NEW YORK, July 16, 2019 /PRNewswire/ — Blackstone (NYSE:BX) announced today that private equity funds managed by Blackstone ("Blackstone") have agreed to acquire Vungle, a leading performance marketing platform for in-app video advertisements on mobile devices.
Vungle is trusted by publishers of more than 60,000 mobile apps worldwide, including top brands such as Rovio, Zynga, Pandora, Microsoft, and Scopely, among others. The company serves more than 4 billion video views per month over a billion unique devices, and is consistently ranked #1 for cross-platform user retention by industry mobile performance indexes. Vungle is headquartered in San Francisco with offices in London, Berlin, Beijing, Tokyo, Singapore and Seoul.
Sachin Bavishi, Principal at Blackstone, said, "As a best-in-class performance marketing platform, Vungle represents a key growth engine for the mobile app ecosystem. Our investment will help deliver on the company’s tremendous growth potential and we look forward to partnering with management to extend Vungle’s strength across mobile gaming and other performance brands."
Martin Brand, Senior Managing Director at Blackstone, added, "Blackstone is excited to invest in a leader focused on the intersection of the rapidly expanding mobile gaming and mobile advertising spaces. We look forward to contributing Blackstone’s resources to accelerate Vungle’s growth trajectory in the years ahead."
Rick Tallman, CEO of Vungle, said: "We are extremely excited about our new partnership with Blackstone. Blackstone’s acquisition will further accelerate Vungle’s mission to be the trusted guide for growth and engagement, transforming how users discover and experience mobile apps. We would like to thank Crosslink Capital and Thomvest Ventures for their support in building Vungle into a market leader. As we look ahead at the significant opportunity in the in-app mobile advertising market, with Blackstone’s support, we will aggressively expand our global platform through organic and inorganic growth."
In connection with the transaction, Vungle has also reached a settlement agreement with founder Zain Jaffer and is pleased to have this matter resolved. Terms of the agreement were not disclosed.
The transaction is expected to close later this year, subject to customary closing conditions. Goldman Sachs & Co. LLC is serving as financial advisor to Vungle and Guggenheim Securities, LLC is serving as financial advisor to Blackstone on the transaction. DLA Piper LLP (US) is serving as legal advisor to Vungle and Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone.
About Blackstone Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our businesses, with $512 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on twitter @Blackstone.
About Vungle Vungle is the trusted guide for growth and engagement, transforming how people discover and experience apps. Mobile application developers partner with Vungle to monetize their apps through innovative in-app ad experiences that are inspired by insight and crafted with creativity. Advertisers depend on Vungle to reach, acquire, and retain high-value users worldwide. Vungle develops tools that include data-led buying and UX recommendations, ad format innovation, creative automation, and more. Vungle’s data-optimized ads run on over 1 billion unique devices to drive engagement and increase returns for publishers and advertisers ranging from indie studios to powerhouse brands, including Rovio, Zynga, Pandora, Microsoft, and Scopely. The company is headquartered in San Francisco and has offices around the world in London, Berlin, Beijing, Tokyo, Seoul, Singapore. For more information, visit www.vungle.com or follow the company on Twitter @Vungle
RIDGEFIELD PARK, New Jersey, July 15, 2019 /PRNewswire/ — Biopipe Global Corp., a wholly-owned subsidiary of Lifequest World Corp. (OTC: "LQWC") has entered into a 50-50 joint venture with BioTech Innovations of Bangladesh. Bangladesh represents a huge opportunity for our patented onsite 100% sludge free, silent and odor free sewage wastewater treatment system. According to the 2017 United Nations World Water Development Report, Bangladesh treats only 17 percent of its wastewater.
Mr. Md. Manzur Morshed, President, CEO of BioTech Innovations said, "1.16 million cubic meters per day of sewage in capital Dhaka alone is dumped into the rivers, according to Bangladesh Institute of Planners. This alone represents a massive opportunity. With a Biopipe plant running for nearly 2 years at the Justice Complex, we have successfully demonstrated the unique capability of the system. 100m3/day of sewage and grey water goes in and 100m3/day of reusable water comes out. We are about to install another plant at Bangladesh Government Secretary’s complex with 108m3/day capacity and have a robust pipeline of government and commercial projects". We are absolutely excited about our partnership and the Biopipe system speaks for itself."
