UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): April 18, 2018

 

 

 

PACIFIC WEBWORKS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Nevada
(State or other jurisdiction
of incorporation)

 

000-26731
(Commission File Number)

 

87-0627910
(I.R.S. Employer
Identification No.)

 

3136 MISSION GORGE ROAD, SUITE 111

SAN DIEGO, CA 92120

(Address of principal executive offices)

 

Registrant’s telephone number, including area code:  (858) 459-1133

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 


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Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨


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Item 1.01.

Entry into a Material Definitive Agreement

 

 On April 18, 2018, Pacific WebWorks, Inc., a Nevada corporation (the “Company”) entered into a Stock Purchase Agreement (the “SPA”) with Mr. Bansiong Ang (the “Purchaser”) and Mr. Dan Masters (the “Seller”), pursuant to which the Purchaser acquired 10,210,517 shares, representing 98.91% of the issued and outstanding shares of common stock of the Company (the “Shares”) from Seller for an aggregate purchase price of $335,000 (“Stock Purchase”). The transaction contemplated in the SPA closed on April 18, 2018 (the “Closing”). The Stock Purchase is a private transaction exempt from registration pursuant to Regulation S of the Securities Act of 1933, as amended (the “Act”).

 

As the result of the Closing, the Purchaser became the beneficial owner of approximately 98.91% of the Company’s issued and outstanding common stock. The Shares constitute “restricted securities” within the meaning of Rule 144 of the Act and may not be sold, pledged, or otherwise disposed of by the Purchaser without restriction under the Act and applicable state securities laws. The transaction has resulted in a change in control of the Company.

 

The Company has appointed two new directors to the Company’s Board of Directors as set forth under Item 5.02 below. As a result the Company now has two Directors.

 

 A copy of the SPA is attached hereto as Exhibit 10.1. The foregoing is only a brief description of the material terms of the SPA, and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to such exhibit.

 

Item 5.01.

Changes in Control of Registrant

 

 

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 5.01 by reference.

 

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

 

 

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 5.01 by reference.

 

(a) Resignation of Directors and Officers

 

Upon the Closing, Mr. Dan Masters resigned from his positions as director, President, Chief Executive Officer, Chief Financial Officer, Secretary of the Company effective 10 days after the filing of schedule 14f-1.

 

There was no disagreement between Mr. Dan Masters and the Company.

 

(b) Appointment of Directors and Officers

 

Upon closing, the following persons were appointed as our directors and officers effective 10 days after the filing of schedule 14f-1:

 

Name

 

  Age

 

Position

Ban Siong Ang

 

4    44

 

Chairman of the Board, CEO and President

Hung Seng Tan

 

   57

 

Executive Director

 

Wendy, Wei Li

 

3    33

 

 

Chief Financial Officer


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Our Chairman, CEO and President - Mr. Ban Siong Ang

 

Mr.  Ban  Siong  Ang was appointed as the Group CEO and Managing Director of HEYU Leisure Holidays Corporation (“HEYU”) in 2014. He also served as interim CFO of HEYU prior to the joining of new CFO.

 

He graduated from University of Southern Queensland, Australia in 1998 and completed his Doctor of Business Administration from Ansted University in 2011. Upon his graduation from Australia, he started his career and worked as Senior Officer in Bursa Malaysia Depository Sdn Bhd (formerly known as Kuala Lumpur Stock Exchange) between 1998 to2004. From 2004 to 2009, he served as Director and principal consultant for Golden Design Renovation and Construction Sdn Bhd. Between 2010 and 2011, he served as General Manager and Directors for E-World Films Production Limited, Big Mine (Hong Kong) Private Limited and Asia Morgan Foundation Financial Ltd. In 2012, he founded Heyu Group of Companies in China, Hong Kong and Malaysia. Heyu Group of Companies are engaged in Leisure and Hotels  management,  Club  membership,  Biotechnology,  Finance  and  Investment, Food & Beverage, Brand Franchising, Advance Entertainment Technology, Event Management, Property Development and Management, land & real estate property development, etc.

 

He is responsible in the formulation and implementation of the HEYU Group’s corporate strategies as well as in charge of the corporate finance and investment management aspects of the Group due to his acute knowledge with rich experience, strong commitment, innovative and dynamic personality. He obtained few Professional Institution Fellowship recognitions from the United Kingdom and also as a member of “The Academic Council on the United Nations System (ACUNS)” in Canada.

 

In view of Mr. Ang humanitarian contributions, he was certified as ASRIA CSR-CAP in recognizing his outstanding contributions to establish, promote and protect humanity, Peace, Culture Human resource development and Education for the well-being of human society through volunteerism. He was also bestowed the Royal Orders from the State of Pahang in Malaysia. 

