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      VOIP &amp; DIGITAL TELECOM INC.</font></div>
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      or organization)</font></div>
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      Floor Tower B1, Yike Industrial Base, Shunhua Rd,</font></div>
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
1.01 Entry into a Material Definitive Agreement.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
December 21, 2007, China VoIP &amp; Digital Telecom Inc. (the &#8220;Company&#8221;) entered
into a Securities Purchase Agreement, as amended, with Castlerigg Master
Investments, Ltd. (the &#8220;Investor&#8221;) (the &#8220;Securities Purchase Agreement&#8221;),
pursuant to which, among other things, the Investor purchased from the Company
(i) the Senior Secured Convertible Note, dated as of December 21, 2007 (the
&#8220;2007 Note&#8221;), which was convertible into shares of the Company&#8217;s common stock,
par value $0.001 per share (the &#8220;Common Stock&#8221;), in accordance with the terms
thereof, (ii) a Series A Warrant, dated as of December 21, 2007&#160;&#160;(the
&#8220;2007 Series A Warrant&#8221;), (iii) a Series B Warrant, dated as of December 21,
2007 (the &#8220;2007 Series B Warrant&#8221;) and (iv) a Series C Warrant, dated as of
December 21, 2007 (the &#8220;2007 Series C Warrant&#8221;, and together with the 2007
Series A Warrant and 2007 Series B Warrant, the &#8220;2007 Warrants&#8221;).</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
December 8, 2008, the Company and the Investor entered into that certain
Amendment and Exchange Agreement, pursuant to which, among other things, the
Investor exchanged the 2007 Note and the 2007 Warrants for (i) the Amended and
Restated Senior Secured Convertible Note dated as of December 8, 2008 (the &#8220;2008
Note&#8221;), which is convertible into Common Stock, (ii) a Series A Warrant, dated
as of December 8, 2008 (the &#8220;2008 Series A Warrant&#8221;), exercisable into
23,062,731 shares of Common Stock, (iii) a Series B Warrant, dated as of
December 8, 2008 (the &#8220;2008 Series B Warrant&#8221;), exercisable into 16,143,922
shares of Common Stock, (iv) a Series C Warrant, dated as of December 8, 2008
(the &#8220;2008 Series C Warrant&#8221;) exercisable into 16,489,852 shares of Common Stock
and (v) a Series D Warrant, dated as of December 8, 2008 (the &#8220;2008 Series D
Warrant&#8221;, and together with the 2008 Series A Warrant, 2008 Series B Warrant and
2008 Series C Warrant, the &#8220;2008 Warrants&#8221;), exercisable into 7,500,000 shares
of Common Stock.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On
January 5, 2010, the Company entered into a Securities Redemption and Pay-off
Agreement (the &#8220;Settlement Agreement&#8221;) with the Investor.&#160;Pursuant to the
Settlement Agreement, the Investor was willing to effectuate the redemption of
the 2008 Note and the 2008 Warrants and give certain waivers and releases in
consideration for the payment to the Investor of a cash amount equal to
$3,000,000. The Company has paid $850,000 of such amount to date.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July
29, 2010, the Company entered into a Second Amended and Restated Securities
Redemption and Pay-Off Agreement attached hereto as Exhibit 10.1 (the &#8220;Second
Amended and Restated Settlement Agreement&#8221;) with Castlerigg Master Investments,
Ltd. (the &#8220;Investor&#8221;) that amended and restated the terms of the Settlement
Agreement, as amended by the first Amended and Restated Redemption and Pay-off
Agreement dated as of April 14, 2010..</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
to&#160;&#160;Second Amended and Restated Settlement Agreement, the Company and
the Investor agreed to extend the termination date specified therein to August
13, 2010 in consideration for a payment by the Company to the Investor of
$800,000.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant
to the Second Amended and Restated Settlement Agreement, the Investor has agreed
to accept $2,150,000 from the Company in exchange for the redemption of the 2008
Note and the 2008 Warrants, but only upon the terms and conditions expressly set
forth in the Second Amended and Restated Settlement Agreement, including the
Company&#8217;s completion of certain conditions precedent set forth in Section 3 of
the Second Amended and Restated Settlement Agreement (the
&#8220;Conditions&#8221;).&#160;&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon the
satisfaction of the Conditions and the closing of the Second Amended and
Restated Settlement Agreement, (i) the Company shall pay to the Investor
$2,150,000, (ii) the Investor and the Company will release each other from all
claims related to the Securities Purchase Agreement, as amended, the 2008 Note
and the 2008 Warrants as of the date of the Second Amended and Restated
