Asset Purchase Agreement
Party A:
Oceanic Well Profit, Inc.
Party B:
Xx. Xxxxxxx Xxxxx
In order to optimize the industrial structure, adapt to business development, and maximize the interests of both sides, Party A and B friendly consulted and reached the following agreement.
1.
Party A agrees to acquire from Party B all the supporting production equipment for vacuum coffee pot manufacturing (the “Equipment”), all the existing raw material, work in progress and finished product, and all relevant patent technology owned by Party B (together, the “Purchased Assets”). Details of the Purchased Assets are listed on Schedule 1 attached hereto.
2.
Party B agrees to sell Party A the Purchased Assets.
3.
Based on the above asset evaluation, both parties agree that the acquisition price shall be RMB15,000,000.
4.
Timing of Payment
Within 15 days from the date of the signing of this Agreement (the “Effective Date”), Party A shall pay Party B RMB1,500,000; within 15 days after the Equipment is installed and begins to operate, Party A shall pay Party B RMB1,500,000; with 15 days after completion of the transfer of all the Purchased Assets, including all Equipment and inventories, Party A shall pay Party B RMB12,000,000.
5.
Within 3 days after the Effective Date, Party A and Party B will both establish an asset verification team to verify all of the Purchased Assets for transfer and conveyance to Party A.
6.
Party B represents and warrants that upon transfer, Party A will have good title and full right and interest to the Purchased Assets and be in possession of all property and assets. All tangible personal property is in good and safe operating condition and repair. It further represents and warrants to Party A that it is selling and transferring the Purchased Assets to Party A free and clear of all: (a) liens, claims, mortgages, and other encumbrances (“Encumbrances”); and (b) liabilities that, if not paid or satisfied by Party B, could give rise to any Encumbrances. Party B shall hold harmless and indemnify Party A from and against any loss, liability, damage or expense arising directly or indirectly in connection with any inaccuracy in or breach of, or any failure to perform or comply with, any representation, warranty, covenant, obligation or other provision of the Agreement.
1
7.
Breach of Contract
(1)
After the Effective Date, the parties must consciously perform their obligations set forth herein. If either party fails to completely fulfill its obligations, such party will be liable to the other party in accordance with applicable law and with the relevant provisions of the Agreement.
(2)
If Party A fails to pay for the Purchased Assets on time, Party A shall pay Party B liquidated damage at a rate of 1/10,000 of the unpaid purchase price per day. If Party A defaults and damages result to Party B, and the liquidated damages paid by Party A cannot cover Party B’s actual loss, Party A must pay additional compensation in accordance with applicable law.
(3)
In the event that Party A is not able to acquire the Purchased Assets on schedule or perform its obligations due to reasons caused by Party B, Party B shall pay Party A liquidated damages at a rate of 1/10,000 per day of the aggregate payment which has already been made by Party A. If Party B defaults and damages result to Party A, and the liquidated damages paid by Party B cannot cover Party A’s actual loss, Party B must pay additional compensation in accordance with applicable law.
8.
Amendment or Termination
The parties may amend the Agreement upon agreement. In the event that the parties agree to amend this Agreement, an updated agreement shall be made accordingly. The Agreement may be terminated (a) by the mutual written consent of the parties or (b) by Party A if the transaction is not completed by July 31, 2007.
9.
Assumption of Costs
All the costs and expenses relating to the transfer of the Purchased Assets, such as notary fees, legal fees, assessment or audit fees, business registration fees will be borne by Party A. However, Party B shall pay all sales, value added, business, transfer and documentary taxes payable in connection with the transactions contemplated by this Agreement and issue the relevant invoices to Party A.
10.
Governing Law and Dispute Settlement
This Agreement shall be governed by and construed in accordance with the laws of the People's Republic of China. In the event of any dispute arising out of or related to this Agreement, both parties should friendly resolve it through consultation. If no resolution is reached, either party may submit the dispute to the Zhongshan Arbitration Committee.
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11.
Effectiveness
This Agreement will be effective upon the signatures by the parties. Both parties agree to report the change of ownership of the Purchased Assets to the relevant government Departments after the agreement become effective.
12.
This Agreement shall be executed in six counterparts. Each party shall keep one original and the related company shall keep one, and the remaining original copies shall be given to the relevant departments.
Party A: Oceanic Well Profit, Inc.
