US-China Biomedical Technology Inc. (fka UCBB)

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UCBB~~ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT


On March 15, 2018, US-China Biomedical Technology, Inc., a Nevada corporation formerly known as Cloud Security Corporation (the “Company”), entered into a subscription agreement (the “Subscription Agreement”) for the sale of an aggregate 2,000,000 shares of the Company’s common stock (the “Shares”) at a purchase price of $0.40 per share to China-Israel Biological Technology, Co. Ltd. (“CIB”), a Chinese company associated with Mr. Qingxi Huang, President and Chief Executive Officer of the Company, pursuant to the Subscription Agreement for aggregate proceeds of $800,000 (the “Purchase Price”). CIB shall pay the Purchase Price as follows: (i) $569,805.23 USD paid at closing, and (ii) $230,194.77 USD shall be applied toward the Purchase Price pursuant to a Debt Settlement Agreement entered into by the Company and CIB whereby $223694 in principal and $6,500.77 in interest accrued under certain loans made to the Company by CIB shall be converted and applied towards the Purchase Price for the Shares (the “Debt Settlement Agreement”). The Purchase Price was paid in full as of May 8, 2018 and funds will be used for general corporate and administrative purposes and the development of the Company’s business plan.



Following the acquisition of the Shares, CIB will own an aggregate 6,632,000 shares (42.7%) of the Company’s issued and outstanding common stock. There will be approximately 15,526,896 shares of common stock issued and outstanding as of the date of this Current Report.



The foregoing description of the Subscription Agreement and Debt Settlement Agreement are not complete and is subject to and qualified in its entirety by reference to the Subscription Agreement attached hereto as Exhibit 10.1 and Debt Settlement Agreement attached hereto as 10.2, each of which is incorporated herein by this reference.