Unassociated Document
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 14, 2010
CLEANTECH INNOVATIONS,
INC.
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(Exact
name of registrant as specified in its
charter)
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Nevada
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000-53511
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98-0516425
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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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C
District, Maoshan Industry Park,
Tieling
Economic Development Zone,
Tieling,
Liaoning Province, China
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112616
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (86)
0410-6129922
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:
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
1.01 Entry into Material Definitive Agreement
On
October 14, 2010, CleanTech Innovations, Inc. (the “Company”) entered into a
Short Term Loan Agreement with Strong Growth Capital Ltd. (the “Lender”) in the
amount of $1.5 million (the “Loan Agreement”) for working capital to help meet
significantly increased demand for the Company’s products. Under the terms of
the Loan Agreement, the Company agreed to an annual interest rate of 10% and the
principal amount and interest accrued thereon is due and payable in full on
March 31, 2011 (the “Maturity Date”). The Lender may also demand payment of
outstanding principal and interest at any time if and after the Company
completes any capital financing of at least $2 million prior to the Maturity
Date.
Item
2.03 Creation of a Direct Financial Obligation
The
information set forth under Item 1.01 of this Current Report is incorporated
herein by reference.
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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CLEANTECH
INNOVATIONS, INC.
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(Registrant)
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Date:
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October
15, 2010
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By:
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/s/
Bei Lu
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Name:
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Bei
Lu
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Title:
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Chief
Executive Officer
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