8-K 1 second8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 3, 2003 EZ Travel, Inc. -------------------------------------------------- (Exact name of Registrant as specified in charter) Nevada 0-49795 80-0001653 ---------------------------- ----------- ----------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification) 3415 Ocatillo Way, North Las Vegas, NV 89031 ------------------------------------------ -------------- (Address of principal executive offices) (zip code) Issuer's telephone number: (702) 221-1952 ---------------- Not Applicable -------------------------------------------------------------- (Former name or former address, if changed, since last report) 1 Item 1. Changes in Control of Registrant. On January 3, 2003, EZ Travel, Inc., ("EZ Travel") (OTCBB EZTL), entered into a Stock Purchase Agreement with World Information Technology Inc., incorporated under the Company Law of the Republic of China ("World Info."). Under the terms of the agreement, EZ Travel will purchase from World Info. an aggregate of at least 80% of the common stock of World Info. As consideration for such shares, EZ Travel will transfer to World Info. the number of shares calculated under the following formula. For the delivery of 100% of World Info.'s issued and outstanding common stock, EZ Travel will transfer 13,000,000 shares of common stock to World Info.; Under the Agreement, World Info. will assume control of the Board of Directors upon closing. Closing shall occur thirty days after the date of the Agreement or such later time mutually agreed upon by both parties, once all conditions precedent have been satisfied. The new board of directors will consist of the following individuals: Hsueh Chu Lin, Yung Fen Cheng, Yu Yen Kuo and Wei Kuo Hsu Lin, Shui Mei Lin and yu Chi Cheng. More detailed terms of the acquisition are set forth in the Stock Purchase Agreement attached hereto as Exhibit 1.1. World Info., Founded in 1998 and based in Taipei, Taiwan, the company specializes in e-commerce related business, online audio-visual programming and broadcasting, design, host, and maintains virtual stores on the Web, Promotional audio, video, advertisement productions. The company has introduced Taiwan's first all-around online video streaming solution for integrated TV post-production live custom program. Also has developed proprietary interactive real-time two-way data communications. Through its 80% owned International Joyful Shopping Mall the company has set up various online shopping channels and has become a dominant force in e-commerce in Taiwan. Addressing the challenge of integrating Internet commerce in the future, the World Info. group will continue to uncover an develop promising new areas involving the wireless Internet, entertainment/leisure/finance/ education/shopping, and a whole range of necessary daily functions. The company strives to reach its ultimate goal of providing superior fully integrated services, and create a 24-hour happy online shopping environment that never shuts down. The net earning before taxes for 10 months ending October of 2002 is about $3.6 million US dollars, unaudited. World Info.'s future prospects appear promising, the company has achieved profitability in a very difficult time for Internet related companies and the economy in general. World Info. feels very confident that it will capture a good portion of the market share in the near future with the current business model and aggressive planning for the expected improvement in the economy. With less competition on the horizon, the company is looking to achieve high growth with the possibility of setting up China operations to capture the vast market that is just beginning flourish in internet and e-commerce. World Info. plans to expand it's internet products globally. Item 2. Acquisition or Disposition of Assets As described in Item 1 above, as a result of the Stock Purchase Agreement, EZ Travel will acquire no less than 80% of the issued and outstanding capital stock of World Info. Please see Item 1 above for additional disclosure regarding the acquisition. EZ Travel will file the required financial statements and pro forma financial information as an amendment to this Form 8-K as soon as practicable but not later than sixty (60) days from the date of this Form.

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EZ Travel, Inc. By: /s/ Edward C. Zimmerman, III Date: January 3, 2003 ---------------------------- --------------- Edward C. Zimmerman, III Chief Executive Officer ------------------------------------------------------------------------------- STOCK PURCHASE AGREEMENT AMONG WORLD INFORMATION TECHNOLOGY INC.., AS SELLER AND EZ TRAVEL, INC., AS PURCHASER January 3, 2003 ------------------------------------------------------------------------------- STOCK PURCHASE AGREEMENT THIS STOCK PURCHASE AGREEMENT ("Agreement") has been made and entered into as of this 3rd day of January, 2003, between World Information Technology Inc. incorporated under the Company Law of the Republic of China ("Seller" or the "Company"), and EZ Travel, Inc., a Nevada Corporation (the "Purchaser"). R E C I T A L S: A. The parties hereto desire to effect a stock sale (the "Stock Sale") pursuant to which Purchaser will purchase from the Seller an aggregate of at least 80% of the common stock of Seller from new capital stock issued by the Seller to be determined as follows: 1. Seller will contact its current shareholders and obtain their agreement to return their shares into Seller's treasury, thereby canceling the currently issued common stock of Seller to the greatest extent possible. 