Document:

Agreement

     

    (Series
      No.:yefj-2005-02)

    

    Party
      A:
      Xi’an
      Yongchun Science & Technology Development Co., Ltd.

     

    Party
      B:
      Xi’an
      Amorphous Alloy Zhongxi Transformer Co., Ltd.

    

    Whereas,

     

    1.
      Party
      A is constructing” Yongchun Science & Technology Industry Centre”, it
      locates Xi’an Hi-tech Industries Development Zone with good investment
      environment;

    

    2.
      Party
      B is a specialized manufacturer for producing amorphous metal distribution
      transformer core (hereinafter referred to as “AMDT-core”) with most advanced
      technology, and they are planning to construct “product line of 5 thousand tons
      capability per year for AMDT-core”. (hereinafter referred to as “product
      line”)

    

    3.
      The
      amorphous metal ribbon (hereinafter referred to as “ribbon”) is necessary raw
      material for making amorphous metal distribution transformer(hereinafter
      referred to as “AMDT”), which is the most advanced and energy-saving transformer
      nowadays, the perspective of potential market is prosperous. This project
      complies with the investment project of “ Yongchun Science & Technology
      Industry Centre”, it will be the largest AMDT-core production basis after it
      completed.

    

    After
      friendly negotiation between Party A and Party B regarding “ Party B invest and
      establish the product line in Party A’s “Yongchun Science & Technology
      Industry Centre”, and made the agreement as follows:

    

    1
      The two
      parties agreed that Party B will invest and establish the product line in Party
      A’s “Yongchun Science & Technology Industry Centre”. Party A is responsible
      for designing the workshop(1600 square meter), office building and
      infrastructure( the detailed requirement of design will be provided by Party
      B)
      in this centre.

    

    2.
      Party
      A agreed Party B can purchase the workshop with the favorable price RMB
      2600/square meter after the completion of factory building; or Party B can
      lease
      the workshop( the rental fee is RMB25/squre meter per month at the first five
      years, and rental period is no less than 10 years.)

    

    3.
      Party
      B should pay the construction fee RMB 4.9 million to Party A after signed this
      agreement within 30 days, this payment will be reversed the purchase fee (
      rental fee) when Party B purchase or (rent) the workshop.

    

    4.
      During
      the performance of this construction, Party A should return Party B’s
      construction fee if Party A failed to fulfill this agreement, and also should
      compensate for Party B’s loss based on 10% of the construction fee; if Party B
      failed to fulfill this agreement, Party A should return Party B’s construction
      fee, and also 20% of construction fee should be deducted by Party A as
      compensation for Party A’s losses.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    5.
      The
      two parties promise they will follow the agreement, they will negotiate timely
      if any emergency occurred. If any supplementary agreement is need, they will
      make the supplementary agreement.

    

    6.
      Any
      disputes, controversies or differences which may arise between two Parties
      shall
      be settled through negotiation. If failed to make a consent, the two Parties
      are
      entitled to sue for people’s court.

    

    7.
      The
      agreement have 2 original, and it will be effective after signed and sealed
      by
      the two parties and also Party B’s construction fee is received by Party A.

     

    Party
      A:
      Xi’an
      Yongchun Science & Technology Development Co., Ltd. (seal)

    Representative:

    

    Party
      B:
      Xi’an
      Amorphous Alloy Zhongxi Transformer Co., Ltd. (seal)

    Representative:

     

    August
      20, 2005TERMINATION
      AGREEMENT

    

    Party
      A: Xi’an
      Yongchun Science& Technology Development Co., Ltd.

     

    Party
      B:
      Xi’an
      Amorphous Alloy Zhongxi Transformer Co.,Ltd

    

    Based
      on
      the agreement signed both Parties on Aug. 20, 2005, the series No. is
      ycfj-2005-02, regarding Party B would cooperate with Party A to construct the
      factory of product line of 5 thousand tons capability per year for AMDT-core
      in
      Yongchun Science & Technology Industry Centre, and offer money RMB4.90
      million as construction fees. The factory would complete at the end of June
      in
      2007. Due to jurisdictional department of Party A would purchase the whole
      area
      of Party A’s industry centre, and Party A’s surrounding environment is becoming
      a standard office building, result in increased in cost of industry environment,
      after consultation by both Parties, they made the consent as follows regarding
      the origin agreement and would obey the terms.

    

    1.Party
      B
      cancelled the planning for constructing the factory of product line of 5
      thousand tons capability per year for AMDT-core in Party A’s industry
      centre.

