CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March 29, 2019, Shanghai TCH Energy Technology Co., Ltd (“Shanghai TCH”), a wholly owned subsidiary of China Recycling Energy Corporation (the “Company”) entered into a Termination Agreement (the “Termination Agreement”) of Equity Purchase Agreement and Supplementary Amendment Agreement with Mr. Jihua Wang. Shanghai TCH originally entered into an Equity Purchase Agreement dated on September 30, 2018 and Supplementary Amendment Agreement of Equity Purchase Agreement dated on November 21, 2018 with Mr. Wang (the “Original Agreements”) to purchase an 18% equity interest in Xi’an Xinhuan Energy Co., Ltd. from Mr. Wang, as disclosed in the Form 8-Ks filed on October 2, 2018 and November 26, 2018.
to the Termination Agreement, the parties agree to cancel and terminate the Original Agreement upon the effective date of the Termination Agreement. Parties agree not to pursue any breach of contract liability against each other under Original Agreements.
The description contained herein of the terms of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.
Item 1.02 Termination of a Material Definitive Agreement.
See Item 1.01 above, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are filed with this report.
CHINA RECYCLING ENERGY CORP Exhibit
EX-10.1 2 f8k032919ex10-1_china.htm TERMINATION OF EQUITY PURCHASE AGREEMENT AND SUPPLEMENTARY AMENDMENT AGREEMENT BY AND BETWEEN SHANGHAI TCH AND MR. JIHUA WANG,…
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About CHINA RECYCLING ENERGY CORPORATION (NASDAQ:CREG)
China Recycling Energy Corporation is engaged in the recycling energy business, providing energy savings and recycling products and services. The Company develops waste energy recycling projects for industrial applications in China. It offers waste energy recycling systems to companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. Its waste pressure-to-energy solution consists of the blast furnace top gas recovery turbine unit (TRT), a system that utilizes high pressure gas emitted from the blast furnace top to drive turbine units and generate electricity. Its waste heat-to-energy solution consists of heat power generation projects for applications in cement, steel, coking coal and nonferrous metal industries, which collect the residual heat from various manufacturing processes, such as the entrance and exit ends of the cement rotary kilns, to generate electricity.