MegaDeath
5 months ago
Form 8-K ITEM 1.01 - Entry Into a Material Definitive Agreement.
On December 30, 2023 Summit Networks, Inc. (“SNTW”) entered into a non-binding letter of intent with Richmaster Information Technology Corp. Ltd., a Taiwan corporation (“RITC”). Under the terms of the letter of intent RITC will merge into SNTW and the shareholders of RITC will become shareholders of SNTW. The shareholders of RITC will receive 5,000,000 shares of the common stock of SNTW. The transaction has been approved by the Board of Directors of SNTW, subject to certain contingencies. In order to close the transaction, the parties have agreed to enter into a Definitive Merger Agreement on terms common to such agreements. In addition, the final closing will be subject to completion following all necessary regulatory approvals.
Richmaster Information Technology Corp. Ltd is a software development company based in Taiwan. Its main products are anti-virus software and it is developing new products for the healthcare industry.
https://www.otcmarkets.com/filing/html?id=17168032&guid=AxJ-k6p3ktlHJth
https://sumnets.com/about-us/
MegaDeath
3 years ago
Summit Networks Announces Fiscal 2021 First Quarter Results
Total revenue increased 61.3% to $3.9 million
Gross margin of 62.7% up versus 55.6% Q1 2020
Net income increased 67.8% to $1.6 million
Hengshui, China, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Summit Networks, Inc. (the “Company” or “we”) (OTC Markets: SNTW) announced today its financial results for the first quarter of fiscal 2021 ended December 31, 2020.
Fiscal 2021 First Quarter Financial Highlights
Total revenues for the first quarter were $3.9 million, an increase of 61.3% from total revenues of $2.4 million for the first quarter of 2020.
Gross margin of 62.7% versus 55.6% the year-ago period.
Operating income increased 88.6% to $1.8 million.
Net Income was $1.6 million, compared to net income of $1.0 million last year.
Operating cash flow for the first quarter was $2.2 million compared to $0.6 million for the same period of 2020
As of December 31, 2020, working capital was $5.0 million. Cash and cash equivalents was $4.3 million.
Charlene Huang, Chief Financial Officer of the Company, commented, “Despite uncertain market conditions related to the ongoing pandemic, we delivered an excellent first quarter. Driven by our waste incineration business’s particularly strong revenue growth, these impressive results reflect our management team’s solid execution. While the challenging environment persists, we are enthusiastic about the growth opportunities ahead in the hazardous waste industry and remain confident in our long-term growth trajectory.”
https://www.otcmarkets.com/stock/SNTW/news/story?e&id=1813656
adijas
3 years ago
Summit Networks Announces the Completion of Reverse Merger
Hengshui, China, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Summit Networks, Inc. (the “Company”) (OTC Markets: SNTW) announced today that the Company has completed its reverse acquisition through entering into a series of contractual arrangements with Hengshui Jingzhen Environmental Company Limited (“Hengshui Jingzhen”) and Hengshui Jinzhen’s shareholders (the “Reverse Merger”). As a result of these contractual arrangements, under U.S. GAAP, the Company is considered the primary beneficiary of Hengshui Jingzhen and thus may consolidate Hengshui Jingzhen’s financial results in the Company’s consolidated financial statements. The combined entity will focus on the business of chemicals and hazardous waste recycling services.
Hengshui Jingzhen generated revenue mostly from three business lines: waste incineration; waste disposal; waste utilization. For the fiscal year ended September 30, 2020, Hengshui Jingzhen achieved revenue of $9.5 million and a net income of $2.8 million.
Shuhua Liu, CEO of the Company, commented, “We are very excited to have completed the Reverse Merger. This is a major milestone of our Company that will provide us with access to new investors, strategic partners, and new sources of capital. We anticipate this transaction will help us enhance our visibility within the industry and broaden our market reach to build long-term shareholder value. At the same time, it represents an important step forward in advancing our global expansion plans.”
Following the Reverse Merger, the Company’s management team consists of:
Shuhua Liu, Chairwoman of the Board, Chief Executive Officer
Chaolong (Charlene) Huang, Chief Financial Officer and Director
Jun Du, Chief Operation Officer
Kano Hiroshi, Chief Technology Officer
In accordance with "U.S. GAAP, Hengshui Jingzhen’s historical financial statements as of period ends, and for periods ended, prior to the Reverse Merger will become the historical financial statements of the Company in all future filings with the Securities and Exchange Commission (the “SEC”). For additional information related to the Company's business and the Reverse Merger, please see the Current Report on Form 8-K filed on January 26, 2021 and the Company’s other periodic reports filed with the SEC and available on SEC’s website (www.sec.gov).
About Hengshui Jingzhen Environmental Company Limited
Founded in 2015, Hengshui Jingzhen is a leading private integrated waste service enterprise in Hebei, China. The company provides services in chemical and hazardous waste collection, transfer, disposal and recycling. With advanced technology for efficiently disposing and utilizing hazardous waste, Hengshui Jingzhen operates through three business lines: waste incineration, waste disposal, and waste utilization. Its customer base spans several industries, including fine chemical, healthcare and pharmaceutical, energy, and steel manufacturing. Equipped with advanced pollution prevention facilities, Hengshui Jingzhen currently has three major plants: an incineration plant, an acidic and alkaline wastes disposal plant, and a hydrochloric acid waste comprehensive utilization plant.
MegaDeath
4 years ago
SNTW Quote from 10-K 11/13/20:
Currently, we are in the early stage of development of our new business plan which involves acting as an international agent through our wholly-owned subsidiaries, Smith Barney, Green Energy and Beijing ALW, for a Chinese environmental company, Hengshui Jingzhen Environmental Technology Company Limited of Hebei, China (“Hengshui”), to market its environmental technologies, equipment and products and to develop projects utilizing its environmental technologies, equipment and products in worldwide markets. Provides solutions for the disposal of hazardous waste, pollution treatment equipment and supplies fossil fuels made from industrial waste. It is a company that focuses on providing solutions for environmental protection, especially on recycling and exploitation of hazardous waste. It possesses technology in connection with hazardous waste collection, disposal and utilization, in order to handle hazardous waste more efficiently and regenerate energy from waste. However, to date, our activities have been limited to capital formation, organization and development of a business plan.
We are presently evaluating the optimal corporate and legal structures in China necessary to establish our business or to acquire and/or invest in existing environmental technology businesses. We aim to start marketing the environmental equipment and solutions in 2021 across China, Japan, the Southeast Asia and the United States. The services and products that we plan to market include disposal of hazardous waste, pollution treatment equipment and fossil fuels made from the industrial waste. We desire to market Hengshui’s products by acquiring businesses in possession of the waste conversion technology, organizing conferences nationwide with potential enterprise client in need of waste disposal; services, and partnering with local environmental protection ventures to expand Hengshui’s outreach to hundreds of factories across China. However, our plan to operate in the hazardous waste disposal industry may be adversely impacted by the outbreak of coronavirus, which was first reported to have surfaced in Wuhan, China, in December 2019, and is now continuing to spread throughout other parts of the world. Although China has made great efforts to contain the spread of the virus and had brought the outbreak under control, the economy, financial market and businesses in China have been suffering from the pandemic.
https://www.otcmarkets.com/filing/html?id=14502392&guid=2SteUKnUE8Ulgth
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