2. At closing, Seller will determine its total remaining issued and outstanding shares of common stock and then issue to Purchaser an aggregate number of common stock equal to the total authorized, but un-issued, common shares still held in Seller's treasury (the "Transferred Shares"). 3. Purchaser shall then pay to Seller as consideration for the Transferred Shares the number of shares of Purchaser's common stock provided by the formula contained in paragraph 2.1 below. B. Pursuant to the Stock Sale, the Seller will sell, and Purchaser will purchase, the Transferred Shares. NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein, the parties hereto agree as follows and do thereby adopt this Agreement. ARTICLE I. DEFINITIONS The terms defined in this Article (except as otherwise expressly provided in this Agreement) for all purposes of this Agreement shall have the respective meanings specified in this Article. "Affiliate" shall mean any entity controlling or controlled by another person, under common control with another person, or controlled by any entity which controls such person. "Agreement" shall mean this Agreement, and all the exhibits, schedules and other documents attached to or referred to in the Agreement, and all amendments and supplements, if any, to this Agreement. "Closing" shall mean the closing of the Transaction at which the Closing Documents shall be exchanged by the parties, except for those documents or other items specifically required to be exchanged at a later time. "Closing Date" shall mean thirty days from the date of this agreement plus any extension as provided herein, or such other date as agreed in writing to by the parties on which the Closing occurs. "Closing Documents" shall mean the papers, instruments and documents required to be executed and delivered at the Closing pursuant to this Agreement. "Code" shall mean the Internal Revenue of 1986, or any successor law, and regulations issued by the Internal Revenue Service pursuant to the Internal Revenue Code or any successor law. "Encumbrance" shall mean any charge, claim, encumbrance, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or restriction of any kind, including any restriction on use, voting (in the case of any security), transfer, receipt of income, or exercise of any other attribute of ownership other than (a) liens for taxes not yet due and payable, or (b) liens that secure the ownership interests of lessors of equipment. "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. "GAAP" shall mean United States generally accepted accounting principles applied in a manner consistent with prior periods. "Material Adverse Effect" means any change (individually or in the aggregate) in the general affairs, management, business, goodwill, results of operations, condition (financial or otherwise), assets, liabilities or prospects (whether or not the result thereof would be covered by insurance) that would be material and adverse to the designated party. "Ordinary Course of Business" shall mean actions consistent with the past practices of the designated party which are similar in nature and style to actions customarily taken by the designated party and which do not require, and in the past have not received, specific authorization by the Board of Directors of the designated party. "SEC" shall mean the Securities and Exchange Commission. "Securities Act" shall mean the Securities Act of 1933, as amended. "Taxes" shall include federal, state and local income taxes, capital gains tax, value-added taxes, franchise, personal property and real property taxes, levies, assessments, tariffs, duties (including any customs duty), business license or other fees, sales, use and any other taxes relating to the assets of the designated party or the business of the designated party for all periods up to and including the Closing Date, together with any related charge or amount, including interest, fines, penalties and additions to tax, if any, arising out of tax assessments. "Transaction" shall mean the Stock Sale contemplated by this Agreement. The following appendices and schedules are attached to and form part of this Agreement: SCHEDULES --------- Description Schedule 3.1.12 Purchaser SEC Documents Schedule 5.2.1 Directors of Purchaser upon Closing ARTICLE II. THE TRANSACTION 2.1 Stock Sale. Subject to the terms and conditions of the Closing Documents, the Seller hereby agrees to sell, transfer and deliver to Purchaser, and Purchaser hereby agrees to purchase and accept, the Transferred Shares, in consideration for the delivery of 13,000,000 shares of common stock of Purchaser as determined by the following formula (the "Purchase Price"): a. For the delivery of 100% of Seller's issued and outstanding common stock -- 13,000,000 shares of Purchaser; 2.2 Securities Law Matters. 