Agreementon Debt Transfer and Offset
EX-10.39 6 v179693_10-39.htm Unassociated Document
Exhibit 10.39
Agreement on Debt Transfer and Offset
Party A: Tianyuan Capital Development Co., Ltd.
Party B: Tianshi International Holdings Group Co., Ltd.
Party C: Tianjin Tianshi Biological Engineering Co., Ltd.
Party A, Party B and Party C enter into this Agreement on December 31, 2009, which shall be observed by all parties of this Agreement.
Whereas, Party A is a creditor of Party B and Party B is a creditor of Party C. After consultation, Party A, Party B and Party C agree the provisions as follows:
1. Party C pays off the loan payable of USD3,283,468.66 (principal of USD3,202,742 and USD80,726.66 is the interest) to Party A in place of Party B;
2. Party B writes off the debt of Party C with the same amount;
3. Party A, Party B and Party C shall perform this Agreement, including writing proper receipts on December 31, 2009.
4. This Agreement is effective as of the date first written above and is signed by three parties for confirmation.
Party A: Tianyuan Capital Development Co., Ltd.
Legal Representative: Jinyuan Li
Signature: /s/ Jinyuan Li
Party B: Tianshi international Holdings Group Co., Ltd.
Legal Representative: Jinyuan Li
Signature:/s/ Jinyuan Li
Party C: Tianjin Tianshi Biological Engineering Co., Ltd.
Legal Representative: Jinyuan Li
Signature:/s/ Jinyuan Li
