Global Energy Resources International Group Limited entered into the JV Agreement with TTL on 16 November 2017, pursuant to which the company and TTL agreed to incorporate the JV Company for enhancing and operating the CETP and promoting the CETP through the established marketing team and distribution channel of the affiliates of TTL. The JV Company was incorporated in November 2017. As the Board views that the development of carbon emission trading in the PRC is slow and uncertain due to the incomprehensive carbon trading policy, unclear systems and procedures for verifying the carbon products and the absence of standard market practice, the management of the Group has reassessed this business segment recently and the Group and TTL have agreed to terminate the JV Agreement.