2.2.1 Private Offering. The Parties understand that the Transferred Shares to be acquired and delivered to the Seller pursuant to the terms of this Agreement will not be registered under the Securities Act, but will be transferred in reliance upon exemptions available for private transactions, and that each is relying upon the truth and accuracy of the representations set forth in the Investment Letter signed by the Seller and delivered concurrently with the execution of this Agreement. The certificate representing the Transferred Shares in the name of the Seller pursuant to the terms of this Agreement shall bear the following legend: THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED UNLESS THEY ARE SO REGISTERED OR, IN THE OPINION OF COUNSEL ACCEPTABLE TO THIS CORPORATION, SUCH TRANSFER IS EXEMPT FROM REGISTRATION. ARTICLE III. REPRESENTATIONS AND WARRANTIES 3.1 Representations and Warranties of the Seller. The Seller hereby represents and warrants to Purchaser that: 3.1.1. Organization of the Company; Foreign Qualification. The Company is duly organized, validly existing, and in good standing under the laws of the Republic of China and has all requisite corporate power, franchises, and licenses to own its property and conduct the business in which it is engaged. Each of the Company and the Seller have the full power and authority (corporate or otherwise) to execute, deliver and perform their respective obligations under this Agreement and the Closing Agreements to which it is a party. A complete set of the Company's corporate records, including its Certificate of Incorporation, Bylaws, minutes, transfer records, have been delivered or made available to Purchaser. The Company is duly qualified and in good standing as a foreign corporation in every jurisdiction in which such qualification is necessary, except to the extent the failure to be so qualified is not reasonably expected to result in a Material Adverse Effect. 3.1.2 Capitalization; Ownership of Transferred Shares. 3.1.2.1 The Company has an authorized capital stock consisting of 17,100,000 shares of common stock, of which 13,000,000 shares are issued and outstanding and has issued no shares of preferred stock. All of the shares of Company Stock have been validly issued, fully paid, are non-assessable, and were issued in compliance with any preemptive or similar rights and in compliance with applicable laws. 3.1.2.2. The Company does not have any outstanding subscriptions, options, preferred stock, rights, warrants, convertible securities or other agreements or commitments to issue, or contracts or any other agreements obligating the Company to issue, or to transfer from treasury, any shares of its capital stock or membership interests, as applicable, of any class or kind, or securities convertible into such stock or interests. No persons who are now holders of Company Stock, and no persons who previously were holders of Company Stock, are or ever were entitled to preemptive rights other than persons who exercised or waived those rights. 3.1.2.3. There is no outstanding vote, plan, pending proposal or right of any person to cause any redemption of Company Stock. Neither the Company nor any of its Affiliates, is under any obligation, contract or other arrangement to register (or maintain the registration of) any of its or their securities under federal or state securities laws. 3.1.2.4. Neither the Company nor the Seller is a party to any agreement, voting trust, proxy or other agreement or understanding of any character, whether written or oral, with any other stockholders of the Company with respect to or concerning the purchase, sale or transfer or voting of the Company Stock or any other security of the Company. 3.1.2.5. Neither the Company nor the Seller has any legal obligations, absolute or contingent, to any other person or entity to sell the assets, or any capital stock or any other security of the Company or any of its subsidiaries or affect any merger, consolidation or other reorganization of the Company or any of its subsidiaries or to enter into any agreement with respect thereto, except pursuant to this Agreement. 3.1.2.6. The Seller is the sole beneficial and record holders of the Transferred Shares. The Seller holds the Transferred Shares free and clear of any Encumbrance of any kind whatsoever. The Transferred Shares represent all of the issued and outstanding common stock of the Company. 3.1.3. Subsidiaries. The Company does not have any subsidiaries (whether held directly or indirectly) or any equity investment in any corporation, partnership, joint venture or other business. 3.1.4. Real Estate. The Company does not own any real estate or any interest in any real estate. 