China INSOnline Corp. Entered Into a Share Exchange Agreement With Ding Neng Holdings Limited
17 Noviembre 2010 - 1:00PM
Marketwired
China INSOnline Corp. (NASDAQ: CHIO) announced today the execution
of a Share Exchange Agreement with Ding Neng Holdings Limited, a
British Virgin Islands holding company ("Ding Neng Holdings").
On November 12, 2010, China INSOnline Corp. (the "Company")
entered into a Share Exchange Agreement with Ding Neng Holdings,
which indirectly, through various subsidiaries, has management
control over and the rights to the profits of Ding Neng
Bio-technology Co., Ltd. ("Ding Neng Bio-tech"), a Chinese
corporation, as a variable interest entity. Ding Neng Bio-tech
engages in the production, refinement and distribution of
bio-diesel fuel in southern China.
The Share Exchange Agreement provides for an acquisition
transaction (the "Acquisition") in which the Company will acquire
100% of Ding Neng Holdings through the issuance of shares of its
common stock representing 85% of the common stock issued and
outstanding immediately following the closing of the
Acquisition.
The Share Exchange Agreement also requires that a reverse stock
split precede the completion of the Acquisition and, upon
completion of the Acquisition, that the Company file an Amended and
Restated Certificate of Incorporation to change its name to China
Bio-Energy Corp. to better reflect the post-acquisition entity's
business. The parties plan to complete the Acquisition as soon as
reasonably practical, provided that the conditions specified in the
Share Exchange Agreement have been satisfied or waived.
For more details of the Share Exchange Agreement and
acquisition, please refer to the Company's SEC filings.
About China INSOnline Corp. China
INSOnline Corp. is a Delaware corporation that wound down its
operations in June 2010. The weak economic market, which resulted
in a significant decline in revenues of all areas of the Company's
business, led to the Company's decision to wind down its
operations. Prior to winding down, the Company acted as an Internet
services and media company focused on the PRC insurance
industry.
About Ding Neng Bio-Technology Co., Ltd.
Ding Neng Bio-Technology Co., Ltd., organized under the laws of the
People's Republic of China ("Ding Neng"), is a green energy company
that engages in bio-diesel production, refinement and distribution
in southern China. Ding Neng specializes in refining used cooking
oil, as well as vegetable and plant oil, into industrial standard
bio-diesel fuel.
Forward-Looking Statements This news
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations or
beliefs, including, but not limited to, statements concerning the
Company's operations, financial performance and condition. For this
purpose, statements that are not statements of historical fact may
be deemed to be forward-looking statements. The Company cautions
that these statements by their nature involve risks and
uncertainties, and actual results may differ materially depending
on a variety of important factors, including, but not limited to,
the impact of competitive products, pricing and new technology;
changes in consumer preferences and tastes; and effectiveness of
marketing; changes in laws and regulations; fluctuations in costs,
and other factors as those discussed in the Company's reports filed
with the Securities and Exchange Commission from time to time. In
addition, the Company disclaims any obligation to update any
forward-looking statements to reflect events or circumstances after
the date hereof.
Contact: IR Department Email: ir@soobao.cn
www.china-insonline.com
Wave Sync (CE) (USOTC:WAYS)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Wave Sync (CE) (USOTC:WAYS)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024