This excerpt taken from the LPL 20-F filed Apr 11, 2005.
WHEREAS, NEG and LPL desire to own and manage a joint venture company in Korea to engage in the business of after-processing of material glass sheets of substrate glass for TFT-type LCDs (LCD Glass) and sales, distribution and service thereof in Korea, and other legitimate business purposes agreed upon by the Parties;
WHEREAS, the JVC has been first established by NEG as its wholly-owned subsidiary on January 3, 2005 having issued and outstanding 100,000 shares with a par value of 10,000 Won and with the aggregate paid in capital amount of 1,000,000,000 Won;
WHEREAS, LPL will subscribe to new shares issued by the JVC in an amount necessary to own forty percent (40%) of the entire issued share capital and voting rights of the JVC;
WHEREAS, the JVC will be reformed into a joint venture between NEG and LPL; and
WHEREAS, NEG, LPL and the JVC desire to set forth the terms and conditions regarding the subscription of new shares issued by the JVC and the management of the JVC.
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Parties hereby agree as follows: