Note Cancellation and General Release, dated August 11, 2010, by and between the Company and Mark Hague

Exhibit 10.1

RELEASE

KNOW ALL MEN BY THESE PRESENTS that Edmond Forister, (“Forister”), for good and valuable consideration, including but not limited to the consummation of a share exchange agreement between Jinhao Motor Company (“JMC”), Mark Hague, Jin Hao Power Holdings, Ltd., and the sole shareholder of Jin Hao Power Holdings, Ltd., the receipt and sufficiency of which consideration is hereby acknowledged, agrees as follows:

1. Forister hereby remises, releases and forever discharges JMC and its assigns, employees and servants, and, where applicable, the executors, administrators, successors and assigns from any and all manner of action and actions, cause and causes of action, suits, debts, dues, sums of money, claims, demands and obligations whatsoever, at law or in equity, which Forister may have had or now have or which her assigns, receivers, receiver-managers, trustees, affiliates, and, where applicable, the heirs, executors, administrators, successors and assigns of her hereafter can, shall or may have existing up to the present time by reason of any matter cause or thing whatsoever relating to or arising out of the relationship between the Forister and JMC relating to, arising out of or in connection with any and all dealings between the parties to the date hereof.

2. Notwithstanding the above provision and for greater clarification, this Release does not apply to any claims that may arise after the date of this Release.

3. It is understood and agreed that Forister shall not commence or continue any claims or proceedings against anyone in respect of anything hereby released which may result in a claim or proceedings against JMC. If any such claim or proceeding results in any claim or proceeding against JMC, then the party bringing such claim or proceeding shall indemnify and save harmless the other party from all resulting liabilities, obligations and costs.

4. Forister hereby represents that he is the only party entitled to the consideration expressed in this Release, and has not assigned any right of action released hereby to any other firm, corporation or person.

5. Forister acknowledges that he has read this document and fully understands the terms of this Release, and acknowledges that this Release has been executed voluntarily after either receiving independent legal advice, or having been advised to obtain independent legal advice and having elected not to do so.

6. This Release is governed by the laws of Nevada, and the parties attorn to the jurisdiction of the Courts of Nevada with regard to any dispute arising out of this Release.

2

Exhibit 10.1

7. Execution and delivery of this document by fax shall constitute effective execution and delivery. Execution of this document by a corporation shall be effective notwithstanding that its corporate seal is not affixed hereto.

DATED for reference this 11th day of August, 2010.