The Local Authorities of Linyi Municipality and Shandong province after communications, meetings and discussions came in agreement with Stratos, represented by its President, Dr. Soubassakis and Bio Development International, Inc., USA, represented by Director Dr. Yulin Shao and Mr. Flanagan. November 6, 2001, they signed an MOU for the foundation of the first private University in China, in Linyi, Shandong, China, with the name: Eastern Institute of Technology.

March 15, 2002, the attached: “Agreement of Establishment of Eastern Institute of Technology”, On Cooperative basis and by Government of the Linyi Municipality, Bio Development International, Inc., USA and STRATOS LLC, Greece, EU, was signed by Mr. Li, the Mayor of Linyi, Dr. Shao for BDI and Dr. Soubassakis for Stratos.

Among the main issues include:

1. The offer of an excellent piece of land from Linyi to EIT (about a square mile)
2. Linyi will deposit 1 million RMB and  BDI and Stratos another 1 million to the Center, for initial expenses
3. Linyi undertakes the responsibility to work towards accreditation of EIT from the Chinese educational system
4. BDI and Stratos are assuming management responsibilities including operations to secure the investment
5. BDI and Stratos start cooperating with European and American Universities in accomplishing high standards to honor accreditation and recognition for EIT worldwide
6. BDI and Stratos continue contacting Professors, Scholars, Universities, Companies and the necessary individuals and entities in order to develop Departments of Excellence within EIT, resulting in a world class University

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