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mDR Ltd Updates On Proposed Acquisition Of The Businesses And Assets Of Shenzhen Quanli Leather Co., Ltd And Quanli (HONG KONG) Leather Company


Friday, 25 Oct 2013 06:10am EDT 

mDR Ltd announced that with referenec to the announcement made on March 08, 2013, in relation to, inter alia, the proposed acquisition of the business and assets of Shenzhen Quanli Leather Co., Ltd and Quanli (Hong Kong) Leather Company (the Announcements). The Company now announced that the Company has on October 25, 2013 entered into a second supplemental agreement (the Supplemental Agreement 2) to the Framework Agreement in respect of the proposed acquisitions of the business and assets of Shenzhen Quanli Leather Co., Ltd and Quanli (Hong Kong) Leather Company (the Proposed Quanli Acquisition). Under the terms of the Supplemental Agreement 2, the following material amendments have been made to the Framework Agreement: Pursuant to the Supplemental Agreement 2, the Quanli HK Transfer Agreements would only provide for the transfer of customer lists of Quanli HK; The obligation for payment into the Escrow Account has been removed, and the Company shall pay or procure Newco to pay the First Instalment to Quanli HK within 14 days from the satisfaction of all the conditions precedent under the First Stage; the obligation for payment into the Escrow Account has been removed, and the Second Instalment shall be paid to Quanli HK within 30 days after the execution of the Quanli SZ SPA; the event of termination of the Distribution Agreement has been removed. 

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21 Apr 2014