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): December 9, 2010
China Energy Recovery,
Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
000-53283
|
33-0843696
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
7F,
No. 267 Qu Yang Road
|
200081
|
Hongkou
District
|
(Zip
Code)
|
Shanghai,
China
|
|
(Address
of principal executive offices)
|
Registrant’s
telephone number, including area code (86) 021
5556-0020
(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 Instructions 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 December 9, 2010, the wholly owned
subsidiary in the Peoples Republic of China of China Energy Recovery, Inc.,
referred to together as the company, entered into a three-year, loan facility
with the Bank of China, Yizheng Branch. The facility is for RMB 30,000,000
(approximately US$4,500,000). The facility is subject to annual review by the
bank. The funds may be used either as a short term loan or for trade financing
and similar purposes. Any amounts not otherwise due or repaid will be repayable
on November 24, 2013. The loan has been guaranteed by each of the Chief
Executive Officer and a director, two of the company subidiaries, CER Energy
Recovery (Shanghai) Co., Ltd. and Shanghai Hai Lu Kun Lun Hi-tech Engineering
Co., Ltd., and Yizheng Auto Industrial Park Investment and Development Co., Ltd.
(“Industrial Park’) The company has also pledged as security for the
facility the Land Use Right agreement the company has in Yizheng, Jiangsu
Province, China.
The company has drawn RMB 21,000,000
(approximately US$3,150,000) under the facility as a short-term loan, due in one
year, which amount carries an annual interest rate of 5.838%. These
funds will be used for working capital.
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
Energy Recovery, Inc.
|
||
Date:
December 17, 2010
|
By:
|
/s/ Qinghuan Wu
|
Qinghuan
Wu
|
||
Chief
Executive Officer
|