ENGLISH TRANSLATION]
EXHIBIT
10.3
[ENGLISH
TRANSLATION]
|
Seller:
Shanxi Suo’ang Biological Science and Technology Company
Limited
|
(Party
A)
|
|
Buyer: HanZhongWeiDa
Commercial Company Limited
|
(Party
B)
|
Due
to
change of main business of Party A, Party A sold its COPO resin production
lines
and
degradable mulch production lines. Party A and Party B mutually agreed to
transfer the production lines in accordance with the following
terms.
Item
1:
Party
A
agreed to transfer the COPO production line at a consideration of RMB520,000
and
the degradable mulch production line at a consideration of RMB180,000 to
Party
B.
Item
2:
All
the
equipments and accessories in respect of the two production lines will be
transferred to Party B.
Item
3:
Party
B
will pay all the consideration (RMB700,000) to Party A on or before January
10,
2007.
Item
4:
Party
A
shall assist Party B for the transfer of ownership and B shall bear all the
statutory expenses of the transfer of ownership.
Item
5:
Party
B
shall bear all the loss.
Item
6:
Conflict
All
conflicts during implement of this contract shall be solved through negotiation.
If problems cannot be settled, two parties agree to take arbitration in the
board of arbitration whereas apart from the terms in the course of arbitration,
the remaining terms of agreement are still effective.
Item
7
Completeness of terms of agreement
Both
parties have read and agreed the terms of agreement which will replace all
the
verbal and provisional agreements.
Item
8
Amendment
All
amendment should be in written and by mutual agreements. The amendment will
be
the supplementary agreement of this agreement.
Item
9
Heading
The
terms
of the agreement should be read in accordance with the terms rather than
the
heading.
Item
10:
Effective date
This
contract shall be effective after each party’s signature. This contract is in
two copies. Party A and party B hold one contract respectively. Each contract
has the same legal effect with this contract.
Party
A:
Shaanxi Suo’ang Biological Science & Technology Co., Ltd.
Signature:
/s/ Ren Baowen
Date:
January 10, 2007
Party
B:
HanZhongWeiDa Commercial Company Limited
Signature: /s/ Xxxxxx Xxxx
Date: January 10, 2007
