CLEANTECH SOLUTIONS INTERNATIONAL, INC. (NASDAQ:CLNT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On August 4, 2017, Cleantech Solutions International, Inc. (the “Company”) wholly-owned subsidiary, EC Power (Global) Technology Limited (“EC Power”), entered into a Transfer Agreement (the “Agreement”) with ECoin Global Limited (“ECoin”) to purchase ECoin Redemption Codes (the “Codes”) produced by ECoin. In accordance with the Agreement, EC Power will market the Codes, which contain a value that enables subscribers to upload certain number of items onto ECrent’s website, www.ecrent.com, for rental. The Codes to be transferred from ECoin to EC Power have a value of US$50 million. ECoin has agreed to transfer the Codes at a discounted price to EC Power at 40% of the face value of the Codes, namely, for a total consideration of US$20 million (the “Transfer Consideration”). The Codes have a validity period of four (4) years, and will not expire until August 3, 2021 (the “Expiry Date”). The Transfer Consideration will be paid by EC Power to ECoin in installments, with each installment payable not later than thirty (30) days after the end of December 31st in each calendar year. Each installment will represent an amount equal to 50% of the net sale proceeds of the Codes sold during each calendar year. The aggregate of installments shall not exceed the Transfer Consideration. Any balance outstanding of the Transfer Consideration at the Expiry Date will be paid and discharged by the issuance and delivery to ECoin of common stock of the Company in accordance with the terms of the Agreement.
The foregoing descriptions of the Agreement do not purport to be complete and are qualified in its entirety by reference to the complete text of the Agreement, which are incorporated herein by reference and attached hereto as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
| 10.1 | Transfer Agreement, dated August 4, 2017 |
Cleantech Solutions International, Inc., ExhibitEX-10.1 2 f8k080417ex10i_cleantech.htm TRANSFER AGREEMENT,…To view the full exhibit click here
About CLEANTECH SOLUTIONS INTERNATIONAL, INC. (NASDAQ:CLNT)
Cleantech Solutions International, Inc., through its subsidiaries, manufactures and sells textile dyeing and finishing machines and sells forged products and fabricated products to a range of clean technology customers, including high precision forged rolled rings and related components for the wind power industry and other industries. The Company operates through three segments: dyeing and finishing equipment segment, forged rolled rings and related components segment, and petroleum and chemical equipment segment. Through its dyeing and finishing equipment segment, the Company designs, manufactures and distributes a line of high and low temperature dyeing and finishing machinery to the textile industry. Through its petroleum and chemical equipment segment, the Company produces and sells coal chemical equipment, formaldehyde plant and downstream products, a range of heat exchangers, separators, tanks, towers, reaction kettles and other products to petroleum and chemical industries.