 

Our Executive Director - Mr. Hung Seng Tan

 

Mr. Hung Seng Tan was appointed as an Executive Director of HEYU in 2014.  In July 2007,  he  graduated  from  Ansted  University  and possessed Bachelor degree in Civil Engineering.

 

Between  March  1980  and  February  1984,  he  worked  at  Hotels  and Restaurants in the United States of America.

 

In June 1984, he started his own business venture in Malaysia and served as Managing Director in Mesin Engineering Sdn Bhd in the field of quarry construction and trading business. Mr Tan is a prominent hand on specialist in town with 30 year experience in the quarry business (River and Marine sand exploratory) and also in earthworks construction project to which he has completed few important infrastructure projects in Malaysia since 1984. Presently, he sits on the Directors of Mesin Engineering Sdn Bhd and Hung Seng Constructions Sdn Bhd in Malaysia since 1984.

 

Mr. Tan’s individual qualifications and skills that led to the conclusion that he should serve as a director and co-founder of Heyu Group of companies to oversee on hotel business, property development and risk management.

 

Our Chief Financial Officer - Ms. Wendy Wei Li

 

Ms. Wendy Wei Li is a certified public accountant in Australia and a member of Certified Public Accountant Australia. She previously worked as a consultant in PricewaterhouseCoopers, focusing on the function of assurance and risk & control, providing services covering from audit, internal control advice and SOX compliance, to both public and private companies until Dec 2011. She then joined one of the China's top 3 Public Relation Companies as Senior Financial Controller till Dec 2016. Before joining the Company as Chief Financial Officer, She worked as Chief Financial Officer in Ascent Capital Communications Corporation. She held the bachelor degree in Queensland University of Technology.


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Item 9.01.

Financial Statements and Exhibits.

 

Exhibit No.

 

Description

 

10.1                         Stock Purchase Agreement by and among Pacific WebWorks, Inc., Bansiong Ang, and Dan Masters dated April 18, 2018.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Pacific Webworks, Inc.

 

 

Date: April 18, 2018

By: /s/ Dan Masters

 

Dan Masters

 

President, Chief Executive Officer and Chief Financial Officer

(Principal Executive, Financial and Accounting Officer)


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STOCK PURCHASE AGREEMENT

THIS   STOCK   PURCHASE   AGREEMENT   is   made   and   entered   into   this   18th   day   of   April,   2018   by   and

among   Pacific   WebWorks,  Inc.  a   Nevada   corporation   (the   " Company "),   Ban   Siong   Ang,   an   individual   (the

" Purchaser "), and Dan Masters, who owns certain shares in the Company (the Seller ), for the sale and purchase

of   an   aggregate   of   Ten   Million Two   Hundred   Ten   Thousand   Five   Hundred   and Seventeen   (10,210,517)   shares   of

the   Company s   common   stock   (the   Shares )   for   an   aggregate   of   Three   Hundred   Thirty-Five   Thousand   U.S.

Dollars ($335,000), representing approximately 98.91% of the issued and outstanding shares of the Company at the

closing   of   the   Securities   Purchase   Agreement    (the   " Total   Purchase   Price "),   subject   to   the   terms   and   conditions

contained in this Agreement.

NOW   THEREFORE,   in   consideration   of   the   mutual   promises   contained   herein   and   other   good   and

valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.     Purchase and Sale. The Seller and Company hereby agree to sell to the Purchaser and the Purchaser, in reliance

on  the   representations   and   warranties   contained  herein,  and   subject  to  the  terms  and  conditions  of   this

Agreement,  agree  to  purchase  from  the  Seller  10,210,517  shares  of  Common  Stock  of  the  Company,

representing 98.91% of the Company s total issued and outstanding Shares for a Total Purchase Price of Three

Hundred   Thirty-Five   Thousand   U.S.   Dollars   ($335,000),   payable   in   immediately   available   funds   in   United

States currency. Purchaser and Seller acknowledge and accept that the trading price of the Shares may decrease

or increase subsequent to the sale of the Shares. Purchaser and Seller waive claims to any losses as a result of

the sale of the Shares.

2.     Closing. The Closing of the purchase and sale of the Shares shall   occur upon the satisfaction or waiver of all

conditions set forth below, but no later than 5 PM EST April 18, 2018, or such other date as may be mutually

agreed by the parties in writing.

