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Announcement Of The Provisional Board Of Directors Of China Textile Machinery Limited By Share Ltd

2010/10/8 16:44:00 72

A share securities code: 600610 A share securities short: SST China spinning [17.90 1.07%] number: pro 2010-017

B share code: 900906 B share securities short: ST China spinning B[0.64 0.63%]

China Textile Machinery Limited by Share Ltd

Provisional board resolution announcement

All members of the company and the board of directors guarantee the authenticity, accuracy and completeness of the announcement, and are jointly and severally liable for false statements, misleading statements or major omissions of the announcement.

China

textile machinery

The provisional board of directors of Limited by Share Ltd was held in the 308 conference room of the company in September 29, 2010. The meeting should be attended by 10 directors and 10 directors actually attended. Among them, Mr. Gao Yong, Ms. Zhu Ruoyu, and MS. Lei Xiaohua, the independent directors, were unable to attend the meeting because of important business reasons. They were entrusted to the independent directors, Mr. Lu Qiyao, Mr. Qian Jianzhong and Mr. Qian Jianzhong.

Company supervisors and some senior executives attended the meeting.

The meeting was presided over by Mr. Li Peizhong, chairman of the company. The meeting considered and approved the following motion:

First, the motion of reconciliation between the company and the Bank of Shanghai (ICC).

2010-018);

Voting results: 9 votes, 0 votes against, 1 abstentions (director Lei Xiaohua abstained).

Two, about the company rental housing bill (see the company's housing rental notice 2010-019).

Voting results: 8 votes, 0 votes against, 2 abstentions (directors Qian Jianzhong and Lei Xiaohua abstained).

This is hereby announced.

China Textile Machinery Limited by Share Ltd

Board of directors

October 8, 2010

A share code: 600610 A shares short: SST spinning number: pro 2010-018

B share code: 900906 B share securities short: ST China spinning B

China Textile Machinery Limited by Share Ltd

Notice of reconciliation

Eastern Bank of Shanghai branch ("

Bank of credit

"In February 2003, we filed a lawsuit against the company's dispute over the US dollar loan contract with the high court of Hongkong (see the company's notice), and now we have reached a settlement agreement with the Bank of Hong Kong.

In February 2003, the Bank of Hongkong filed a lawsuit against the court of first instance of the high court of the high court of the Special Administrative Region of the Republic of China on 2003 651st, asking the company to repay the principal and interest of the loan of $3131602.39.

The company commissioned Chen Jinquan and Shanghai Duan Duan law firm to respond to the lawsuit in Hongkong in 2003. The company submitted a reply to the case and asked the court to dismiss the prosecution of the Hongkong branch of the Oriental Bank of China.

Based on the fact that the case is related to the foreign exchange trading ten years ago, and the situation of creditors' company has changed significantly during the litigation, it has increased the complexity of the trial, which lasted for seven years.

In June 23, 2010, the bank put forward a concession intention and was willing to make certain concessions.

Attorney

It is proposed to accept conciliation to reduce litigation costs.

After implementing the relevant procedures, the company's management team cautiously suggested that the board adopt the lawyer's conciliation proposal and request the board of directors to authorize it to sign the settlement agreement.

After careful discussion, the Board agreed to the proposal and authorized the reconciliation. The main contents are as follows: 1, the total amount of debt repayment is within 1 million 500 thousand dollars; 2, the above amount should cover all disputes and all claims of the bank and the company.

After the above reconciliation agreement is fulfilled, the one-time debt restructuring proceeds will be increased by about 14 million yuan after deducting the costs of lawyers and legal fees.

This is hereby announced.

China Textile Machinery Limited by Share Ltd

Board of directors

October 8, 2010

A share code: 600610 A shares short: SST spinning number: pro 2010-019

B share code: 900906 B share securities short: ST China spinning B

China Textile Machinery Limited by Share Ltd

Rental notice

To further speed up the company's modern era

Service industry

Development to effectively improve the utilization ratio of idle factories generated by the adjustment of loom products to the middle and high end, so as to make the loom main industry and modern service industry develop at the same time and support each other.

The company has fulfilled the relevant appraisal procedure and is expected to sign a housing lease contract with Shanghai Hui Jiang Tang investment management company ("Hui Jiang Tang investment").

There is no connection between investment and company.

1, housing lease contract overview

The company intends to rent the house in the factory area of 1687 Changyang Road, Yangpu District, Shanghai. The building area is 24976 square meters, the housing type is industrial, and the investment of Hui Jiang hall will be used for office, scientific research, service industry and related supporting operation under the guidance of the district government. The rental period is ten years; the annual rent is about 10 million 27 thousand and 900 yuan, increasing 7% on the basis of the previous period every three years.

Shanghai Yangpu science and Technology Investment Co., Ltd. ("Yangpu science and technology investment") is jointly and severally liable for the obligations of the lessee.

2. The situation of the lessee and the guarantor.

The charterer's investment was established in August 2009. The legal representative is Xu Zhihui. The registered capital is RMB 30 million yuan, of which Xu Zhihui accounts for 60% and Chen Qinghua accounts for 40%. The paid capital is RMB 10000 yuan. Business scope: investment management, investment and asset management, marketing planning, market information consultation and investigation (not engaging in social surveys, social surveys, public opinion surveys, public opinion surveys); architectural design and consultation; financial consultation (not to engage in agency bookkeeping); mechanical equipment leasing.

The guarantor Yangpu investment in science and technology was established in June 1996. The legal representative is Yang Renjie. The registered capital is RMB 100 million yuan, and the paid capital is RMB 100 million yuan. The business scope is: industrial investment, investment management, asset management and operation, enterprise registration agent, investment planning consultation (except brokerage), economic information consultation (except brokerage), real estate development and operation, business premises rental, property management, real estate consultation (except brokerage); microelectronic communication equipment, computers and software, new materials, environmental protection mechanical and electrical products sales; biotechnology, new materials, environmental protection, mechanical and electrical, electronic and communication services in the field of technology, technology consulting, technology development, technology pfer.

(designing administrative permission, operating by license).

3, the impact of contract performance on the company

After the performance of the lease contract is fulfilled, it will improve the overall profitability of the company and play a positive role in the development of the company's main business.

4. Deliberation procedure

The housing rental motion industry was deliberated and passed by the provisional board of directors held in September 29, 2010 and implemented by the Licensing companies management team.

This is hereby announced.

China Textile Machinery Limited by Share Ltd

Board of directors

October 8, 2010