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China Textile Machinery Limited By Share Ltd Litigation Reconciliation Notice

2010/10/9 17:08:00 56

Stock Code: 600610 securities short: SST spinning number: pro 2010-018

China

textile machinery

Limited by Share Ltd litigation reconciliation notice

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.

In February 2003, the Bank of Eastern Shanghai branch ("cash bank") filed a lawsuit in the Hongkong High Court on the dispute between the company and its US dollar loan contract (see the company's notice). Now the company has 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 entrusted the Hongkong Chen Jinquan lawyer's Bank and the Shanghai Duan section law firm in Hongkong in 2003. The company submitted a pleadings in this case and asked the court to dismiss the prosecution of the Shanghai branch of the plaintiff, orient bank.

Based on this case, it was related to foreign exchange trading ten years ago and during litigation.

Creditor

The company's situation has changed dramatically, which adds complexity to the trial, which lasted for seven years.

In June 23, 2010,

Bank of credit

Put forward conciliation intention, 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.

Notice hereby.

China Textile Machinery Limited by Share Ltd

Board of directors

October 8, 2010