Zongshen PEM Power Systems Inc. Announces First Quarter 2010 Financial Results

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Zongshen PEM Power Systems Inc. Announces First Quarter 2010 Financial Results

//house-home.news-articles.net/content/2010/05/1 .. ounces-first-quarter-2010-financial-results.html

Published in House and Home on Friday, May 14th 2010 at 16:10 GMT by Market Wire
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 (a) a cash payment of Chinese Renminbi ("RMB") 503,820,000 ($76,983,727), of which RMB 188,932,500 ($28,868,898) shall be paid on closing to HKVAS, with the remaining RMB 314,887,500 ($48,114,829) to be paid 18 months following closing, which shall be evidenced by a promissory note (the "Promissory Note") issued by the Company to HKVAS on closing; and (b) the issuance of 39,724,666 common shares in the capital of the Company (the "Common Shares") to HKVAS on closing.

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