    

    2.
      Based
      on the agreement, Party A will return RMB4.90 million Party B offered in advance
      as the construction fees, and Party A will compensate RMB 490,000 to Party
      B,
      due to Party A’s action influenced any losses for Party B’s construction of
      product line, Party A will pay for another RMB110,000 as indemnity for Party
      A’s
      apology.

    

    3.
      Due to
      the contact between both Parties during construction cooperative, Party A
      understood deeply for Party B’s project, and have intention to invest Party B to
      construct the project in another place, if the investment relation is set up,
      Party B shall consider to reduce the compensation properly.

    

    4.
      The
      agreement will be effective upon Party A returned the construction fees and
      compensation of Party B. At the same time, the agreement ycfj-2005-02 will
      be
      invalid. 

    

    5.
      The
      agreement have 2 original, each Party hold one original.

    

    6.Any
      disputes, controversies or differences which may arise between two Parties
      shall
      be settled through negotiation. If failed to make a consent, the two Parties
      are
      entitled to sue for people’s court.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Party
      A:
      Xi’an
      Yongchun Science & Technology Development Co., Ltd.

     

    Representative:

    

    Party
      B:
      Xi’an
      Amorphous Alloy Zhongxi Transformer Co., Ltd. 

     

    Representative:

     

    Oct.
      25,
      2007AGREEMNENT
      TO CONSTRUCT COOPERATIVE FOR 

    MANUFACTURING
      AMORPHOUS METAL DISTRIBUTION CORE

    

    Investor:
      Xi’an Amorphous Alloy Zhongxi Transformer Co., Ltd.

    Location:
      Xinke Building, No.1 Xinke Road, Xi’an

    Legal
      Representative: Yongxing Song

    Registered
      No.:6101012110931

    

    Investor:
      Xi’an Yongchun Science & Technology Co., Ltd.

    Location:
      Yongchun Keji Industry Centre, No.3 Keji Road, Hi-tech Industries Development
      Zone, Xi’an

    Legal
      Representative: Yunfei Wang

    Registered
      No.:6101012112339

    

    Investor:
      Zhejing Lvneng Electric Co., Ltd.

    Location:
      1/F, No.3 Building, No.75 Wenyi West Road, Hangzhou City

    Legal
      Representative: Jinqian Hu

    Registered
      No.:3300002000181

    

    Investor:
      Xinzhi Chai (Natural Person)

    Location:
      Provincial Water & Power Project Bureau, Jiancai Road, Weicheng District,
      Xianyang, Shaanxi Province

    ID
      Card:
      610404600617203

    

    The
      Agreement is made by and between Xi’an Amorphous Alloy Zhongxi Transformer Co.,
      Ltd.(hereinafter referred to as “Zhongxi”), Xi’an Yongchun Science &
Technology Co., Ltd. (hereinafter referred to as “Yongchun”), Zhejing Lvneng
      Electric Co., Ltd. (hereinafter referred to as “Lvneng”)and Xinzhi Chai based on
“The Corporate Law of People’s Republic of China” and other laws and regulation,
      it is hereby agreed through friendly negotiation concerning the matters as
      follows, all parties agreed to establish Shaanxi
      Amorphous Alloy Power Co., Ltd.(
      hereinafter referred to as “corporation” in Jingyang
      county of Shaaxi Province.

    

    Article
      1 Name and Location of Corporation

     

    1.
      Name
      of corporation: Shaanxi
      Amorphous Alloy Power Co., Ltd

     

    The
      final
      name based on “Notice for Enterprise Name Approved in Advance” issued by
      Industry and Commerce Administration Department.

     

    2.
      Location of corporation: Yongle Industry Garden, Intensive Industry Area,
      Jingyang County, Shaanxi Province 

    

    Article
      2 Organizational Form of Corporation

     

    The
      corporation is a limited
      liability company, the
      investors (shareholders) will be liable for the responsibility as limited as
      they offered the capital, share the profit, risks and losses, the corporation
      is
      liable for all the liability as all the assets. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Article
      3 The Purpose and Scope of Business

     

    1.
      The
      purpose of business: the company based on the belief with realistic,
      high-efficiency to develop new product depends on advanced technology, excellent
      talent and modern management, to form reasonable economic scale, enhance the
      internal and international market of competition, improve the enterprise
      economic benefit and social benefit, and satisfy the requirement of all
      shareholders legal economic interest. 

