Termination Agreement between China Gateway Holdings Inc., The Glory Famous (Groups) Limited, and HK Giantrich International (Groups) Limited

Summary

This agreement, dated June 30, 2001, is between China Gateway Holdings Inc., The Glory Famous (Groups) Limited, and HK Giantrich International (Groups) Limited. It formally ends a previous acquisition agreement made on April 25, 2001, related to coal mining in China. Both the buyer and seller agree to terminate the earlier agreement and release each other from any further obligations or liabilities connected to it.

EX-10.1 2 doc2.txt EXHIBIT 10.1 TERMINATION AGREEMENT TERMINATION AGREEMENT --------------------- THIS AGREEMENT is made on 30 June 2001 AMONG 1) CHINA GATEWAY HOLDINGS, INC., a Delaware corporation (the "Buyer"); 2) THE GLORY FAMOUS (GROUPS) LIMITED, a Republic of Seychelles corporation (the "Seller"); 3) HK GIANTRICH INTERENATIONAL (GROUPS) LIMITED, a Niue corporation (the "Company"). WHEREAS A) The Buyer and Seller entered into an Acquisition Agreement dated as of April 25, 2001, intended to engage in the business of coal mining in the Shangdong Province, of the People's Republic of China. B) Company is engaged in the business of coal mining. C) The Acquisition Agreement provides that in the event any of the foregoing conditions shall not be fulfilled prior to the Closing, unless caused by any action or failure to act on the part of Buyer, Buyer shall have the right to terminate the Agreement. NOW, THEREFORE, in consideration of the agreements contained herein, the Parties hereto, intending to be legally bound, hereby agree as follows: 1.1 The Buyer and Seller agree that the Acquisition Agreement is hereby terminated. 1.2 The Buyer and Seller agree to release and hold the other party herein, harmless from any further liability or obligation of any kind with reference to said April 25, 2001 Agreement. IN WITNESS WHEREOF, the undersigned have each executed and delivered this agreement as of the date first above written. /s/ Danny Wu - -------------------------- China Gateway Holdings Inc. /s/ Yau Mui Yuen - -------------------------- The Glory famous (Groups) Limited /s/ Yau Mui Yuen - ------------------------- HK Giantrich International (Groups) Limited