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EXHIBIT
4.39
 SHARE EXCHANGE AGREEMENT
 THIS AGREEMENT
 BETWEEN:
 MASS FINANCIAL CORP.
  AND:
 KHD HUMBOLDT WEDAG INTERNATIONAL LTD
  WHEREAS:
 A.
    
    The authorized capital of the Company consists of an unlimited number of shares of one class
designated as common shares (the Common Shares);B.
    
    There are eleven (11) Common Shares in the capital of the Company issued to the Shareholder;
andC.
    
    The Company and the Shareholder wish to reorganize the capital of the Company under the
provisions of the Companies Act(Barbados) and the Income Tax Act(Canada);
 NOW THEREFORE THIS AGREEMENT WITNESSES
 1.
    
    Amendment to Articles
  (a)
    
    increase the authorized capital of the Company by creating a series of a new
class of preferred shares without par value (the Series A Preferred Shares) with
special rights and restrictions substantially similar to the special rights and
restrictions set out in Schedule A of this Agreement and by creating a new class of
common shares without par value (the New Common Shares); and(b)
    
    exchange the eleven (11) Common Shares held by the Shareholder for one (1)
Series A Preferred Share and one (1) New Common Share (the Exchange).




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- 2 - 2.
    
    Estimated Value of Shares2.1
    
    The Company will:
 (a)
    
    determine the best estimate of the fair market value of the issued Common
Shares immediately prior to the Exchange (the Estimated Value of the Common Shares),
such determination to be made in consultation with an independent valuator, having
regard to the principles of business valuation as endorsed by the Association of
Business Valuators, within 90 days of the Exchange; and(b)
    
    set the initial redemption amount of the Series A Preferred Shares equal to the
Estimated Value of the Common Shares less $100.
 2.2
    
    The Company may from time to time amend the Estimated Value of the Common Shares based on the
results of appraisals and other information subsequently made available provided, however,
that subject to paragraph 3, any determination of value by such independent valuator will be
final and binding on the Company and the Shareholder.2.3
    
    The New Common Shares issued by the Company to KHD on the Exchange will have a nominal fair
market value of $100.
 3.
    
    Adjustment
  (a)
    
    the Minister of National Revenue or any other competent authority at any time
questions or proposes to issue or issues any assessment or assessments that would
impose or imposes any liability for tax of any nature or kind on any of the parties or
on any other person on the basis that the fair market value of the issued Common Shares
immediately prior to the Exchange is greater or less than the Estimated Value of the
Common Shares; and(b)
    
    the Company and the Shareholder agree or a competent tribunal finally adjudges
that the fair market value of the issued Common Shares immediately prior to the
Exchange is a greater or lesser amount (the Adjusted Value of the Common Shares) than
the Estimated Value of the Common Shares;
  (c)
    
    the initial redemption amount in respect of each Series A Preferred Share in
the capital of the Company, as that term is defined by reference to the articles of the
Company and this Agreement, will be determined by reference to the Adjusted Value of
the Common Shares to the exclusion of the Estimated Value of the Common Shares; and(d)
    
    the Company and the Shareholder will do all such things and perform all such
acts as may be necessary to revise the initial redemption amount accordingly.




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- 3 - 4.
    
    Agreement to VoteThe Shareholder agrees that it will vote its shares so as to enable the Company to alter its
articles in the manner set out in this Agreement.5.
    
    Subsequent ShareholdersThe Company agrees that in the event any person subscribes for Series A Preferred Shares in
the capital of the Company at any time in the future, the Company will cause such person to
agree in writing to be bound by the terms and conditions of paragraph 3 of this Agreement
and to consent to and do any and all acts or things which may be necessary to give effect to
the terms thereof.6.
    
    NoticesAll notices and other communications hereunder shall be in writing and shall be delivered by
hand to the parties at the following addresses or sent by telecopy at the following
telecopier numbers or at such other addresses or telecopier numbers as shall be specified by
the parties by like notice:
 (a)
    
    if to the Shareholder:
 Unit 803, 8/F, Dina House, Ruttonjee Centre11 Duddell Street, CentralHong KongAttention: Michael J. SmithFax: 852.2537.3689
 (b)
    
    if to the Company:
 Palm Court28 Pine RoadBelleville, St. MichaelBarbadosAttention: Michael J. SmithFax: 246.429.5143




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- 4 - 7.
    
    Applicable LawThis Agreement shall be governed by, and construed in accordance with, the laws of the
Province of British Columbia and the federal laws of Canada applicable therein and shall be
treated in all respects as a British Columbia contract.8.
    