     

    2.
      Scope
      of business: various series of AMDT-core and AMDT, research and development,
      design, manufacture and sale of transformer; research and development,
      manufacture, sale and technology development, consult, transfer and service
      of
      mechanical and electrical product; import and export business of
      self-manufactured product, and import business of mechanical equipment, spare
      parts, raw materials that we need.

    

    The
      scope
      of business based on “ Enterprise Legal Representative Business license” issued
      by industry and commerce administration department.

    

    Article
      4 The Business Plan of Corporation After Founded

     

    1.
      The
      product capacity of corporation is designed for manufacture 5,000 tons per
      year
      and 1,500,000 KVA distribution transformer product. The construction of
      AMDT-core product line will be reached through two phases, the first phase
      will
      be constructed based on the output of 3,000 tons per year, and it is estimated
      to achieve the goal in 2008. After finished the first phase, we will continue
      to
      set up another product line of AMDT-core for 2,000 tons per year. We are
      planning to achieve the goal for 5,000 tons output per year, with the
      development of operation, we may enlarge the investment and increase the output
      of AMDT-core yearly.

    

    2.
      We
      will purchase the land for 35 mu in intensive industry area of Jingyang county
      after the corporation is founded for all investors, to construct the facilities
      such as the workshop and it’s auxiliary workshop, at the same time, the road,
      greenbelt and related conveyance system such as water, electricity and gas
      etc.
      will be constructed based on the goal for 5,000 tons output per year to be
      implemented full in one time. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.
      After
      the corporation is founded, we will apply for changing to be a stock company
      according to the development of business based on the nation’s laws and
      regulations, we will raise the fund by means of issuing the shares in our
      country and overseas. 

    

    Article
      5 The Registered Capital and Constitute of Shares

     

    1.
      The
      registered capital of corporation is RMB30,000,000

     

    2.
      The
      constitute of shares:

     

    (1).Zhongxi
      will offer the capital for RMB15,000,000,
      accounts
      for
      50%
      of total
      registered capital;

     

    (2).Yongchun
      will offer the capital for RMB6,000,000,
      accounts
      for
      20%
      of total
      registered capital;

     

    (3).Lvneng
      will offer the capital for RMB6,000,000,
      accounts
      for
      20%
      of total
      registered capital;

     

    (4).Xinzhi
      Chai will offer the capital for RMB3,000,000,
      accounts
      for
      10%
      of total
      registered capital.

     

    3.
      All
      the investors need to offer the capital sufficient for the corporation in one
      time. 

     

    Article
      6 Time for Paid-in Capital

     

    1.
      The
      investors should remit paid-in capital into the appointed account from the
      valid
      date within _____days after the effect of this agreement.

     

    Name
      of
      Account:________________________

     

    Opening
      Bank:__________________________

     

    Account
      No.:____________________________

     

    2.
      After
      founding of the corporation, the paid-in capital certificate will be issued
      to
      the investors, the certificate should be presented the name of corporation,
      the
      date of founding, registered capital, the name of shareholders; or name of
      corporation, the amount of capital by the investors and the date of offering,
      the registered No. of certificate and the date of issuing. The certificate
      will
      be chopped by the corporation.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Article
      6 The Right and Responsibility of the Investors

     

    
      
        A.
          The
          right
          of investors

      

    

     

    The
      person who agreed with this agreement and signed are the partner of this limited
      liability company. The right is as follows:

     

    a.
      The
      partners should implement the paid-in capital and gain the corresponding shares
      based on this agreement.

     

    b.
      The
      partners have privileged to review the related document about the corporation
      and decide to purchase the shares by themselves before offering the
      capital.

     

    c.
      The
      partners have right to vote regarding the preparation and items of establishment
      based on the percentage of offering.

     

    d.
      The
      partners or their representatives need to attend the shareholder meeting, and
      have the right to vote based on the percentage of offering.

     

    e.
      The
      partners are entitled to have the right based on the laws and charter of
      corporation after founding.

     

    f.
      The
      partners are entitled to have the right to share the surplus property based
      the
      laws and regulations of this agreement after termination of this
      corporation.

     

    g.
      The
      partners are entitled to have other rights based on the laws and regulations
      issued by the nation and local government and this agreement.

     

    B.
      The
      responsibility of investors

     

    The
      investors should be liable for the following responsibility except other
      agreement is signed.

     

    a.
      The
      investors should provide the document of their side accurately and timely,
      and
      sign the document according to the requirement of responsible institution of
      government, they need to provide the convenient condition for founding of this
      corporation.