3.1.5. Authority Relative to the Closing Documents; Enforceability. The Seller is not suffering from any legal disability which would: (a) prevent them from executing, delivering or performing their obligations under the Closing Documents or consummating the Transaction, (b) make such execution, delivery, performance or consummation voidable or subject to necessary ratification, and (c) require the signature or consent of any third party in connection therewith for the Transaction to be binding and enforceable against the Seller and its property. The Closing Documents have been duly and validly executed and delivered by the Seller and each constitutes the legal, valid and binding obligation of the Seller, enforceable against them in accordance with their respective terms, except insofar as the enforcement thereof may be limited by the Insolvency/Equity Exceptions. 3.1.6. Title to Assets. The Company has good and marketable title free and clear of any Encumbrance in and to all of the assets and properties identified to Purchaser. 3.1.7. Material Contracts. Except as disclosed to Purchaser, the Company is not a party to or bound by any agreement or contract. 3.1.8. Compliance with Other Instruments; Consents. Neither the execution of any Closing Document nor the consummation of the Transaction will conflict with, violate or result in a breach or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default), or result in a termination of, or accelerate the performance required by, or result in the creation of any Encumbrance upon any assets of the Company under any provision of the Articles of Incorporation, Bylaws, indenture, mortgage, lien, lease, agreement, contract, instrument, order, judgment, decree, statute, ordinance, regulation or any other restriction of any kind or character to which the Company is bound. 3.1.9. Litigation. There are no legal, administrative, arbitration or other proceedings or claims pending against the Company, nor is the Company subject to any existing judgment which might affect the financial condition, business, property or prospects of the Company; nor has the Company received any inquiry from an agency of the federal or of any state or local government about the Transaction, or about any violation or possible violation of any law, regulation or ordinance affecting its business or assets. 3.1.10. Taxes. The Company either: (a) has timely filed with the appropriate taxing authority all Tax and information returns required to have been filed by the Company or (b) has timely filed for any required extensions with regard to such returns. All Taxes of the Company have been paid (or estimated Taxes have been deposited) to the extent such payments are required prior to the date hereof or accrued on the books of the Company. The returns were correct when filed. There are no pending investigations of the Company concerning any Tax returns by any federal, state or local Taxing authority, and there are no federal, state, local or foreign Tax liens upon any of the Company's assets. 3.1.11. Compliance with Law and Government Regulations. The Company is in compliance with, and is not in violation of, applicable federal, state, local or foreign statutes, laws and regulations (including without limitation, any applicable environmental, building, zoning or other law, ordinance or regulation) affecting the Company or its properties or the operation of its business. The Company is not subject to any order, decree, judgment or other sanction of any court, administrative agency or other tribunal. 3.1.12. Trade Names and Rights. The Company does not own any trademarks, trademark registrations or applications, trade names, service marks, copyrights, copyright registrations or applications. No person owns any trademark, trademark registration or application, service mark, trade name, copyright or copyright registration or application, the use of which is necessary or contemplated in connection with the operation of the Company's business. 3.1.13. Full Disclosure. None of the representations and warranties made by the Seller herein, or in any Closing Document furnished or to be furnished by them hereunder contain or will contain any untrue statement of material fact, or omits any material fact, the omission of which would be misleading. 3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to Seller that: 3.2.1 Organization of Purchaser; Foreign Qualification. Purchaser is duly organized, validly existing, and in good standing under the laws of the state of Nevada and has all requisite corporate power, franchises, and licenses to own its property and conduct the business in which it is engaged. Purchaser has the full power and authority (corporate or otherwise) to execute, deliver and perform its obligations under this Agreement and the Closing Agreements to which it is a party. A complete set of Purchaser's corporate records, including its Certificate of Incorporation, Bylaws, minutes, transfer records, have been delivered or made available to Seller. Purchaser is duly qualified and in good standing as a foreign corporation in every jurisdiction in which such qualification is necessary, except to the extent the failure to be so qualified is not reasonably expected to result in a Material Adverse Effect. 