Settlement Agreement, (iii) the Investor will transfer and convey to the Company
the 2008 Note and 2008 Warrants and (iv) the Company shall redeem from the
Investor the 2008 Note and the 2008 Warrants.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In
addition, pursuant to the Second Amended and Restated Settlement Agreement,
since January 5, 2010, the Company shall have duly delivered to the Investor an
aggregate of 1,100,000 shares of Common Stock pursuant to the Conversion Notice
attached thereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit B</font>.&#160;The
issuance of these shares is one of the Conditions required to be completed prior
to closing.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the
event that the closing of the Amended and Restated Settlement Agreement does not
occur on or before August 13, 2010, the Investor has the option to terminate the
Amended and Restated Settlement Agreement.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font><br>&#160;</div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The
foregoing description of the Second Amended and Restated Settlement Agreement
contemplated thereby does not purport to be complete and is qualified in its
entirety by reference to the complete text of all Exhibits attached
hereto.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item
9.01 Exhibits.</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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            <td valign="middle" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td valign="middle" width="54%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
          </tr><tr>
            <td align="left" valign="top" width="12%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibit</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Number</font></font></div>
            </td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
            <td align="left" valign="top" width="54%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description
      of Exhibit</font></div>
            </td>
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            <td align="left" valign="top" width="12%">
              <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10.1</font></div>
            </td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
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      July 29, 2010</font></div>
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    <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
    <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
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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.</font></div>
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            <td valign="middle" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
      </font></td>
          </tr><tr>
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      </font></td>
            <td align="left" valign="middle" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;
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      VOIP &amp; DIGITAL TELECOM, INC.</font></div>
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      August 4, 2010</font></div>
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chinavoip8kaugust12.htm
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): July 29, 2010
CHINA
      VOIP & DIGITAL TELECOM INC.
(Exact
      name of registrant as specified in its
charter)
Nevada
333-131017
98-0509797
(State
      or other jurisdiction of
(Commission
      File Number)
(IRS
      Employer Identification No.)
incorporation
      or organization)
11th
      Floor Tower B1, Yike Industrial Base, Shunhua Rd,
High-tech
      Industrial Development Zone, Jinan, China 250101
(Address
      of principal executive offices)
86-531-87027114
(Registrant's
      telephone number, including area code)
(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))
Item
1.01 Entry into a Material Definitive Agreement.
On
December 21, 2007, China VoIP & Digital Telecom Inc. (the "Company") entered
into a Securities Purchase Agreement, as amended, with Castlerigg Master
Investments, Ltd. (the "Investor") (the "Securities Purchase Agreement"),
pursuant to which, among other things, the Investor purchased from the Company
(i) the Senior Secured Convertible Note, dated as of December 21, 2007 (the
"2007 Note"), which was convertible into shares of the Company's common stock,
par value $0.001 per share (the "Common Stock"), in accordance with the terms
thereof, (ii) a Series A Warrant, dated as of December 21, 2007  (the
"2007 Series A Warrant"), (iii) a Series B Warrant, dated as of December 21,
2007 (the "2007 Series B Warrant") and (iv) a Series C Warrant, dated as of
December 21, 2007 (the "2007 Series C Warrant", and together with the 2007
Series A Warrant and 2007 Series B Warrant, the "2007 Warrants").
