Unassociated Document
UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington,
DC 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):
May 5, 2010
CHINA RECYCLING ENERGY CORPORATION
(Exact
name of registrant as specified in its charter)
|
Nevada
|
|
000-12536
|
|
90-0093373
|
| |
|
|
|
|
|
(State
or other jurisdiction of incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer Identification No.)
|
12/F,
Tower A
Chang An
International Building
No. 88
Nan Guan Zheng Jie
Xi An
City, Shan Xi Province
China
710068
(Address
of principal executive offices, including zip code)
(86-29)
8769-1097
(Registrant’s
telephone number, including area code)
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. 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))
|
Item
1.01.
|
Entry
into a Material Definitive
Agreement
|
On May 5,
2010, China Recycling Energy Corporation (the “Company”) announced that its
wholly owned subsidiary, Xi’an TCH Energy Technology Co., Ltd (“Xi’an
TCH”), entered into a loan agreement for a special loan designed for energy
saving and emission reduction projects (the “Loan Agreement”) with Industrial
Bank Co., Ltd., Xi’an Branch (the “Lender”), whereby the Lender has agreed to
loan RMB 30,000,000 (approximately $4,411,765) to Xi’an TCH for a term of three
years from April 6, 2010 to April 6, 2013. The proceeds of the loan are required
to be used on payment for equipment for Xi’an TCH’s energy saving and emission
reduction projects. The Loan Agreement has a floating interest rate that resets
at the beginning of each quarter at 110% of the national base interest rate for
the same term and same level loan. Under the loan, Xi’an TCH is
required to make quarterly interest payments and, beginning six months after the
date of the release of the funds, to make minimum quarterly principal payments
of RMB 3,000,000 (approximately $441,176) each quarter. The Loan Agreement
contains standard representations, warranties and covenants, and the loan is
guaranteed by Xi’an TCH, Shaanxi Shengwei Construction Material Group and Mr.
Guohua Ku, Chief Executive Officer and Chairman of the Board of the
Company.
|
Item
9.01
|
Financial
Statements and Exhibits
|
(d) The
following exhibit is filed with this report.
|
Exhibit
Number
|
|
Description
|
|
99.1
|
|
Press
Release dated May 5, 2010.
|
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.
| |
China
Recycling Energy Corporation
|
|
| |
|
|
|
|
|
By:
|
/s/ Xinyu
Peng |
|
| |
|
Xinyu
Peng |
|
| |
|
Chief
Financial Officer |
|
| |
|
|
|