2.1.   Stock Split and Issuance of 10,000,000 Shares: the Seller and the Company shall:

2.1.1.    Prior to the Closing, cause the Company to complete 1 for   464 reverse stock split   to decrease

the   total   issued   and   outstanding   Shares   of   the   Company   to   approximately   322,659   ( Stock

Split );

2.1.2.    Prior to the Closing and after the Stock Split, cause the Company to issue Ten Million Shares

(10,000,000) to Seller for cancellation of $10,000 of existing debts and obligations owed to the

Seller by the Company.

2.1.3.    At   the   Closing   the   Escrow   Agent   shall   pay   to   Seller   from   sales   proceeds   $48,022.30,   which

sum is the total of all remaining debt owed to Seller by the Company, and Seller shall provide

escrow   with   a   cancelled   note   evidencing   repayment   of   all   debt   and   obligations   owed   to   the

Seller by the Company.

2.2.   Filing Tax Return: the Seller and the Company shall:

2.2.1.    Prior to the Closing, cause the Company to properly file with the appropriate tax authorities all

tax returns relating to taxes and reports required to be filed for all tax periods ending prior to the

Closing Date (defined below), including, but not limited to 2017 tax return, and such filings are

true, correct and complete.

2.3.   Seller/Company   Deliverables:   Unless   waived   in   writing   by   Purchaser,   the   Seller   and   the   Company

shall:

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2.3.1.    Prior to the Closing, cause the Company to file and mail to each of the Company s stockholders

an information statement required by Rule 14f-1 promulgated under the Exchange Act of 1934,

as amended (the Exchange   Act ), in connection with the change of control to be effectuated

by   the   appointment   of   new   officers   and   directors   at   the   Closing,   which   appointments   will   be

effective 10 days after the filing of the Schedule 14f-1;

2.3.2.    Upon the Closing, deliver to the Purchaser

2.3.2.1. By   overnight   delivery,   the   certificates   for   the   Shares,   along   with   a   duly   executed   stock

power  and  Company  indemnity  letter  in  lieu  of  medallion  guarantee  for  each  such

certificate   (collectively Sales   Documents ),   and the Company   Books   and   Records   listed

in Exhibit A unless otherwise agreed to in writing by the parties;

2.3.2.2. Cause the Company to timely file a Current Report on Form 8-K disclosing the entry by the

Seller of this Agreement;   Confirmation of payment in full of all loans and payables of the

Company, including without limitation, those made by affiliates of the Company;

2.3.2.3.  Signed resignation letters of all existing officers and directors of the Company;

2.3.2.4. Executed Board consents appointing designees of the Purchaser as directors and officers of

the Company;

2.3.2.5. All  Edgar  codes  of  the  Company  necessary  to  make  filings  with  the  Securities  and

Exchange Commission;

2.3.2.6. Contact   information   of   service   providers   of   the   Company   necessary   to   comply   with   SEC

rules and regulations and to maintain the quotation on over the counter bulletin board listed

in Exhibit B ;

2.3.2.7. Confirmation from the Company s auditors that it has received all information and records

desirable   and   necessary   to   review   the   financial   statements   (and   notes)   for   the   quarterly

period ended December 31, 2017; and

2.3.2.8. Written   confirmation   from   the   Company s   stock   transfer   agent   that   it   has   received   all

documentation   necessary   to   effectuate   the   transfer   of   stock   certificates   representing   the

Shares to the Purchaser, including the issuance of stock certificates representing the Shares

to the Purchaser or its designee.

2.4.   Purchaser Deliverables: On the Closing, the Purchaser shall deliver the Purchase Price (subtracted by

$25,000 as it was previously deposited in the escrow) to the Seller in accordance with the wire transfer

instructions   found   in   the   escrow   agreement   entered   into   between   Seller   and   Purchaser   on   March   20,

2018, amended on March 31, 2018 (the Escrow Agreement ).

2.5.   If in any event the Closing does not occur prior to or on April 19, 2018 or any other dates agreed upon

by the parties, the Seller shall cause the Escrow Agent, as defined in the Escrow Agreement, to return

any and all funds deposited by the Purchaser with the Escrow Agreement prior to or on April 19, 2018

in connection with this Agreement.

3.     Resignation   of   Old   and   Appointment   of   New   Board   of   Directors   and   Officers.   The   Company   and   the   Seller

shall   take   such   corporate   action(s)   and   make   such   SEC   filings   on   Schedule   14F-1   in   compliance   with   the

Exchange   Act   Rules   and   as   otherwise   required   by   the   Company   Articles   of   Incorporation   and/or   Bylaws   to

duly (a) appoint the below named persons to their respective positions, to be effective   ten days after filing of

the Schedule 14f-1, and (b) obtain and submit   to the   Purchaser, together   with all required corporate action(s)

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2



the resignation of all members of the board of directors, and any and all corporate officers, all of which actions

shall   be certified and delivered   by Seller to the   Purchaser   to be effective   ten days after filing of the Schedule

14f-1 ,in such form and substance satisfactory to the Purchaser. Following the execution of this Agreement and

through   the   date   of   effectiveness   of   such   resignations,   no   other   officers   or   directors   shall   be   appointed   or

elected to serve the Company except as otherwise expressly provided herein.

