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Exhibit 10.10

(English Translation)

Equity Transfer Agreement

Heilongjiang Shuaiyi New Energy Development Co., Ltd

Registered Address: No. 41, Hanguang Street, Nangang District, Harbin City,
Heilongjiang Province, P.R.China.

Transferor: Lianyun Han (“Party A”)

ID Card: 230103195609050068

Address: Room 205, Unit 2, No 75, Wenjing Street, Nangang District, Harbin City,
Heilongjiang Province, P.R.China.

Transferor: Lianxue Han (“Party B”)

ID Card: 230103195308233215

Address: No.18, Ashihe Street, Nangang District, Harbin City, Heilongjiang
Province, P.R.China.

Transferor: Lianju Han (“Party C”)

ID Card: 23010319500906161X

Address: No.509, Tielu Street, Nangang District, Harbin City, Heilongjiang
Province, P.R.China.

Transferor: Weihan Zhang (“Party D”)

ID Card: 230103198105020037

Address: Room 205, Unit 2, No 75, Wenjing Street, Nangang District, Harbin City,
Heilongjiang Province, P.R.China.

Transferor: Yuehong Luan (“Party E”)

ID Card: 230103198105270626

Address: Room 1610, Building 1, No 59, Xidawang Street, Chaoyang District,
Beijing, P.R.China.

Transferor: Chunming Zhang (“Party F”)

ID Card: 230502196901241312

Address:No.13, Tiedong Hutong, Jianshan District, Shuangyashan City,
Heilongjiang Province, P.R.China.

Transferor: Xunjun Li (“Party G”)

ID Card: 230106581023321

Address: No. 4, Gonbin Road, Xiangfang District, Harbin City, Heilongjiang
Province, P.R.China.

Transferor: Nana Jiang (“Party H”)

ID Card: 230902197705081223

Address: No. 70, Dacheng Street, Nangang District, Harbin City, Heilongjiang
Province, P.R.China.

 

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Transferor: Fengxi Lang (“Party I”)

ID Card: 230107196403211030

Address: Room 403, Unit 5, Building 2, No. 10-5, Leyuan Street, Dongli District,
Harbin City, Heilongjiang Province, P.R.China.

Transferee: New Zealand WAYNE’S New Resources Development Co., Ltd. (“Party J”)

Address: New Zealand WAYNE’S New Resources Development Co., Ltd.

THIS EQUITY TRANSFER AGREEMENT (the "Agreement") is made by and among
Heilongjiang Shuaiyi New Energy Development Co., Ltd, a P.R. China corporation
(“Shuaiyi”), Party A, Party B, Party C, Party D, Party E, Party F, Party G,
Party H, Party I (each, a "Transferor" and collectively, the "Transferors "),
and New Zealand WAYNE’S New Resources Development Co., Ltd., a New Zealand
corporation (the " Transferee "). Transferors have all the equity interests in
Shuaiyi. The Transferors have agreed to transfer all of its equity interests in
Shuaiyi to Party J, Transferors will receive their equity transfer prices pro
rata in cash (US Dollar) separately.  

The Transferee agrees to accept such shares according to terms and conditions of
this Agreement (hereinafter "Share Transfer").

Article 1.

The parties hereto agree that the price of Share Transfer is equal to RMB
60,000,000 in US Dollar (hereinafter "Share Transfer Price"), the parties hereto
agree that the Transferee shall pay to the Transferors within three (3) months
after Shuaiyi obtains the business license of foreign-funded enterprise issued
by Chinese government. Transferors agree to deliver to Transferee the valid
capital contribution certificate within three (3) business days after
Transferors have received the entire purchase price.

Article 2.

Party A agrees to transfer all its 68.3 percent (68.3%) share and interests in
Shuaiyi to Party J, the Share Transfer Price is RMB40, 980,000.

Party B agrees to transfer all its 5 percent (5%) share and interests in Shuaiyi
to Party J, the Share Transfer Price is RMB3, 000,000.

