Proposed Acquisition of Shengrong Environmental Protection Holding Company Limited by American Lorain Terminated
LINYI CITY, China, Oct. 26, 2017 /PRNewswire/ — As previously disclosed, on December 22, 2016, American Lorain Corporation (the “Company”) entered into a Share Exchange Agreement (the “Agreement”) with Shengrong Environmental Protection Holding Company Limited, a business company incorporated in the British Virgin Islands with limited liability (“Shengrong”), and each of Shengrong's shareholders (collectively, the “Sellers”), pursuant to which, among other things and subject to the terms and conditions contained therein, the Company agreed to effect an acquisition of Shengrong and its subsidiaries, including Hubei Shengrong Environmental Protection Energy-Saving and Technology Co. Ltd., a registered company in Hubei China by acquiring from the Sellers all outstanding equity interests of Shengrong. However, due to the Company's inability to timely file its annual report on Form 10-K such agreement was terminated by Shenhgrong, pursuant to the terms of the Agreement, and abandoned in June 2017. The Company will continue to evaluate other acquisition opportunities to enhance shareholder value in the future.
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SOURCE American Lorain Corporation