Patent Assignment Termination Agreement between Harbin Tianmu Pharmaceuticals and Harbin Lanhai Biochemical

Summary

Harbin Tianmu Pharmaceuticals Company Limited and Harbin Lanhai Biochemical Company Limited have agreed to terminate their previous patent transfer agreement for the Lanhai Spirulina Calcium Tablet, as government approval was not obtained after three years. Harbin Lanhai will return RMB 7,030,000 to Harbin Tianmu in three installments by August 30, 2011. If payment is not completed by that date, Harbin Tianmu may take legal action. The agreement is effective upon signature by both parties' general managers.

EX-10.5 5 v228607_ex10-5.htm Unassociated Document

Exhibit 10.5

Patent Assignment Termination Agreement

Party A Harbin Tianmu Pharmaceuticals Company Limited

Party B Harbin Lanhai Biochemical Company Limited

For the Lanhai Spirulina Calcium Tablet after negotiation, both parties agree the following terms:

1.	It has been three years and Party A still not get the approval from the government, both parties agree to cancel the patent transfer agreement

Party A has paid RMB 7,030,000 to Party B on 2008; Party B agrees to pay the RMB 7,030,000 to Party A in three installment. The first installment(RMB 2,000,000) will be paid by June 30, 2011, the second installment(RMB 2,000,000) will be paid by July 30, 2011 and the third installment(RMB 3,030,000) will be paid by August 30,2011.

3.	Arbitration: All disputes in connection with this agreement thereof shall be settled friendly through negotiations. If party B failure to pay RMB 7,030,000 in full by August, 30 2011, Party A has the rights to send the case to Party A’s district court.

4.	This agreement is made out in two originals, one for each party. Both of them have the same force and effect. This agreement will be effective after the general managers of both parties sign.

Party A Harbin Tianmu Pharmaceuticals Company Limited

Party B Harbin Lanhai Biochemical Company Limited

June 17, 2011