Phoenix Rising Companies Inc (PRCX)

[Trade Wins]

1. Wandi Company, Liu Fakuan , and Kuanfa Company applied to claim that the cause of this case should be a dispute over a purchase and sale contract, not a dispute over private lending. Because the agreement signed by the two parties on September 14, 2008 stated that “Party A’s Liu Fakuan needs to borrow from Party B’s Chen Songbao because Wandi Minerals Co., Ltd. lacks technical reform funds”, although there is a large amount of raw coal produced during the trial operation of Wandi Company. The price of 560 yuan per ton is pre-sold to Chen Songbao. The agreement shows that both parties are willing to use raw coal to repay the loan. It is the agreement between the two parties on the repayment method. The legal relationship between Wandi Company, Liu Fakuan and Chen Songbao is a private lending legal relationship. It is not improper to set a private lending dispute , and the reasons for the application of Wandi Company, Liu Fakuan and Kuanfa Company cannot be established.

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