SPO Global Inc. Announces Letter of Intent to Merge with Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd.
Shandong, Chin
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February 13, 2023 09:30 AM Eastern Standard Time
McapMediaWire -- SPO Global Inc. (OTC: SPOM), is pleased to announce that is has entered into a non-binding letter of intent (“LOI”) dated December 19th, 2022 with Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd. (“SFHI”) pursuant to which the parties will complete a merger that will result in SFHI becoming a wholly-owned subsidiary of the company.
SFHI is located in Zhucheng, Shandong Providence and is focused on the research and development of food machinery. The company’s main products include automatic continuous vacuum packaging machines, rolling vacuum packing machines, fruit and vegetable cleaning machines, food air dryers, walnut peeling machines, pasteurizers, freeze-drying machines, liquid nitrogen quick freezers, dryers, press dehydrators, blends, and many other food related machines and equipment. For more information, please visit http://en.sdfyhz.cn/.
The final structure of the transaction will be determined by the parties following the receipt of tax, corporate and securities law advice. The closing of this transaction (Closing) would occur on or about sixty (60) days from a fully executed Definitive Agreement. Upon closing, the CEO of SFHI would assume the position of CEO of SPOM; Lu Fengyou would resign all positions of SPOM.
Completion of the Transaction is subject to a number of conditions, including but not limited to the following key conditions:
-execution of the Definitive Agreement;
-completion of mutually satisfactory due diligence; and
-receipt of all required regulatory, corporate and third party approvals, including the approval of the Boards of Directors of SPOM and SFHI and the fulfillment of all applicable regulatory requirements and conditions necessary to complete the Transaction.
Company Disclaimers: As a Public Traded Company, within the guidelines of Federal and State Securities Law, SPO Global, Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, SPO Global, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.
Forward-Looking Statements: This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Securities and Exchange Commission.
Company Contact: liangjianpeng2018@gmail.com
Source: SPO Global Inc.
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