CHMS 8K SEPT 06 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: August 31, 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
-
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
2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement.
On
August
15, 2006, an aggregate of $3,350,000 of Senior Convertible Debentures (the
“Debentures”) of China Mobility Solutions, Inc. (the “Company”) matured. As of
September 6, 2006, the Company has approximately $4,110,000 cash on hand and
intends to repay the Debentures in their entirety with accrued interest except
for individual Debenture holders who have agreed to extend their maturity date.
Although the Company has applied to the banking authorities in the People’s
Republic of China to wire the funds to the Company such funds have not yet
arrived.
The
Company received letters (the “Default Letters”) from the attorneys for two
holders of an aggregate $875,000 principal amount of Debentures stating that
the
Company was in default under the Debentures as a result of its failure to pay
principal plus interest thereon. The Company had paid all interest on the
Debentures accrued through August 15, 2006. Interest accrued on the Debentures
though maturity, at the rate of not less than 6% per annum equal to the sum
of
2% per annum plus the one month LIBOR rate. From the maturity date of August
15,
2006, interest on outstanding principal amount of Debentures and unpaid accrued
interest accrues at the rate of 12% per annum.
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:
September 5, 2006
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By:
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Angela
Du, President
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