     

    b.
      The
      investors should offer the capital based on the agreed percentage of offering
      and date. 

     

    c.
      The
      expenses that founding of this corporation should be shared based on the
      percentage of offering by the investors. After founding the corporation, the
      above expenses need to be recorded into organizational charges of
      corporation.

     

    d.
      The
      investors ensure that they have legal right to manage the assets they offered
      to
      the corporation, and also have full power treat them as the offering to this
      corporation.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    e.
      As the
      investors, the four parties-- Zhongxi, Yongchun, Lvneng and Xinzhi Chai agreed
      to be liable for the following responsibility based on the percentage of
      offering. 

     

    (a)
      When
      the corporation is failed to be founded, the investors should be liable for
      the
      liability and expenses of establishment; the fault side of investors should
      be
      liable for the duty of breaking the agreement to the non-fault side of
      investors.

     

    (b)
      During the founding of corporation, the investors should be liable for
      compensation for losses due to fault investment.

     

    6.
      After
      consulted by Zhongxi, Yongchun, Lvneng, Xinzhi Chai, all parties agreed that
      Zhongxi is responsible for the related formalities of founding, draft the
      related documents, opening the account for special use( the account is managed
      by the person who is appointed by the investors), handle the assets of verify,
      and in charge of other issue of founding. 

    

    Article
      8 The Pre-construction of Corporation

     

    Based
      on
      the program that agreed by all investors regarding preparation for corporation,
      the preparation team ( the person are appointed by each side of investors)
      need
      to be organized and are responsible for pre-construction work and plan of
      construction for workshop, if the plan need to be adjusted a lot, it will be
      decided by shareholder meeting after founding of this corporation .

    

    Article
      9 The Structure of Management of Corporation

     

    1.
      The
      shareholder meeting will be set up by the corporation which is the highest
      power
      organization, it’s function and regulation of discussion will be regulated by
      the charter of corporation. 

     

    2.
      The
      board of directors will be set up by the corporation which is the execute
      organization, it’s function and regulation of discussion will be regulated by
      the charter of corporation. 

     

    3.
      The
      board of directors is made up of 5 directors, among them, Yongxing Song, Yarong
      Feng is nominated by Zhongxi, Yunfei Wang is nominated by Yongchun, Jinqian
      Hu
      is nominated by Lvneng, Xinzhi Chai is selected by the shareholder
      meeting.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      directors will hold him/her post for 3 years, he/she may renew him/her term
      of
      office after selected by the shareholder meeting. The replacement or replenish
      of director will be emerged by recommendation of origin side or be selected
      by
      the shareholder meeting, the period for him/her post based on the rest period
      of
      previous director.

     

    4.
      The
      board of chairman and vice board of chairman will be set up by the board of
      directors, they will be selected by the board of directors. The board of
      chairman is legal representative of corporation. 

     

    The
      first
      board of chairman will be recommended by Yongchun, vice board of chairman will
      be recommended by Zhongxi, they will be selected by the board of
      directors.

     

    5.
      The
      supervisory committee will be set up by the corporation which is supervisory
      organization. It’s function and regulation of discussion will be regulated by
      the charter of corporation. The supervisory committee is made up 3 members(
      no
      less 3 persons), and they will hold their post for 3 years. Among them, 1 member
      will be recommended by Zhongxi, 1 member will be recommended by Yongchun, 1
      member will be recommended by Lvneng, the member of supervisory committee will
      be selected by the shareholder meeting. The chairman of supervisory committee
      need to be recommended by supervisory committee. 

     

    The
      first
      chairman of supervisory committee will be recommended by Lvneng, and is selected
      by supervisory committee.

     

    6.
      One
      manager will be set up by the corporation, his/her engagement or dismiss will
      be
      decided by the board of directors. Him/her function and regulation of discussion
      will be regulated by the charter of corporation. The board of director( the
      board of chairman) may hold the post at the same time.

    

    Article
      10 Financial, Tax and Labor Regulation

     

    1.
      The
      accounting system will be set up and pay for taxes based on the nation’s laws
      and regulations. The accounting system adopt the Gregorian calendar year, the
      accounting year is from 1st
      of Jan.
      to 31st
      of Dec.
      The account book will be recorded in RMB currency and in Chinese. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.
      The
      annual budget report for income and expenses need to be compiled at each
      beginning of year, and submit to all the shareholder to be put on file.
      Otherwise, the financial report, the performance of budget report for income
      and
      expenses and other financial report that the shareholders required need to
      be
      submitted to the shareholders at each end of year.

