Loan Agreement between Weifang and Hanting Kaiyuan Rural Credit Cooperative dated July 1, 2007
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Summary
Weifang entered into a loan agreement with Hanting Kaiyuan Rural Credit Cooperative on July 1, 2007, to borrow $874,555 at an annual interest rate of 11.088%. Weifang must pay interest monthly and repay the full loan by January 1, 2009. The loan is secured by Weifang's plant and equipment, and the funds will be used to purchase raw materials.
EX-10.25 21 v119236_ex10-25.htm
Exhibit 10.25
Summary of Loan Agreement
Loan from Hanting Kaiyuan Rural Credit Cooperative
On July 1, 2007, Weifong entered into a loan agreement with Hanting Kaiyuan Rural Credit Cooperative. Pursuant to the loan agreement, Hanting Kaiyuan Rural Credit Cooperative loaned Weifong $874,555, at interest rate of 11.088% per annum. Weifang is obligated under the loan agreement to pay interest monthly and repay the loan on the maturity date, January 1, 2009. Weifang plans to use the loan to finance the purchase of raw materials. The loan is secured by the plant and equipment of Weifang with a net book of $1,407,683 at December 31, 2007 and $1,399,552 as of March 31, 2008.
