UBI Blockchain Internet, Ltd. entered into acquisition agreement to acquire Shenzhen Nova E-commerce, Ltd from Shenzhen NOVA Trading Ltd.
May 15, 2017
Share
UBI Blockchain Internet, Ltd. (OTCBB:UBIA) entered into acquisition agreement to acquire Shenzhen Nova E-commerce, Ltd from Shenzhen NOVA Trading Ltd. on May 16, 2017. The acquisition involves the issuance of 25 million new Class C shares by UBI to shareholders of Shenzhen Nova E-commerce (NOVA) on a pro-rata ownership basis. NOVA will be a wholly owned subsidiary of UBI on closing. As of March 31, 2017, NOVA reported total assets of $0.01 million and total owner's equity of $0.16 million. The Directors of UBI shall be the Directors of NOVA and officers of NOVA will remain as officers of NOVA.
The transaction is subject to UBI having received evidence that licenses, permits, consents, approvals, authorizations, qualifications and orders of governmental authorities and other third parties as necessary have been obtained, NOVA providing required financial statements and UBI shall file a Form 8-K with the SEC within four days of the closing of the acquisition containing audited financial statements of NOVA as required by Regulation S-X. Respective Boards of Directors of UBI and NOVA and the major shareholders of UBI, as well as all of the shareholders of NOVA have approved to the acquisition. Tony Liu acted as escrow agent in the transaction.
UBI Blockchain Internet, Ltd. (OTCBB:UBIA) completed the acquisition of Shenzhen Nova E-commerce, Ltd from Shenzhen NOVA Trading Ltd. on May 16, 2017. The Chinese government approved the acquisition as of August 28, 2017.
UBI Blockchain Internet, LTD., formerly JA Energy, is a shell company. The Company is engaged in developing a suite of products with a view of finding global energy solutions. The Company was in the business of designing modular, self-contained, fully automated, climate controlled units for distributed production of energy. The Company manufactures micro-production solutions that may be implemented in a range of contexts, from ethanol micro-production facilities to urban greenhouse gardens to third-world farming communities. The Company has not generated any revenues.