Share Transfer Agreement Amendment
Share Transfer Agreement Amendment
Transferor:
Xx. Xx Xxxxxxx, born on March 4, 1956,
Han Nationality,
ID Card No.: 210202195603046418,
Position: Shareholder
of Dalian Riyueming Hotels Co., Ltd., and director of the company
Address:
0-0-0, Xx.00 Xxxxxxx Xxxxxx, Xxxxxx Xxxxxxxx, Dalian
Transferee:
Dalian Northport Information Industry
Development Co., Ltd.
Address: Xxxx 000, X, 0 Xxxxxx Xxxx, Qixianling
Industrial Base, High-Tech Zone, Dalian
Legal Representative: Xxxx
Xxx(Collectively, the Transferor and Transferee are called “the
Parties”)
On June 18, 2010 the Parties entered into a Share Transfer Agreement on the basis of amiable negotiation and principles of voluntary participation. According to Economic Agreement Law of People’s Republic of China and the relevant regulations, the Parties agreed to execute the agreement subject to the terms and conditions stipulated below.
A. Description of the Share Transfer Agreement Transaction
Dalian Riyueming Hotels Co., Ltd. (“Riyueming”) operated by Transferor, is a non-governmental limited liability corporation, which owns and manages five business hotels named Riyueming which are all in good running condition. It has a stable business income and professional management team and has an established trade name in the industry. Transferor holds a 50% equity share of Riyurming.
Transferee, Dalian Northport Information Industry Development Co., Ltd. is a wholly-owned subsidiary of Northport Network Systems Inc., a public corporation in the U.S.A. The parent corporation is registered in Washington State U.S.A., and has its headquarters located in Seattle, and has had its common shares traded on the OTCBB since Jan.16, 2008 with trading symbol of NNWS.
Under terms of the Share Transfer Agreement, the Transferor agreed to transfer 35% of the equity in Riyueming to the Transferee in exchange for shares of the Transferee’s parent US company.
As a result of ongoing discussions and negotiations, the Parties have agreed to cancel the original Share Transfer Agreement. Accordingly the transaction is terminated effective August 5, 2010 and deemed to not have occurred.
B. Settlement of Disputes
Any dispute arising from the execution of this Agreement Amendment shall be settled through friendly consultations by the parties. In the case where no settlement through consultation can be reached or one party is not willing to enter into consultation, the dispute shall be submitted to a local court.
C. Matter not Covered
Any matters not covered in this Agreement Amendment shall be solved by signing a supplementary agreement. The supplementary agreement will prevail in case differences are found between this Agreement and the supplementary agreement.
D. This Agreement Amendment shall become effective upon signing and stamping by the both parties.
E. This Agreement Amendment is made in quintuplicate. Two copies are held by Transferor and three copies are held by Transferee. All the copies are of the same legal effect.
Transferor:
/s/ Xx
Xxxxxxx
Signed personally:
Transferee:
Dalian Northport Information Industry Development Co., Ltd.
/s/ Xxxx
Xxx
Signed by legal representative:
Signed on this 5th day of August, 2010
