Attached files
| file | filename |
|---|---|
| EX-10.2 - EX-10.2 - Ever-Glory International Group, Inc. | v192501_ex10-2.htm |
| EX-10.1 - EX-10.1 - Ever-Glory International Group, Inc. | v192501_ex10-1.htm |
| EX-10.3 - EX-10.3 - Ever-Glory International Group, Inc. | v192501_ex10-3.htm |
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): August 4, 2010 (August 2,
2010)
EVER-GLORY
INTERNATIONAL GROUP, INC.
(Exact
name of registrant as specified in Charter)
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Florida
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000-28806
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65-0420146
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File No.)
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(IRS
Employee Identification
No.)
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Ever-Glory
Commercial Center,
509
Chengxin Road, Jiangning Development Zone,
Nanjing, Jiangsu
Province,
Peoples Republic of China
(Address
of Principal Executive Offices)
(8625)
5209-6875
(Issuer Telephone
number)
100
N. Barranca Ave. #810
West
Covina, CA 91791
(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):
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¨
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Written communications pursuant
to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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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 August 2, 2010, Goldenway Nanjing
Garment Co., Ltd., a subsidiary of Ever-Glory International Group, Inc.,
(“Borrower” or “we”), entered into a two-year revolving line of credit agreement
(“Revolving Line of Credit Agreement”) with Bank of Nanjing Co. Ltd. (“Lender”),
a PRC Bank, which allows the Borrower to borrow up to RMB 50 million
(approximately USD 7.3 million) during the period from July 6, 2010 to July 6,
2012. The Borrower is required to apply for a loan each time it needs to draw
from this revolving line of credit. The terms of each loan, such as maturity
date, interest rate, use of proceeds and etc, 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 secured by certain properties and land use
rights of Goldenway Nanjing Garment Co., Ltd pursuant to certain guaranty and
security agreements. We did not pay any fee to Jiangsu Ever-Glory International
Group Corporation for such guaranty.
As of August 4, 2010, Borrower has used
RMB10 million (approximately USD 1.46 million) of 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
the Revolving Line of Credit Agreement, Guaranty Agreement between Jiangsu
Ever-Glory International Group Corporation. and Bank of Nanjing Co.
Ltd. and Security Agreement between Goldenway Nanjing Garment Co.,
Ltd. and Bank of Nanjing Co. Ltd. dated August 2, 2010, each attached
hereto as Exhibit 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
8.01. OTHER EVENTS.
We changed our principle executive
offices to Ever-Glory Commercial Center, 509 Chengxin Road, Jiangning
Development Zone, Nanjing, Jiangsu Province, Peoples Republic of China,
effective from August 1, 2010.
ITEM
9.01. EXHIBITS.
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10.1
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Revolving
Line of Credit Agreement between Goldenway Nanjing Garment Co., Ltd, and
Bank of Nanjing Co. Ltd. dated August 2,
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 August 2,
2010;
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10.3
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Mortgage
Agreement between Goldenway Nanjing Garment Co., Ltd. and Bank of Nanjing
Co. Ltd. dated August 2, 2010.
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(a)
FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not
applicable.
(b) PRO
FORMA FINANCIAL INFORMATION.
Not
applicable.
(c) SHELL
COMPANY TRANSACTIONS
Not
Applicable
(d)
EXHIBITS.
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.
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EVER-GLORY
INTERNATIONAL GROUP, INC.
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Date: August
4, 2010
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By:
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/s/ Edward Yihua Kang
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Edward
Yihua Kang
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Chief
Executive Officer
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INDEX
TO EXHIBITS
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Exhibit
Number
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Description
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10.1
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Revolving
Line of Credit Agreement between Goldenway Nanjing Garment Co., Ltd, and
Bank of Nanjing Co. Ltd. dated August 2,
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 August 2,
2010;
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10.3
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Mortgage
Agreement between Goldenway Nanjing Garment Co., Ltd. and Bank of Nanjing
Co. Ltd. dated August 2, 2010.
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