Enes Kutluca, the CEO of Biopipe said, "We have an opportunity to engineer a paradigm shift in the way sewage wastewater is treated in Bangladesh and emerging countries in general. The social and environmental impact matters to us and with Biotech Innovation we will certainly accomplish that in Bangladesh."
Biopipe, a wholly owned subsidiary of Lifequest is the 1st patented and world’s only sludge free decentralized (onsite) wastewater treatment system. Biopipe is 100% sludge free, odor free, silent, easy to assemble and install, scalable, low cost, ecological and virtually maintenance free (if 1000 liters of sewage wastewater goes in, 1000 liters of clean water is discharged). The treated water is clean enough to exceed EU Standards for discharge and reuse. The entire treatment takes place within a series of pipes and the only output is clean water that is reused for irrigation and cleaning.
BioTech Innovations based in Dhaka, Bangladesh is engaged in introducing cost effective disruptive technologies/products through foreign partnerships to solve multiple socio-environmental issues that involve water, energy, air, and sewage in Bangladesh. As Bangladesh aims to become a middle-income country by 2021, the Government is determined to improve the environmental indicators. BioTech Innovations believes the most effective way to help Bangladesh achieve its environmental goals is by partnering and introducing disruptive technologies through its vast global network established across three continents.
This press release contains forward-looking statements that reflect the Company’s current beliefs, expectations or intentions regarding future events. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "will," "will be," "anticipate," "predict," "expect" "continue," "future," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of the Company and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: future revenues, expenditures, capital or other funding requirements, the adequacy of the Company’s current cash and working capital to fund present and planned operations and financing needs, and the growth of the Company’s business and operations through acquisitions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent current Disclosure Statements available at www.otcmarkets.com. The Company anticipates that subsequent events and developments may cause their views and expectations to change. The Company assumes no obligation, and they specifically disclaim any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
BEIJING, URUMQI, China and HANGZHOU, China, July 15, 2019 /PRNewswire/ — China Lending Corporation ("China Lending" or the "Company") (NASDAQ: CLDC), a non-bank financial corporation servicing micro, small and medium sized enterprises in China, today announced that it has entered into a five-year strategic partnership agreement with Rui Xin Insurance Technology (Ningbo) Co., Ltd ("Rui Xin"), a financial technology company providing comprehensive insurance solutions. Through the partnership, each party expects to jointly grow their businesses and help each other to expand their customer base by leveraging each other’s unique and complementary strength as well as resource in financial technology, the consumer finance market and the insurance industry.
China Lending will work with Rui Xin to develop its own consumer financial platform. In collaboration with Rui Xin and its partners, the Company expects to provide value-added consumer financial services to insurance consumers of Rui Xin and its partners. Benefiting from the anticipated size of the business and the good credit record of insurance consumers, China Lending will improve its asset quality and maintain sustainable business growth through the partnership. In addition, China Lending and Rui Xin will also explore collaboration opportunities in areas such as insurance consumer acquisition, development of insurance products, expansion of insurance business, and customization of consumer financial solutions.
Moreover, China Lending will benefit from Rui Xin and its partners’ advanced technological capabilities in big data and artificial intelligence to improve its risk management and enhance its customer experience.
Through this partnership, Rui Xin will be able to explore new business opportunities and increase its competency to eventually expand its customer base in the insurance industry by benefiting from China Lending’s financial service expertise, bank credit facility resource, and client base in certain regional markets.
Ms. Jingping Li, co-founder and chief executive officer of China Lending, commented, "Our entering into the partnership conforms with our long-term goal of providing individuals and enterprises in China with our quality financial service products. We will continue to improve our operating efficiencies, diversify our product offerings, and strengthen our collaborations with partners in different segments. Through our partnership with Rui Xin, we will develop a customer base for consumer financial services and serve customers with long-term financing needs. We will also benefit from assisting Rui Xin and its partners with the expansion of insurance business. Rui Xin and its partners’ capabilities and experience in applying advanced financial technologies will enhance our risk management capability and help us to achieve innovations of financial products to better satisfy diversified customer demands."
