EXHIBIT 21.7
SHARES EXCHANGE AGREEMENT
Between:
Shantou Wan Run Trade Development Ltd. (or ZHEN, Bin Huei )
Address: XX. 00, 0/X, X. XxxXxx Xxxx
Xxxx xx Xxxxxxx, XxxxxXxxx Xxxxxxxx, XXXXX
( Here in called the First Party)
And
VIBRO-TECH INDUSTRIES INC.
A CORPORATION UNDER AND BY VITUE OF THE STATE OF DELAWARE. U.S.A
(Here in called the Second Party)
WITNESSETH That:
According to the agreement reached by both the First Party and the Second Party,
15% shares of Shantou Vibro Tech Industrial and Development Company Inc. owned
by the First Party will be exchanged for the shares of VIBRO-TECH owned by
Second Party, given the following conditions and calculation:
The market price of 15% shares of Shantou Vibro Tech Industrial and Development
Company Inc. owned by the First Party is estimated to be $150,000.00 in US
Dollars. ( One Hundred and Fifty Thousand US Dollars )
Shares owned by the Second Party, which is $0.50 US Dollars per share as listed
in the US stock exchange market, are exchanged for 15% shares of Shantou Vibro
Tech Industrial and Development Company Inc. owned by the First Party. Total
number of shares needed by the Second Party for this exchange is 300,000 shares.
The exchange of shares will take place as soon as the First Party completes all
the necessary procedures to confirm holding shares of Shantou Vibro Tech
Industrial and Development Company Inc.
The Second Party agrees that regardless of the market change, they will remain
use the value of $0.50 US Dollar per share to exchange with the First Party's
shares.
First Party Second Party
Shantou Wan Run Trade Development Ltd. Vibro-Tech Industries, Inc
By:/s/ ZHEN, Bin Huei By: /s/ Xxxxxxx Xxxx
Xxxx Bin Xxxx Xxxxxxx Xxxx
June 8, 1999
