The Board announced that on 17 April 2018, the Beautiful China Holdings Company Limited, Crown World and IGE entered into the Joint Venture Agreement in relation to the Joint Cooperation. Pursuant to the Joint Venture Agreement, the Company and IGE (or their respective nominee) shall subscribe for 48 and 51 shares in Crown World at the price of USD 12,250,000 and USD 12,750,000, respectively. Upon Completion, the Company and IGE will hold 49 and 51 shares in Crown World, representing 49% and 51% of the issued share capital of Crown World, respectively. After Completion, both the Company and IGE shall procure Crown World to establish the Crown World Subsidiary, being a wholly-owned subsidiary directly held by Crown World or through a special purpose vehicle in the PRC as a wholly-owned foreign enterprise with limited liability under the laws of the PRC. The business of the Crown World Group shall be (a) producing end-of-life plastics to road ready fuel via the setting up and operation of the Fuel Plant; and (b) to carry on such other business which the Company and IGE may agree from time to time. According to the Joint Venture Agreement, from the date of the Joint Venture Agreement and until IGE ceases to be interested in the Crown World Group, IGE shall not, directly or indirectly, be interested or involved or engaged in or carry on or concern with or acquire or hold any right or interest (in each case whether as a shareholder, partner, agent or otherwise and whether for profit, reward or otherwise) in any business which, directly or indirectly, relates or may relate to the pyrolysis processing of plastic wastes in the PRC.