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| CHTL.OB > SEC Filings for CHTL.OB > Form 8-K on 10-Mar-2009 | All Recent SEC Filings |
10-Mar-2009
Entry into a Material Definitive Agreement
On March 9, 2009 China Tel Group, Inc, a Nevada Corporation (the "Company"), entered into an asset purchase agreement (the "Agreement") with Trussnet Capital Partners (HK) Ltd, a Hong Kong corporation (the "Seller"), to acquire 2,450,000,000 shares of ChinaComm Limited, a Cayman corporation ("ChinaComm Limited"), from the Seller for $191,000,000 US in the form of a non-recourse promissory note secured by a pledge of acquired shares of ChinaComm Limited. The promissory note accrues interest at eight percent per annum payable quarterly and matures on March 9, 2010. The transaction set forth in the Agreement closed on March 9, 2009. The 2,450,000,000 shares of ChinaComm Limited represent 49% of the authorized shares of ChinaComm Limited. Attached as Exhibit A to this Form 8-K is a fully executed copy of the Agreement.
Attached as Exhibit B to this Form 8-K is a fully executed copy of the press release dated March 9, 2009.
Item 9.01 Exhibits
99.1 Stock Purchase Agreement dated February 22, 2009
99.2 Press Release dated March 9, 2009
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