Attached files
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EX-10.1 - SHARE TRANSFER AGREEMENT DATED MAY 11, 2010 - Northport Network Systems, Inc. | exhibit10-1.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): May 14, 2010
Commission File Number: 000-52728
NORTHPORT NETWORK SYSTEMS,
INC.
(Name of small business issuer in its charter)
Washington | 76-0674579 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Suite #4200, 601 Union Street, Seattle, Washington | 98101 |
(Address of principal executive offices) | (Zip Code) |
(206-652-3451)
(Issuer's 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:
[ ] 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)
SECTION 1 REGISTRANTS BUSINESS AND OPERATIONS
Item 1.01 | Entry into an Equity Agreement. |
On May 11, 2010, Dalian Northport Information Industry Development Co., Ltd. (Dalian Northport), a wholly owned subsidiary of Northport Network Systems Inc., Inc. (the Company), entered into a definitive agreement with the 49% stockholder of Shenyang Ling Xiao Aviation Services Co., Ltd (Ling Xiao) to divest Dalian Northports 51% equity interest in Ling Xiao in exchange for the 49% stockholder returning to the Company 2,500,000 shares of common stock of the Company for nominal consideration. The 51% equity interest in Ling Xiao held by Dalian Northport was originally acquired on October 9, 2008 in exchange for 2,700,000 treasury shares of the Company that were issued to the 49% shareholder. Pursuant to the agreement, the effective date of the divestiture is April 1, 2010.
The operating results of Ling Xiao for the three months ended March 31, 2010 have been classified in the Companys financial statements in its quarterly Form 10Q as discontinued operations, and prior periods operating results have been reclassified to discontinued operations
SECTION 9 FINANCIAL STATEMENTS AND EXHIITS
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits. Share Transfer Agreement dated May 11, 2010 is attached as exhibit 10.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
NORTHPORT NETWORK SYSTEMS, INC. | ||
Date: May 14, 2010 | By: | /s/ Jim Howell Qian |
Jim Howell Qian | ||
Chief Executive Officer |
EXHBIT INDEX
Number | Document(s) | Location |
10.1 | Share Transfer Agreement dated May 11, 2010 | Attached hereto and incorporated by reference herein |