Settlement Agreement
EX-10.2 3 v111240_ex10-2.htm
Settlement Agreement
| Party A: | Industrial Bank Co., Ltd Shanghai branch |
| Party B: | Shanghai Wanxing Bio-pharmaceutical Co., Ltd. |
| Party C: | Beijing Guoan Electric Company |
Upon negotiation, Party A and Party B reached the following settlement agreement
1. Party B shall repay fund to Party A as per the following time frame:
Before April 30, 2008, repay RMB 3 millions;
Before June 30, 2008, repay RMB 10 millions:
Before September 30, 2008, repay the remaining loan principle and interest
2. Party C will take the warranty liability for the above loan repayment.
3. In case Party B fails to perform the above loan repayment obligation on time, Party A is entitled to seize Party B’s bank accounts described above and request the court to force implementation to Party B and Party C.
4. This agreement is in four copies. Party A, B, C and the second intermediate people’s court of Shanghai each holds one copy. This agreement enters into effect upon signing (stamp).
| Party A: | Industrial Bank Co., Ltd Shanghai branch. (stamp) |
| Party B: | Shanghai Wanxing Bio-pharmaceutical Co., Ltd. (stamp) |
| Party C: | Beijing Guoan Electric Company. (stamp) |
Signing date: April 08, 2008
