Share Exchange Agreement
Exhibit 10.16
Transferor (Party A): Zhejiang Xibolun Technology Co., Ltd.
Transferee (Party B): HONGKONG XIBOLUN TECHNOLOGY LIMITED
The registered capital of the Sino-foreign joint venture Wenzhou Xibolun Automation Project Technology Co., Ltd. is RMB 3,000,000. Zhejiang Xibolun Technology Co., Ltd. contributed capital of RMB 300,000, 10% of the registered capital. Wenzhou Xibolun Fluid Equipment Co., Limited contributed capital of RMB 300,000, 10% of the registered capital. HEBRON TECHNOLOGY CO., LTD contributed RMB 2,400,000, 80% of the registered capital. Currently because Zhejiang Xibolun Technology Co., Ltd. intends to focus on other areas, with consent of the other two investors, it decides to transfer all of its shares in the joint venture to HONGKONG XIBOLUN TECHNOLOGY LIMITED.
| I. | Parties’ Names and Addresses: |
Party A: Zhejiang Xibolun Technology Co., Ltd.
Legal Address: Xxxxxxxx Xx.0-0, Xx. 000 00xx Xxxx, 0xx Xx., Xxxxxx Xxx. Park, Tianhe, Longwan District, Wenzhou
Postal Code: 325000
License Number: 000000000000000
Contact Phone Number: 0000-00000000
Party B: HONGKONG XIBOLUN TECHNOLOGY LIMITED
License Number: 1615940
Legal Address: Xxxx 0000, 00/X, Xxxxx Xxxxxxxxxx Xxxx, 0X-0X Xxxx Xxxx St, Xxxx Xxx, Hong Kong
Phone Number: 00000000000
| II. | Share Transferred and Consideration: Party A transfers 10% of shares in Wenzhou Xibolun Automation Project Technology Co., Ltd. with paid-in capital of zero to Party B without any consideration. |
| III. | Rights and Obligations: On the day when the share transfer is closed, all the rights and obligations that Party A owns are transferred to Party B. |
| IV. | Liability for Breach of Contract: If Party A does not transfer the right timely, it should compensate all loss incurred. |
| V. | Dispute resolution: For any dispute, Party A and Party B shall negotiate for settlement. If it cannot be settled, either party can submit it to Longwan District Court for suit according to Contract Law of the People's Republic of China. |
| VI. | Agreement Execution and Termination: This agreement is effective after being approved by the original approval authority. It is terminated after both parties perform it. |
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| VII. | This agreement is signed by the representatives of both parties at Wenzhou, China on October 30, 2012. It has 8 originals, with Party A and Party B each holding one copy, Wenzhou Xibolun Automation Project Technology Co., Ltd holding one copy for record, and other being submitted to relevant authorities for record. |
Party A: /s/ Zhejiang Xibolun Technology Co., Ltd.
Party B: /s/ HONGKONG XIBOLUN TECHNOLOGY LIMITED
2012-10-30
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