Asset Purchase Agreement between Jiangsu Best Electrical Appliances Co., Ltd. and Changzhou Benshen Bike Co., Ltd.
Jiangsu Best Electrical Appliances Co., Ltd. agrees to purchase certain fixed and intangible assets (excluding land and property) from Changzhou Benshen Bike Co., Ltd., which operates over 350 retail stores and sells 200,000 bikes annually. The purchase price is RMB 20 million, paid in two installments in 2011 and 2012. Jiangsu Best will also hire Aiguo Zhou as general manager of its LEV business sector. All liabilities of Changzhou Benshen Bike Co., Ltd. remain with that company. The transaction must be completed by January 28.
EXHIBIT 10.1
ASSET PURCHASE AGREEMENT
Party A: Jiangsu Best Electrical Appliances Co., Ltd.
Party B: Changzhou Benshen Bike Co., Ltd.
Party A has the agreement with Party B based on following terms:
1. Consider Party B possess over 350 retail stores and annual sales of 200,000 bikes nationwide, Party A pays Party B RMB 20 million as compensation: the first RMB 10 million is due on Jan 25, 2011 and the rest is due on Jan 25, 2012. The compensation covers certain fixed assets and intangible assets, exclude land and property.
2. Party A hires Aiguo Zhou as the general manager of its LEV business sector with RMB 250,000 compensation annually and he will be responsible for the LEV operations.
3. The deadline for the transaction is Jan 28.
4. The whole liabilities from Party B will be undertaken by Party B.
/s/ Jianliang Shi
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On behalf of Jiangsu Best Electrical Appliances Co., Ltd.
/s/ Aiguo Zhou
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On behalf of Changzhou Benshen Bike Co., Ltd.
