The First Acquisition Of Lighting Industry In 2019 The Company Intends To Buy Importers Of Lamps And Lanterns For $8.68 Million.

- Jan 04, 2019-

On January 3, 01868. HK announced that American Lighting, Inc., a wholly-owned subsidiary company, was the buyer, seller, Lighten Up Holdings and owner of the company to sign a shareholder rights purchase agreement on January 1, 2019.——LED flood light

Accordingly, the buyer has to buy and the seller has to sell the purchased shareholder's rights (80% of Novelty Lights'issued and circulated rights and interests of the outside shareholders will be completed at the first delivery) and the minority shareholder's rights (20% of Novelty Lights' issued and circulated rights and interests of the outside shareholders) which will be completed at the second delivery.——LED flood light

The announcement shows that the first delivery will be completed on January 1, 2019. The total purchase price of purchased shareholders'rights and interests adjusted for delivery adjustment is 8.683 million US dollars (about 59.6412 million RMB).——LED flood light

After the first delivery, the company indirectly held 80% of Novelty Lights shareholders'equity, and Novelty Lights became an indirect, non-wholly owned subsidiary of the company.

It is reported that Novelty Lights achieved net profit of $2.633 million before tax deduction in the year ended December 31, 2017.——LED flood light

Novelty Lights imports and sells all seasonal, decorative or lighting lamps, light sources, lamps, bulbs and related products directly to North America through wholesale and retail channels, including (but not limited to) chandeliers, Festival lights and various popular and innovative lamps. The acquisition of Novelty Lights aims to improve the sales channels of American Lighting through Novelty's e-commerce platform.——LED flood light

Tong Fang Youyou is mainly engaged in research and development, sales and production of LED lighting products and other businesses, so the acquisition is mainly to improve the sales channels of Tong Fang Youyou. American Lighting is a Dallawa company with a wholly-owned subsidiary between companies and a lighting solution supplier.——LED flood light

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