/s/ Xxxxxx Xx
Name: Xxxxxx Xx
Title: CEO
Date: 6/15/2007
Party B: Xxxxxxx Xxxxx
/s/ Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Date: 6/15/2007
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Schedule 1
PURCHASED ASSETS
1. Plant and Equipment
Number | Equipment/Product name | Model | Manufacturers | Quantity |
1 | Heavy Shear Bed | 2.5m | N/A | 1 |
2 | Mixer | Guangzhou Keyun | 1 | |
3 | Table | 0.8*1.5m | Guangzhou Keyun | 10 |
4 | Supporting Platform | 1.5*2.5m | Guangzhou Keyun | 1 |
5 | Automatic Welding Longitudinal | 1,-350 | Guangzhou Keyun | 2 |
6 | Automatic Welding Longitudinal | 1,-250 | Guangzhou Keyun | 4 |
7 | Manual Bending Table | I.C-351 | Guangzhou Keyun | 1 |
8 | Pneumatic Pressure Straight Seamer | LT 300 | Guangzhou Keyun | 2 |
9 | Pneumatic Volume Cone Machine | CL-350 | Guangzhou Keyun | 1 |
10 | Heightening Stretcher | 200T | Foshan Zhonglian | 2 |
11 | General Stretcher | 100T | Foshan Zhonglian | 3 |
12 | Boiler | 1Cubic | Guangzhou Keyun | 1 |
13 | Oil Cleaning Cars | Foshan | 1 | |
14 | Clean Stainless Steel Barrel | 800*800 | Guangzhou Keyun | 2 |
15 | Stainless Steel Clean Cage | Guangzhou Keyun | 6 | |
16 | Gantry | 3m, 500kg | Guangzhou Keyun | 1 |
17 | Longitudinal Welding Tables | Guangzhou Keyun | 6 | |
18 | Hand Pump | N/A | 2 | |
19 | Edge Cutting Machine | Guangzhou Keyun | 24 | |
20 | Lathe-foot Liquid Compression Machine | Guangzhou | 4 | |
21 | International Punch | 16T | Shunde | 1 |
22 | International Punch | 25T | Shunde | 1 |
23 | Pillar Hydraulic Plastic Plane | Guangzhou Keyun | 1 | |
24 | Cleaning Groove (stainless steel ) | Guangzhou Keyun | 2 | |
25 | Cleaning Pool (stainless steel ) | Guangzhou Keyun | 2 | |
26 | Liquid Heating Rods | 3KW | Xxxxxxxxx | 00 |
00 | Brazing Table | Guangzhou Keyun | 1 | |
28 | Suspended Welder (standard) | Guangzhou Keyun | 4 | |
29 | Suspended Welder (light) | Guangzhou Keyun | 5 | |
30 | Suspended Welding Tables | Guangzhou Keyun | 8 | |
31 | Hydraulic Pillar Fixed Ring Welder | DN-150 | Guangzhou Keyun | 4 |
SCHEDULE 1
PURCHASED ASSETS, CONT’D
1. Plant and Equipment, cont’d
Number | Equipment/Product name | Model | Manufacturers | Quantity |
32 | Four Exchanges Holes Aerodynamic Combination Welder | DN-75 4 | Guangzhou Keyun | 2 |
33 | Pneumatic Exchange Spot Welder | DN-75 4 | Guangzhou Keyun | 5 |
34 | Pneumatic Exchange Storage Spot Welder | IDR-1500 | Guangzhou Keyun | 1 |
35 | Pneumatic Central Steamer | TC-300 | Guangzhou Keyun | 5 |
36 | Pneumatic Pressure Machine | Guangzhou Keyun | 10 | |
37 | Vertical Girth Welding Machine | OL-250 | Guangzhou Keyun | 6 |
38 | Vacuum Unit | 64 tag | Guangzhou Keyun | 2 |
39 | Vacuum Unit | 60 tag | Guangzhou Keyun | 1 |
40 | Vacuum Unit | 48 tag | Guangzhou Keyun | 1 |
41 | Hydraulic Sealed-off Clamp | Guangzhou Keyun | 3 | |
42 | Stainless Electrolysis Machine | 10 tag | Guangzhou Keyun | 1 |
43 | Stainless Electrolysis Machine | 16 tag | Guangzhou Keyun | 1 |
44 | Electrolysis Current | 3KVA | Guangzhou | 2 |
45 | Acid Pump(all stainless steel) | Guangzhou | 2 | |
46 | Cleaning Pool (stainless steel ) | Guangzhou | 2 | |
47 | Electric Dryer | Guangzhou Keyun | 2 | |
48 | Hot Air Dryer | Guangzhou Keyun | 2 | |
49 | Dry Blast Machine | dry blast | Dongguan Baitong | 3 |
50 | Four Columns Hydraulic Low Covered Plastic Plane | Guangzhou Keyun | 2 | |
51 | Double Abrasive Belt Polishing Machine | Dongguan | 2 | |
52 | Dedicated Bottom Cover Splitting-ray Machine | Guangzhou Keyun | 2 | |
