Attached files
file | filename |
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EX-10.1 - Ever-Glory International Group, Inc. | v177697_ex10-1.htm |
EX-10.2 - Ever-Glory International Group, Inc. | v177697_ex10-2.htm |
EX-10.3 - Ever-Glory International Group, Inc. | v177697_ex10-3.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported): March 17, 2010 (March 11,
2010)
EVER-GLORY
INTERNATIONAL GROUP, INC.
(Exact
name of registrant as specified in Charter)
Florida
|
000-28806
|
65-0420146
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
File No.)
|
(IRS
Employee Identification No.)
|
100
N. Barranca Ave. #810
West
Covina, CA 91791
(Address
of Principal Executive Offices)
(626)
839-9116
(Issuer
Telephone number)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
|
Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
|
¨
|
Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
¨
|
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM 1.01 ENTRY INTO A MATERIAL
DEFINITIVE AGREEMENT.
On March
11, 2010, Ever-Glory International Group Apparel Inc., a subsidiary of
Ever-Glory International Group, Inc. (“Borrower” or “we”), entered into a
one-year revolving line of credit agreement (“Revolving Line of Credit
Agreement”) with Bank of Nanjing Co. Ltd. (“Lender”), a PRC Bank, which allows
Borrower to borrow up to RMB 50 million (approximately USD $7.3 million) during
the period from February 21, 2010 to February 20, 2011 (the “Revolving Line of
Credit”). Borrower is required to apply for each loan when it needs to draw from
this Revolving Line of Credit. Terms of each loan, such as interest rate and use
of proceeds shall be further set out in each individual loan agreement. The
Revolving Line of Credit is guaranteed by Jiangsu Ever-Glory International Group
Corporation, an entity controlled by Mr. Kang, our Chief Executive Officer, and
Goldenway Nanjing Garment Co., Ltd., pursuant to certain guaranty agreements. We
did not pay any fee to Jiangsu Ever-Glory International Group Corporation or
Goldenway Nanjing Garment Co., Ltd. for such security.
As of
March 17, 2010, Borrower has not used any credit under this Revolving Line of
Credit Agreement.
The
foregoing description of the Revolving Line of Credit Agreement contemplated
thereby does not purport to be complete and is qualified in its entirety by
reference to the complete text of (i) the Revolving Line of Credit Agreement ;
(ii) Guaranty of Maximum Amount provided by Jiangsu Ever-Glory International
Group Corporation; and (iii) Guaranty of Maximum Amount provided by Goldenway
Nanjing Garment Co., Ltd. , each attached hereto as Exhibits 10.1, 10.2 and 10.3
respectively.
ITEM
2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
See "Item
1.01. Entry into a Material Definitive Agreement," which is incorporated herein
by reference.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a)
FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not
applicable.
(b) PRO
FORMA FINANCIAL INFORMATION.
Not
applicable.
(c) SHELL
COMPANY TRANSACTIONS
Not
Applicable
(d)
EXHIBITS.
Exhibit
No.
|
Description
|
|
10.1
|
Revolving
Line of Credit Agreement between Ever-Glory International Group Apparel
Inc., and Bank of Nanjing Co. Ltd. dated March 11,
2010;
|
|
10.2
|
Guaranty
Agreement between Jiangsu Ever-Glory International Group Corporation.
and Bank of Nanjing Co. Ltd .dated March 11,
2010;
|
|
10.3
|
Guaranty
Agreement between Goldenway Nanjing Garment Co., Ltd. and Bank
of Nanjing Co. Ltd. dated March 11,
2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
EVER-GLORY
INTERNATIONAL GROUP, INC.
|
||
Date: March
17, 2010
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By:
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/s/ Edward Yihua
Kang
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Edward
Yihua Kang
|
||
Chief
Executive Officer
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INDEX
TO EXHIBITS
Exhibit
No.
|
Description
|
|
10.1
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Revolving
Line of Credit Agreement between Ever-Glory International Group Apparel
Inc., and Bank of Nanjing Co. Ltd. dated March 11,
2010;
|
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10.2
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Guaranty
Agreement between Jiangsu Ever-Glory International Group Corporation. and
Bank of Nanjing Co. Ltd .dated March 11,
2010.
|
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10.3
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Guaranty
Agreement between Goldenway Nanjing Garment Co., Ltd. and Bank
of Nanjing Co. Ltd. dated March 11,
2010.
|