f8k063009_cvalves.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): July 1, 2009 (June 30,
2009)
CHINA
VALVES TECHNOLOGY, INC.
(Exact
name of registrant as specified in its charter)
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Nevada
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000-28481
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86-0891931
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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No.
93 West Xinsong Road
Kaifeng
City, Henan Province
People’s
Republic of China 475002
(Address
of principal executive offices)
(+86)
378-292-5211
(Registrant's
telephone number, including area code)
(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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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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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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o
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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
5.02
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DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF
CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
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On July
1, 2009, Mr. Renrui Tang resigned as the interim Chief Financial Officer of
China Valves Technology, Inc. (the “Company”), effective immediately. Mr. Tang’s
resignation was not in connection with any known disagreement with the Company
on any matter.
On the
same date, the Board of Directors of the Company appointed Ms. Ichi Shi to serve
as the Company’s Chief Financial Officer, effective immediately upon Mr. Tang’s
resignation.
Ms. Shih
has more than 10 years of experience in financial industry. Since 2007, she
served as vice president of Brean Murray, Carret Asia Investment Banking
Group in New York, NY, assessing opportunities for new business,
conducting valuation analysis and due diligence of public and private
companies in China and Vietnam, and providing advice on mergers and
acquisitions, public listings and private placement activities. Between 2003 and
2007, she was a senior associate at the Investment Banking Group of Westminster
Securities in New York, NY, primarily focusing on financial modeling and
valuation analysis. Between 1998 and 2000, she was a financial and business
analyst for Goldman Sachs & Co, where she developed financial
budget/forecast for the Finance and Planning Department in New York,
NY. Ms. Shih obtained a Master’s degree in International Finance and
Business from the Columbia University and Bachelor’s degree in Accounting
and International Business from New York University. Ms. Shih is also a
Certified Public Accountant.
No family
relationship exists between Ms. Ichi Shih and any directors or executive
officers of the Company. In addition, there has been no transaction,
nor is there any currently proposed transaction between Ms. Ichi Shih and the
Company that would require disclosure under Item 404(a) of Regulation
S-K.
On June
30, 2009, China Valves Technology, Inc. (the “Company”) and Ms. Shih entered
into an employment agreement (the "Employment Agreement"), which is effective as
of July 1, 2009 (the "Effective Date"). The Employment Agreement provides, among
other things, that Ms. Shih's base salary will be US$7,000 per month (the "Base
Salary"). Additionally, within three months of the Effective Date, upon approval
of the board of directors of the Company, the Company will grant Ms. Shih
options to purchase 100,000 shares of the Company's common stock at the price of
$3.0 per share. Ms. Shih may exercise 33.336% of the option on the first
anniversary of her employment of the Company, and 8.333% every three months
after the first anniversary. The Employment Agreement contains covenants
prohibiting Ms. Shih from competing with the Company during the two-year
term and for two years thereafter. The Employment Agreement also prohibits
Ms. Shih from disclosing any confidential information of the
Company.
The
foregoing summary of the material terms and conditions of the Employment
Agreement is qualified in its entirety by reference to the Employment Agreement,
a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference
herein.
A copy of
a July 1, 2009 press release announcing Ms. Ichi Shih's appointment as Chief
Financial Officer of the Company is attached hereto as
Exhibit 99.1.
ITEM
9.01 FINANCIAL STATEMENT AND
EXHIBITS.
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Number
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Description
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10.1
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English
translation of Employment Agreement by and between China Valves
Technology, Inc. and Ichi Shih, dated June 30, 2009.
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99.1
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Press
Release, dated July 1, 2009.
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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
Valves Technology, Inc.
Date:
July 1, 2009
/s/ Siping
Fang
Siping
Fang
Chief
Executive Officer
EXHIBIT
INDEX
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Number
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Description
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10.1
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English
translation of Employment Agreement by and between China Valves
Technology, Inc. and Ichi Shih, dated June 30, 2009.
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99.1
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Press
Release, dated July 1, 2009.
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