NEWN I would not had bought 25,000 shares if the LAWSUIT had not been settled. The lawsuit has been settled on Pearl Harbor Day - On December 7,
Key developments for Shenzhen NewPower Technology Co., Ltd. Shenzhen NewPower Technology Co., Ltd. Enters Settlement Agreement with Shenzhen Zhongte Industry and Trade Co., Ltd 12/13/2011
On December 7, Shenzhen NewPower Technology Co., Ltd. entered into a settlement agreement with Shenzhen Zhongte Industry and Trade Co., Ltd. (“SZIT”) resolving the action filed by SZIT in Longgang District People's Court in Shenzhen, China on October 24, 2011. Pursuant to the settlement agreement, SZIT shall return certain products it purchased under a sales agreement, dated May 9, 2011 between the company and SZIT. The company shall return RMB 9,720,000, the purchase price of the products, to SZIT. In addition, NewPower shall pay RMB 139,205 to SZIT by January 5, 2012. The sales agreement shall be terminated immediately and SZIT releases any and all of its claims arising out of the sales agreement.
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