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As previously reported in our Form 8-K Current Report dated April 29, 2008, on April 17, 2008, the Company signed a definitive agreement to purchase the Wuhan Wufeng Machinery Manufacturing Co., Ltd. ("Machinery Company"), a subsidiary of Wuhan Intepower Co., Ltd. ("Wuhan Intepower"), located in Wuhan, Hubei Province of China. On August 13, 2008, the Company deposited RMB 1,100,000 (approximately US$166,000 or 10% of the purchase price) in the original capital account of Wuhan Intepower that opened for the purpose of the acquisition in accordance with Chinese law and regulation. The deposit should have remained in the original capital account until the final inspection by the Chinese governmental authority prior to the closing of this acquisition.
However, we recently discovered that the US$166,000 deposit was transferred out from the original capital account to another Wuhan Intepower account in violation of our agreement and in violation of Chinese regulation, without our approval and without the approval of the Chinese governmental authority. In addition, during the inspection of the books and records of the Machinery Company for the year of 2008 presented to us by Wuhan Intepower, we discovered that the figures of net profits (unaudited) presented to us by Wuhan Intepower were materially less than the net profit figure of 2006-2007 in according to the final version of the 2006-2007 audit report presented to us by the appointed audit company for this acquisition.
For the above reasons, on July 10, 2009, we sent an official letter to Wuhan Intepower rescinding the SPA and demanding the return of our US$166,000 deposit. If the deposit is not returned to us by July 17, 2009, then we will take legal action to recover our deposit.
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