ASSETPURCHASE AGREEMENT
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 |
