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Amendment to Asset Purchase Agreement

Asset Purchase Agreement

Amendment to Asset Purchase Agreement | Document Parties: Beijing Hi-Tech Wealth Investment and Development Company Limited | Magical Insight Investments Ltd You are currently viewing:
This Asset Purchase Agreement involves

Beijing Hi-Tech Wealth Investment and Development Company Limited | Magical Insight Investments Ltd

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Title: Amendment to Asset Purchase Agreement
Governing Law: New York     Date: 4/9/2007
Industry: Communications Equipment     Sector: Technology

Amendment to Asset Purchase Agreement, Parties: beijing hi-tech wealth investment and development company limited , magical insight investments ltd
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Amendment to Asset Purchase Agreement

 

This Amendment (the “Amendment”) to that certain Asset Purchase Agreement, dated as of February 8, 2007 (the “APA”) by and among Beijing Hi-Tech Wealth Investment and Development Company Limited, a limited liability company organized under the laws of the People’s Republic of China (the “Seller”), Magical Insight Investments Ltd., a British Virgin Islands corporation (the “Buyer”) and General Components, Inc., a Nevada corporation (“Parent”) is made as of February 15, 2007 by each of the parties to the APA. Terms used but not defined herein shall have the meanings assigned to them in the APA.

 

WHEREAS, pursuant to the APA, Parent agreed to contribute 30,000,000 warrants to purchase shares of Parent’s Common Stock (the “Parent Warrants”) to the Buyer and the Buyer agreed to deliver such Parent Warrants to the Seller on the Closing Date to enable the Buyer to purchase the Interest from the Seller; and

 

WHEREAS, on February 13,   2007, Parent consummated a 1 for 10 reverse split of its outstanding Common Stock; and

 

WHEREAS, the parties have decided that in lieu of the contribution of 30,000,000 Parent Warrants to the Buyer, Parent shall contribute 3,000,000 shares of Parent’s Common Stock to the Buyer (the “Shares”), who will then deliver the Shares to the Seller as consideration for the Interest;

 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consi


 
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