"We are excited to collaborate with China Lending. We believe the partnership will create synergies for both parties in technological and commercial areas. Going forward, we will continue to promote the integration of our resources, explore potential business opportunities, and expand our customer bases to boost the business growth of both parties," said Mr. Yanliang Zhuang, vice president of Rui Xin.
About China Lending Corporation
Founded in 2009, China Lending is a non-bank financial corporation and provides comprehensive financial services to micro, small and medium sized enterprises, and individuals. China Lending has headquarters in Urumqi, the capital of Xinjiang Autonomous Region, and Hangzhou, the capital of Zhejiang province. For more information, please visit: www.chinalending.com.
About Rui Xin Insurance Technology (Ningbo) Co., Ltd
Rui Xin is a financial technology company specializing in providing application solutions for insurance service institutions and customers in the insurance industry. Rui Xin is mainly engaged in insurance product R&D and design, management and operation of insurance customer data, provision of integrated solutions for insurance and healthcare, as well as the development and operation of an online insurance transaction service platform. Rui Xin’s subsidiaries and strategic partners have offices in more than 90 areas throughout China and more than 3,000 registered insurance service personnel.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among others, the consummation of the proposed partnership, and can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management’s current expectations of the consummation of the proposed partnership, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
SHANGHAI, July 15, 2019 /PRNewswire/ — ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading solar project developer, today announced that it had entered into an agreement to sell two project companies – including ten rooftop DG projects located in Zhejiang Province – to Shanghai Hongzuo New Energy Company. The ten rooftop projects have an aggregate capacity of 12.3MW.
Shanghai Hongzuo is a subsidiary of Far East Horizon Company Ltd., a leading financial services institution in China specializing in the investment and operation of new energy industry. The project companies being sold by ReneSola are Ningbo Qixu New Energy Company, Ltd. and Taizhou Dehong New Energy Technology Company, Ltd.
Ms. Shelley Xu, Chief Executive Officer of ReneSola, commented, "This agreement once again demonstrates our ability to develop and monetize projects across the different geographies we serve. As we evolve ReneSola into an asset-light solar project developer, we continue to expect to gradually monetize our China DG assets, further strengthening our balance sheet, reducing leverage, and improving cash flow. In addition to the China domestic market, we continue to pursue opportunities around the world. We believe our development strategy can further capitalize on key trends in solar energy development, such as rooftop DG and community solar."
About Far East Horizon Ltd. Listed on the main board of the Hong Kong Stock Exchange (stock code 03360.HK), Far East Horizon Co. Ltd. is a financial services provider. The Company specializes in providing financing solutions through equipment-based financial leasing. Far East focuses on multiple industries, including healthcare, education, infrastructure construction, shipping, printing and machinery industries. Far East Horizon is headquartered in Hong Kong, with business operation centers in Shanghai and Tianjin, and offices in other major cities, including Beijing, Shenyang, Jinan, Zhengzhou, Wuhan, Chengdu, Chongqing, Changsha, Shenzhen, Xi’an, Harbin, Xiamen, Kunming, Hefei, Nanning and Urumuqi.
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
STOCKHOLM, July 15, 2019 /PRNewswire/ — Mycronic AB (publ) has received an order for a mask writer from the Prexision series for display applications from an existing customer in Asia. The order consists of a Prexision-10 mask writer, limited to production of up to generation 8 photomask size. The system can later be upgraded to a full scale Prexision-10 production system. The order for the limited Prexision-10 system is valued between USD 30-35 million and delivery is scheduled for the fourth quarter of 2020.
Mycronic’s Business Area Pattern Generators provides mask writers for manufacturing photomasks in several fields of application. These consist of display manufacturing (TV, smartphones and tablets) and applications in the multi-purpose market, a broad segment which includes such applications as electronic packaging, microelectromechanical systems (MEMS) and touchscreen functions.
