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Dionics Announces Closing Of Shangrao Bai Hua Zhou
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Wednesday, July 04, 2012:
WESTBURY, USA: Dionics Inc. announced the closing of its previously announced acquisition of Shangrao Bai Hua Zhou Industrial Co. Ltd, a company incorporated in the People's Republic of China.
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The acquisition was accomplished through the use of the VIE structure whereby Dionics issued a combination of common and preferred shares representing 95 per cent of its equity interests in exchange for 100 per cent of the issued and outstanding shares of Bai Hua Zhou Green Resources (China) Investment Group Ltd, a company incorporated under the laws of the British Virgin Islands. Bai Hua Zhou indirectly controls Shangrao through a series of agreements generally referred to as VIE agreements.
Shangrao was founded by Ms. Li Xiaoling in November 2002. With over 10 years' growth, it has become a leading landscaping company in East China with 2011 revenues in excess of $18 million. In addition to providing complete landscaping services it raises its own nursery stock holding rights to over 660 hectares on which it cultivates a variety of trees, landscape plants, shrubs, flowers and high-grade seedlings.
Bernard Kravitz, former president of Dionics, stated: "We are pleased to have completed this transaction, which will allow our shareholders to participate in what we believe will be an exciting growth opportunity in China."
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