3.2.2. Capitalization; Ownership of Transferred Shares. 3.2.2.1. Purchaser has an authorized capital stock consisting of 60,000,000 shares of common stock, par value $0.001 per share, of which 3,600,000 shares are issued and outstanding and 15,000,000 shares of preferred stock $0.001 par value per share, of which no shares are outstanding. All of the shares of Company Stock have been validly issued, fully paid, are non-assessable, and were issued in compliance in compliance with applicable federal and state securities laws. 3.2.2.2. Purchaser does not have any outstanding subscriptions, options, preferred stock, rights, warrants, convertible securities or other agreements or commitments to issue, or contracts or any other agreements obligating Purchaser to issue, or to transfer from treasury, any shares of its capital stock or membership interests, as applicable, of any class or kind, or securities convertible into such stock or interests. No persons who are now holders of Purchaser's common stock, and no persons who previously were holders of Purchaser's common stock, are or ever were entitled to preemptive rights other than persons who exercised or waived those rights. 3.2.2.3. There is no outstanding vote, plan, pending proposal or right of any person to cause any redemption of Purchaser's common stock. Neither Purchaser nor any of its Affiliates, is under any obligation, contract or other arrangement to register (or maintain the registration of) any of its or their securities under federal or state securities laws. 3.2.2.4. The Purchase Price Shares shall be validly issued from the Purchasers authorized common stock. 3.2.3. Subsidiaries. Purchaser does not have any subsidiaries (whether held directly or indirectly) or any equity investment in any corporation, partnership, joint venture or other business, except as disclosed in the SEC Documents. 3.2.4. Real Estate. Purchaser does not own any real estate or any interest in any real estate, except as disclosed in the SEC Documents. 3.2.5. Authority Relative to the Closing Documents; Enforceability. Purchaser is not suffering from any legal disability which would: (a) prevent it from executing, delivering or performing its obligations under the Closing Documents or consummating the Transaction, (b) make such execution, delivery, performance or consummation voidable or subject to necessary ratification, and (c) require the signature or consent of any third party in connection therewith for the Transaction to be binding and enforceable against Purchaser and its property. The Closing Documents have been duly and validly executed and delivered and each constitutes the legal, valid and binding obligation, enforceable against Purchaser in accordance with their respective terms, except insofar as the enforcement thereof may be limited by the Insolvency/Equity Exceptions. 3.2.6. Material Contracts. Except as disclosed in the SEC Documents, Purchaser is not a party to or bound by any agreement or contract. Purchaser represents and warrants that all of its Material Contracts are terminable unilaterally by Purchaser without penalty or restriction or have already been properly terminated. 3.2.7. Labor Matters. There are presently no employment or consulting contracts with, or covenants against competition by, any present or former employees of Purchaser. Purchaser has no employees other than its sole officer. 3.2.8. Compliance with Other Instruments; Consents. Neither the execution of any Closing Document nor the consummation of the Transaction will conflict with, violate or result in a breach or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default), or result in a termination of, or accelerate the performance required by, or result in the creation of any Encumbrance upon any assets of Purchaser under any provision of the Articles of Incorporation, Bylaws, indenture, mortgage, lien, lease, agreement, contract, instrument, order, judgment, decree, statute, ordinance, regulation or any other restriction of any kind or character to which Purchaser is bound. 3.2.9. Financial Statements. Purchaser's audited financial statements (the "Purchaser Financial Statements") for the year ended December 31, 2002, copies of which have been delivered to Seller, are true and complete in all material respects, and have been prepared in accordance with GAAP for the period covered by such statements, and fairly present, in accordance with GAAP, the properties, assets and financial condition of Purchaser, and results of its operations as of the dates and for the periods covered thereby. Except as may be disclosed in the SEC Documents, there has been no material adverse change in the business operations, assets, properties, prospects or condition (financial or otherwise) of Purchaser, taken as a whole, from that reflected in the Purchaser Financial Statements. As of the Closing date, Purchaser does not have any debts, liabilities or obligations of any nature, whether accrued, absolute, un-matured, contingent, or otherwise, whether due or to become due. There are and will be at closing no accounts payable and no liabilities owed by Purchaser. 