ARTICLE 7 DUTY OF MAINTENANCE OF REPAYMENT MEANS

1. I shall maintain adequate financial ratio as attached at the end for the purpose of maintaining repayment means
for the debts incurred by this contract. In the event of other clauses such as Financial Structure Improvement, it
shall be affixed to the end of this transaction contract and considered a part of this transaction contract.

2. In the event of the following, the bank shall be consulted and agreed upon in advance.

1. Merger, business transfer/acquisition and other sale/rent of important assets

2. Investment on fixed assets for reasons other than specified in the contract

3. Surety for other's debts

4. Entering new business or foreign investment

5. Company structure work out, privatization, or any other significant management changes

3. I shall agree to the acts of following sections if the bank so requires for the maintenance of the transaction
contract.

1. Sales of owned real estates or securities

2. Investment of majority shareholder

3. Issuance of new shares to be purchased or going public of the company

ARTICLE 8 SUBMISSION OF DATA

1. I agree to submit the following documents stated below in each respective period and any other documents
required for the maintenance of the loan contract on the bank's request according to bank's standard contract of
loan transaction Article 17 and Article 19.

1. Each quarter : Surtax returns, trial balance of totals and balances, statement of current debts, sales estimates to
customers and of items

                                                            9
2. Each half-year : Half-year accounts report, surtax returns, trial balance of totals and balances, statement of
current debts, sales estimates to customers and of items

3. Each year : Certified public accountant's inspection report (financial statement of settlements), related
statement of settlements, corporation registration transcript, business registry, shareholders book, article of
corporation, summary sheet of earned income tax collected, estimated statement of settlements (3 years), state of
major business relations, copies each permits and technology permit related documents (KS, ISO, patent rights,
etc), labor-management dispute statement, miscellaneous product descriptions, concentric trades reference data,
etc.

4. On demand : Trial balance of totals and balances, statement of current debts, documentary evidence of asset
spending, etc.

2. I agree to submission of the following documents on request of the bank for the purpose of the company's
foreign currency risk state and maintenance conditions in evaluating credit information.

1. Foreign currency risk maintenance structure and maintenance regulations conditions

2. Foreign currency supply and application statement

3. Foreign currency derivative product trade statement

3. I shall include the statement of current debts in Clause 1 with debt status, large amount loan status, repayment
plans and loan plans according to the bank, but may replace it with credit information document (CRT
information, etc) affixed to the end of this contract. If any information is missing from the above document, it
should be recorded in an empty space then submitted.

4. If any documents in Clauses 1 through 3 is false, forged, altered or is missing information on purpose, I shall be
responsible for the debt according to Article 7 of the standard contract, and will not dispute if registered as
having poor credit record.

Article 9 Miscellaneous special clauses

Debtor :

I have received the bank's standard contract of loan transaction and the copy of this contract, and have
sufficiently heard and understood its contents

Debtor :

Application for automatic transfer of loan principal and interest

I agree that automatic transfer contract between accounts is applied for the purpose of loan principal and interest
repayment and apply for the automatic transfer.

                    Name                                Sign
                    ---------------------------------- ----------------------------
                    Account number
                    ----------------------------------------------------------------
                    Loan account number                 Transfer date
                    ---------------------------------- ----------------------------




Additional transaction contraction (enterprise) is a compulsory contract document and other transaction or
special clauses form a part of the loan transaction contract, therefore confirm related contracts before attaching it
to the primary contract.

                                                         10
EXHIBIT 10.22

Lease agreement form

Contract Details
-----------------------
Lessee                    Escam
-----------------------   ------------------------------------------------------------------------------
                                                                 Kia Automobiles South
Details of Lease          Name of building                       Suwon Building
-----------------------   ------------------------------------- ---------------------------------------
                                                                 Gyonggido Suwonsi
                                                                 Paldalgu Ingyedong 1017 1,
                          Address                                3rd floor 303,304
                          ------------------------------------- ---------------------------------------
                          Area                                   Exclusive                   62.09 pyong
                          ------------------------------------- -------------------------- -----------
                                                                 Public                      49.36 pyong
                                                                 -------------------------- -----------
                          Total                                                111.45 pyong
                          ------------------------------------- ---------------------------------------
Lease period              2005.11.6 - 2006.11.5
-----------------------   ------------------------------------------------------------------------------
Security deposit          W 111,450,000
-----------------------   ------------------------------------------------------------------------------
Monthly rent              W 1,114,500
-----------------------   ------------------------------------------------------------------------------
Monthly maintenance fee   W 1,671,750
-----------------------   ------------------------------------------------------------------------------
Miscellaneous             1. The above prices are tax-exclusive
-----------------------   ------------------------------------------------------------------------------




                                                1
Lease Contract

This Lease Agreement is made and entered into by and between the Lessor Kia Automobiles (hereinafter
referred to as "A") and the Lessee Escam (hereinafter referred to as "B") with respect to the leasing of the real
estate as described below upon the terms and conditions contained herein.

