Tiens Biotech Group Usa Inc - Current report filing (8-K)
29 Agosto 2008 - 1:23PM
Edgar (US Regulatory)
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): August 25, 2008
TIENS
BIOTECH GROUP (USA), INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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001-32477
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75-2926439
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(State
or other jurisdiction
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(Commission
File Number)
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(I.R.S.
Employer
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of
incorporation)
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Identification
Number)
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No.
6,
Yuanquan Road, Wuqing New-Tech Industrial Park, Tianjin, China
301700
(Address
of principal executive offices)
Registrant's
telephone number, including area code:
(86)
22-8213-7658
Not
applicable
(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.):
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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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Soliciting
materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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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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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
1.01. Entry into a Material Definitive Agreement.
On
August
25, 2008, Tiens Biotech Group (USA), Inc.’s (the “Company”) subsidiary, Tianjin
Tiens Life Resources Co., Ltd. (“Life Resources”), entered a definitive
agreement (the “Rezoning Agreement”) with the Wuqing Branch Bureau of Tianjin
Municipal Land and Resources and Administrative Bureau (the “Tianjin
Government”) and Tianjin Tiens Life Science Co., Ltd (“Life
Science”).
Life
Resources had previously purchased land use rights to several parcels of land
in
an industrial park in Tianjin, People’s Republic of China, in December 2007.
Those parcels were zoned for industrial use. Several of the buildings on the
property are not being used for industrial purposes. As a result, Life Resources
has been informed by the Tianjin Government that an additional RMB 41,022,061
(or approximately US$6.0 million) must be paid by Life Resources to change
the
land use rights for several of its parcels from “industrial” to
“educational”.
Life
Science owns land use rights to separate parcels of land in the same industrial
park and is required to pay the Tianjin Government an additional RMB
155,188,088.50 (or approximately US$22.8 million) to change the zoning on such
parcels.
Pursuant
to the terms of the Rezoning Agreement, each of Life Resources and Life Science
will pay the amounts described above in connection with the rezoning of their
respective parcels of land in the industrial park.
Life
Science is owned by Tianjin Tianshi Group Co., Ltd. (“Tianshi Group”). Tianshi
Group is 90% owned by Jinyuan Li, the Chief Executive Officer, President and
Director of the Company, and 10% owned by Baolan Li, Jinyuan Li’s
daughter.
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.
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TIENS
BIOTECH GROUP (USA), INC.
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Date:
August 29, 2008
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By:
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/s/
Wenjun Jiao
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Name:
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Wenjun
Jiao
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Title:
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Chief
Financial Officer
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Tiens Biotech GR Usa (AMEX:TBV)
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