On December 5, 2012, a Settlement Agreement was signed between the Company and Dragon Wings in which:
(i) Dragon Wings agreed to completely release and to forever discharge Sancon of and from any and all past, present or future claims, demands, obligations, actions, rights, damages, costs, expenses and compensation which Dragon Wings had, or which accrued in connection to the Claim.
(ii) In consideration of the release set forth above, Sancon agreed to issue to Dragon Wings 6.0 million of its common shares without cost and option to subscribe to 6.0 million of its common shares at $0.01 per share within 5 years from the date of the Settlement Agreement.
Per the Settlement Agreement, the Company issued to Dragon Wings 6.0 million common shares on January 4, 2013. The Company has not received any notice from Dragon Wings on the exercise of the option to acquire new shares of the Company. The Company believes that it has fulfilled all the other terms and conditions as stipulated in the Settlement Agreement which is included in this report as Exhibit 10.12.
Cancellation of Securities
During the year ended December 31, 2011, the Company had cancelled 10,100,000 common shares and the outstanding share issued is 12,864,996 (2010: 22,964,996).
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