CHMS 8K OCT 25 2006
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: October 25, 2006)
CHINA
MOBILITY SOLUTIONS, INC.
(Exact
name of registrant as specified in its charter)
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Florida
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000-26559
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330-751560
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(State
or other jurisdiction of
incorporation)
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(Commission
File
Number)
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(IRS
Employer Identification
No.)
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#900
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789 West Pender Street, Vancouver, B.C. Canada V6C 1H2
(Address
of principal executive offices) (Postal Code)
Registrant's
telephone number, including area code: (604) 632-9638
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):
[_]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_]
Soliciting material pursuant to Rule 14a-12 under Exchange Act (17 CFR
240.14a-12)
[_]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange
Act
(17
CFR240.14d-2(b))
[_]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange
Act
(17
CFR240.13e-4(c))
Item
8.01 Other
Events
China
Mobility Solutions, Inc. (the “Company”) disclosed in a Current Report on Form
8-K for August 31, 2006, that it had not repaid $3,350,000 of Senior Convertible
Debentures due August 15, 2006 (the “Debentures”). The Company stated that it
had sufficient cash on hand and had applied to the government authority (State
Administration of Foreign Exchange (“SAFE”)) in the People's Republic of
China to approve converting its subsidiaries' funds into U.S. dollars and repay
the Debentures.
The
Company's operating subsidiary in China has advised the Company that its
application to SAFE to convert the funds to repay the Company's Debentures
from
the Company's Chinese subsidiary has been denied. On October 25, 2006, the
Company retained the law firm of Wyatt & Wang in Beijing to assist it comply
with the Beijing Rule of Liquidation of companies with foreign investment (the
“Rule of Liquidation”). The Company has been advised that the Rule of
Liquidation is the sole means of assuring repayment of the Debentures. The
Company does not believe it will affect its subsidiaries' business operations
as
reorganized. The Company has begun the process to submit an application for
such
liquidation to the Bureau of Ministry of Commerce (“BOMOC”). The liquidation
will take between 180 to 270 days. Part of the reason for the delay is the
requirement of the liquidator to appoint an auditor to do the appraisal of
an
evaluation of the assets of the Company and to submit such appraisal to the
BOMOC for its approval.
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 thereunto
duly authorized.
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CHINA
MOBILITY SOLUTIONS, INC.
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(Registrant)
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Date:
October 31, 2006
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By:
/s/
Angela
Du
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Angela
Du, President
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