    CurrencyAll sums of money which are referred to in this Agreement are expressed in lawful money of
the United States of America unless otherwise stated.9.
    
    Binding Effect and AssignmentThis Agreement and all the provisions hereof shall be binding upon and enure to the benefit
of the parties hereto and their respective successors and permitted assigns. Neither this
Agreement nor any of the rights hereunder shall be assigned by any of the parties hereto
without the prior written consent of the other party hereto.10.
    
    Time of EssenceTime shall be of the essence of this Agreement.11.
    
    CounterpartsThis Agreement may be executed in counterparts, each of which shall be deemed an original,
and each signed copy sent by electronic facsimile transmission shall be deemed to be an
original, but all of which together shall constitute one and the same instrument.12.
    
    Further AssurancesEach party shall make, do and execute, or cause to be made, done and executed all such
further acts, deeds, agreements, transfers, assurances, instruments or documents as may be
reasonably required in order to implement this Agreement.
 IN WITNESS THEREOF
 MASS FINANCIAL CORP.
 Per:
    
    /s/ Michael J. SmithAuthorized Signatory
 KHD HUMBOLDT WEDAG INTERNATIONAL LTD
 Per:
    
    /s/ Michael J. SmithAuthorized Signatory




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SCHEDULE A
 SPECIAL RIGHTS AND RESTRICTIONS
ATTACHED TO SERIES A PREFERRED SHARES
  1.
    
    DEFINITIONS
  1.1
    
    Common Shareholders means the registered holders of the Old Common Shares or the New Common
Shares, as applicable;1.2
    
    Company means Mass Financial Corp.;1.3
    
    Constating Documents means the Articles of Continuance, as amended;1.4
    
    Cumulative Redemption Amount in respect of a Preferred Share means the aggregate of the
Redemption Amount plus the amount of any dividends payable on the Preferred Share under
section 6.8 of this Schedule;1.5
    
    Initial Redemption Amount in respect of a Preferred Share means the amount equal to the
quotient contained by dividing (i) the fair market value of the Old Common Shares, at the time
the Old Common Shares were exchanged for the Preferred Shares and the New Common Shares, less
$100, by (ii) the number of Preferred Shares issued at the time the Old Common Shares were
exchanged for the Preferred Shares and the New Common Shares;1.6
    
    New Common Shares means the class of common shares authorized by the Constating Documents,
which, together with the Preferred Shares, were issued in exchange for the Old Common Shares;1.7
    
    Old Common Shares means the class of common shares authorized by the Constating Documents,
which were issued by the Company and outstanding as of December 1, 2005 and which were
exchanged for the Preferred Shares and the New Common Shares;1.8
    
    Preferred Shareholders means the registered holders of the Preferred Shares;1.9
    
    Preferred Shares means the class of Series A preferred shares issued by the Company,
together with the New Common Shares, in exchange for the Old Common Shares;1.10
    
    Redemption Amount means the redemption amount of each Preferred Share as calculated in
accordance with section 5.4 of this Schedule;




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- 2 - 1.11
    
    Redemption means the repurchase by the Company, at the direction of the Company, of all or
any of the then outstanding and issued Preferred Shares from time to time as provided for by
section 5 of this Schedule;1.12
    
    Redemption Notice has the meaning set out in section 5.1 of this Schedule;1.13
    
    Redemption Priority Special Dividend has the meaning set out in section 5.5(a) of this
Schedule;1.14
    
    Retraction means the repurchase by the Company, at the direction of a Preferred
Shareholder, of all or any of the then outstanding and issued Preferred Shares held by such
Preferred Shareholder from time to time as provided for by section 6 of this Schedule;1.15
    
    Retraction Notice has the meaning set out in section 6.1 of this Schedule;1.16
    
    Retraction Priority Special Dividend has the meaning set out in section 6.4(a) of this
Schedule;1.17
    
    Sale Priority Special Dividend has the meaning set out in section 7.1(a) of this Schedule;
and1.18
    
    Surplus Entitlement has the meaning set out in the Regulation 5905(10) to the Income Tax
Act, 1985 R.S.C. c. 1 (5th Supplement) (as amended).2.
    
