BEIJING,, Jan. 6, 2020 /PRNewswire/ -- Huitao Technology
Co., Ltd. (Nasdaq CM: HHT) (the "Company"), a company primarily
focused on engineering, producing, servicing, delivering and
pumping a comprehensive range of advanced ready-mix concrete
materials for construction projects, announced today that on
December 31, 2019, it has entered
into certain Share Exchange Agreement with Sunway Kids
International Education Group Ltd Inc. ("Sunway Kids"), an
education provider headquartered in China, and its shareholders
Pursuant to the Agreement, HHT will acquire 100% of the
outstanding shares of Sunway Kids from its shareholders and Sunway
Kids' shareholders will receive an aggregate of 1,989,262 shares of
HHT and cash payment of two million US
dollars ($2,000,000).
Sunway Kids is an education and health service provider to
day-care and preschools in China.
It provides a well-structured system for early childhood education,
including AI and robotic technologies, intellectual campus
administration software as a service system ("SAAS system") and
online education courses for kids and parents. Based on the
performance data analysis, Sunway Kids provides personalized growth
plan for each child. Sunway Kids helps schools in increasing
education quality as well as generating derivative revenues by
providing targeted courses and AI lessons for kids. Sunway Kids'
ability to cooperate closely with various schools and research
institutes in China has
contributed to its significant position in the industry.
Mr. Yang (Sean) Liu, the Chief
Executive Officer of HHT stated, "we are delighted to partner with
Sunway Kids whose innovative AI technology provides solutions to
the growing challenge in the early childhood education market. This
transaction will significantly enhance multiple opportunities for
the Company. With Sunway Kids' advanced robotic technology in the
early childhood education industry, we believe it is a trusted
partner that will help us create new value for our
shareholders".
Mr. Jun Lu, Chief Executive
Officer of Sunway Kids, stated, "We believe we are at a significant
inflection point in our Company´s history, and with proceeds from
this transaction we expect to be able to expedite our business and
enhance our broader market visibility. Furthermore, we are very
happy to work with HTT toward achieving its goals".
About Huitao Technology Co., Ltd.
The Company is a holding company whose primary business
operations are conducted through its wholly-owned subsidiaries Xin
Ao Construction Materials, Inc. and Beijing Ao Hang Construction
Materials Technology Co., Ltd., and our variable interest entity,
Beijing Xin Ao Concrete Group and its subsidiaries. The Company
engages in the production of advanced construction materials for
large scale infrastructure, commercial and residential
developments. The Company is primarily focused on engineering,
producing, servicing, delivering and pumping a comprehensive range
of advanced ready-mix concrete materials for highly technical,
large scale, and environmentally-friendly construction projects.
Ready-mixed concrete products are important building materials that
are used in a vast majority of commercial, residential and public
works construction projects. We are committed to conducting our
operations with an emphasis on the extensive use of recycled waste
materials, extending product life, the efficient production of our
concrete materials with minimal energy usage, minimal dust and air
pollution, and innovative products, methods and practices. For more
information, please visit http://www.china-acm.com.
About Sunway Kids Investment Holdings Limited
Sunway Kids Investment Holding Limited is an education and
health service provider for children in China. It provides a well-structured system
for early childhood education, including AI and robotic
technologies, intellectual campus administration SAAS system and
online education courses for kids and parents. Based on the
performance data analysis, Sunway Kids provides personalized growth
plan for each child. Sunway Kids helps schools in increasing
education quality as well as generating derivative revenues by
providing targeted courses and AI lessons for kids.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and HHT's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or 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.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the occurrence of any event, change or other
circumstances that could give rise to the terms of the Share
Exchange Agreement not hereafter being memorialized in a definitive
agreement; the outcome of any legal proceedings that have been, or
will be, instituted against HHT or other parties to the Share
Exchange Agreement following announcement of the Share Exchange
Agreement and acquisition; the ability of HHT to meet NASDAQ
listing standards following the acquisition and in connection with
the consummation thereof; the inability to complete the acquisition
due to the failure to satisfy all the closing conditions; risks
that the proposed transaction disrupts current plans and operations
and the potential difficulties in employee retention as a result of
the announcement of the Share Exchange Agreement and consummation
of the transaction described therein; costs related to the proposed
acquisition; changes in applicable laws or regulations; the ability
of the combined company to meet its financial and strategic goals,
due to, among other things, competition, the ability of the
combined company to grow and manage growth profitability, maintain
relationships with customers and retain its key employees; the
possibility that the combined company may be adversely affected by
other economic, business, and/or competitive factors; and other
risks and uncertainties described herein, as well as those risks
and uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC") by HHT.
Additional information concerning these and other factors that
may impact our expectations and projections will be found in our
periodic filings with the SEC, including our Annual Report on Form
20-F for the fiscal year ended June 30,
2019. HHT's SEC filings are available publicly on the SEC's
website at www.sec.gov. HHT disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Huitao Technology Co., Ltd.