Debt Forgiveness Agreement
Exhibit 10.12
Date: Oct
1, 2008
I, Tianfu
Li, am willing to waive the below direct debt of China Intelligent Electric Holding
Limited without any compensation. The category is as
following:
Tianfu Li
is willing to waive account receivable of amount HKD1,647,965.24, say one
million, six hundred and forty seven thousand, nine hundred and sixty five HK
dollar, twenty four cents, ended as of September 30, 2008, from China Intelligent Electric Holding
Limited without any compensation.
There is
no any right and debt between Tianfu Li and China Intelligent Electric Holding
Limited from now on.
/s/ Tianfu
Li
Signature:
Tianfu Li