"With this size-limited Prexision-10 system the customer will be able to produce photomasks for generation 8 and later upgrade to generation 10 photomask size. This is an attractive way for the customer to add production capacity at a later point in time, when required" says Charlott Samuelsson, Sr VP Pattern Generators at Mycronic.
For further information, please contact: Charlott Samuelsson Sr VP Business Area Pattern Generators Tel: +46-709-844-282 [email protected]
Sven Chetkovich Acting Director IR & Corporate Communications Tel: +46-70-558-39-19 [email protected]
The information in this press release was published on July 15, 2019, at 12:00 p.m.
Mycronic AB is a Swedish high-tech company engaged in the development, manufacture and marketing of production equipment with high precision and flexibility requirements for the electronics industry. Mycronic headquarters are located in Täby, north of Stockholm and the Group has subsidiaries in China, France, Germany, Japan, Singapore, South Korea, the Netherlands, United Kingdom and the United States. Mycronic AB (publ) is listed on NASDAQ Stockholm. www.mycronic.com
LONDON, July 15, 2019 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it was recognized for augmenting solar PV efficiency in a cost-effective manner with the Frost & Sullivan 2019 Global Solar PV Technology Leadership Award.
After extensive analysis of the global solar PV market, Frost & Sullivan recognized JinkoSolar for its leadership in developing and leveraging solar technologies that offer significant customer value.
"JinkoSolar’s unwavering focus on technology and innovation has propelled it to the top of the global market," said Mr. Gautham Gnanajothi, Global Research Director of Frost & Sullivan. "It launched the solar industry’s first 158.75 big wafer which is embedded into its flagship Cheetah series that are up to 410 watt. Today, Cheetah modules are broadly being applied to utility, commercial and residential segments all across the world. JinkoSolar’s technologies have helped facilitate the transition for developers and investors from a focus on price towards performance. The size of the 158.75 big wafer has now become the new industry benchmark and is setting the standards for the future. This award is in recognition of JinkoSolar’s capabilities to develop and commercialize advanced technologies that serve as a cornerstone for establishing industry standards."
"JinkoSolar clearly understands the high-standards global customers require thanks to its expansive global presence. JinkoSolar is poised to lead the industry into the next-generation of solar PV technology. Its Cheetah product portfolio, commitment to sustained innovation, and track record of successful commercialization of new technologies present a strong case to establish it as a vendor of choice in the post-subsidy era."
"We are extremely honored to have been recognized with this prestigious award by Frost & Sullivan," commented Mr. Kangping Chen, CEO of JinkoSolar. "Leveraging the extensive experience we have acquired through our global operations, we have developed significant competitive advantages and the ability to rapidly commercialize new products. We are ideally positioned for the post-subsidy era where investors and developers are shifting their focus towards high-performance technologies that make every dollar invested count rather than relying on subsidies."
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, collaborates with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that could make or break today’s market participants. For more than 50 years, Frost & Sullivan has been developing growth strategies for the global 1000, emerging businesses, the public sector, and the investment community.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 10.5 GW for silicon wafers, 7.0 GW for solar cells, and 11.0 GW for solar modules, as of March 31, 2019.
JinkoSolar has over 13,500 employees across its 7 productions facilities globally, 15 oversea subsidiaries in Japan, Korea, Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in China, United Kingdom, France, Netherlands, Spain, Bulgaria, Greece, Romania, Ukraine, Jordan, Saudi Arabia, Tunisia, Egypt, Morocco, Nigeria, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
PARIS, July 15, 2019 /PRNewswire/ — thierry Ehrmann, Artprice’s founder/CEO, highlights the art market’s excellent performance in H1 2019: "A collector who, at the start of this year, invested in the 100 most successful artists of the last five years (2014-2018), would already be looking at a value accretion of almost a sixth in the value of his/her portfolio."