Name

Position

Ban Siong Ang

Chairman  of  the  Board,  Chief  Executive  Officer  and

President

Hung Seng Tan

Executive Director

Wendy Wei Li

Chief Financial Officer

4.     Representations   and   Warranties   of   the   Company   and   the   Seller.   Each   of   the   Company   and   Seller   hereby

represents and warrants to each of the following as of the date hereof and the Closing Date   :

4.1.

Corporate Existence and Power. The Company is a corporation duly organized and validly existing

and in good standing under the laws of the jurisdiction of its incorporation or formation. The Company has

the requisite corporate power and authority to carry on its business as presently conducted and as currently

proposed  to  be  conducted,  to  own  and  operate  its  properties  and  assets,  to  execute  and  deliver  this

Agreement,   and   to   carry   out   the   provisions   of   this   Agreement.   The   Company   is   duly   qualified   to   do

business and is in good standing as a foreign company in all jurisdictions in which the nature of its activities

and of its properties makes such qualification necessary, except for those jurisdictions in which failure to do

so would not have a material adverse effect on the Company or its business.

4.2.

Subsidiaries.   The   Company   does   not   own   or   control   any   equity   security   or   other   interest   of   any

other   corporation,   partnership,   limited   liability   company   or   other   business   entity.   The   Company   is   not   a

participant in any joint venture, partnership, limited liability company or similar arrangement.

4.3.

Authorization;  No  Contravention.  The  execution,  delivery  and  performance  by  Seller  of  this

Agreement and the transactions contemplated hereby (a) have been duly authorized by all necessary action

of the Seller and the Company, (b) do not violate, conflict with or result in any breach or default of (or with

due notice or lapse of time or both would result in any breach, default or contravention of), or the creation of

any  lien  under,  any  contractual  obligation  of  the  Seller  or  the  Company  or  any  requirement  of  law

applicable   to   the   Company,   and   (c)   do   not   violate   any   judgment,   injunction,   writ,   award,   decree   or   order

(collectively, " Orders ") of any governmental   authority against, or binding upon, the Company. There are

no  actions,  subpoenas,  suits,  proceedings,  claims,  complaints,  disputes,  arbitrations  or  investigations

(collectively, " Claims ") pending, initiated, or, to the knowledge of the Seller, threatened, at law, in equity,

in arbitration or before any governmental authority against the Company.

4.4.

Governmental   Authorization;   Third   Party   Consents.   No   consent,   approval,   authorization,   order,

registration or qualification (each, an " Authorization ") of or with any governmental authority or any other

person is required for the execution, delivery or performance (including, without limitation, the sale of the

Shares) by, or enforcement against, the Company of this Agreement or the consummation by the Company

of   the   transactions   contemplated   by   this   Agreement,   except   (i)   such   Authorizations   as   have   already   been

obtained or (ii) as otherwise provided in this Agreement.

4.5.

Capitalization.

4.5.1.    The Company's authorized capital stock consists solely of 150, 000, 000 shares of common

stock, of which approximately 10,322, 659 shares will be issued and outstanding at closing, and   no

preferred   stock,   of   which   no   shares   is   issued   and   outstanding.   All   shares   of   Company   stock   are

owned of record by the shareholders in the amounts set   forth in the Shareholder s list   delivered at

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closing.   There   are   no   outstanding   dividends,   whether   current   or   accumulated,   due   or   payable   on

any of the capital stock of the Company.

4.5.2.    Seller is the legal owner, and has good and marketable title (beneficially and of record) to

the   portion   of   the   Shares   he   owns.   All   of   the   Shares,   when   sold   to   the   Purchaser   pursuant   to   this

Agreement,    will    be:    (i)    duly    authorized,    validly    issued,    and    outstanding;    (ii)    fully    paid,

non-assessable, and free of preemptive rights; and (iii) free and clear of any and all pledges, claims,

restrictions,   charges,   liens,   security   interests,   encumbrances,   or   other   interests   of   third   parties   of

any nature whatsoever. As of the date hereof: (i) there are no outstanding options, warrants, rights,

commitments,   or   agreements   of   any   kind   for   the   issuance   or   sale   of,   or   outstanding   securities

convertible into, any additional shares of capital stock of any class of the Company; (ii) there are no

voting   trusts,   voting   agreements,   proxies,   or   other   agreements,   instruments,   or   undertakings   with

respect to the voting of any Company securities to which the Company or any of its shareholders is

a  party;  and  (iii)  there  are  no  restrictions  on  transfer  of  any  Company  securities  except  for

restrictions   imposed   by   applicable   laws   or   by   the   express   terms   of   this   Agreement.   There   are   no

contracts, commitments,   understandings   or arrangement   by which the Company is bound to issue

additional registered capital, share capital or other securities.

