MGHA Shenzhen Minghua Environmental Protection Vehicle Co

thestockdepot said: "MGHA Shenzhen Minghua Environmental Protection Vehicle Co., Ltd. ("Minghua China") is the owner of patented technology ("Technology") relating to hybrid vehicles powered by a combination of a combustion diesel engine and an electric power system. Minghua China produced its first prototype hybrid vehicle ("Minghua Hybrid Vehicle") in 2000. All manufacturing by Minghua China of the Minghua Hybrid Vehicle is done in China. On January 27, 2004 the Company acquired a controlling interest in Guangzhou City View Bus Installation Company Limited ("Guangzhou"), a PRC corporation, which owns a license to manufacture buses in China. All production is presently being done in one non-automated (labor intensive) production facility in Guangzhou On March 13, 2003, Ming Hua Environmental Protection Science and Technology Limited, ("Ming Hua Science") a company incorporated in Hong Kong and owned by Top Team Holdings Limited, a BVI limited company, which is wholly-owned by Minghua Hong Kong, entered into a stock purchase agreement for the purchase of a net 51% ownership in Guangzhou City View Bus Installation Company Limited. The purchase price was $965,985 and 4,300 shares (43%) of the total authorized shares of Ming Hua Science to Mr. Kok Sin Keung. This acquisition was made in order to obtain a production facility to manufacture the Minghua Hybrid Vehicle. The Company received formal approval on this acquisition from the State Administration for Industry and Commerce of the People's Republic of China of the 51% interest acquired and title (ownership) passed to the Company on January 27, 2004. On October 21, 2004, Minghua USA purchased the 43% interest in Minghua Science from Mr. Kok Sin Keung for $724,489 in cash through its wholly owned subsidiary, Euromax International Investments Limited, a company incorporated in Hong Kong. The result of these transactions is that the Company obtained 89.8% interest in Guangzhou for a total cash price of $1,690,474. On June 16, 2004, Minghua Hong Kong formed a wholly owned subsidiary in the PRC, named Beijing China Cardinal Real Estate Consulting Co., Ltd. ("Minghua Real Estate"). The Company intends to use Minghua Real Estate as a vehicle to make future real estate investments in the PRC. At December 31, 2004, Minghua Real Estate had not begun significant operations. On September 29, 2003, the Company entered into its first stock subscription agreement with the Beijing Qiang Long Real Estate Development Co., Ltd. ("Qiang Long"), relating to the purchase of 15,000,000 shares of the Company's common stock at a purchase price of $.40 per share, for an aggregate consideration amount of $6,000,000. In 2003, 3,023,705 shares of stock were purchased under the subscription agreement for an aggregate consideration of $1,209,482. In 2003, 1,511,488 shares of the 3,023,705 shares purchased were issued under this subscription agreement. In January 2004, Qiang Long funded $1,204,820 and received an additional 3,023,998 shares of the Company's common stock. During December 2004 Qiang Long funded the remaining $3,585,698 due on the subscription and received the remaining 10,464,514 shares [B]THIS GUY HAS PUT ABOUT 11 MILLION DOLLARS INTO THE COMPANY SO FAR.[/B] On January 29, 2004 a second stock subscription agreement was entered into with Qiang Long. The second agreement calls for the purchase of 140,000,000 shares of the Company's common stock at a purchase price of $.21 per share, for an aggregate consideration of $29,400,000. Qiang Long will become the controlling stockholder of the Company as a result of this second agreement. The agreement has been amended twice to extend the due dates of the payments. Accordingly, Qiang Long is to pay in the first required installment, $12,600,000 for 60,000,000 shares on or before December 31, 2005. The final installment of $16,800,000 is due by December 31, 2006. During 2004 the Company received $653,795 as a partial payment toward the first installment. Prior to the issuance of the shares, the Company is required to hold a stockholders meeting to increase the number of common shares authorized, in order to have enough common shares to satisfy its stock obligations to Qiang Long. [B]HE IS SUPPOSED TO PUT IN ANOTHER 29 MILLION DOLLARS[/B] I think myself if he's put in 11 million so far he's not going to walk away from the deal. The company has to increase the authorized shares before he can do this. [url]http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001144204%252D05%252D035485%252Etxt%26filepath%3D%255C2005%255C11%255C14%255C&symbol=MGHA[/url] LOL stockdepot"