The turnover slowdown recorded in H1 2019 by major auction houses, including Sotheby’s (-9%) and Christie’s (-28%), reflects a less dynamic high-end market than in previous years. However, prices have shown no signs of fatigue and the contraction in the volume of sales is a reminder that the art market is directly dependent on the number of works in circulation.
In a financial context of sustained negative or near-zero refinancing rates, some collectors are probably preferring to hold certain artworks and not cash in on investments that remain highly competitive. Moreover, the persistence of extremely high transaction costs, both in galleries and in auction rooms, is discouraging short holding periods (under five years), and tempting some collectors to consider private transactions as an alternative.
On 2 June last, a large drawing by Wu Guanzhong entitled Lion grove garden (1988) fetched $20.8 million at China Guardian. It was previously acquired for $17.8 million on 3 June 2011 at Poly Beijing. Adding 17% over the last eight years, the drawing generated, in financial terms, an average annual return of +1.9%. However, another Guanzhong resale suggests that the bulk of the value accretion on his works has occurred in the last 6 months: an important Guanzhong work entitled Two Swallows was purchased for $7.1 million on 3 June 2011 (at the same sale as Lion grove garden) and fetched $7.8 million in December 2018, an increase of just +9.8%.
Paul Cézanne and George Condo
Investments in Modern artists carry the least risk and demand for their work is continuing to grow steadily offering attractive returns over the long term. Claude Monet and Paul Signac have both signed new auction records this year. Similarly, 2019 is already proving to be a superb year (the best since 2000) for Paul Cézanne. His painting Bouilloire et fruits (c. 1888-90), acquired for $29.5 million in 1999, fetched $59.3 million on 13 May 2019 at Christie’s New York, generating an average annual ROI of 3.6% over 20 years.
The relegation of Pieter Brueghel II for reasons relating to market liquidity has exacerbated the rarity of Old Masters in the index. Numerically, the composition of the index is dominated by Modern artists, numbering 49, followed by Post-War artists (29), Contemporary artists (12), 19th century artists (8) and lastly… Old Masters (only 2).
Artprice is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 700,000 artists. Artprice Images® gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice’s art historians.
Artprice permanently enriches its databanks with information from 6,300 auctioneers and it publishes a constant flow of art market trends for the world’s principal news agencies and approximately 7,200 international press publications.
For its 4,500,000 members, Artprice gives access to the world’s leading Standardised Marketplace for buying and selling art. Artprice is preparing its blockchain for the Art Market. It is BPI-labelled (scientific national French label) Artprice’s Global Art Market Annual Report for 2018 published last March 2019: https://www.artprice.com/artprice-reports/the-art-market-in-2018
Artprice is associated with Artron Group the Chinese leader in the Art Market, its solid institutional partner.
About the Artron Group:
Partners since 2009, in 2018, Artron and Artprice signed a historic agreement to create a "New Silk Road for Art". This initiative is perfectly coherent with China’s "One Belt, One Road" (OBOR) or "Belt and Road Initiative" (BRI) launched in 2013 and known in Europe as the "New Silk Road".
"Artron Art Group (Artron), a comprehensive cultural industrial group founded in 1993 by Wan jie, is committed to inheriting, enhancing and spreading art value. Based on abundant art data, Artron provides art industry and art fans with professional service and experience of quality products by integrated application of IT, advanced digital science and innovative crafts and materials.
Having produced more than 60,000 books and auction catalogues, Artron is the world’s largest art book printer with a total print volume of 300 million a year. It has more than 3 million professional members in the arts sector and an average of 15 million daily visits, making it the world’s leading art website."
SAN JOSE, California, July 15, 2019 /PRNewswire/ — AirXpanders, Inc. (ASX: AXP), a medical device company focused on the design, manufacture, sale and distribution of the AeroForm® Tissue Expander System, today announced that the company has received U.S. Food and Drug Administration (FDA) 510(k) clearance to market a smooth shell version of the AeroForm Tissue Expander.
"We are very pleased to receive FDA 510(k) clearance for the smooth shell AeroForm tissue expander," said Frank Grillo, President and CEO of AirXpanders. "The plastic surgery community has embraced the textured version of our tissue expander, and they have also been asking us to provide a smooth, untextured version of AeroForm. This clearance enables market release in the U.S., and we have already submitted our regulatory application for CE mark approval."