53 | Mixing Polishing Machine | Guangzhou Keyun | 1 | |
54 | Polishing Motor | 5KW | Jiangmen | 12 |
55 | Vacuum Test Table | 20 tag | Guangzhou Keyun | 10 |
56 | Bottom Cover Column Pneumatic Exchange Welder | DN-75 | Guangzhou Keyun | 2 |
57 | Small Mouth bottles Pneumatic Exchange Exclusive Spot Welder | DN 75 | Guangzhou Keyun | 5 |
58 | Seed Welder | DDR-700 | Guangzhou Keyun | 3 |
59 | Conveyor | 13M | Guangzhou Keyun | 2 |
60 | Conveyor | 12M | Guangzhou Keyun | 2 |
61 | Stainless Steel Temperature Measurement Line | 6M | Guangzhou Keyun | 1 |
62 | Window Air-conditioner | 2W | Guangzhou | 2 |
2
SCHEDULE 1
PURCHASED ASSETS, CONT’D
1. Plant and Equipment, cont’d
Number | Equipment/Product name | Model | Manufacturers | Quantity |
63 | Lathe | C6150HK | Wuhan Hanri | 1 |
64 | Lathe | C6132 | Guangzhou | 2 |
65 | Universal Milling | 3HP | N/A | 1 |
66 | Vertical Wheel Machine | 750W | Jiangsu | 2 |
67 | Vertical Drill | 25 | Zhejiang | 1 |
68 | Pipe Cutting Machine | Guangzhou Keyun | 2 | |
69 | Pneumatic Pipe Straightening Machine | Guangzhou Keyun | 1 | |
70 | Pipe Bore Machine | Guangzhou | 2 | |
71 | Pipe Straightening Machine | Guangzhou Keyun | 1 | |
72 | Hydraulic Forklifts | 3T | Shanghai | 2 |
73 | Fan | Shunde | 2 | |
74 | Welder | 200K | Japan Hitachi | 1 |
75 | Albino Pool | 1000*1000 | Guangzhou Keyun | 1 |
76 | Die Shelf | Guangzhou Keyun | 9 | |
77 | Air Compressors | AW105010 | Shenzhen | 6 |
00 | Xxxxx Xxx Xxxxxx | XXX000X | Xxxxx Hitachi | 3 |
79 | Argon Arc Welder | TSP 000 | Xxxxx Matsushita | 3 |
80 | Argon Arc Welder | AT-150 | Guangzhou Lijin | 4 |
81 | Argon Arc Welder | TIG 160 | Shanghai | 1 |
82 | Argon Arc Welder | TIG 160S | Shenzhen | 1 |
83 | Argon Arc Welder | TIG-2009 | Shenzhen | 2 |
84 | Argon Arc Welder | TIG-150A | Xxxxxxxx Xxxxxxxxxx | 0 |
00 | Xxxxx Xxx Welder | TIG-250P | Guangzhou | 1 |
86 | Argon Arc Welder | WS-315 | Shanghai | 2 |
87 | Manually Punching Machine | Fujian | 1 | |
88 | Locksmith Table | 1.2m*2.4m | Guangzhou | 1 |
89 | Floor Firm Fan | FS 75 | Zhongshan | 13 |
90 | Fan | KYT-25 | Zhongshan | 5 |
91 | Tool Cabinets | mid-small type | Guangzhou | 11 |
92 | Cutting Machine |
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SCHEDULE 1
PURCHASED ASSETS, CONT’D
2. Fixture Parts
No. | Name of Product | Name of Fixture | Quantity | Unit |
93 | External Liner Rolling Bar | 1 | Set | |
94 | External Liner Incision | 1 | Set | |
95 | External Liner Undercut | 1 | Set | |
96 | Internal Liner Incision | 1 | Set | |
97 | Internal Liner Undercut | 1 | Set | |
98 | External End-Liner Trimming Cut | 1 | Set | |
99 | Internal End-Liner Trimming Cut | 1 | Set | |
100 | KA019A | External Head-Liner Incision | 1 | Set |
101 | External Head-Liner Undercut | 1 | Set | |
102 | Internal Head-Liner Incision | 1 | Set | |
103 | Internal Head-Liner Undercut | 1 | Set | |
104 | External Liner Bracing Welding | 1 | Set | |
105 | Internal Liner Bracing Welding | 1 | Set | |
106 | Internal Liner Suspended Welding | 1 | Set | |
107 | Sealed Welding | 2 | Set | |
108 | Internal Head-Liner Incision | 1 | Set | |
109 | Internal Head-Liner Undercut | 1 | Set | |
110 | KA019B | Internal End-Liner Trimming Cut | / | Set |
111 | External End-Liner Trimming Cut | / | Set | |
112 | Sealed Welding | / | Set | |
113 | External Liner Incision | 1 | Set | |
114 | External Liner Undercut | 1 | Set | |
115 | Internal Liner Incision | 1 | Set | |
116 | Internal Liner Undercut | 1 | Set | |
117 | External Bottom-Cover Trimming Cut | 1 | Set | |
