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Even the most pessimistic posters here, believes the $5 million debenture loan is on it's way into AXI coffers....and I have to agree. Where we differ is, they do not believe.....as do I.....that the execution of the JV and all earn-in funds [$50 million] will be forth coming soon thereafter.
The reason I believe this to be the case is this.....on Jan 7th of this year, XDIP put out a press release stating the following points of contention:
- XDIP held a Board of Directors meeting on Jan 6th of this year, with nine of nine Board Members approving the establishment of a Limited Liability subsidiary in Hong Kong [XinXing Ductile Iron Pipes (Hong Kong) Ltd]. As opposed to "XinXing Huaxin Hong Kong Ltd", this new subsidiary is a 100% owned by XDIP.
- they state that the purpose of this new subsidiary was a requirement for Gov't approval for foreign investment and allow the application to move through the Ministry of Commerce
- the press release then goes on to say that this new subsidiary will be the platform to engage in the following business; 1) the completion of the $5 million Convertible Bond; 2) to participate in AEI stock holdings; 3) to invest in foreign investment projects; 4) to appoint directors in the management and operations of said projects; 5) the purchase and sale of minerals products trading; 6) or any other foreign business the Board may decide to enter into.
- the press release concludes by stating the following; "establishing this Hong Kong subsidiary will be beneficial to the successful completion of the AEI Debenture, and thusly accelerate progress with respect to the iron ore project; and as a platform to stabilize the upstream raw material supply, to achieve the company's business extension of services to the upstream industry; improve the iron and steel industry chain, is conducive to business expansion and formation of new economic growth".
https://translate.googleusercontent.com/translate_c?hl=en&rurl=translate.google.com&sl=zh-CN&tl=en&u=https://www.xinxing-pipes.com/upload/xhEditor/20120109/%25E5%2585%25B3%25E4%25BA%258E%25E8%25AE%25BE%25E7%25AB%258B%25E5%25AD%2590%25E5%2585%25AC%25E5%258F%25B8%25E6%2596%25B0%25E5%2585%25B4%25E9%2593%25B8%25E7%25AE%25A1%25EF%25BC%2588%25E9%25A6%2599%25E6%25B8%25AF%25EF%25BC%2589%25E6%259C%2589%25E9%2599%2590%25E5%2585%25AC%25E5%258F%25B8%25E7%259A%2584%25E5%2585%25AC%25E5%2591%258A.pdf&usg=ALkJrhgtnzp0SoB6tRNdjcWamclCzmp6KA
Blessings,
Murray
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