NEW
YORK, May 4, 2020
/PRNewswire/ -- Huitao Technology Co., Ltd. (Nasdaq: HHT) (the
"Company", "we" or "HHT"), a company which is in the process of
disposing its legacy ready-mix concrete materials business and
transitioning into an innovative education service provider, today
announced that it has held its annual meeting of shareholders on
April 27, 2020, wherein its
shareholders have approved the proposal to dispose of its legacy
ready mix concrete business. Pursuant to the Share Purchase
Agreement and related transactions dated March 31, 2020 by and among the Company, Xin Ao
Construction Materials, Inc. ("Xin
Ao"), the Company's wholly owned subsidiary, and Mr.
Xianfu Han and Mr. Weili He (the "Purchasers"), the Company
will sell 100% of the outstanding capital stock of Xin Ao to
the Purchasers in exchange for cash payment of $600,000.
Management believes that disposal of the concrete material
business is the most sustainable path for its next phase of growth.
The Company expects to close the disposition upon satisfaction of
all closing condition in short term.
About Huitao Technology Co., Ltd.
Huitao Technology is a holding company which is currently
undergoing a shift to a dedicated education services provider,
offering both online and offline innovative education services. Its
business operations are conducted through its wholly-owned
subsidiaries CACM Group NY, Inc. ("CACM"), Sunway Kids
International Education Group Ltd. ("Sunway Kids"), Brave
Millennium Limited, Chengdu Hengshanghui Intelligent Technology
Co., Ltd. and its variable interest entities, Chengdu Hengshanghui
Education Consulting Co., Ltd. Sunway Kids engages in the early
childhood education service business, providing a well-structured
system to day cares and preschools in China, including AI and robotic technologies,
intellectual campus administration software as a service (SaaS)
system and personalized education planning. Through Baytao LLC, a
newly formed joint venture, the Company also anticipates providing
tutoring programs in New York
which includes online learning via a platform being built by CACM.
For more information, please visit http://www.china-acm.com.
Safe Harbor / Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and HHT's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
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SOURCE Huitao Technology Co., Ltd.