3.2.10. Litigation. There are no legal, administrative, arbitration or other proceedings or claims pending against Purchaser, nor is Purchaser subject to any existing judgment which might affect the financial condition, business, property or prospects of Purchaser; nor has Purchaser received any inquiry from an agency of the federal or of any state or local government about the Transaction, or about any violation or possible violation of any law, regulation or ordinance affecting its business or assets. 3.2.11. SEC Documents. Purchaser has furnished or made available to Seller a true and complete copy of each report, schedule, registration statement and proxy statement filed by Purchaser with the SEC since the inception of Purchaser (as such documents have since the time of their filing been amended, the "SEC Documents"), a list of which is attached as Schedule 3.1.12. Purchaser has timely filed with the SEC all documents required to have been filed pursuant to the Securities Act and the Exchange Act. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act, or the Exchange Act, as the case may be, and the rules and regulations of the SEC thereunder applicable to such SEC Documents, and none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 3.2.12. Taxes. Purchaser either: (a) has timely filed with the appropriate taxing authority all Tax and information returns required to have been filed by Purchaser or (b) has timely filed for any required extensions with regard to such returns. All Taxes of Purchaser have been paid (or estimated Taxes have been deposited) to the extent such payments are required prior to the date hereof or accrued on the books of Purchaser. The returns were correct when filed. There are no pending investigations of Purchaser concerning any Tax returns by any federal, state or local Taxing authority, and there are no federal, state, local or foreign Tax liens upon any of Purchaser's assets. 3.2.13. Compliance with Law and Government Regulations. Purchaser is in compliance with, and is not in violation of, applicable federal, state, local or foreign statutes, laws and regulations (including without limitation, any applicable environmental, building, zoning or other law, ordinance or regulation) affecting Purchaser or its properties or the operation of its business. Purchaser is not subject to any order, decree, judgment or other sanction of any court, administrative agency or other tribunal. 3.2.14. Trade Names and Rights. Purchaser does not use any trademark, service mark, trade name, or copyright in its business, nor does it own any trademarks, trademark registrations or applications, trade names, service marks, copyrights, copyright registrations or applications. No person owns any trademark, trademark registration or application, service mark, trade name, copyright or copyright registration or application, the use of which is necessary or contemplated in connection with the operation of Purchaser's business. 3.2.15. OTCBB Status. Purchaser is currently eligible for trading on the Over- the-Counter Bulletin Board ("OTCBB"), and Purchaser does not have any reason to believe that its current market makers will cease to make a market following the Closing. Purchaser shall take all necessary action to continue to maintain its eligibility for quotation on the OTCBB. 3.2.16. Investment Company Act. Purchaser is not, and upon completion of the Transaction will not be, subject to registration as an investment company under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder. 3.2.17. Full Disclosure. None of the representations and warranties made by Purchaser herein, or in any Closing Document furnished or to be furnished by them hereunder contain or will contain any untrue statement of material fact, or omits any material fact, the omission of which would be misleading. ARTICLE IV. ADDITIONAL COVENANTS AND AGREEMENTS OF THE PARTIES 4.1. Filing with Securities and Exchange Commission. Upon the consummation of this Agreement, if required to do so by law, Purchaser shall file with the SEC an Information Statement on Schedule 14F (the "Schedule 14F") or such other documents as may be required, disclosing the anticipated resignation of the current directors and appointment of the anticipated new directors as provided herein, in a form that will satisfy the requirements of law. The parties agree to cooperate in the preparation and filing of such report or any other filings to be filed with the SEC. 4.2. Brokers or Finders. Each party agrees to hold the others harmless and to indemnify them against the claims of any persons or entities claiming to be entitled to any brokerage commission, finder's fee, advisory fee or like payment from such other party based upon actions of the indemnifying party in connection with the Transaction. ARTICLE V. CLOSING DELIVERIES 5.1. The Closing. The Closing shall take place on or before the Closing Date (unless such date is extended by the mutual agreement of the parties) at such location as agreed to by the parties. Notwithstanding the location of the Closing, each party agrees that the Closing may be completed by the exchange of undertakings between the respective legal counsel for the Seller and Purchaser, provided such undertakings are satisfactory to each party's respective legal counsel. 