cdii-8k.htm
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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) September 29, 2009
CHINA
DIRECT INDUSTRIES, INC.
(Exact
name of registrant as specified in its charter)
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Florida
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001-33694
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13-3876100
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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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431
Fairway Drive, Suite 200, Deerfield Beach, Florida 33441
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code (954) 363-7333
N/A
(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. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.05.
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Costs
Associated With Exit Or Disposal
Activities
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On
September 29, 2009 the Board of Directors of China Direct Industries, Inc.
(the “Company”), committed to a plan to sell its interest in Pan Asia Magnesium,
Ltd. (“Pan Asia”). Pan Asia owns and operates a magnesium production
facility located in Taiyuan, Shanxi Province, China. The
Company took this action because it intends to focus its magnesium production
efforts with its key Chinese partner, Taiyuan Yiwei Magnesium Group, LTD.
(“Yiwei Magnesium”) and acquire certain additional magnesium production
facilities owned by Yiwei Magnesium. Yiwei Magnesium is controlled by
Yuwei Huang, an executive vice president and member of the Company’s
board of directors. The Company expects to present Pan Asia as a
discontinued operation beginning with its financial statements for the fiscal
year ended September 30, 2009.
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Item
7.01.
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Regulation
FD Disclosure
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On
October 5, 2009, the Company issued a press release to announce the signing of a
letter of intent with Yiwei Magnesium to acquire additional magnesium production
facilities it owns in China and the Company’s intent to sell its stake in its
Pan Asia subsidiary. A copy of the press release is furnished as
Exhibit 99.1 to this Form 8-K.
The
information furnished with this Current Report on Form 8-K shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as expressly
set forth by specific reference in such a filing.
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Item
9.01
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Financial
Statements and Exhibits.
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(d)
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Exhibits:
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99.1
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Press
Release of China Direct Industries, Inc. dated October 5, 2009 (furnished
herewith).
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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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CHINA
DIRECT INDUSTRIES, INC.
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Date:
October 5, 2009
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By:
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/s/
Lazarus Rothstein
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Executive
Vice President and General Counsel
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