Previously, the Company announced it has retained Cowen as an independent financial advisor to assist in exploring financial and strategic alternatives that could enhance stockholder value and enable the Company to continue serving patients and physicians. As AirXpanders explores these alternative, it will also evaluate U.S. launch plans and timing for the AeroForm Smooth products.
Founded in 2005, AirXpanders, Inc. (www.airxpanders.com) designs, manufactures and markets innovative medical devices to improve breast reconstruction. The Company’s AeroForm Tissue Expander System, is used in patients undergoing two- stage breast reconstruction following mastectomy. Headquartered in San Jose, California, AirXpanders’ vision is to be the global leader in reconstructive surgery products and to become the standard of care in two-stage breast reconstruction. AirXpanders is a publicly listed Company on the Australian Securities Exchange under the symbol "AXP." AeroForm was granted U.S. FDA de novo marketing authorization in 2016, subsequent U.S. market clearance in 2017, first CE mark in Europe in 2012 and is currently licensed for sale in Australia.
This announcement contains or may contain forward-looking statements that are based on management’s beliefs, assumptions and expectations and on information currently available to management.
All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including those related actual and anticipated covenant breaches under our loan agreement, strategic alternatives, the use of proceeds, cash forecasts and anticipated growth of the Company’s business, are forward-looking statements. These include, without limitation, risks and uncertainties related to our ability to obtain a waiver of the covenant violations under the loan agreement from Oxford, our ability to consummate any particular financing or strategic transaction on favorable terms or at all, our ability to enhance stockholder value and/or to provide our products and services to patients and physicians, and additional business risks included in the Company’s periodic reports filed with the SEC. Management believes that these forward-looking statements are reasonable when made. You should not place undue reliance on forward-looking statements because they speak only as of the date when made. AirXpanders may not actually achieve the plans, projections or expectations disclosed in forward-looking statements. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements. For additional information and considerations regarding the risks faced by AirXpanders that could cause actual results to differ materially, see its most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2019 (AUS time). AirXpanders disclaims any obligation to update information contained in any forward-looking statement, except as required by law. For more information, refer to the Company’s website at www.airxpanders.com.
CONTACT: Frank Grillo, +1 650 390 9000
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BEIJING and HANGZHOU, China, July 13, 2019 /PRNewswire/ — Greenland Acquisition Corporation (the "Company" or "Greenland") (NASDAQ: GLAC), a blank check company formed for the purpose of acquiring one or more businesses or entities, announced today that it has signed a definitive share exchange agreement with Zhongchai Holding (Hong Kong) Limited ("Zhongchai Holding"), a leading developer and manufacturer of transmission products for material handling machineries in China. In addition, Zhongchai Holding has developed robotic cargo carriers, which it plans to produce and sell in the near future. Upon closing, Zhongchai Holding will become a wholly-owned subsidiary of Greenland, and Zhongchai Holding’s majority owned subsidiaries will become the operating entities of the Company. In addition, the Company will change its name to Greenland Technologies Holding Corporation.
Zhongchai Holding’s transmission products are key components for forklift trucks used in manufacturing and logistic applications. Zhongchai Holding’s revenues increased from approximately $49.1 million in 2017 to approximately $60.2 million in 2018 and its net income increased to approximately $6.6 million in 2018 from a net loss of approximately $3.3 million in 2017. Following the closing, Zhongchai Holding’s key executives are expected to remain as key executives of the combined company and continue to drive business growth.
Yanming Liu, Chairman and Chief Executive Officer of Greenland said, "On behalf of Greenland and our sponsor, Greenland Asset Management Corporation, we are extremely excited about the acquisition of Zhongchai Holding. Zhongchai Holding is a leading developer and manufacturer of transmission products for material handling machineries in China and had substantial revenue with a track record of strong organic growth. Mr. Peter Zuguang Wang and his team have many years of experience in the transportation industry. Zhongchai Holding is well-positioned for future growth, particularly with respect to the robotic product that Zhongchai Holding developed and expects to begin manufacturing and selling in the near future. With their experience and insights, we believe Zhongchai Holding has the potential to generate long-term value to Greenland’s shareholders. We are thrilled to be part of the next stage in this company’s life cycle and look forward to helping create value for our shareholders."
