EXHIBIT 10.1
TERMINATION AGREEMENT
TERMINATION AGREEMENT
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THIS AGREEMENT is made on 30 June 2001
AMONG
1) CHINA GATEWAY HOLDINGS, INC., a Delaware corporation (the "Buyer");
2) THE GLORY FAMOUS (GROUPS) LIMITED, a Republic of Seychelles corporation
(the "Seller");
3) HK GIANTRICH INTERENATIONAL (GROUPS) LIMITED, a Niue corporation (the
"Company").
WHEREAS
A) The Buyer and Seller entered into an Acquisition Agreement dated as of
April 25, 2001, intended to engage in the business of coal mining in the
Shangdong Province, of the People's Republic of China.
B) Company is engaged in the business of coal mining.
C) The Acquisition Agreement provides that in the event any of the foregoing
conditions shall not be fulfilled prior to the Closing, unless caused by
any action or failure to act on the part of Buyer, Buyer shall have the
right to terminate the Agreement.
NOW, THEREFORE, in consideration of the agreements contained herein, the Parties
hereto, intending to be legally bound, hereby agree as follows:
1.1 The Buyer and Seller agree that the Acquisition Agreement is hereby
terminated.
1.2 The Buyer and Seller agree to release and hold the other party herein,
harmless from any further liability or obligation of any kind with
reference to said April 25, 2001 Agreement.
IN WITNESS WHEREOF, the undersigned have each executed and delivered this
agreement as of the date first above written.
/s/ Xxxxx Xx
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China Gateway Holdings Inc.
/s/ Yau Xxx Xxxx
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The Glory famous (Groups) Limited
/s/ Yau Xxx Xxxx
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HK Giantrich International (Groups) Limited
