Attached files
| file | filename |
|---|---|
| 8-K - MAN SHING AGRICULTURAL HOLDINGS, INC | v206574_8k.htm |
| EX-99.2 - MAN SHING AGRICULTURAL HOLDINGS, INC | v206574_ex99-2.htm |
Exhibit
99.1
To: Man
Shing Agricultural Holdings, Inc. (“Company”)’s Board and All
Directors
With
regard to the recent following three matters:
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1.
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Regarding
the matter: the Company received in early October the legal letter from
Hong Kong Patrick Mak & Tse, Solicitors demanding the fulfillment of
the contents of the Service Agreement entered into between Weifang
Xinsheng Food Company, Ltd. (“Wholly Owned Subsidiary”) and Excel Linker
Capital (Asia) Ltd. , (a letter was sent to the Company by independent
directors on December 7, 2010 which reiterated its urgency and
importance), as of now nothing has been received regarding an effective
response and intention for
resolution.
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2.
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Regarding
the matter: On December 9, 2010, Mr. Shili Liu wired out US$1,100,000.00
from the Company’s account at HSBC without the knowledge of some of the
board members and without discussing this with the
Board.
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3.
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Regarding
the matter: some of the board members are still owed remuneration as of
now.
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The
senders of this letter believe that, under such circumstances, the Company’s
Board cannot function effectively and the board members are exposed to
significant personal risk. In consideration of this, the two
Directors, Mr. Eddie Cheung and Mr. Ji Yang, hereby tender their resignation to
the Board, effective immediately. Mr. Eddie Cheung will also resign
from the Company’s Chief Executive Officer’s position, effective
today.
The
senders of this letter also reserve the right to take legal action against the
Company regarding the above three matters.
Sincerely,
/s/ Eddie
Cheung
/s/ Ji
Yang
December
20, 2010