Loan Agreement between Taihong and Shuangyang Rural Credit dated May 12, 2007
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Summary
Taihong entered into a loan agreement with Shuangyang Rural Credit on May 12, 2007, borrowing $888,694 at a 9.33% annual interest rate. Taihong must pay interest monthly and repay the full loan by October 12, 2008. The loan is secured by Taihong's plant and equipment, and the funds will be used to purchase raw materials.
EX-10.24 20 v119236_ex10-24.htm
Exhibit 10.24
Summary of Loan Agreement
Loan from Shuangyang Rural Credit
On May 12, 2007, Taihong entered into a loan agreement with Shuangyang Rural Credit. Pursuant to the loan agreement, Shuangyang Rural Credit loaned Taihong, $888,694, at an interest rate of 9.33% per annum on all outstanding principal. Taihong is obligated under the loan agreement to pay interest monthly and repay the loan on the maturity date, October 12, 2008. The Company plans to use the loan to finance the purchase of raw materials. The loan is secured by the plant and equipment of Taihong with a net book of $1,223,611 at December 31, 2007 and $1,214,733 as of March 31, 2008.