ARTICLE 1 (TERMS AND CONDITIONS)

1. Details of lease

Gyonggido Suwonsi Paldalgu Ingyedong 1017, 1017-1 Kia Automoblies South Building

                                                    (unit : won)

Floor         2. Lease area    3. Lease security deposit        4. Monthly rent     5. Monthly maintenance fee       Miscell
---------     -------------    -------------------------        ---------------     --------------------------       -------
              111.45
3rd floor     pyong                          111,450,000              1,114,500                      1,671,750
---------     -------------    -------------------------        ---------------     --------------------------       -------




6. Purpose of lease: Office building

7. Payment of security deposit: Limited to the day of moving in (All of security deposit)

8. Length of contract: 2005.11.6 - 2006.11.5

ARTICLE 2 (RESTRICTION OF USAGE PURPOSE)

"B" may not use the lease property for a purpose different from the one stated in Article 2 Clause 2. In the event
the property is used for any other purpose, "B" is responsible for all circumstances that may occur.

                                                         2
ARTICLE 3 (COMMENCEMENT, TERMINATION AND HALFWAY TERMINATION OF
CONTRACT)

1. The contract takes effect from the moment of conclusion of contract.

2. The termination of contract occurs on the conclusion of the lease period and on termination or dissolution of
the contract as per each articles of this contract.

3. The contract may be terminated within the lease period provided "A" and "B" inform each other in writing 60
days before the termination of contract. The contract will terminate 60 days after the day of reception of
document. The contract may not be halfway terminated in the first year after the conclusion of contract.

ARTICLE 4 (EXTENSION OF LEASE CONTRACT)
In the event that each fails to notify the Lessee of a refusal to renew this Agreement or of the intention not to
renew it with a written document 2 months before the end of lease contract period, the said lease shall be
automatically extended upon the expiration of the contract period for one year.

ARTICLE 5 (LEASE SECURITY DEPOSIT)

1. The security deposit as determined in Article 1 Clause 3 will be deposited without interest for the duration of
the contract.

2. The security deposit in Clause 1 may be used for the purpose of payment of rent or maintenance fee. Security
deposit restitution claim may not be transferred or offered to another as pledge or for other mortgage purposes.

3. In the event "B" does not pay the all of security deposit to "A" before commencement of lease contract period,
"A" may request delay interest (11% p/a) or terminate the contract unilaterally. In this event contract fee (security
deposit) paid by "B" will be unconditionally vested on "A" and "B" may not claim restitution.

ARTICLE 12 (PROHIBITED ACTS OF "B")

B is prohibited from committing the following acts.

                                                          3
1. Acts against the law

2. Acts disagreeable to the general public

3. Acts of bringing in or storing items that are explosive or dangerous, items that are dangerous or otherwise
disagreeable to health, and items that may damage other property

4. Acts of using oil or gas at discretion

5. Acts of demolishing, damaging or otherwise altering any structure, apparatus or facility installed by "A"

6. Acts of changing the purpose of the contract without approval of "A"

7. Any other acts prohibited by "A"

ARTICLE 13 (A'S EXEMPTION FROM RESPONSIBILITY)

1. "A" shall bear no civil or criminal responsibility for any injury or damage which is caused to "B" due to any such
accident in the relevant premises, as may not be deemed to be attributable to "A," such as a natural disaster.

2. "A" shall bear no responsibility towards "B" in the event of fire, robbery or other accidents as long as "B" can
prove "A" is responsible for the said damage.

ARTICLE 14 (VACATION OF BUILDING AND RESTORATION TO ORIGINAL STATE)

1. Upon termination of the contract, "B" must vacate all property belonging to "B" before the termination, return
all property belonging to "A" and vacate all leased property.

2. Any additional structures built by "B" must be removed by "B" at "B"'s expense and restored to its original
condition at the conclusion of contract 15 days before the termination of contract.

                                                         4
3. If "B" is unable to vacate all property belonging to "B" or is unable to restore the leased property before
vacating "B" shall pay twice the monthly rent (including security deposit interests and monthly maintenance fee) to
"A" from the termination of contract until the date of actual vacation or restoration of the lease property. "A" may
also remove "B"'s property to an appropriate place at "B"'s expense.

ARTICLE 15 (USE OF PARKING AREA)

"B" may park its vehicles at the attached parking area, but "A" may limit the number of vehicles of "B" depending
on the situation of the building.