4.6.

Agreements.

Except   for   this   Agreement   and   except   as   disclosed   in   the   Company s   SEC   Reports,   there   are   no

agreements,   understandings,   instruments,   contracts   or   proposed   transactions,   or   judgments,   orders,   writs   or

decrees,   to   which   the   Company   is   a   party   or   by   which   it   is   bound.   The   Company   is   not   a   guarantor   or

indemnitor of any indebtedness of any other person, party or entity. The Company has not declared or paid any

dividends,   or   authorized   or   made   any   distribution   upon   or   with   respect   to   any   class   or   series   of   its   equity

securities.

4.7.

Absence   of   Undisclosed   Liabilities.   As   of   the   closing date,   the   Company   had   no   liabilities   which

arose, either accrued or contingent, of a nature required to be reflected in the financial statements in accordance with

generally accepted accounting principles, and whether due or to become due, which individually or in the aggregate

are reasonably likely to have an adverse effect   on the Company.   The Company has fully paid all   debtors, vendors

and service providers for all obligations that have become due and payable as of the Closing Date.

4.8.

Absence of Litigation.

There are no lawsuits, actions or administrative, arbitration or other proceedings or governmental investigations

ongoing,   pending   or   threatened   against   or   relating   to   the   Company,   or   the   Company's   properties   or   business.   The

Company has not entered into or been subject to any consent decree, compliance order, or administrative order with

respect   to   any   property   owned,   operated,   leased,   or   used   by   the   Company.   The   Company   has   not   received   any

request for information, notice, demand letter, administrative inquiry, or formal or informal complaint or claim with

respect to any property owned, operated, leased, or used by the Company or any facilities or operations thereon.

4.8.1.   The   Company   has   filed   all   tax   returns   required   to   have   been   filed.   All   such   tax   returns   were

correct and complete in all material respects. All taxes incurred by the Company whether or not shown on any

tax return) have been paid. The Company currently is not the beneficiary of any extension of time within which

to   file any tax   return. To the   Company's   knowledge,   no   claim has   been   made   by an   authority in   a jurisdiction

where the Company does not file tax returns that it is or may be subject to taxation by that jurisdiction. There are

no   actual,   pending   or,   to   the   Company's   or   Seller s   knowledge,   threatened   liens,   encumbrances,   or   charges

against any of the assets of the Company arising in connection with any failure (or alleged failure) to pay any

tax   incurred.   The   Company   has   withheld   and   paid   all   taxes   required   to   have   been   withheld   and   paid  in

connection   with   amounts   paid   or   incurred   to   any   employee,   independent   contractor,   creditor,   shareholder,   or

other third party. To the Company's knowledge, there is no dispute or claim concerning any tax liability of the

Company   either   claimed   or   raised   by   any   authority   in   writing.   The   Company   has   not   waived   any   statute   of

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4



limitations in respect of taxes or agreed to any extension of time with respect to a tax assessment or deficiency.

4.9.     Financial Statements. The Company's financial statements fairly present the assets of the Company and

liabilities of the Company incurred, in each case.

4.10.     Binding Effect. This Agreement has been duly executed and delivered by the Seller, and constitutes the

legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except

as   enforceability   may   be   limited   by   applicable   bankruptcy,   insolvency,   reorganization,   fraudulent   conveyance   or

transfer,  moratorium  or  similar  laws  affecting  the  enforcement  of  creditors'  rights  generally  and  by  general

principles of equity.

4.11.  Private Offering. No registration of the Shares, pursuant to the provisions of the Securities Act of 1933,

as   amended,   or   any   state   securities   or   "blue   sky"   laws,   will   be   required   by   the   sale   of   the   Shares   in   the   manner

contemplated in Section 1 herein. Seller agrees that neither he or she, nor anyone acting on his or her behalf, shall

offer to sell the Shares or any other securities of the Company so as to require the registration of the Shares pursuant

to the provisions of the Securities Act of 1933, as amended, or any state securities or "blue sky" laws.