    RANKING OF PREFERRED SHARES2.1
    
    In the event of the liquidation, dissolution or winding up of the Company, whether voluntary
or involuntary, or any other distribution of the assets of the Company among its shareholders
for the purpose of winding up its affairs, the Preferred Shareholders shall be entitled to
receive in respect of each Preferred Share, in preference and priority over the New Common
Shares, an amount equal to the Cumulative Redemption Amount and no more.2.2
    
    No class of shares may be created or issued ranking as to capital or dividends prior to or on
parity with the Preferred Shares without the prior approval of all of the Preferred
Shareholders given in accordance with applicable law by resolution passed by not less than a
majority of the votes cast on such resolution by the Preferred Shareholders represented in
person or proxy at a meeting of the Preferred Shareholders duly called and held at which at
least 10% of the outstanding and issued Preferred Shares at that time are present or
represented by proxy.3.
    
    NO VOTING3.1
    
    The Preferred Shareholders are not entitled to receive notice of, to attend or to vote at any
meeting of the Common Shareholders of the Company.




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- 3 - 4.
    
    DIVIDENDS4.1
    
    Subject to the Constating Documents, as amended, the Companys by-laws and any applicable
restrictions imposed by law, the Preferred Shares shall be entitled to dividends as provided
for in this Schedule.4.2
    
    No dividends shall at any time be declared or paid or set apart for payment on the New
Commons Shares if:
 (a)
    
    the payment of such dividend would reduce the value of the net assets of the
Company to less than the aggregate Cumulative Redemption Amount of all of the issued
and outstanding Preferred Shares from time to time;(b)
    
    the Company is in arrears on any outstanding Cumulative Redemption Amount for
any Redemption or Retraction of any of its issued Preferred Shares;(c)
    
    the Company is in arrears on any outstanding Redemption Priority Special
Dividend, Retraction Priority Special Dividend, or Sale Priority Special Dividend; or(d)
    
    the Company is in default of the obligations imposed under section 6 of this
Schedule.
 5.
    
    REDEMPTION5.1
    
    Subject to the Constating Documents, as amended, the Companys by-laws and any applicable
restrictions imposed by law, the Company may, at its option and at any time, redeem all or any
number of the outstanding and issued Preferred Shares on payment of the Redemption Amount for
each Preferred Share to be redeemed; provided, however,that not less than 21 days notice in
writing (the Redemption Notice) of such Redemption is given to the Preferred Shareholders
specifying a date and place or places of Redemption unless the Preferred Shareholders waive
the notice required to be given under this section, whether given before or after the
Redemption, which waiver will be deemed to cure any default in giving such notice. If notice
of any Redemption is given by the Company and an amount sufficient to redeem the Preferred
Shares subject to the Redemption Notice is deposited with any trust company or chartered bank
as specified in any notice given, on or before the date fixed for Redemption, such Preferred
Shareholders will thereafter have no rights against the Company in respect of such Preferred
Shares except upon the surrender of certificates for such redeemed Preferred Shares to receive
payment for them out of the monies so deposited.5.2
    
    If the Company does not redeem all of the outstanding and issued Preferred Shares, the
Preferred Shares to be redeemed may be selected in such manner as the directors of the Company
determine and need not be selected either in proportion to the number of Preferred Shares
registered in the name of each Preferred Shareholder or from every or any particular Preferred
Shareholder.




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- 4 - 5.3
    
    If the Company redeems only part of the Preferred Shares represented by any one Preferred
Share certificate, then a new certificate representing the Preferred Shares that are not
redeemed shall be issued at the expense of the Company.5.4
    
    The Redemption Amount shall be initially fixed as the Initial Redemption Amount. The
Redemption Amount will be adjusted over time by reference to the following formula:
  (number of months Preferred Shares have been
outstanding/12)
 5.5
    
    Upon receiving a Redemption Notice from the Company:
 (a)
    
    each Preferred Shareholder has the right to give notice, and shall be deemed to
have given notice, to the Company requiring each Preferred Share, whether or not
subject to the Redemption Notice, held by that Preferred Shareholder to become entitled
to a priority special dividend in an amount equal to the Cumulative Redemption Amount
(the Redemption Priority Special Dividend); and(b)
    
    the Company shall not declare or pay a dividend on any other class of shares in
its capital stock until such time as the Company has paid the Redemption Priority
Special Dividend to the Preferred Shareholder.
 5.6
    
    The notice deemed to have been given by each Preferred Shareholder in accordance with section
5.5(a) of this Schedule shall be deemed to be withdrawn after the Redemption set out in the
Redemption Notice is completed.5.7
    
    For greater certainty, payment of the Priority Special Dividend by the Company will reduce
the Cumulative Redemption Amount payable by the Company on each Preferred Share.5.8
    
    For greater certainty, the deemed notice and Redemption Priority Special Dividend referred to
in section 5.5(a) of this Schedule are intended to ensure that the Surplus Entitlement of a
Preferred Share held immediately prior to a Redemption in accordance with section 5 of this
Schedule reflects the Surplus Entitlement of the Old Common Share for which the Preferred
Share was, together with any New Common Share(s), exchanged.6.
    