ARTICLE 16 (INSTALLATION OF SIGN, NAME PLATE OR BILLBOARD)

"B" shall not install any signs, name plates or billboards within or without the leased property without the
agreement of "A". In the event of infringement of this Article, "A" may at its discretion remove the said installations
at "B"'s expense.

ARTICLE 17 (REFUSAL OF PROFIT VALUE)

"B" cannot claim any profit value, necessity cost, premium or any other expenses incurred to "A" for expenses
incurred on the leased property.

ARTICLE 18 (DAMAGE COMPENSATION)

1. In the event "B", its employer or customer destroyed, damaged or otherwise depreciated the value of the
leased property or other facilities inside the building whether purposely or accidentally, "B" shall inform "A"
without delay and compensate for the damages.

2. Damages in Clause 1 shall be determined by "A" based on the current market value at the time of
compensation.

                                                          5
ARTICLE 19 (ACCESS TO PREMISES)

"A", its employer or any other 3rd person designated by "A" may enter the leased property at any time for the
purposes of inspection of the leased property, prevention
of fire, prevention of robbery and rescue acts.

ARTICLE 20 (PAYMENT OF TAX)

Tax incurred on monthly rent and monthly maintenance fee in Article 1 Clauses 4, 5 shall be paid by "B", and
shall be included in the monthly maintenance fee and monthly rent paid to "A".

ARTICLE 21 (REGULATIONS ON MAINTENANCE OF THE COMPANY BUILDING)

1. According to this contract, any regulations on maintenance of the company building established by "A" is
considered to be a part of the contract.

2. Any regulations on maintenance of the company building to be put into effect after its establishment takes effect
with the announcement to "A" and "B" one month before.

ARTICLE 22 (APPLICATION OF GENERAL LAW AND OTHER REGULATIONS)

In the event where there is no regulation in this contract or disagreement on the interpretation of any ruling in the
contract, the disparity will be decided by mutual agreement of "A" and "B". In the event no mutual agreement can
be reached, commercial custom or general law will be applied.

ARTICLE 23 (JURISDICTION OF ACTION)

Any action arising from this contract will be governed by the court in "A"'s main office site.

                                                          6
For the purpose of proof of conclusion of this contract, 2 copies will be made, signed by the respective parties,
and each shall keep 1 copy.

                                               Year Month Date:

                                                   Lessor (A)

                                                    Address:

                                                    Firm name:

                                                      Name:

                                                   Lessee (B)

                                                    Address:

                                                    Firm name:

                                                      Name:

                                                         7
EXHIBIT 21

List of Subsidiaries

S-Cam Co., Ltd., a Korean corporation
EXHIBIT 31.1

Certification by Bon Kwan Koo, President and Chief Executive Officer of Sorell, Inc.

I, Bon Kwan Koo, certify that:

1. I have reviewed this annual report on Form 10-KSB of Sorell, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report,
fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant
as of, and for, the periods presented in this annual report;

4. The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this annual report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures; and
d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred
during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the
Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the
equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and
report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

          Date:      April    15,   2005
                                                           /s/Bon Kwan Koo
                                                           -------------------------------------
                                                           Bon Kwan Koo
                                                           President and Chief Executive Officer
EXHIBIT 31.2

Certification by Seung Nam Yang, Chief Financial Officer of Sorell, Inc.

I, Seung Nan Yam, certify that:

1. I have reviewed this annual report on Form 10-KSB of Sorell, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this annual report,
fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant
as of, and for, the periods presented in this annual report;

4. The Registrant's other certifying officers and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this annual report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

c) evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures; and

d) disclosed in this report any change in the Registrant's internal control over financial reporting that occurred
during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the
Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the
equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and
report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

              Date:      April    15,   2005

                                                                          /s/Seung Nam Yang
                                                                          ------------------------
                                                                          Seung Nam Yang
                                                                          Chief Financial Officer
EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Sorell, Inc. (the "Company") on Form 10-KSB for the year ended
December 31, 2005, as filed with the Securities and Exchange Commission on the date hereof (the "Periodic
Report"), I, Bon Kwan Koo, President and Chief Executive Officer of the Company, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

2. the information contained in the Periodic Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

          Dated:        April   15,   2005                   /s/Bon Kwan Koo
                                                             ---------------------------------------
                                                             Bon Kwan Koo, President and
                                                             Chief Executive Officer
EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Sorell, Inc. (the "Company") on Form 10-KSB for the year ended
December 31, 2005, as filed with the Securities and Exchange Commission on the date hereof (the "Periodic
Report"), I, Seung Nam Yang, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Periodic Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

2. the information contained in the Periodic Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

               Dated:     April    15,   2005                          /s/Seung Nam Yang
                                                                       ---------------------------
                                                                       Chief Financial Officer

								
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