Qingdao Double Star Co., Ltd.
Announcement Regarding the Extension of Asset Custody Term for Dongfeng (Shiyan) Tire Co., Ltd.
The company and its board of directors confirm that the content of this announcement is accurate, complete, and free from any false statements or material omissions.
In consideration of: The company, Dongfeng (Shiyan) Tire Co., Ltd., and Dongfeng Tire Factory Industrial Development Co. (hereinafter referred to as "Dongfeng Tire") entered into an "Asset Custody Agreement" on March 18, 2005 (Public Notice No. 2005-009). Under the agreement, the initial term of asset custody was set for one year from the date of signing. Upon expiration, if the company wishes to continue the custody period, Dongfeng Tire has agreed to extend it accordingly.
Recently, the company and "Dongfeng Tire" have signed a "Supplementary Agreement on Asset Custody." According to this supplementary agreement, the company agrees to extend the asset custody period until all assets under custody are sold to the company. In return, "Dongfeng Tire" agrees to continue entrusting the company with the management and organization of production operations until the assets are restructured and sold in accordance with the prescribed procedures.
All other terms and conditions of the original Asset Custody Agreement remain in full force and effect.
This is a special announcement.
Qingdao Double Star Co., Ltd.
Board of Directors
April 3, 2006
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