Attached files
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| EX-99.1 - TIENS BIOTECH GROUP USA INC | v199767_ex99-1.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): October 20,
2010
TIENS
BIOTECH GROUP (USA), INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-32477
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75-2926439
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(State
or other jurisdiction
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(Commission
File Number)
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(I.R.S.
Employer
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of
incorporation)
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Identification
Number)
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No. 6, Yuanquan Road, Wuqing
New-Tech Industrial Park, Tianjin, China 301700
(Address
of principal executive offices)
Registrant's
telephone number, including area code:（86）22-8213-7335
Not
applicable
(Former
name or former address, if changed since last report.)
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.):
| o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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On
October 20, 2010, the Board of Directors of Tiens Biotech Group (USA), Inc. (the
“Company”) appointed Baolan Li to the board of directors of the
Company. Ms. Li is the daughter of Jinyuan Li, the Chairman, Chief
Executive Officer, President and Acting Chief Financial Officer of the
Company.
Ms. Li
has ownership interests in certain related parties by the
Company. Tianjin Tianshi Biological Engineering Co., Ltd. (“Tianshi
Engineering”), a Chinese company, owns 20% of Tianjin Tianshi Biological
Development Co., Ltd. (“Biological”). Biological is a Chinese-foreign
equity joint venture company established under Chinese laws that is 80% owned by
the Company. Tianshi Engineering is 100% owned by Tianjin Tianshi Group Co.,
Ltd. (“Tianshi Group”), a Chinese company. Tianshi Group is 90% owned by Jinyuan
Li and 10% owned by Ms. Li. Tianshi Engineering is 49% owned by Ms.
Li and 51% by Tianshi Group. Other information required by Item
404(a) of Regulation S-K regarding transactions with related persons is omitted,
as it has been previously reported.
There are
no arrangements or understandings between Ms. Li and any other persons pursuant
to which Ms. Li was selected as a director. Ms. Li is not expected to serve on
any committee of the board of directors of the Company.
On
October 20, 2010, our subsidiary, Biological, entered into a statutory labor
contract with Ms. Li to document the terms of her employment by
Biological. Pursuant to the terms of the agreement, Biological shall
pay Ms. Li an annual fee of $40,000. The agreement is for an
indefinite period. Under the terms of the contract, Ms. Li shall receive
vacation time and social insurance according to Chinese government
regulations. The contract shall be terminated in compliance with the
PRC Labor Contract Law, when unilaterally terminated by either party or when
terminated pursuant to a mutual consent between the parties. A copy
of the employment agreement is attached as Exhibit 99.1 to this Current Report
on Form 8-K.
Item
9.01 Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
No.
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Description
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99.1
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Labor
Contract dated as of October 20, 2010 between Tianjin Tianshi Biological
Development Co., Ltd. and Baolan
Li.
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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.
| TIENS BIOTECH GROUP (USA), INC. | |||
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Date: October
25, 2010
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By:
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/s/ Jinyuan Li | |
| Name: Jinyuan Li | |||
| Title: Chairman, Chief Executive Officer and President | |||
Exhibit
Index
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Exhibit
No.
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Description
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99.1
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Labor
Contract dated as of October 20, 2010 between Tianjin Tianshi Biological
Development Co., Ltd. and Baolan
Li.
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