4.12.   Disclosure. Seller understands and confirms that Purchaser are relying on the representations, warranties

and covenants contained in this Agreement and the disclosures set forth in the reports, forms and other documents

filed with the United States Securities Exchange by the Company (collectively, the SEC Reports ) in entering into

this   Agreement.   All   disclosures   contained   in   the   SEC   Reports   or   otherwise   provided   to   Purchaser   regarding   the

Company,   its   businesses   and   the   transactions   contemplated   hereby,   furnished   by   or   on   behalf   of   Seller   or   the

Company are complete, true and correct and do not contain any untrue statement of a material fact or omit to state

any material fact necessary in order to make the statements made therein, in light of the circumstances under which

they were made, not misleading.

5.     Representations and Warranties of the Purchaser.

The Purchaser represents, warrants, agrees and covenants, to the Seller, as follows:

5.1   Purchaser   is   Not   a   U.S.   Person.   Purchaser   represents   and   warrants   that:   (A)   such   Purchaser   is   not   a   U.S.

person as defined in Rule 902 of Regulation S under the Securities Act (each, U.S. person ); (B) all offers to

acquire   the   Shares   were   made   to   the   Purchaser   while   the   Purchaser   was   outside   the   United   States;   (C)   the

Purchaser s request to acquire the Shares originated while the Purchaser was outside of the United States, (D)

neither   the   Shares   nor   any   interest   therein   will   be   transferred   within   the   United   States,   its   territories   or

possessions or to any U.S. person and (E) the Shares have not been acquired for the benefit of any U.S. person.

5.2. Residency. Purchaser is a resident of the jurisdiction set forth immediately next to Purchaser s name on the

signature page.

5.3.   Limits   on   Transfer   or   Re-sale.   The   Purchaser   acknowledges   and   agrees   that:   (i)   the   sale   of   the   Shares

pursuant to this Agreement has not been and is not being registered under the Securities Act or any applicable

state securities laws, and the Company hares may not be may not be resold, pledged, assigned, hypothecated or

otherwise transferred, with or without consideration ( Transfer ) by any Purchaser unless: (a) the Shares are

resold   or   otherwise   Transferred   in   a   subsequent   transaction   pursuant   to   an   effective   registration   statement

under the Securities Act, (b) the Purchaser shall have obtained, at its cost, an opinion of counsel that shall be in

form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that the

Shares  to  be  resold  or  Transferred  may  be  resold  or  Transferred  pursuant  to  an  exemption  from  such

registration,  (c)  the  Company  hares  are  resold  or  Transferred  to  an   affiliate  (as  defined  in  Rule  144

promulgated under the Securities Act (or a successor rule) ( Rule 144 )) of the Purchaser who agrees to sell or

otherwise   Transfer   the   Securities   only   in   accordance   with   this   Section   5.03   who   is   a   non   US   Person(d)   the

Shares   are   resold   pursuant   to   Rule   144,   or   (e)   the   Shares   are   resold   pursuant   to   Regulation   S   under   the

Securities   Act   (or   a   successor   rule)   ( Regulation   S );   (ii)   any   resale   or   Transfer   of   such   Shares   made   in

{HTFL00042113; 4}

5



reliance on Rule 144 may be made only in accordance with the terms of said Rule and further, if said Rule is

not   applicable,   any   re-sale   or   transfer   of   such   Shares   under   circumstances   in   which   the   Seller   (or   the   person

through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities

Act) may require compliance with some other exemption under the Securities Act or the rules and regulations

of the SEC thereunder; (iii) neither the Company, nor any Seller, nor any other person is under any obligation

to   register   such   Shares   under   the   Securities   Act   or   any   state   securities   laws   or   to   comply   with   the   terms   and

conditions   of   any   exemption   thereunder   (in   each   case);   and   (iv)   in   the   absence   of   an   effective   registration

statement   under   the   Securities   Act   and   any   applicable   state   securities   laws   applicable   to   the   Shares   or   an

exemption from such registration, the Purchaser may have to hold the Shares indefinitely and may be unable to

liquidate them in case of an emergency.

5.4   Reliance   on   Exemptions.   The   Purchaser   understands   that   the   Shares   are   being   offered   and   sold   to   it   in

reliance  upon  specific  exemptions  from   the  registration  requirements  of  United  States   federal  and   state

securities   laws   and   that   the   Company   and   each   Seller   is   relying   upon   the   truth   and   accuracy   of,   and   the

Purchaser s     compliance     with,     the     representations,     warranties,     agreements,     acknowledgments     and

understandings of such Purchaser set forth herein in order to determine the availability of such exemptions and

the eligibility of the Purchaser to acquire the Shares.

5.5.  Restrictions on Transferability. The Purchaser is aware of the restrictions of transferability of the Shares

and further understands the certificates shall bear legends substantially similar to the following legend(s).

