Andatee China Marine Fuel Services Corporation Announces
Acquisition of Qingdao Grand New Energy Co. Ltd.
Beijing, May 28, 2014 (Glove Newswire)
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Under the terms of the agreement, Xifa will acquire privately-held Qingdao Grand for RMB476, 800 in total consideration, payable in cash. The acquisition, which is expected to be completed in the second quarter of the Company's fiscal year 2014, is subject to the satisfaction of regulatory requirements and other customary closing conditions.
Founded in 2012, Qingdao Grand is a high-tech company engaging in R&D, production, sale and service of the air-driven products. Its products use compressed air as driving force, which can be used in irrigation, petroleum extraction, among other areas. Its primary line of business is Energy Performance Contracting.
"Green energy and energy saving technologies represent a major trend of the energy industry. Since developing green energy business is one of our long-term strategies, we anticipate this acquisition to facilitate our entry and establishment in the clean energy industry," commented Mr. Wang Hao, Chairman and CEO of AMCF. "We anticipate addition of Qingdao Grand's business to our current line will benefit our shareholders in the long run."
About Andatee China Marine Fuel Services Corporation, Inc.
Andatee China Marine Fuel Services Corporation, through its subsidiaries, engages in the production, storage, distribution, and trading of blended marine fuel oil for cargo and fishing vessels in the People's Republic of China. It also produces customer specific products using its proprietary blending technology. The company sells its products through distributors to retail customers in Tianjin City, Liaoning, Shandong, Jiangsu, and Zhejiang Provinces. Andatee China Marine Fuel Services Corporation is based in Dalian, the People's Republic of China.
Andatee China Marine Fuel Services Corporation press release