BEIJING, March 13, 2020 /PRNewswire/ -- Huitao Technology
Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a
company engaged in production of advanced ready-mix concrete
materials and education service, announced today that it has
completed a private placement offering with Hou Sing International
Business Limited, the largest shareholder of the Company, bringing
gross proceeds of $2 million from the
sale of an aggregate of 2,000,000 ordinary shares at a per share
price of $1.00.
Mr. Yang (Sean) Liu, the
Chief Executive Officer of HHT commented: "We are pleased to
announce that the Company successfully raised $2 million in capital from our current
shareholder Hou Sing, who shares our
vision for the long-term success of HHT. The funding provides us
the necessary source of capital to execute our plan to jumpstart
our education services business and to fuel our growth. We
appreciate our shareholder's confidence in our business by willing
to purchase the shares above market price. With the recent
acquisition of Sunway Kids and the joint venture with Baydolphin,
Inc., we believe HHT is well positioned in its evolution as a
technology-oriented education service provider."
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., Beijing Ao Hang Construction
Materials Technology Co., Ltd., Sunway Kids International Education
Group Ltd., Brave Millennium Limited, Chengdu Hengshanghui
Intelligent Technology Co., Ltd. and our variable interest
entities, Beijing Xin Ao Concrete Group and Chengdu Hengshanghui
Education Consulting Co., Ltd. The Company engages in the
production of advanced construction materials for large scale
infrastructure, commercial and residential developments, primarily
focused on engineering, producing, servicing, delivering and
pumping a comprehensive range of advanced ready-mix concrete
materials for highly technical, large scale, and
environmental-friendly construction projects. Through its newly
acquired subsidiaries, the Company also engages in the early
childhood education service business, providing a well-structured
system to day cares and preschools in China, including AI and robotic technologies,
intellectual campus administration software as a service (SaaS)
system and personalized education planning. The Company also
anticipates to provide after-school tutoring program in
New York via a newly formed joint
venture. For more information, please visit
http://www.china-acm.com.
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: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on HHT's operations, the demand
for the HHT's products and services, global supply chains and
economic activity in general. These and other risks and
uncertainties are detailed in the 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 China Advanced Construction Materials Group, Inc.