(a)  THE   SECURITIES   REPRESENTED   BY   THIS   CERTIFICATE   HAVE   NOT   BEEN   REGISTERED

UNDER   THE   SECURITIES   ACT   OF   1933,   AS   AMENDED   (THE   ACT ),   OR   THE   SECURITIES

LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN

EFFECTIVE    REGISTRATION    STATEMENT    UNDER    APPLICABLE    FEDERAL    AND    STATE

SECURITIES  LAWS  OR    PURSUANT    TO  AN  APPLICABLE  EXEMPTION  FROM,  OR    IN    A

TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND

IN   ACCORDANCE   WITH   APPLICABLE   STATE   SECURITIES   LAWS   AS  EVIDENCED   BY   A

LEGAL   OPINION   OF   COUNSEL   TO   THE   TRANSFEROR   TO   SUCH   EFFECT,   WHICH   OPINION

SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

(b)  THE   SHARES   REPRESENTED BY THIS   CERTIFICATE   HAVE   BEEN   SOLD   PURSUANT   TO   AN

EXEMPTION   FROM   REGISTRATION   IN   ACCORDANCE   WITH   REGULATION   S   (17   C.F.R.

230.901THROUGH 230.905 AND ITS PRELIMINARY NOTES) UNDER THE SECURITIES ACT OF

1933, AS AMENDED. THE SECURITIES MAY NOT BE OFFERED, SOLD OR TRANSFERRED TO

A   U.S.   PERSON,   OR   FOR   THE   ACCOUNT   OR   BENEFIT   OF   A   U.S.   PERSON,   OR   INTO   THE

UNITED  STATES  EXCEPT  PURSUANT  TO  A  REGISTRATION  STATEMENT,  OR  A  VALID

EXEMPTION   FROM   REGISTRATION   BASED   ON   AN   OPINION   OF   COUNSEL   APPROVED   BY

THE   ISSUER.   HEDGING  TRANSACTIONS  INVOLVING   THESE   SECURITIES   MAY   NOT   BE

CONDUCTED,     DIRECTLY     OR     INDIRECTLY,     UNLESS     IN     COMPLIANCE     WITH     THE

SECURITIES ACT OF 1933, AS AMENDED.

(c)  Any legend required to be placed thereon by any appropriate securities commission or commissioner.

5.6.    Governmental   Review.   The   Purchaser   understands   that   no   United   States   federal   or   state   agency   or   any

other government   or governmental   agency has passed upon or made any recommendation or endorsement   of

the Shares.

5.7.    Investment   Intent.   The   Purchaser   is   acquiring   the   Shares   for   their   own   account   for   investment,   and   not

with   a   view   toward   distribution   thereof.   The   Purchaser   further   represents   that   it   does   not   presently   have   any

contract,   undertaking,   agreement   or   arrangement   with   any   person   to   sell,   transfer   or   grant   participations   to

such person or to any third person, with respect   to any of the Shares.   The Purchaser represents that it   has not

been formed for the specific purpose of acquiring the Shares. The Purchaser acknowledges that an investment

{HTFL00042113; 4}

6



in the Securities is a high-risk, speculative investment.

5.8.  No  Advertisement.  The  Purchaser  acknowledge  that  it  is  offered  by  the  Company  to  be  in  direct

communication with the Seller, and not through any advertisement or general solicitation of any kind.

5.9.   Knowledge   and   Experience.   The   Purchaser   acknowledge   that   they   have   been   encouraged   to   seek   their

own legal and financial counsel to assist them in evaluating this purchase. The Purchaser acknowledge that the

Company has given them and Purchaser Counsel access to all information relating to the Company s business

that they or any one of them have requested. The Purchaser acknowledge that they have sufficient business and

financial   experience,   and   Knowledge   concerning   the   affairs   and   conditions   of   the   Company   so   that   they   can

make a reasoned decision as to this purchase of the Shares and are capable of evaluating the merits and risks of

this purchase.

5.10.   Authorization;   Enforcement.   This   Agreement   has   been   duly   executed   and   delivered   on   behalf   of   the

Purchaser, and this Agreement constitutes the valid and binding agreement of the Purchaser and is enforceable

against   the   Purchaser   in   accordance   with   its   terms,   except   as   enforcement   may   be   limited   by   bankruptcy,

insolvency, reorganization, moratorium or other similar laws affecting creditors rights generally and except as

may be limited by the exercise of judicial discretion in applying principles of equity.

