ASSET PURCHASE AGREEMENT
Exhibit
10.1
Party A:
Taizhou Xxxxx Valve Co. Ltd.
Party B:
Taizhou Wote Valve Co., Ltd.
Whereas
Party B does not have an established market for its products and is about to
cease operation, upon friendly consultation, Party B agrees to sell all of its
tangible assets (in-kind assets) to Party A and coordinate with Party A for
production and sales service, the parties hereby reach the following
agreement:
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1.
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The
parties have hired an evaluation agency to evaluate Party B’s current
assets (net value).
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2.
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Based
on the evaluation, Party A agrees to purchase Party B for a cash
consideration of $3 million.
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3.
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Party
B is responsible for its own credits, debts and
liabilities.
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4.
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Party
B shall unconditionally coordinate with Party A in connection with
production, operation and employee
placement.
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5.
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Party
B shall unconditionally transfer all of its customers to Party A. Party B
shall not engage in valve manufacturing for five
years.
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6.
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Party
B shall unconditionally coordinate with Party A to transfer its assets.
Party A shall bear all related
expenses.
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This agreement is made in two
counterparts with Party A and Party B each holding one copy. Each
counterpart has equal legal effect.
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Party
A: Taizhou Xxxxx Valve Co., Ltd.
/s/
legal representative
February
15, 2009
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Party
B: Taizhou Wote Valve Co., Ltd.
/s/
legal representative
February
15, 2009
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