Ex 10.9
Agreement of
Shunde Yi Wan Communication Equipment Plant Co., Ltd.
on the Transfer of Equity Shares
Shunde Yi Wan Communication Equipment Plant Co., Ltd. (hereinafter called Joint
Venture) is a Sino-Foreign Joint Venture formed by Shunde Zhiyuan Developing Co.
(hereinafter called Party A) and Xxxxx Xxx Da Construction Inc. (hereinafter
called Party B). During the cooperation period, both Parties, adhering to the
principle of mutual benefit and mutual development, successfully conducted the
business administration of the Joint Venture.
In the light of the development program and business necessity of the Joint
Venture, Party A and Party B, through friendly consultation, have agreed to
transfer their respective equity shares to Yi Wan Group, Inc. (hereinafter
called Party C). Party A, Party B and Party C through negotiation, have reached
agreement as follows:
1. It is agreed that Party A, Shunde Zhiyuan Developing Co., will recede from
the original Joint Venture and that Party A will transfer the ready
workshop of 3,500, square meters to Yi wan Group. Inc.
2. It is agreed that Party B, Xxxxx Xxx Da Construction, Inc., will recede
from the original Joint Venture and Party B's shareholdings of 1,500,000
U.S dollars in the Joint Venture (accounting for 100% of the registered
capital of the Joint Venture) will transfer to Yi Wan Group, Inc.
3. The Joint Venture will thus become an exclusively foreign invested
enterprise. The total amount of the investment of the foreign enterprise
will be 2,000,000 U.S dollars and its registered capital will be 1,500,000
U.S dollars, Yi Wan Group, Inc. shall invest the money within one year
after the date of issuance of date business license.
4. The foreign enterprise shall take all of the creditor's rights and
liabilities in the legal sense. None of the above rights and liabilities
shall be in connection with Party A and Party B.
5. Applicable Law and Dispute Resolution: In the event disputes arise, they
shall be settled by arbitration in accordance with the laws and regulations
of China.
6. This agreement shall come into force as of the date when the three parties
sign it.
7. This agreement is in six duplicates, each party of the three holds two
copies. All of the six copies shall have equal legal effect.
8. Other matters not dealt with here in this agreement shall be solved through
consultation by the three parties.
In a friendly atmosphere, the three parties are satisfied with the transfer
arrangements and they sign this agreement for such purpose.
Party A: Shunde Zhiyuan Developing Co.
Authorized Representative: Xxxxx Xxxx /s/
Party B: Xxxxx Xxx Da Construction Inc.
Authorized Representative: Xxxx Xxxxxx /s/
Party C: Yi Wan Group, Inc.
Authorized Representative: He Lei /s/
Signing Date: March 18th, 2000
Signing Place: Shunde City, Guangdong Province, China
