Asset Purchase Agreement between Taizhou Taide Valve Co., Ltd. and Taizhou Wote Valve Co., Ltd.
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Summary
Taizhou Taide Valve Co., Ltd. is purchasing all tangible assets of Taizhou Wote Valve Co., Ltd. for $3 million. Taizhou Wote will transfer its customers and assist with production, operations, and employee placement, but will remain responsible for its own debts and liabilities. Taizhou Wote also agrees not to manufacture valves for five years and will help transfer assets to Taizhou Taide, which will cover related expenses. The agreement is effective as of February 15, 2009.
EX-10.1 2 f8k021509ex10_cvalves.htm ASSET PURCHASE AGREEMENT f8k021509ex10_cvalves.htm
Exhibit 10.1
ASSET PURCHASE AGREEMENT
Party A: Taizhou Taide Valve Co. Ltd.
Party B: Taizhou Wote Valve Co., Ltd.
Whereas Party B does not have an established market for its products and is about to cease operation, upon friendly consultation, Party B agrees to sell all of its tangible assets (in-kind assets) to Party A and coordinate with Party A for production and sales service, the parties hereby reach the following agreement:
| 1. | The parties have hired an evaluation agency to evaluate Party B’s current assets (net value). |
| 2. | Based on the evaluation, Party A agrees to purchase Party B for a cash consideration of $3 million. |
| 3. | Party B is responsible for its own credits, debts and liabilities. |
| 4. | Party B shall unconditionally coordinate with Party A in connection with production, operation and employee placement. |
| 5. | Party B shall unconditionally transfer all of its customers to Party A. Party B shall not engage in valve manufacturing for five years. |
| 6. | Party B shall unconditionally coordinate with Party A to transfer its assets. Party A shall bear all related expenses. |
This agreement is made in two counterparts with Party A and Party B each holding one copy. Each counterpart has equal legal effect.
| Party A: Taizhou Taide Valve Co., Ltd. /s/ legal representative February 15, 2009 | Party B: Taizhou Wote Valve Co., Ltd. /s/ legal representative February 15, 2009 |