    RETRACTION6.1
    
    Beginning in the fourth year after the date of issuance of the Preferred Shares, each
Preferred Shareholder shall be able to cause a redemption of the Preferred Shares at the rate
of up to 1/15 per year of the initial number of Preferred Shares issued to such Preferred
Shareholder.6.2
    
    Subject to section 6.1 of this Schedule, the Company shall, upon receiving notice from a
Preferred Shareholder (the Retraction Notice), redeem the number of Preferred Shares
registered in the name of the Preferred Shareholder as stated in the Retraction Notice by
paying to such Preferred Shareholder, for each Preferred Share to be redeemed, the




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provided, however,
 6.3
    
    Notwithstanding anything in this Schedule to the contrary, any Retraction of Preferred Shares
by the Company upon receipt of a Retraction Notice from any Preferred Shareholder need not be
made on a pro rata basis among every or any particular Preferred Shareholder.
 6.4
    
    Upon the Company receiving a Retraction Notice from a Preferred Shareholder:
 (a)
    
    each such Preferred Shareholder has the right to give notice, and shall be
deemed to have given notice, to the Company requiring each Preferred Share, whether or
not subject to the Retraction Notice, held by that Preferred Shareholder to become
entitled to a priority special dividend in an amount equal to the Cumulative Redemption
Amount (the Retraction Priority Special Dividend); and(b)
    
    the Company shall not declare or pay a dividend on any other class of shares in
its capital stock until such time as the Company has paid the Retraction Priority
Special Dividend to the Preferred Shareholder.
 6.5
    
    The notice deemed to have been given by each Preferred Shareholder in accordance with section
6.4(a) of this Schedule shall be deemed to be withdrawn after the Retraction set out in the
Retraction Notice is completed.
 6.6
    
    For greater certainty, payment of the Retraction Priority Special Dividend by the Company
will reduce the Cumulative Redemption Amount payable by the Company on each Preferred Share.
 6.7
    
    For greater certainty, the deemed notice and Retraction Priority Special Dividend referred to
in section 6.4(a) of this Schedule are intended to ensure that the Surplus Entitlement of a
Preferred Share held immediately prior to a Retraction in accordance with section 6 of this
Schedule reflects the Surplus Entitlement of the Old Common Share for which the Preferred
Share was, together with any New Common Share(s), exchanged.
 6.8
    
    If a Preferred Shareholder exercises the right of Retraction with respect to its Preferred
Shares under section 6.1 of this Schedule and the Company does not redeem such Preferred
Shares within 21 days after receiving the Retraction Notice, the Company shall pay to the
Preferred Shareholder a dividend of 4% of the Redemption Amount for the Preferred Shares,
subject to the Retraction Notice, for each 30 day period (on a pro-rata basis) during which
such Preferred Shares are not redeemed.




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- 6 - 
 7. SALE OR TRANSFER OF PREFERRED SHARES
 7.1
    
    Upon the Company receiving notice of a proposed transfer or sale (the Notice of Sale) by a
Preferred Shareholder:
 (a)
    
    each such Preferred Shareholder has the right to give notice, and shall be
deemed to have given notice, to the Company requiring each Preferred Share, whether or
not subject to such transfer or sale, held by that Preferred Shareholder to become
entitled to a priority special dividend in an amount equal to the Cumulative Redemption
Amount (the Sale Priority Special Dividend); and(b)
    
    the Company shall not declare or pay a dividend on any other class of shares in
its capital stock until such time as the Company has paid the Sale Priority Special
Dividend to the Preferred Shareholder.
 7.2
    
    The notice deemed to have been given by each Preferred Shareholder in accordance with section
7.1(a) of this Schedule shall be deemed to be withdrawn after the transfer or sale set out in
the Notice of Sale is completed.
 7.3
    
    For greater certainty, payment of the Sale Priority Special Dividend by the Company will
reduce the Cumulative Redemption Amount payable by the Company on each Preferred Share.
 7.4
    
    For greater certainty, the deemed notice and Sale Priority Special Dividend referred to in
section 7.1(a) of this Schedule are intended to ensure that the Surplus Entitlement of a
Preferred Share held immediately prior to a Sale in accordance with section 7 of this Schedule
reflects the Surplus Entitlement of the Old Common Share for which the Preferred Share was,
together with any New Common Share(s), exchanged.