5.2. Deliveries by the Purchaser. Purchaser hereby agrees to deliver, or cause to be delivered, to Seller the following items on Closing: 5.2.1. Certified Resolutions. Copies of the resolutions, certified by an officer of Purchaser, of the Board of Directors of Purchaser: (a) duly electing the persons set forth on Schedule 5.2.1 to serve as directors of Purchaser effective on the business day following the expiration of the ten-day period following the filing of the Schedule 14F with the SEC and mailing thereof to the stockholders of the Company (the "Resignation Date"), if required; and (b) approving the terms of this Agreement for purposes of Nev. Rev. Stat. Sec. 78.438(1) and 78.378 - 78.3793. 5.2.2. Resignations. A copy of the resignations of the existing directors and officers of Purchaser, to be effective as of the Resignation Date. 5.2.3. Termination of Contracts. Evidence satisfactory to the Seller that all material contracts and all payables and liabilities have been terminated, effective as of the Resignation Date without any payment by, or continuing liability to, the Company. 5.2.4. Stock Certificates. A stock certificate or certificates representing the Purchase Price Shares issued in the name of Seller. 5.2.5. SEC Filings. Evidence that all SEC filings have been properly certified and filed with the SEC. 5.2.6. Transfer Agent Direction. A direction of Purchaser to its transfer agent to register the Purchase Price Shares in the name of the Seller with the legend set forth in paragraph 2.2.1 of this Agreement or such legend as is otherwise required by law. 5.3. Deliveries by Seller. Seller hereby agrees to deliver to the Purchaser the following items on Closing: 5.3.1. Certified Resolutions. Copies of the resolutions, certified by an officer of the Company, of the Board of Directors of the Company approving the terms of this Agreement, and a copy of the resolution of the shareholders of the Company approving the sale of the Transferred Shares. 5.3.2. Stock Certificates. A stock certificate or certificates representing the Transferred Shares, together with such stock powers, legal opinions and all other documentation required by the Company's transfer agent to reissue such shares in the name of Purchaser. 5.3.3. Transfer Agent Direction. A direction of the Company to the Company's transfer agent to register the Transferred Shares in the name of the Purchaser with the legend set forth in paragraph 2.2.1 of this Agreement or such legend as is otherwise required by law. ARTICLE VI. CONDITIONS PRECEDENT TO PURCHASER' OBLIGATION TO CLOSE Purchaser's obligation to purchase the Transferred Shares and to take the other actions required to be taken by Purchaser at the Closing is subject to the satisfaction, at or prior to Closing, of each of the following conditions (any of which may be waived by Purchaser, in whole or in part): 6.1. Performance of Covenants. The Seller shall have performed all covenants and agreements required to be completed prior to or on closing, including completion of the deliveries required by Section 5.3 of this Agreement. 6.2. Accuracy of Representations. All of Seller's representations and warranties in this Agreement (considered collectively), and each of Seller's representations and warranties (considered individually), must have been accurate in all material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if made on the Closing Date. ARTICLE VII. CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE The Seller's obligation to sell the Transferred Shares and to take the other actions required to be taken by Seller at the Closing is subject to the satisfaction, at or prior to Closing, of each of the following conditions (any of which may be waived by the Seller, in whole or in part): 7.1. Performance of Covenants. Purchaser shall have performed all covenants and agreements required to be completed prior to or on closing, including completion of the deliveries required by Section 5.2 of this Agreement. 7.2. Accuracy of Representations. All of Purchaser's representations and warranties in this Agreement (considered collectively), and each of Purchaser's representations and warranties (considered individually), must have been accurate in all material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if made on the Closing Date. 7.3. Additional Conditions. As a condition to the transaction, Seller additionally undertakes, at its cost and expense: (A) To obtain audited financials from an accredited SEC CPA firm for Seller's three previous years of operation; and reviewed interim financials, if applicable, for any stub period within 60 days of the closing of this transaction. (B) Seller will pay all attorney's fees to Cane O'Neil Taylor LLC, Purchaser's corporate counsel, including