80 million transfer of creditor's rights to controlling shareholder

ERA of science and Technology (000611) 13th announcement, in order to increase the share of the company Zhejiang Sihai Spandex Fiber Co., Ltd. quality, reduce corporate losses, Sihai spandex and Zhejiang shaoxing Xin Xin Textile Co., Ltd. signed the "Transfer of debt agreement", plans to transfer 80 million of the Universal Spandex Holdings Beijing Investment Co., Ltd.　　Zhejiang Shaoxing Xin Xin Textile Co., Ltd. If the court decides that the amount is more than 80 million, the excess part will be the universal spandex.　　Zhejiang Shaoxing Xin Xin Textile Co., Ltd. for the era of science and technology controlling shareholder of the holding subsidiary, the listed companies involved in the transaction amount of 34.732 million yuan. In the early 2008, the spandex market tends to rise, the major spandex manufacturers are hoarding relatively cheap raw materials, raw material price trend is very obvious, in order to reduce production costs, Sihai spandex to the community a large number of procurement of raw materials. January 8, 2008, Sihai Spandex and Beijing City Investment Co., Ltd. signed the "Industrial and mining products purchase contract." Sihai spandex to the city to invest in the purchase of poly-methyl ether glycol (PTMG) 10000 tons. Sihai spandex in the contract signed after the payment of 50 million yuan contract deposit. January 25, 2008, Sihai Spandex and the big city Investment signed another "industrial and mining products purchase contract", Sihai spandex to the big city investment purchase PTMG12500 tons. Sihai spandex in the contract signed, paid 60 million yuan contract deposit.　　Beijing City Investment Co., Ltd. in the receipt of the Universal Spandex two contract deposit, so far has not fulfilled its legitimate obligations. September 16, 2008, Sihai spandex to Beijing Investment Co., Ltd. filed a lawsuit, the court ordered the lifting of the Sihai spandex and Beijing City Investment Co., Ltd. signed two "industrial and mining products sales Contract" and double the return of the deposit. January 15, 2009, Zhejiang Province Shaoxing Intermediate People's court hearing the case, January 4, 2009, Beijing City Investment Co., Ltd. will return 30 million to the Sihai spandex.　　August 25, 2009, because Beijing's first Intermediate People's Court accepted Beijing North Yin Tong Real Estate Development Co., Ltd., Beijing Global Century Investment Management Co., Ltd. to apply for the bankruptcy of Beijing Investment Co., Ltd., the case, so the Shaoxing Intermediate People's Court ruled the case suspended, the case has not yet been tried. ERA of science and technology that, Sihai spandex in any respect, will not be able to achieve the claim or realize the risk of huge, but also in the litigation time will continue to be extended, it is likely to damage the interests of the company and shareholders. The company said that the transfer of bonds in favor of Sihai spandex recovery of all the contract deposit, the resumption of all the contract deposit can be used at present Sihai spandex daily production and operation. In addition, Zhejiang Shaoxing Xin Xin Textile Co., Ltd. also promised that if the Court of Justice to decide the amount of more than 80 million yuan, more than part of the Sihai spandex all, which makes the universal spandex in the guarantee of the contract deposit to recover the premise, also will not lose the opportunity to receive liquidated damages.