Agreement on Debt Transfer and Offset
Exhibit
10.1
Agreement
on Debt Transfer and Offset
Party A: Xianggang Fuhong
Development Co., Ltd.
Party B: Tianshi International
Holdings Group Co., Ltd.
Party C: Tianshi International
Investment Group Co., Ltd.
Party A,
Party B and Party C enter into this Agreement on June 10, 2010, which shall be
observed by all parties of this Agreement.
Whereas,
Party A is a creditor of Party B and Party B is a creditor of Party
C. After consultation, Party A, Party B and Party C agree the
provisions as follows:
1. Party
C pays off the loan payable of USD3,000,000.00 to Party A in place of Party
B;
2. Party
A writes off the debt of Party B with the same amount;
3. Party
B writes off the debt of Party C with the same amount;
4. Party
A, Party B and Party C shall perform this Agreement, including writing proper
receipts on June 11, 2010.
5. This
Agreement is effective as of the date first written above and is signed by three
parties for confirmation.
Party A: Xianggang Fuhong
Development Co., Ltd.
Legal
Representative: Xxxxxxx Xx
Signature:
/s/ Xxxxxxx Xx
Party B: Tianshi International
Holdings Group Co., Ltd.
Legal
Representative: Xxxxxxx Xx
Signature:
/s/ Xxxxxxx Xx
Party C: Tianshi International
Investment Group Co., Ltd.
Legal
Representative: Xxxxxxx Xx
Signature:
/s/ Xxxxxxx Xx