118 | ODC460 | Internal End-Liner Trimming Cut | 1 | Set |
119 | Exhaust End Trimming Cut | 1 | Set | |
120 | External Liner Welding Strengthen Films | 1 | Set | |
121 | Firm Central Welding | 1 | Set | |
122 | Screw Welding Fixture | 1 | Set |
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SCHEDULE 1
PURCHASED ASSETS, CONT’D
2. Fixture Parts, cont’d
No. | Name of Product | Name of Fixture | Quantity | Unit |
123 | External Liner Feet-Reduction | 1 | Set | |
124 | Internal Liner Suspended Welding | 1 | Set | |
125 | External Liner Incision | 1 | Set | |
126 | External Liner Undercut | 1 | Set | |
127 | Internal Liner Incision | 1 | Set | |
128 | DE790 | Internal Liner Undercut | 1 | Set |
129 | External bottom cover Trimming Cut | 1 | Set | |
130 | External Liner Welding Strengthen Films | 1 | Set | |
131 | External Liner Screw Welding | 1 | Set | |
132 | Internal Liner Suspended Welding | 1 | Set | |
133 | External Liner Incision | 1 | Set | |
134 | External Liner Undercut | 1 | Set | |
135 | 236904B | Internal Liner Incision | 1 | Set |
136 | Internal Liner Undercut | 1 | Set | |
137 | Connecting-Ring Trimming Cut | 1 | Set | |
138 | External Liner Incision | 1 | Set | |
139 | External Liner Undercut | 1 | Set | |
140 | Internal Liner Incision | 1 | Set | |
141 | Internal Liner Undercut | 1 | Set | |
142 | 233803 | External Bottom-Cover Trimming Cut | 1 | Set |
143 | External Bottom-Cover Rotary Extrusion | 1 | Set | |
144 | Internal End-Liner Trimming Cut | 1 | Set | |
145 | Internal Liner Suspended Welding | 1 | Set | |
146 | External Liner Welding Strengthen Films | 1 | Set | |
147 | External Liner Incision | 1 | Set | |
148 | External Liner Undercut | 1 | Set | |
149 | Internal Liner Incision | 1 | Set | |
150 | Internal Liner Undercut | 1 | Set | |
151 | CV21 | External Bottom-Cover Trimming Cut | 1 | Set |
152 | Exhaust End Trimming Cut | 1 | Set |
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SCHEDULE 1
PURCHASED ASSETS, CONT’D
2. Fixture Parts, cont’d
No. | Name of Product | Name of Fixture | Quantity | Unit |
153 | Internal End-Liner Trimming Cut | 1 | Set | |
154 | External Liner Rolling Bar | 1 | Set | |
155 | External Liner Feet-Reduction | 1 | Set | |
156 | External Liner Incision | 1 | Set | |
157 | External Liner Undercut | 1 | Set | |
158 | Internal Liner Incision | 1 | Set | |
159 | CV0303 | Internal Liner Undercut | 1 | Set |
160 | External Bottom-Cover Necking | 1 | Set | |
161 | Exhaust End Trimming Cut | 1 | Set | |
162 | Internal End-Liner Trimming Cut | 1 | Set | |
163 | External Liner Feet-Reduction | 1 | Set | |
164 | External Liner Incision | 1 | Set | |
165 | External Liner Undercut | 1 | Set | |
166 | Internal Liner Undercut | 1 | Set | |
167 | External End-Liner Trimming Cut | 1 | Set | |
168 | Internal End-Liner Trimming Cut | 1 | Set | |
169 | External Liner Rolling Bar | 1 | Set | |
170 | External Liner Incision | 1 | Set | |
171 | External Liner Undercut | 1 | Set | |
172 | CM362 | Internal Liner Incision | 1 | Set |
173 | Internal Liner Undercut | 1 | Set | |
174 | Internal End-Liner Trimming Cut | 1 | Set | |
175 | External Liner Feet-Reduction | 1 | Set | |
176 | External Liner Incision | 1 | Set | |
177 | External Liner Undercut | 1 | Set | |
178 | CM363 | External Bottom-Cover Trimming Cut | 1 | Set |
179 | Exhaust End Trimming Cut | 1 | Set | |
180 | External Liner Feet-Reduction | 1 | Set | |
181 | External Liner Incision | 1 | Set | |
