Exhibit 10.1
Termination
Agreement
This termination agreement was made on the basis of the Asset
Purchase Agreement (the “Agreement”) dated on September
20, 2008 and the Amendment entered into between Harbin Xinda Macromolecule
Material Co., Ltd (hereinafter referred as “Xinda”) and
Harbin Xinda High-tech Company (hereinafter referred as
“Xinda High-tech”). Xinda and Xinda High-tech are
collectively referred to herein as
“Parties”.
Preface
Whereas, under the Agreement, Xinda
agreed to purchase plant, land, equipments and affiliate projects
and facilities (the “Assets”) listed in Exhibit A from
Xinda High-tech.
Whereas, the total purchase price of
Assets under the Agreement is 240 million RMB.
Whereas, under the Amendment, the
payment date and amount that Xinda shall pay Xinda High-tech shall
be: 240 million RMB before December 31 st ,
2009.
Whereas, Xinda has paid the amount of 7 out of
19 sets of fully automatic twin screw mixing extruders, which were
listed as the item 38 on Assets
List—Equipments List in Appendix A of the
Agreement;
Whereas, Xinda High-tech must pay back the bank
loan within the specified period and anticipate Xinda could not
perform the agreement as a result of Xinda’s failure to pay
back the total payment during the period spe
