Debt Forgiveness Agreement between Tianfu Li and China Intelligent Electric Holding Limited (October 1, 2008)
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Summary
Tianfu Li agrees to forgive and waive a debt of HKD 1,647,965.24 owed by China Intelligent Electric Holding Limited as of September 30, 2008. This agreement states that Tianfu Li will not receive any compensation for waiving the debt, and after this waiver, there are no further financial obligations or claims between Tianfu Li and the company.
EX-10.12 65 v171382_ex10-12.htm
Exhibit 10.12
Debt Forgiveness Agreement
Date: Oct 1, 2008
I, Tianfu Li, am willing to waive the below direct debt of China Intelligent Electric Holding Limited without any compensation. The category is as following:
Tianfu Li is willing to waive account receivable of amount HKD1,647,965.24, say one million, six hundred and forty seven thousand, nine hundred and sixty five HK dollar, twenty four cents, ended as of September 30, 2008, from China Intelligent Electric Holding Limited without any compensation.
There is no any right and debt between Tianfu Li and China Intelligent Electric Holding Limited from now on.
/s/ Tianfu Li
Signature: Tianfu Li