182 | External Liner Undercut | 1 | Set |
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SCHEDULE 1
PURCHASED ASSETS, CONT’D
2. Fixture Parts, cont’d
No. | Name of Product | Name of Fixture | Quantity | Unit |
183 | External Liner Feet-Reduction | 1 | Set | |
184 | Internal Liner Incision | 1 | Set | |
185 | Internal Liner Undercut | 1 | Set | |
186 | PA1056 | Internal Liner Rotary Slot | 1 | Set |
187 | External Liner Rotary Jib | 1 | Set | |
188 | External Bottom-Cover Trimming Cut | 1 | Set | |
189 | External Bottom-Cover Correcting Bevel Edge | 1 | Set | |
190 | External Bottom-Cover Necking | 1 | Set | |
191 | Exhaust End Trimming Cut | 1 | Set | |
192 | Internal End-Liner Trimming Cut | 1 | Set | |
193 | External Liner Incision | 1 | Set | |
194 | External Liner Undercut | 1 | Set | |
195 | Internal Liner Incision | 1 | Set | |
196 | Internal Liner Undercut | 1 | Set | |
197 | 884 | External Bottom-Cover Trimming Cut | 1 | Set |
198 | Exhaust End Trimming Cut | 1 | Set | |
199 | Internal End-Liner Trimming Cut | 1 | Set | |
200 | External Liner Feet-Reduction | 1 | Set | |
201 | Firm Central Welding | 1 | Set | |
202 | Internal Liner Suspended Welding | 1 | Set | |
203 | External Liner Incision | 1 | Set | |
204 | External Liner Undercut | 1 | Set | |
205 | Internal Liner Incision | 1 | Set | |
206 | Internal Liner Undercut | 1 | Set | |
207 | 9708 | External Bottom-Cover Trimming Cut | 1 | Set |
208 | Exhaust End Trimming Cut | 1 | Set | |
209 | Internal End-Liner Trimming Cut | 1 | Set | |
210 | External Liner Feet-Reduction | 1 | Set | |
211 | Firm Central Welding | 1 | Set | |
212 | External Liner Incision | 1 | Set |
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SCHEDULE 1
PURCHASED ASSETS, CONT’D
2. Fixture Parts, cont’d
No. | Name of Product | Name of Fixture | Quantity | Unit |
213 | External Liner Undercut | 1 | Set | |
214 | Internal Liner Incision | 1 | Set | |
215 | Internal Liner Undercut | 1 | Set | |
216 | AEG | External Liner Rolling Bar | 1 | Set |
217 | External End-Liner Trimming Cut | 1 | Set | |
218 | External End-Liner Leveling Pressure | 1 | Set | |
219 | External End-Liner Leveling Correction | 1 | Set | |
220 | Internal End-Liner Trimming Cut | 1 | Set | |
221 | External Liner Incision | 1 | Set | |
222 | External Liner Undercut | 1 | Set | |
223 | Internal Liner Incision | 1 | Set | |
224 | Internal Liner Undercut | 1 | Set | |
225 | 4760 | External Liner Rolling Bar | 1 | Set |
226 | External Liner Feet-Reduction | 1 | Set | |
227 | External Bottom-Cover Trimming Cut | 1 | Set | |
228 | External End-Liner Screw Welding | 1 | Set | |
229 | Exhaust End Trimming Cut | 1 | Set | |
230 | Internal End-Liner Trimming Cut | 1 | Set | |
231 | External Liner Incision | 1 | Set | |
232 | External Liner Undercut | 1 | Set | |
233 | 9715C | Internal Liner Incision | 1 | Set |
234 | Internal Liner Undercut | 1 | Set | |
235 | External Bottom-Cover Trimming Cut | 1 | Set |
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SCHEDULE 1
PURCHASED ASSETS, CONT’D
3. Mold Parts
No. | Name of Product | Name of Mold | Quantity | Unit |
1 | External Liner Blanking Mold | 1 | Set | |
2 | Internal Liner Blanking Mold | 1 | Set | |
3 | Firm Central Turn-over Mold | 1 | Set | |
4 | 9708 | External Liner Stretching Mold | 1 | Set |
5 | Internal Liner Stretching Mold | 1 | Set | |
6 | External End-Liner Stretching Mold | 1 | Set | |
7 | Internal Head-Liner Stretching Mold | 1 | Set | |
8 | Exhaust End Stretching Mold | 1 | Set |
9