Party C agrees to transfer all its 5 percent (5%) share and interests in Shuaiyi
to Party J, the Share Transfer Price is RMB3, 000,000.

Party D agrees to transfer all its 5 percent (5%) share and interests in Shuaiyi
to Party J, the Share Transfer Price is RMB3, 000,000.

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Party E agrees to transfer all its 4.66 percent (4.66%) share and interests in
Shuaiyi to Party J, the Share Transfer Price is RMB2, 796,000.

Party F agrees to transfer all its 4 percent (4%) share and interests in Shuaiyi
to Party J, the Share Transfer Price is RMB2, 400,000.

Party G agrees to transfer all its 3.17 percent (3.17%) share and interests in
Shuaiyi to Party J, the Share Transfer Price is RMB1, 902,000.

Party H agrees to transfer all its 3.17 percent (3.17%) share and interests in
Shuaiyi to Party J, the Share Transfer Price is RMB1, 902,000.

Party I agrees to transfer all its 1.7 percent (1.7%) share and interests in
Shuaiyi to Party J, the Share Transfer Price is RMB1, 020,000.

  

Article 3.

The execution and delivery of this Agreement by the Transferors hereunder in
accordance with the terms hereof: (a) will not require the consent of any third
party or Governmental Entity under any Laws; (b) will not violate any Laws
applicable to the Shareholder and (c) will not violate or breach any contractual
obligation to which the Shareholder is a party.

Article 4: About Company profit and loss.

1. As soon as possible after this Agreement becomes effective, the Transferee
would be distributed all profits and borne all loses.

2. Before this Agreement becomes effective, the Transferors would bear all the
risks, losses and interests listed in the Audit Report which is issued by the
qualified Chinese auditors. As soon as possible after this Agreement becomes
effective, all losses would be assumed by the Transferee, and then the
Transferors should refund the Transferee.

Article 5.

Fault or failure in duties and obligations provided in this article be liable
for any and all losses and damages caused to the other party.

    

Article 6.

If the Transferee fails to pay the entire purchase price, the delay charges of
1% of the sum payable shall be paid every expired day.

  

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Article 7.

All disputes arising from the execution of this Agreement shall be settled by
both parties through friendly consultations. In case not settlement to the
disputes can be reached by both parties through friendly consolations, the
disputes shall be settled through arbitration.

  

Article 8.

For the following, any party can terminate this agreement. When parties amend
this Agreement, they shall report to Harbin notary office of such changes, which
become effective only after approval by the latter.

a.

The failure of implementation due to special conditions and force majure;

b.

This Agreement should be changed if the objective conditions on which the
agreement is based change so significantly that the original agreement cannot be
fulfilled.

Article 9.

The parties hereto agree to bear their respective fees incurred for engagement
of lawyers, accountants, appraisers, financial advisors and other professionals.

Article 10.

This Agreement shall become effective upon the signing of this agreement by the
authorized representative of each party and certified by Harbin notary office.

Article 11.

This Agreement may be executed in twenty (20) counterparts with each party
holding one, the remainder should be presented to the Government, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.

Heilongjiang Shuaiyi New Energy Development Co., Ltd

_________________________________

(Signature)

Transferors:

Lianyun Han

_________________________________

(Signature)

 

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Lianxue Han

_________________________________

(Signature)

Lianju Han

_________________________________

(Signature)

Weihan Zhang

_________________________________

(Signature)

Yuehong Luan

_________________________________

(Signature)

Chunming Zhang

_________________________________

(Signature)

Xunjun Li

_________________________________

(Signature)

Nana Jiang

_________________________________

(Signature)

Fengxi Lang

_________________________________

(Signature)

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Transferee:

New Zealand WAYNE’S New Resources Development Co., Ltd.

_________________________________

(Signature)

Signed at: Harbin City, Heilongjiang Province, P.R.China

July 28, 2008

 

 

 

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