Confirmation of Oral Agreement
Exhibit 4.8
Whereas, Xx. Xxxxxx Xx and Xx. Xxxx Xxxx Xxxx entered into two agreements in relation to Fujian
Xiniya Garments and Weaving Co., Ltd. (“Fujian Xiniya”) on January 5, 2005 and September 28, 2005,
respectively;
Whereas, Xx. Xxxxxx Xx and Xx. Xxxx Xxxx Xxxx entered into an agreement in relation to Xiniya
Holdings Limited (“Xiniya Hong Kong”) on January 3, 2009.
Xx. Xxxxxx Xx and Xx. Xxxx Xxxx Xxxx hereby confirm that:
1. Since the incorporation of Fujian Xiniya, Xx. Xxxxxx Xx has held all the rights regarding Fujian
Xiniya, including the right to receive dividends from and the right to transfer an equity interest
in Fujian Xiniya.
2. Since the incorporation of Xiniya Hong Kong, Xx. Xxxxxx Xx has held all the rights regarding
Xiniya Hong Kong, including the right to receive dividends from and the right to transfer an equity
interest in Xiniya Hong Kong.
3. Xx. Xxxxxx Xx had the rights to enter into certain arrangements with Xxxx Xxx Xx and two other
investors (collectively the “Investors”) in December 2005 concerning, among others, return of
capital to the Investors, transfer of a 20% interest in Fujian Xiniya to the Investors, transfer of
Xx. Xxxxxx Xx’x right to receive dividends to the Investors. Xx. Xxxxxx Xx also had the right to
satisfy the terms of such arrangements through the transfer of a 20% interest in Fujian Xiniya.
4. Xx. Xxxx Xxxx Xxxx currently has no rights in Fujian Xiniya or Xiniya Hong Kong.
Dated:
October 26, 2010
| /s/ Xxxxxx Xx | ||||
| Xxxxxx Xx | ||||
| /s/ Xxxx Xxxx Xxxx | ||||
| Xxxx Xxxx Xxxx | ||||
