Cancellation Agreement Between Chongqing Chaosheng Education and Yupei Information Technology (September 2009)
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Summary
Chongqing Chaosheng Education and Investment Co., Ltd. and Yupei Information Technology (Shanghai) Co., Ltd. agreed to cancel a previous share transfer agreement involving a 20% equity interest in Chongqing Hai Lai Technology Education Development Co., Ltd. The original agreement, dated August 11, 2009, was never performed. By mutual consent, both parties declare the agreement void from the start and release each other from any liability. The cancellation is effective upon signing and both parties retain copies with equal legal effect.
EX-2.1 2 v161181_ex2-1.htm Unassociated Document
Exhibit 2.1
Summary
of
Cancellation Agreement
| Party A: | Chongqing Chaosheng Education and Investment Co., Ltd. Legal Representative: Xu Hong Title: Chairman |
| Party B: | Yupei Information Technology (Shanghai) Co., Ltd. Legal Representative: Ron Chan Tze Ngon Title: Chairman |
Party A and Party B executed a share transfer agreement on August 11, 2009. In accordance to the aforesaid share transfer agreement, Party A shall transfer 20% equity interests in Chongqing Hai Lai Technology Education Development Co., Ltd., the total amount of the share transfer price is RMB135,000,000. Up till now, the aforementioned share transfer agreement has not been performed. Now, pursuant to Article 93 of the Contract Law of the People’s Republic of China, after friendly negotiations of Party A and Party B, both parties hereby agree to cancel the aforesaid share transfer agreement on September 11, 2009. Such agreement is void since the beginning. Party A and Party B are not responsible to each other for any breach liability.
This cancellation agreement becomes effective after Party A and Party B sign and seal on the agreement.
This agreement consists of four copies. Party A and Party B hold two copies, respectively, and all copies have the same legal effect.
| Party A: | Chongqing Chaosheng Education and Investment Co., Ltd. Legal Representative/ Authorized Person: Xu Hong /s/ Xu Hong Date: September 18, 2009 |
| Party B: | Yupei Information Technology (Shanghai) Co., Ltd. Legal Representative/ Authorized Person: Ron Chan Tze Ngon /s/ Ron Chan Tze Ngon Date: September 18, 2009 |