5.11. Non-Contravention. Neither the execution, delivery or performance of this Agreement by the Purchaser,

nor   the   consummation   by   the   Purchaser   of   the   transactions   contemplated   hereby,   nor   compliance   by   the

Purchaser   with   any   of   the   provisions   of   this   Agreement   shall   (a)  violate   any   provision   of   its   governing

documents,   (b)   conflict   with,   result   in   a   breach   of,   constitute   a   default   under,   result   in   the   acceleration   of,

create   in   any   party   the   right   to   accelerate,   terminate,   modify,   or   cancel,   or   require   any   notice   or   consent   or

approval under, any note, bond, mortgage, indenture, deed of trust or other agreement, contract or instrument

to which the Purchaser is bound or by which the Purchaser or any of its properties or assets may be bound or

affected, or (c) result in the imposition of any Lien upon any of the properties or assets of the Purchaser, except

in the case of clause (b) and (c), as would not have a material adverse effect on the Purchaser.

5.12.   Litigation.   There   are   no   court,   administrative,   arbitration,   mediation   or   other   proceedings   (including

disciplinary proceedings), claims, lawsuits, reviews, formal or informal complaints or investigations, actions,

or   inquiries   of   any   nature   by   any   governmental   authority   or   any   other   Person   (collectively,   Proceedings )

pending or, to the actual Knowledge of the Purchaser, threatened against the Purchaser which seeks to restrain

or enjoin the consummation of the transactions contemplated by this Agreement.

5.13. Ability to Carry Out Obligations.   The Purchaser, as to itself, has the power, and authority to enter into,

and   perform   its   obligations   under   this   Agreement.   The   execution   and   delivery   of   this   Agreement   by   such

Purchaser   and   the   performance   by   such   Purchaser   of   its   obligations   hereunder   will   not   cause,   constitute,   or

conflict   with or result in   any breach or   violation of any of   the provisions   of   or   constitute a   default   under   any

agreement to which such Purchaser is a party, or by which such Purchaser is bound.

6.     Indemnification. The Purchaser and its employees, agents and representatives (each of which is an

Indemnified Party ), shall be indemnified and held harmless by the Seller, from and against any and all losses

arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Parties in

connection with or as a result of any breach of a representation or warranty contained in Section 4 of this

Agreement.

7.     Miscellaneous. This Agreement constitutes the entire agreement between the parties hereto and supersedes all

prior   agreements   and   discussions   between   Purchaser   and   Seller.   No   waiver   of   any   of   the   provisions   of   this

Agreement   will   be   deemed   to   constitute   a   waiver   of   any   other   provisions   hereof.   This   Agreement   may   be

executed by the parties hereto in separate counterparts, each of which will be deemed to be one and the same

instrument.   All   claims,   disputes   and   other   matters   in   question   between   the   parties   to   this   Agreement,   arising

out of or relating to this Agreement or breach thereof, shall be filed and heard only in the state courts   of New

{HTFL00042113; 4}

7



York. The Agreement will be government by and construed and enforced in accordance with the internal laws

of the State of New York, without regard to the principles of conflicts of law thereof.

[ The remainder of this page has been intentionally left blank.]

{HTFL00042113; 4}

8



IN    WITNESS       WHEREOF,

the    parties   hereto   have    executed     this    Agreement     as   of    the    date    set   forth     in  the

first     paragraph.

SELLER:

By:   Daniel     Masters

COMPANY:

Pacific      Webworks,

Inc.

A    Nevada      corporation

By:

Name:    Daniel      Masters

Title:    President     and    Chief     Executive      Officer

Address:

PURCHASER:

By:

Name:      Ban   Siong     Ang

Address:

{HTFL000421

13;   1}

9

[PWEBSPAEXECUTEDEX10Z11.JPG]



IN   WITNESS

WHEREOF,

the   parties      hereto    have     executed       this     Agreement

as  of    the   date     set    forth      in    the

first     paragraph.

SELLER:

By:     Daniel     Masters

COMPANY:

Pacific      Webworks,

Inc.

A    Nevada     corporation

By:

Name:     Daniel     Masters

Title:President

and    Chief      Executive

Officer

Address:

PURCHASER:

\

By:      J

Name:   V, an    Siong     Ang

Address:   4thFloor, No. 10 Building,  Xinglin    Bay

Business    Operation     Center,    Jimei    District,       Xiamen

City,     Fujian     Province

361022,       China.

{HTFL000421

13;    2}

9

[PWEBSPAEXECUTEDEX10Z12.JPG]



EXHIBIT A

Company Books and Records

1. Good standing certificate from Nevada

2. Company Edgar Codes

Executed Board consent appointing Purchaser s designees to Board and Executive Officers

{HTFL00042113; 3}

10