Wuhan General
Group Announces Intention to
Spin-off Company's Tech Development Business
Montreal, QC --
September 4, 2018 -- InvestorsHub NewsWire -- Wuhan General Group
(China), Inc. (OTC
PINK: WUHN) (the "Company"), a Nevada investment company
focused on the industrial technology market space, announced today
that its Board of Directors has unanimously approved a plan to
pursue a spin-off of the Company's Canadian tech related business,
Strategic Development of Technology (SDT), Inc, to Company
shareholders. The separation is planned as a tax-free spin-off
transaction to the Company's shareholders and is expected to be
completed in the fourth quarter of 2018.
The
transaction is expected to result in two separate public companies
that will benefit from leading positions in their respective
industries. As of the Record Date (cut-off date), the Company
shareholders will be eligible to receive SDT common stock shares.
The transaction is intended to take the form of a tax-free
distribution to Company shareholders. The expected stock
distribution ratio will be confirmed in the comings
weeks.
Ramy
Kamaneh, CEO said: "We believe that establishing SDT as a
stand-alone, fully reporting public company will allow for us to
align more closely with our strategic initiatives. It will also
give the investment community clearer insight into the potential
value our businesses can continue to create. As a Canadian company,
this is a compelling
opportunity to reach investors in the U.S. and in Canada by trading on both the OTCQB and
CSE stock exchange markets."
The
Company anticipates that the spin-off will enhance the growth
potential and overall valuation of its businesses as a result of
creating two separate companies specialized in fast-growing
industries. With the added advantage of access to both Canada and
U.S. market, the Company is confident it will better serve
shareholders. It will also allow each company to be more focused and competitive in
their respective industries. This announcement will also serve to
enable SDT to execute even better on their strategy and drive their
vision of a sustainable and equitable industrial technology market.
Once the separation completed, Wuhan General Group (China), Inc
will file its 3 years of audited financials to become a fully
reporting company as well as up listing to OTCQB, and apply for name and ticker symbol change.
Additional
Details
The
Record date and completion of the transaction is subject to certain
usual conditions, including SEC, Legal and shareholder approvals.
The Company currently anticipates the Distribution Date to be in
December 2018. Dates are subject to change. The Company will
release information in the coming weeks with definitive dates and
further information.
About Wuhan General Group
(china), Inc
Wuhan General Group (China), Inc. is a Nevada
based investment company focused in the areas of Cryptocurrency
mining operations, battery & electric material handling
equipment manufacturing, services in artificial intelligence, as
well as Internet of Things hardware. In addition to this, they are
also dedicated to working in the application of blockchain
technologies to mining, agriculture and construction
industries.
About Strategic
Development of Technology (SDT), Inc
SDT,
Inc. is a Montreal-Based Canadian corporation engaged in the
research, development and manufacturing of industrial battery
technologies and electric Material handling equipment (eMHE) to
assist the mining, construction and agricultural industries in
eliminating greenhouse gas (GHG) emissions by moving from diesel
power to a battery-powered energy source. SDT's deep understanding
of battery chemistry and the in-field operations for industries
such as the underground mining industry, gives it a competitive
advantage to become a leader in the development of this space as
well as in assisting these industries in their adoption to battery
powered material handling equipment.
By
complementing its industrial batteries and eMHE with predictive
maintenance using artificial intelligence and hardware (Internet of
things), SDT can effectively manage and coordinate a full-scale
battery-powered operation and charging infrastructure 24-7 at some
of the most remote locations in the world.
SDT
is also building, through its subsidiary, a cryptocurrency mining operation as well as
exploring the research and application of blockchain technologies
to the mining, agriculture and construction
industries.
Wuhan General Group
(China), Inc.
Publicly traded
company (OTC
Pink: WUHN)
Website: www.sdtholdings.com
For further
information contact:
Public
Relations
Phone: (514)
928-7368
E-mail: info@sdtholdings.com
Forward-Looking
Statements
Safe
Harbour Statement - In addition to historical information, this
press release may contain statements that constitute
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934, as amended by the
Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in
this press release include the intent, belief, or expectations of
the Company and members of its management team with respect to the
Company's future business
operations and the assumptions upon which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future
performance, and involve risks and uncertainties and that
actual results may differ
materially from those contemplated by such forward-looking
statements. Factors that could cause these differences include, but
are not limited to, failure to complete anticipated sales under
negotiations, lack of revenue growth, client discontinuances, failure to realize
improvements in performance, efficiency and profitability, and
adverse developments with respect to litigation or increased
litigation costs, the operation or performance of the Company's
business units or the market price of its common stock. Additional factors
that could cause actual results to differ materially from those
contemplated within this press release can also be found on the
Company's website. The Company disclaims any responsibility to
update any forward-looking statements.
Source: Wuhan General Group (China),
Inc
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