     

    3.
      The
      legal accumulation fund and other reserve fund need to be withdrew according
      to
“The Corporation Law of People’s Republic of China”. The percentage of withdraw
      for the reserve fund will be decided by the shareholder meeting based on the
      business condition.

     

    4.
      Regarding the staff’s employment, dismissal, resignation, salary and benefit,
      insurance of labor, regulation of labor will be followed the regulations of
      nation’s labor and social protection.

    

    Article
      11 Distribution of Profit and Remedy of Losses

     

    The
      profit after the remedy for losses, paying for the income taxes based on the
      laws, and withdrew various funds will be distributed based on the percentage
      of
      offering by four parties- Zhongxi, Yongchun, Lvneng and Xinzhi Chai. Except
      other regulations agreed by the shareholder meeting.

     

    The
      corporation have on time for distribution of profit for each year. The
      distribution of profit schedule will be noticed within 2 months after each
      accounting year.

     

    Article
      12 Responsibility for Breaking this Agreement

     

    1.
      If the
      investors failed to offer the paid-in capital sufficient and timely based on
      the
      regulation of this agreement, each day for overdue, the breaking party should
      pay the fine to the performing party based on 0.1% of the offering. If the
      investors failed to offer the capital for 15 days overdue, it is treated as
      the
      breaking party give up for offering. If this circumstance occurred, except
      the
      breaking party should be pay the fine to the performing party as mentioned
      as
      the above, the breaking party should be liable for the responsibility in Article
      7, the performing party is entitled to terminate this agreement. The fine is
      belong to the corporation, it will be put into the accumulation fund after
      founding of the corporation. If the corporation is failed to be founded, the
      fine will belong to other investors who follow the regulation of offering,
      and
      is distributed based on the percentage of offering.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.
      If
      this agreement is failed to be performed, fully performed or termination due
      to
      any party’s breaking, the breaking party should pay RMB200,000 to the performing
      party, and bear all the expenses due to the founding of the
      corporation.

    

    Article
      13 Force Majeure

     

    1.
      Any
      party should notice other parties timely due to force majeure, it will effect
      the performance of this agreement based on the agreed term and time, and present
      the detailed information of force majeure, propose the reason that failed to
      fully perform or delay to perform this agreement and other valid certificate
      within 10 days. If the force majeure is reasonable, the party’s responsibility
      can be exempted or partial exempted due to the force majeure. The party who
      noticed the force majeure should take effective measurement to decrease or
      eliminate the influence of force majeure. 

     

    2.
      If
      this agreement failed to perform continually due to force majeure, this
      agreement can be terminated after agreed in written by each parties.

    

    Article
      14 Settlement of Disputes

     

    Any
      disputes, controversies or differences which may arise between Zhongxi,
      Yongchun, Lvneng, Xinzhi Chai, out of or in relation to or in connection with
      this agreement shall be settled through negotiation. If failed to make a
      consent, four parties are entitled to sue for people’s court where Zhongxi’s
      located. 

    

    Article
      15 Effective of this Agreement and others

     

    1.
      The
      agreement will be valid signed and sealed by the investors.

     

    old
      each
      2 originals, the registered organization of corporation hold 2 originals, and
      corporation hold 1 original, they have the same legal effect.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.
      If any
      part, terms or regulations of this agreement is illegal or non-performed, other
      part, terms or regulation of this agreement still keep it’s effect.

     

    4.
      The
      agreement cannot be revised before all parties made a consent in advance. Except
      any deceive expression in the agreement, it includes all parties understanding
      for all terms in the agreement, and can be replaced any expression, written
      materials , negotiation and MOU.

     

    5.
      Any
      issue that failed to be presented in the agreement , all parties may discuss
      and
      sign other supplementary agreement, it has the same legal effect with this
      agreement.

     

    6.
      The
      agreement is signed on Nov. 11, 2007 in Xi’an.

     

    7.
      The
      investors defined as acknowledged the charter of corporation, paid-in capital,
      and hold the offering certificate which is registered and signed and sealed
      by
      legal representative after founding of corporation.

     

    8.
      The
      address is regarded as the delivery address of all parties. Otherwise, the
      returning is regarded as delivery; any party which changed the address should
      inform other parties within 3 days, otherwise, it is regarded as delivery.

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