HONG KONG, Dec. 6, 2017 /PRNewswire/ -- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company")
("CLNT") (Nasdaq: CLNT) today announced that its wholly-owned
subsidiary, EC Assets Management Limited ("EC Assets"), has entered
into a conditional share swap agreement ("agreement") with
Ever-Long Holdings Limited and
certain of its officers and
directors ("Ever-Long Parties"), to
acquire a 51% interest in the issued share capital of Brighten
Holdings Int'l Limited ("Brighten"), a subsidiary of Styland
Holdings Limited, a Hong-Kong-listed company (0211.HK). The terms
of the agreement stipulate that the Ever-Long Parties shall transfer 51% of
Brighten's issued share capital (which is valued at US$16,447,500, based on 510,000 ordinary voting
shares at a price of US$32.25 per
Brighten share). In exchange, the Company shall issue a certain
number of its shares of common stock, representing 19.5% of the
issued and outstanding shares of CLNT, and a 5-year interest-free
promissory note with a principal amount of US$13,762,125 to
Brighten. The agreement is subject to various conditions, including
entry into a definitive agreement satisfactory to both parties and
legal and financial due diligence.
Brighten is a boutique investment firm specializing in
securitization, mergers and acquisitions, and direct investments
into technology companies related to the sharing economy, O2O
(offline to online and vice versa), and Fintech (finance
technology). For the first half of its fiscal year 2017,
Brighten has recorded an unaudited net profit of HK$25 million, and it is currently engaged in
either direct investments or joint ventures of more than 30
technology companies.
"We are excited to establish a collaborative relationship with
CLNT as it focuses on developing its sharing economy businesses and
pursuing technology and media innovation acquisitions," said
Peter Woo, COO of Brighten. "CLNT
has been actively involved in the acquisition of innovative
technology and media businesses, which are the sectors Brighten has
been actively investing in as well. The collaboration will provide
Brighten with a broader global platform to further expand our
innovative technology investment options and provide more fruitful
returns to our investors."
"Our collaboration with Brighten opens some promising new growth
areas for us as we explore innovative technology and media
acquisition opportunities, as well as opening up a new investment
management function in the group," said Parkson Yip, COO of
Cleantech Solutions. "Brighten is led by industry veterans with
extensive expertise in the capital markets at top-tier financial
institutions. We believe Brighten's expertise in investment
management and direct investments in innovative technology and
media companies, combined with our own competitive advantages and
available resources, will result in an extremely beneficial
collaboration for both parties."
There can be no assurances that the parties may enter into any
agreement to do a transaction, and even if an agreement is entered
into, there can be no assurances that such transaction will be
consummated.
About Cleantech Solutions International
Cleantech Solutions International ("CLNT"), through its
affiliated companies, designs, manufactures and distributes a line
of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest
business initiatives are focused on targeting the technology and
global sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global development
of sharing through economical rental business models.
About Brighten International Holdings
Brighten is a boutique investment firm specializing in
securitization, mergers and acquisitions, and direct investments
into technology companies related to the sharing economy, O2O
(offline to online and vice versa), and Fintech (finance
technology). As a Fintech firm primarily operated by financial
professionals, Brighten has successfully structured, invested,
organized and managed an ecosystem of technology companies to
achieve profitability. As of the first half of this financial year
ending in September 2017, Brighten
has achieved a net profit of about HKD25
million.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies and certain potential transactions that they
may enter into. These forward looking statements are often
identified by the use of forward looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31, 2016 and in our Form
10-Q for the quarter ended September 30, 2017. All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
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SOURCE Cleantech Solutions International, Inc.