On
December 8, 2008, the Company and the Investor entered into that certain
Amendment and Exchange Agreement, pursuant to which, among other things, the
Investor exchanged the 2007 Note and the 2007 Warrants for (i) the Amended and
Restated Senior Secured Convertible Note dated as of December 8, 2008 (the "2008
Note"), which is convertible into Common Stock, (ii) a Series A Warrant, dated
as of December 8, 2008 (the "2008 Series A Warrant"), exercisable into
23,062,731 shares of Common Stock, (iii) a Series B Warrant, dated as of
December 8, 2008 (the "2008 Series B Warrant"), exercisable into 16,143,922
shares of Common Stock, (iv) a Series C Warrant, dated as of December 8, 2008
(the "2008 Series C Warrant") exercisable into 16,489,852 shares of Common Stock
and (v) a Series D Warrant, dated as of December 8, 2008 (the "2008 Series D
Warrant", and together with the 2008 Series A Warrant, 2008 Series B Warrant and
2008 Series C Warrant, the "2008 Warrants"), exercisable into 7,500,000 shares
of Common Stock.
On
January 5, 2010, the Company entered into a Securities Redemption and Pay-off
Agreement (the "Settlement Agreement") with the Investor. Pursuant to the
Settlement Agreement, the Investor was willing to effectuate the redemption of
the 2008 Note and the 2008 Warrants and give certain waivers and releases in
consideration for the payment to the Investor of a cash amount equal to
$3,000,000. The Company has paid $850,000 of such amount to date.
On July
29, 2010, the Company entered into a Second Amended and Restated Securities
Redemption and Pay-Off Agreement attached hereto as Exhibit 10.1 (the "Second
Amended and Restated Settlement Agreement") with Castlerigg Master Investments,
Ltd. (the "Investor") that amended and restated the terms of the Settlement
Agreement, as amended by the first Amended and Restated Redemption and Pay-off
Agreement dated as of April 14, 2010..
Pursuant
to  Second Amended and Restated Settlement Agreement, the Company and
the Investor agreed to extend the termination date specified therein to August
13, 2010 in consideration for a payment by the Company to the Investor of
$800,000.
Pursuant
to the Second Amended and Restated Settlement Agreement, the Investor has agreed
to accept $2,150,000 from the Company in exchange for the redemption of the 2008
Note and the 2008 Warrants, but only upon the terms and conditions expressly set
forth in the Second Amended and Restated Settlement Agreement, including the
Company's completion of certain conditions precedent set forth in Section 3 of
the Second Amended and Restated Settlement Agreement (the
"Conditions").
Upon the
satisfaction of the Conditions and the closing of the Second Amended and
Restated Settlement Agreement, (i) the Company shall pay to the Investor
$2,150,000, (ii) the Investor and the Company will release each other from all
claims related to the Securities Purchase Agreement, as amended, the 2008 Note
and the 2008 Warrants as of the date of the Second Amended and Restated
Settlement Agreement, (iii) the Investor will transfer and convey to the Company
the 2008 Note and 2008 Warrants and (iv) the Company shall redeem from the
Investor the 2008 Note and the 2008 Warrants.
In
addition, pursuant to the Second Amended and Restated Settlement Agreement,
since January 5, 2010, the Company shall have duly delivered to the Investor an
aggregate of 1,100,000 shares of Common Stock pursuant to the Conversion Notice
attached thereto as
Exhibit B
. The
issuance of these shares is one of the Conditions required to be completed prior
to closing.
In the
event that the closing of the Amended and Restated Settlement Agreement does not
occur on or before August 13, 2010, the Investor has the option to terminate the
Amended and Restated Settlement Agreement.
The
foregoing description of the Second Amended and Restated Settlement Agreement
contemplated thereby does not purport to be complete and is qualified in its
entirety by reference to the complete text of all Exhibits attached
hereto.
Item
9.01 Exhibits.
Exhibit
Number
Description
      of Exhibit
10.1
Second
      Amended and Restated Securities Redemption and Pay-off Agreement, dated
      July 29, 2010
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.
CHINA
      VOIP & DIGITAL TELECOM, INC.
Dated:
      August 4, 2010
By:
/s/ Li
      Kunwu
Li
      Kunwu
President
      and Chief Executive Officer