Peter Zuguang Wang, sole director of Zhongchai Holding, also expressed his confidence in the proposed acquisition and of Zhongchai Holding becoming a U.S. public company. "We believe that as a Nasdaq-listed company, Zhongchai Holding can achieve its goals faster, taking advantage of the resources from the public capital markets to bring innovations to traditional transmission products as well as robotic cargo carriers quickly, motivate our workforce and grow together with our customers and partners to new and higher levels. With a widely-recognized brand in China, a growing customer base, a strong R&D team and a new robotic product expected to hit the market in the near future, Zhongchai Holding has many exciting growth opportunities going forward that we believe will create value to our investors."
Under the terms of the share exchange agreement, Greenland will acquire all of the outstanding equity interests of Zhongchai Holding from Zhongchai Holding’s shareholder in exchange for 7,500,000 newly issued ordinary shares of Greenland. 10% of the ordinary shares payable to Zhongchai Holding’s shareholder in the transaction will be held in escrow for 18 months after the closing as security for Zhongchai Holding’s and such shareholder’s indemnification obligations under the share exchange agreement.
The board of directors of the Company after the closing will consist of five directors, who will be appointed prior to the closing, four of which will be independent. The four nominees of the independent directors are Messrs. Yanming Liu, Hong Liang Lu, Min Zhang and Everett Xiaolin Wang.
The transaction is subject to the satisfaction of customary closing conditions, including approval of Greenland’s shareholders. The transaction is expected to close by the end of 2019, promptly following Greenland’s special shareholders’ meeting to approve the transaction.
Ellenoff Grossman & Schole LLP and Ogier are acting as legal advisors to Greenland. T&C Law Firm is acting as legal advisor to Zhongchai Holding.
The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive share exchange agreement relating to the transaction, a copy of which will be filed by Greenland with the Securities and Exchange Commission (the "SEC") as an exhibit to a Current Report on Form 8-K.
About Greenland Acquisition Corporation
Greenland Acquisition Corporation is a blank check company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities.
AboutZhongchai Holding (Hong Kong) Limited
Zhongchai Holding (Hong Kong) Limited is a holding company incorporated under the laws of Hong Kong. It is a developer and manufacturer of traditional transmission products for material handling machineries and a developer of a robotic cargo carrier prototype expected to be available for commercial use in the near future in China.
Additional Information About the Transaction and Where to Find it
The proposed transaction will be submitted to shareholders of Greenland for their approval. In connection with that approval, Greenland intends to file with the SEC a proxy statement containing information about the proposed transaction and the respective businesses of Zhongchai Holding and Greenland. Greenland will mail a definitive proxy statement and other relevant documents to its shareholders after the SEC completes its review. Greenland shareholders are urged to read the preliminary proxy statement and any amendments thereto and the definitive proxy statement in connection with Greenland’s solicitation of proxies for the special meeting to be held to approve the proposed transaction, because these documents will contain important information about Greenland, Zhongchai Holding and the proposed transaction. The definitive proxy statement will be mailed to shareholders of Greenland as of a record date to be established for voting on the proposed transaction. Shareholders will also be able to obtain a free copy of the proxy statement, as well as other filings containing information about Greenland without charge, at the SEC’s website (www.sec.gov).
