-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GjByxn9g+6DTkLN/Eo/urcjyh8fMpVRmIyHE0kNqm+5gqHQWN+q9WtTSwWPaQ7zx QyO3FZ77T7pSCyD9ulxzGA== 0001144204-08-019406.txt : 20080401 0001144204-08-019406.hdr.sgml : 20080401 20080331175357 ACCESSION NUMBER: 0001144204-08-019406 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080325 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080401 DATE AS OF CHANGE: 20080331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: China Solar & Clean Energy Solutions, Inc. CENTRAL INDEX KEY: 0000717588 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD APPLIANCES [3630] IRS NUMBER: 953819300 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12561 FILM NUMBER: 08726639 BUSINESS ADDRESS: STREET 1: BUILDING 3 NO. 28, STREET 2: FENG TAI NORTH ROAD, CITY: BEIJING STATE: F4 ZIP: 100071 BUSINESS PHONE: 86-10-63850516 MAIL ADDRESS: STREET 1: BUILDING 3 NO. 28, STREET 2: FENG TAI NORTH ROAD, CITY: BEIJING STATE: F4 ZIP: 100071 FORMER COMPANY: FORMER CONFORMED NAME: Deli Solar (USA), Inc. DATE OF NAME CHANGE: 20050908 FORMER COMPANY: FORMER CONFORMED NAME: MEDITECH PHARMACEUTICALS INC DATE OF NAME CHANGE: 19920703 8-K 1 v109139_8k.htm Unassociated Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): March 25, 2008
 
 
China Solar & Clean Energy Solutions, Inc.
 
 
(Exact name of registrant as specified in its charter)
 
 
Nevada
 
000-12561
 
95-3819300
(State of Incorporation)
 
(Commission File No.)
 
(IRS Employer Identification No.)
 
 
Building 3 No. 28, Feng Tai North Road, Beijing China, 100071
 
 
(Address of principal executive offices, including zip code)
 
     
 
+86-10-63850516
 
 
(Registrant's telephone number, including area code)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Item 1.01  Entry into a Material Definitive Agreement
 
On March 25, 2008, Beijing Deli Solar Technology Development Co., Ltd., our wholly-owned subsidiary (“Deli Solar (Beijing)”), entered into a supplementary agreement to the equity purchase agreement and a complimentary agreement which has been entered into on January 9, 2008, with Shenzhen PengSangPu Solar Industrial Products Corporation (“SZPSP”) and its shareholders. The closing occurred effective March 31, 2008. The supplementary agreement amends and supplements the equity purchase and complimentary agreement in the manner set forth below. The terms of the equity purchase agreement and the complimentary agreement are described in a current report on Form 8-K dated January 15, 2008.

Amended Cash Purchase Price: Under the supplementary agreement, after an appraisal of SZPSP, the parties agreed to an amended cash purchase price of RMB 28.8 million ($4,087,832) for the net assets of SZPSP, which shall be paid by us before the end of year 2008.

Amended Stock Purchase Price: Under the supplementary agreement we will issue a total of 1,419,729 shares of our common stock to the shareholders of SZPSP, in consideration of SZPSP’s intangible assets, the appraisal value of which has been agreed to be $RMB 20 million.
 
Warrant Purchase Price: In addition, the supplementary agreement also provided that the shareholders of SZPSP will receive five year warrants to purchase a total of 141,973 shares of our common stock at an exercise price of $2.50 per share, subject to future adjustments (the “Warrants”).
 
Unless otherwise stated in the supplementary agreement, the provisions of the equity purchase agreement and the complementary agreement, both of which were entered into on January 9, 2008, remain in full effect.

Item 9.01  Financial Statements and Exhibits

(d)  Exhibits.

The following are filed as exhibits to this report:

Exhibit No.
 
Description
Exhibit 1.1
 
Supplementary Agreement to the Equity Purchase Agreement, by and among, Beijing Deli Solar Technology Development Co. Ltd., Shenzhen PengSangPu Solar Industrial Products Corporation and its shareholders named therein, dated as of March 25, 2008.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
  China Solar & Clean Energy Solutions, Inc.
(Registrant)
 
 
 
 
 
 
Date: March 31, 2008 By:   /s/ Deli Du
 
Deli Du
President and Chief Executive Officer

 
EX-1.1 2 v109139_ex1-1.htm Unassociated Document
SUPPLEMENTARY AGREEMENT
 
To
The Equity Purchase Agreement
 
And
 
The Complementary Agreement


On Share Purchase Price and Payment

 
 

This supplementary agreement (the “Agreement”) is hereby entered in Shenzhen, China, on March 25, 2008 by and among:

Party A: Shenzhen Peng Sang Pu Solar Industrial Products Corporation (“SZPSP”)
Legal Representative: Qiu Renzheng
Shareholders: Qiu Renzheng, Chen Hanwen, Luo Bing (the “Shareholders”)

Party B: Deli Solar Techonology Development Company (“Deli Solar (Beijing)”)
Legal Representative: Du Deli

Both Party A and Party B hereby agree as follows:

A. Purchase Price:
 
1.  
The purchase price for the net asset of SZPSP, being RMB 28,800,000 shall be paid in cash;
2.  
The purchase price for the intangible assets of SZPSP, being RMB 20,000,000, shall be paid by the Common Stock of China Solar & Clean Energy Solutions, Inc. (the “Common Stock”), in the total amount of 1,419,729 shares.
 
The total purchase price shall be RMB 48,800,000.

B. Payment Method:
 
1.  
The cash purchase price of RMB 28,800,000 shall be paid by Party B to Party A before the end of year 2008. (Check)
2.  
The Common Stock shall be transferred to the Shareholders in the amounts set forth in the following table, before the end of second quarter of 2008:
 
a)  
Renzheng Qiu
407,064 shares;
b)  
Hanwen Chen
746,515 shares;
c)  
Bin Luo
266,150 shares.
 
Registration procedures and other matters shall refer to the relevant provisions of the Complimentary Agreement.
 
   3.
Party B hereby agrees to issue to the Shareholders Series A Warrants to purchase a total amount of 141,973 shares of common stock at an exercise price of $2.50 per share, subject to future adjustment (the “Warrants”). The Warrants shall be issued to each Shareholder according to the following table:
 
a)  
Renzheng Qiu
40,706 shares;
b)  
Hanwen Chen
74,652 shares;
c)  
Bin Luo
26,615 shares.
 

C. Miscellaneous
 
1.  
The closing date shall be March 31, 2008 (the “Closing Date”).
2.  
Shareholders shall collect all account receivables and pay off all account payables and debts existing on or before the Closing Date.
3.  
The accountants of Party B shall be in charge of the ledgers and accounts belonging to the Shareholders on or before June 30th, 2009.
4.  
Unless stated otherwise herein, the Complementary Agreement remains effective.
5.  
The Agreement shall be effective as the date of the execution of the Agreement.
 
Party A:

Shenzhen Peng Sang Pu Solar Industrial Products Corporation
 
       
/s/ Renzheng Qiu      

By: Renzheng Qiu
   
 
       
/s/ Renzheng Qiu      

Renzheng Qiu
   
 
       
/s/ Hanwen Chen      

Hanwen Chen
   
 
       
/s/ Bin Luo      

Bin Luo
   

Party B
 
Deli Solar Techonology Development Company      
       
/s/ Deli Du      

By: Deli Du
   



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