EXHIBIT 10.12
Memorandum of Understanding
This memorandum of understanding dated March 15, 2004 is the result of the
meetings held in February and March 2004 between Geely in China and Global
Electric. Both English and Chinese versions of this memorandum are to be
considered upon agreement
Global Electric had purchased three models of scooters and motorbikes and one
model of an All-Terrain Vehicle (ATV), totaling 10 vehicles with an intention of
purchasing 10 more units.
Global Electric will convert these vehicles into electric versions. Upon
successful conversion, Geely will manufacture these models as 'gliders', without
engine and exhaust for ease of conversion, at a pre-agreed price.
Geely will also work towards a comprehensive joint venture agreement in a format
agreed upon by both companies and details acceptable to both pasties.
/s/ Xxxxx Xxxxxxxxx /s/ Xxxxxx Xxx
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Xxxxx Xxxxxxxxx Xxxxxx Xxx
President Vice General manager
Global Electric Shanghai Geely Metop International
Trade Co., Ltd.