a retainer of $10,000.00, consistent with the execution of this agreement, necessary to execute the transaction contained herein, (C) To bring Seller's patent copyright and trademark filings current with all State and Federal agencies, including without limitation, the United States Patent and Trademark Offices for all intellectual property ("IP") and obtaining a representation letter from Counsel that (i) all World Info.'s IP is protected, (ii) is not subject to rights of any other party or entity, and, (iii) any inventor, creator or author of any of the IP has assigned the same to World Info. ARTICLE VIII. SURVIVAL OF REPRESENTATIONS 8.1 Representations to Survive Closing. The representations and warranties of the Seller and Purchaser contained herein or in any document furnished pursuant hereto shall survive the Closing of the Transaction for a period of one year following the Closing. Each party acknowledges and agrees that, except as expressly set forth in this Agreement or any Closing Document, no party has made (and no party is relying on) any representation or warranties of any nature, express or implied, regarding any or relating to any of the transactions contemplated by this Agreement. ARTICLE IX. MISCELLANEOUS 9.1. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed delivered if delivered by hand, by telecopier, by courier or mailed by certified or registered mail, postage prepaid, addressed to the following persons at their last know or provided address: If to the Seller: Hsueh Chu Lin, President 12 Floor, No. 1-1 Chung Ching N. Road Taipei, Taiwan Republic of China If to Purchaser: Edward C. Zimmerman, III Chief Executive Officer 3415 Ocatillo Way North Las Vegas, NV 89031 9.2. Assignability and Parties in Interest. This Agreement shall not be assignable by any of the parties hereto without the consent of all other parties hereto. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors. Nothing in this Agreement is intended to confer, expressly or by implication, upon any other person any rights or remedies under or by reason of this Agreement. 9.3. Expenses. Each party shall bear its own expenses and costs, except as provided in Section 7.3 (B), incurred in connection with the preparation of the Closing Documents and consummation of the Transaction. 9.4. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Nevada. Each of the parties hereto consents to the personal jurisdiction of the federal and state courts in the State of Nevada in connection with any action arising under or brought with respect to this Agreement. 9.5. Counterparts. This Agreement may be executed as of the same effective date in one or more counterparts, each of which shall be deemed an original. 9.6. Headings. The headings and subheadings contained in this Agreement are included solely for ease of reference, and are not intended to give a full description of the contents of any particular Section and shall not be given any weight whatever in interpreting any provision of this Agreement. 9.7. Pronouns, Etc. Use of male, female and neuter pronouns in the singular or plural shall be understood to include each of the other pronouns as the context requires. The word "and" includes the word "or". The word "or" is disjunctive but not necessarily exclusive. 9.8. Complete Agreement. This Agreement, the Appendices hereto, and the documents delivered pursuant hereto or referred to herein or therein contain the entire agreement between the parties with respect to the Transaction and, except as provided herein, supersede all previous negotiations, commitments and writings. 9.9. Modifications, Amendments and Waivers. This Agreement shall not be modified or amended except by a writing signed by each of the parties hereto. Prior to the Closing, the Seller may amend any of the disclosure schedules referenced herein by giving the other party notice of such amendments. If such amended disclosures reveal material adverse information about the Company, Purchaser may terminate this Agreement without liability to the Seller. 9.10. Severability. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of law or public policy, all other terms and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the Transaction is not affected in any manner adverse to any party hereto. Upon any such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in any acceptable manner to the end that the Transaction are consummated to the extent possible. IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. PURCHASER: /s/ Edward C. Zimmerman, III --------------------------------- Edward C. Zimmerman, III Chief Executive Officer EZ Travel, Inc. SELLER: /s/ Hsueh Chu Lin --------------------------------- World Information Technology Inc. SCHEDULE 3.1.12 --------------- COMPANY SEC DOCUMENTS

SCHEDULE 5.2.1 DIRECTORS OF PURCHASER UPON CLOSING The Company Directors upon Closing ---------------------------------- Hsueh Chu Lin, Yung Fen Cheng, Yu Yen Kuo, Wei Kuo Hsu Lin, Yu Chi Cheng and Shiu Mei Lin 5 or 7 with at least 2 outside directors to meet AMEX/NASD Requirements

EZ TRAVEL INC 8-K