Participants in the Solicitation
Greenland and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Greenland’s shareholders in respect of the proposed transaction. Information regarding Greenland’s directors and executive officers is available in Greenland’s annual report on Form 10-K filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the proxy statement when it becomes available.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
This press release includes "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as "expects", "believes", "anticipates", "intends", "estimates", "seeks", "may", "might", "plan", "possible", "should" and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect Greenland management’s current beliefs. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements. Such factors include, among other things: the possibility that the business combination will not close or that the closing may be delayed because conditions to the closing may not be satisfied, including shareholder and other approvals, the performances of Greenland and Zhongchai Holding, and the ability of the combined company to meet the Nasdaq Capital Market’s listing standards; changes in the market for Zhongchai Holding’s products; Zhongchai Holding’s inability to maintain sufficient levels of liquidity and working capital; the reaction of Zhongchai Holding customers to the business combination; failure of Zhongchai Holding’s new products to be successfully integrated into the market; Zhongchai Holding’s inability to develop and maintain effective internal controls; the exposure to any liability, protracted and costly litigation or reputational damage relating to Zhongchai Holding’s data security; unexpected costs, liabilities or delays in the transaction; the outcome of any legal proceedings related to the transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement; and general economic conditions. In addition, please refer to the Risk Factors section of Greenland’s Annual Report on Form 10-K for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward looking statements. Except as expressly required by applicable securities law, Greenland disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
Greenland Acquisition Corporation Yanming Liu +(86) 010-53607082
Zhongchai Holding (Hong Kong) Limited Peter Zuguang Wang +(86) 571-85775711
QINGDAO, China, July 13, 2019 /PRNewswire/ — TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that specializes in the development, manufacturing and sales of various pet food products under multiple established brands in China, Asia and Europe, today announced that on July 9, 2019 it received a Staff Delisting Determination letter from The Nasdaq Stock Market, LLC setting forth a determination to delist the Company’s common shares from The Nasdaq Capital Market as a result of the Company’s inability to regain compliance with the minimum bid price continued listing requirement under Listing Rule 5550(a)(2) within the time previously allotted by the Nasdaq Staff. The Company was also subsequently notified of its failure to comply with the Listing Rule 5550(b) which requires a minimum of $2.5 million in stockholders’ equity, $35 million in market value of listed securities, or $500,000 in net income from continuing operations for continued listing.
The Delisting Determination stated that such delisting would be effective at the opening of business on July 18, 2019 unless the Company requests an appeal of the Delisting Determination. The Company intends to appeal this Determination by requesting a hearing before a Hearings Panel. A hearing request will stay the delisting of the Company’s securities. The hearing date will be determined by the Nasdaq Staff following the hearing request submission date. The Company plans to address the ongoing non-compliance matters before the Hearings Panel. There can be no assurance that, following the hearing, the Panel will grant the Company’s request for additional time to regain compliance with the Nasdaq continued listing requirements. If the Panel does not grant the Company’s request for additional time, the Company’s securities will be subject to delisting. If the Company is delisted from the Nasdaq Capital Market, its common shares may be traded over-the-counter on the OTC Bulletin Board or in the "pink sheets" if one or more market makers seeks and obtains approval by the Financial Industry Regulatory Authority to continue quoting in the Company’s common shares. Many over-the-counter stocks trade less frequently and in smaller volumes than securities traded on the Nasdaq markets, which would likely have a material adverse effect on the liquidity and value of the Company’s common shares.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b) which requires prompt disclosure of receipt of a Staff delisting determination.
About TDH Holdings, Inc.
TDH Holdings, Inc. (the "Company") (NASDAQ: PETZ), is a developer, manufacturer and distributer of a variety of pet food products under multiple brands that are sold in the China, Asia and Europe. More information about the Company can be found at www.tiandihui.com.
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about the risk that the Company will be unable to regain compliance with the Nasdaq Capital Market listing requirements and that its appeal to the Nasdaq listing qualifications panel will not be timely filed or will be unsuccessful, resulting in the inability of the Company to maintain its listing on the Nasdaq Capital Market, the risk that an over-the-counter market will not trade the Company’s shares if the Nasdaq Capital Market delists the Company. Actual events or results may differ materially from the Company’s expectations. Factors that could cause actual results to differ materially from those stated or implied by the Company’s forward-looking statements are disclosed in its filings with the Securities and Exchange Commission. These forward-looking statements represent the Company’s judgment as of the time of this release. The Company disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.