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Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-128323 SUPPLEMENT TO PROSPECTUS DATED AUGUST 7, 2006 CHINA MOBILITY SOLUTIONS, INC. 29,214,458 Shares of Common Stock On August 15, 2006, an aggregate of $3,350,000 of Senior ConvertibleDebentures (the "Debentures") of China Mobility Solutions, Inc. (the "Company")matured. The Company has sufficient cash on hand and intends to repay theDebentures in their entirety with accrued interest except for individualDebenture holders who have agreed to extend their maturity date. The Company received letters from the attorneys for two holders of anaggregate $875,000 principal amount of Debentures stating that the Company wasin default under the Debentures as a result of its failure to pay principal plusinterest thereon. One of such debentureholders is in the process of obtaining adefault judgment against the Company for $500,000 principal amount of Debentureplus interest and expenses. The Company had paid all interest on the Debenturesaccrued through August 15, 2006. Interest accrued on the Debentures thoughmaturity, at the rate of not less than 6% per annum equal to the sum of 2% perannum plus the one month LIBOR rate. From the maturity date of August 15, 2006,interest on outstanding principal amount of Debentures and unpaid accruedinterest accrues at the rate of 12% per annum. The Company disclosed in a Current Report on Form 8-K for August 31,2006, that it had applied to the banking authorities (State Administration ofForeign Exchange ("SAFE")) in the People's Republic of China to convert itssubsidiaries' funds into U.S. dollars and repay the Debentures. The Company'soperating subsidiary in China has advised the Company that its application toSAFE to withdraw the funds from China has been denied. On October 25, 2006, theCompany retained the law firm of Wyatt & Wang in Beijing to assist it complywith the Beijing Rule of Liquidation of companies with foreign investment (the"Rule of Liquidation"). The Company has been advised that the Rule ofLiquidation is the sole means of assuring repayment of the Debentures. TheCompany does not believe it will affect its subsidiaries' business operations asreorganized. The Company has begun the process to submit an application for suchliquidation to the Bureau of Ministry of Commerce ("BOMOC"). The liquidationwill take between 180 to 270 days. Part of the reason for the delay is therequirement of the liquidator to appoint an auditor to do the appraisal of anevaluation of the assets of the Company and to submit such appraisal to theBOMOC for its approval.Dated: December 14, 2006Copyright © 2006 QuoteMedia. All rights reserved. Terms of Use.Market Data powered by QuoteMedia, www.quotemedia.com, SEC filings by 10kWizard.