Registration No. 33-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form S-8
Registration Statement
Under
The Securities Act of 1933
BROADENGATE SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Nevada 87-0394313
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(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
3/F, Block 2, Cyber City
South Hi-Tech Industrial Park
Shenzhen, Peoples Republic of China
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(Address of Principal Executive Offices) (Zip Code)
Stock Issuance Pursuant to
Consulting Agreements for Market Analysis, Market Planning and
Business Development and for Legal services rendered
(Full title of the plan)
Hank Vanderkam Copy to:
Vanderkam & Sanders Hank Vanderkam
440 Louisiana, #475 Vanderkam & Sanders
Houston, TX 77002 440 Louisiana, #475
(Name, address and telephone number Houston, TX 77002
of agent for service) (713) 547-8900
Approximate date of proposed sales pursuant to the plan: From time to
time after the effective date of this Registration Statement.
CALCULATION OF REGISTRATION FEE
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Title of securities Amount to be Proposed maximum Proposed maximum Amount of
to be registered registered offering price per aggregate offering registration
share (1) price fee
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Common Stock, $.01 par value 2,000,000 $0.15 $300,000 $27.60
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(1) Calculated in accordance with Rule 457(c) solely for the purpose of
determining the registration fee. The offering price is based on the
average bid and asked price as reported on Nasdaq National Market on
November 1, 2002.
PART I
INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS
ITEM 1. PLAN INFORMATION
Information required by Item 1 is included in documents sent or given
to participants in the Plan pursuant to Rule 428(b)(1) of the Securities Act.
ITEM 2. REGISTRATION INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION
Information required by Item 2 is included in documents sent or given
to participants in the Plan pursuant to Rule 428(b)(1) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed with the Securities and Exchange
Commission (the "Commission") are incorporated by reference into this
Registration Statement and are made a part hereof:
(a) The Company's Annual Report on Form 10-KSB for the fiscal year ended
December 31, 2001.
(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange
Act since the end of the fiscal year covered by the Annual Report referred
to in Item 3(a) above.
All reports and other documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, as amended, prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the date of the filing of such
reports and documents.
ITEM 4. DESCRIPTION OF SECURITIES
Common Stock
General. The Company is authorized to issue 50,000,000 shares of Common
Stock, $.001 par value per share and 5,000,000 shares of Preferred Stock, $.001
par value. Non preferred shares have been issued.
The holders of the Common Stock are entitled to receive dividends when,
as and if declared by the Board of Directors, out of funds legally available
therefor. In the event of liquidation, dissolution or winding up of the Company,
the holders of the Common Stock are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and
after provision has been made for each class of stock, if any, having preference
over the Common Stock. The holders of the Common Stock as such have no
conversion, preemptive or other subscription rights and there are no redemption
provisions applicable to the Common Stock.
Voting Rights. The holders of the Common Stock are entitled to one vote
for each share held of record on all matters to be voted on by stockholders.
There is no cumulative voting with respect to the election of directors, with
the results that the holders of shares having more than fifty percent (50%) of
the votes for the election of directors can elect all of the directors.
Dividend Policy. To date, the Company has not paid any dividends on its
Common Stock. The payment of dividends, if any, in the future is within the
discretion of the Board of Directors and will depend upon the Company's
earnings, its capital requirements and financial condition and other relevant
factors. The Board does not intend to declare any dividends in the foreseeable
future, but instead intends to retain all earnings, if any, for use in the
Company's business operations.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
None - However, following this registration , Hank Vanderkam of
Vanderkam & Sanders, legal counsel for the Company will be issued 100,000 shares
for prior legal services rendered.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Company's Articles of Incorporation and Bylaws eliminate the
personal liability of directors to the Company or its stockholders for monetary
damages for breach of fiduciary duty to the extent permitted by British Virgin
Islands law. The Company's Articles of Incorporation and Bylaws provide that the
Company may indemnify against all expenses, including legal fees and against all
judgements, fines and amounts paid in settlement and reasonably incurred in
connection with legal, administrative or investigative proceedings.
The provisions affecting personal liability do not abrogate a
director's fiduciary duty to the Company and its shareholders, but eliminate
personal liability for monetary damages for breach of that duty. The provisions
do not, however, eliminate or limit the liability of a director for failing to
act in good faith, for engaging in intentional misconduct or knowingly violating
a law, for authorizing the illegal payment of a dividend or repurchase of stock,
for obtaining an improper personal benefit, for breaching a director's duty of
loyalty, which is generally described as the duty not to engage in any
transaction which involves a conflict between the interest of the Company and
those of the director, or for violations of the federal securities laws.
The provisions regarding indemnification provide, in essence, that the
Company will indemnify its directors against expenses (including attorneys
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred in connection with any action, suit or proceeding arising out of the
director's status as a director of the Company, including actions brought by or
on behalf of the Company (shareholder derivative actions). The provisions
require that the directors acted honestly and in good faith. Moreover, they do
not provide indemnification for liability arising out of willful misconduct,
fraud, or dishonesty, for "short-swing" profits violations under the federal
securities laws, for the receipt of illegal remuneration or if the director
received a benefit in money, property or services to wich the director is not
legally entitled. The provisions also do not provide indemnification for any
liability to the extent such liability is covered by insurance.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
4.1 Consulting Agreement dated April 1, 2002 with Steven Whiten
4.2 Consulting Agreement dated April 1, 2002 with Ms. Xiaoying Chen
4.3 Consulting Agreement dated April 1, 2002 with Lai Kui Shing, Andy
4.4 Consulting Agreement dated April 1, 2002 with Hongtao Xi
4.5 Consulting Agreement dated April 1, 2002 with Zhiwei Kong
4.6 Consulting Agreement dated April 1, 2002 with Lijun Huang
4.7 Description of the services rendered by Vanderkam & Sanders
5.1 Opinion and consent of Vanderkam & Sanders re: the legality of the
shares being registered
23.1 Consent of Vanderkam & Sanders (included in Exhibit 5.1)
23.2 Consent of Blackman Kallick, Bartelstein, LLP
ITEM 9. UNDERTAKINGS
(a) The registrant hereby undertakes:
(1) To file, during any period in which offers or sells
are being made, a post-effective amendment to this
registration statement to include any material
information with respect to the plan of distribution
not previously disclosed in the registration
statement or any material change to such information
in the registration statement.
(2) That, for the purpose of determining liability under
the Securities Act of 1933, each post-effective
amendment shall be treated as a new registration
statement of the securities offered, and the offering
of the securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To file a post-effective amendment to remove from
registration any of the securities that remain unsold
at the end of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Hong Kong on the 25th day of January, 2002.
BROADENGATE SYSTEMS, INC.
By: /s/ Dr. Hongbing Lan
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Dr. Hongbing Lan
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the date indicated.
Signatures Title Date
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/s/ Dr. Hongbing Lan Chairman and Chief Executive Officer November 4, 2002
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Dr. Hongbing Lan
/s/ Xinmin Gao Director November 4, 2002
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Xinmin Gao
/s/ Fa Fing Liu Director November 4, 2002
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Fa Fing Liu