Loan and Debt Cancellation Agreement among Tianjin Tianshi Entities (June 5, 2009)
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Summary
This agreement, dated June 5, 2009, is between Tianjin Tianshi Biological Development Co., Ltd., Tianshi International Holdings Group Limited, Tianshi International Investment Group Co., Ltd., and Tianjin Tianshi Group Co., Ltd. The parties agree that Investment will lend RMB 27 million to Group, cancel a loan owed by Holdings, and Holdings will cancel an equivalent dividend owed by Biological. Biological will pay RMB 27 million to Group on behalf of Investment. The agreement sets out the mutual cancellation of debts and payment obligations among the parties.
EX-10.1 2 v157932_ex10-1.htm
EXHIBIT 10.1
Agreement
This AGREEMENT is made as of June 5, 2009 by and among Tianjin Tianshi Biological Development Co., Ltd., a Sino-Foreign joint venture formed under the laws of the People’s Republic of China (“Biological”), Tianshi International Holdings Group Limited, a company formed under the laws of The British Virgin Islands (“Holdings”), Tianshi International Investment Group Co., Ltd., a company formed under the laws of The British Virgin Islands (“Investment”) and Tianjin Tianshi Group Co., Ltd., a Chinese-funded enterprise formed under the laws of the People’s Republic of China (“Group”).
WITNESSETH:
WHEREAS, Holdings is owed dividends from Biological and Investment is owed a loan from Holdings.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties, intending legally to be bound, agree as follows:
| | 1. | Investment shall lend RMB27, 000,000 (RMB Twenty Seven Million) to Group. |
| | 2. | Investment agrees to cancel a loan owed to it by Holdings in the amount of RMB27, 000,000 (RMB Twenty Seven Million). |
| | 3. | Holdings agrees to cancel RMB27, 000,000 (RMB Twenty Seven Million) of dividend owed to it by Biological. |
| | 4. | Biological agrees to pay RMB27, 000,000 (RMB Twenty Seven Million) to Group on behalf of Investment. |
| Tianshi International Holdings | Tianjin Tianshi Biological Development |
| Group Limited | Co., Ltd |
| Legal Representative: | Legal Representative: |
| /s/ Jinyuan Li | /s/ Yiqun Wu |
| Tianshi International Investment | Tianjin Tianshi Group Co., Ltd |
| Group Co., Ltd | |
| Legal Representative: | Legal Representative: |
| /s/ Jinyan Li | /s/ Jinyuan Li |
