Wuhan General
Group shares more information on Spin-Off
Once finalized, shareholders of
WUHN before the cut-off date will receive shares of SDT,
therefore benefitting from all four existing subsidiaries under two
fully reporting parent companies.
After the spin-off, Wuhan General Group, Inc. will focus
its operation on large-scale mining cryptocurrency farms and
explore other potential avenues and acquisitions to bring
additional sources of income and assets to the company.
SDT, the private Canadian company, will become a fully
traded public company on both the US and Canadian market exchange
and will continue its operations through its subsidiaries including
SDIT, SDET, and SDMT.
Montreal, QC --
September 5, 2018 -- InvestorsHub NewsWire -- Wuhan General Group
(China), Inc. (OTC
PINK: WUHN) (the "Company"), a Nevada investment
company
focused on the industrial technology market space, announced its
plan to pursue a spin-off of the Company's Canadian tech-related
business, Strategic Development of Technology (SDT), Inc. to
Company shareholders. The separation is a strategic move by
the
Company to benefit its shareholders with the enhanced growth
potential of two fully reporting parent companies that span
multiple fast-developing industries. The transaction is intended to
take the form of a tax-free distribution to Wuhan shareholders,
who are
eligible to receive SDT common stock shares. The distribution ratio
and Record Date will be announced at a later time.
With SDT as a
standalone public company, the spin-off will ensure that Wuhan
shareholders will continue to benefit from SDT
subsidiaries. Following the
transaction, each parent company will have distinct corporate
strategies and capital allocation priorities:
- Wuhan's portfolio of
businesses will be comprised primarily of industry-leading
blockchain technology development (SDBT). By isolating its cryptocurrency
profile, the Company is expected to generate stable growth
opportunities and focus its strategy to acquire and generate
business in new industries.
- The spin-off of the private
company Strategic Development of Technology (SDT)
into a public
company will be focused on the development of batteries (SDET),
electric equipment (SDMT), and Intelligence (SDIT) technology.
SDT's subsidiaries have leading positions in industrial mining and
energy markets throughout North America. The spin-off transaction will
position these three subsidiaries to drive industry growth and
initiatives in creating sustainable solutions for these
markets.
Benefits of the Spin-off Transaction:
Enhances overall growth potential through two focused
companies
Wuhan believes
that both the growth potential and overall valuation of its
businesses will be enhanced as a result of separating its current
portfolio into two separate companies. The Nevada based Investment
company and the Canadian Technology Development company will each be more
focused and competitive as leading standalone companies in their
respective industries.
Expands trading opportunities in the US and
Canada
The spin-off of
SDT will allow a compelling opportunity by trading on both the
OTCQB and CSE markets.
Enables each company to advance differentiated
investments
Wuhan believes
that this transaction will yield new opportunities to generate
business and provide value through new market
opportunities. This enables investors to clearly evaluate the
inherent value of each company's portfolio of assets and invest
accordingly.
Maintains benefits of SDT's industrial technology
development structure
As a fully
reporting
public company, SDT can continue to improve upon its unparalleled
contributions to the sustainable industrial technology
sector.
Next Steps:
The private
company, SDT will undergo an audit during the month of September
and then file its initial registration statement with the
Securities and Exchange Commission to be a fully reporting company.
The Company plans on listing SDT on the OTC Markets OTCQB
marketplace first, then on the CSE.
Once the
separation is complete, Wuhan General Group (China),
Inc. will
file its three years of audited financials to become a fully
reporting company as well as up listing to OTCQB; the
name and
ticker change will follow. The Company will continue to provide
shareholders with transaction details as they arise. A new
corporate
website for Wuhan and SDT will go live prior to the Record Date,
which will be announced at a later time.
About Wuhan General Group (China) Inc.
Wuhan General
Group (China), Inc., based in Nevada is an investment company
focused in the areas of Cryptocurrency mining
operations and infrastructure. In addition to its strong commitment
to facilitate the development and adoption of cryptocurrency mining
operations, Wuhan continues to pursue distinct investment decisions
based on emerging markets that reflect the highest business,
technical, and legal standards.
About SDT Inc.
SDT is a
Montreal-based Canadian technology holding company, whose primary
business operations are conducted through its operating
subsidiaries SDMT, SDET, and SDIT. The subsidiaries are engaged in the
research, development, and manufacturing of industrial battery
technologies and electric Material Handling Equipment (eMHE) to
assist the mining, construction, and agricultural industries in
eliminating greenhouse gas (GHG) emissions by moving from diesel power
to a battery-powered energy source.
SDT subsidiaries
are also exploring the research and application of artificial
intelligence and blockchain technologies to the mining, agriculture
and construction industries.
Wuhan General Group (China),
Inc.
Publicly traded company (OTC Pink:WUHN)
Website: www.wuhn.org
Strategic Development of
Technology,
Inc.
Private company
Website: www.sdtholdings.com
For further information
contact:
Public Relations
Phone: (514) 928-7368
E-mail: info@wuhn.org
Forward-Looking Statements
Safe Harbour
Statement - In addition to historical information, this press
release may contain statements that constitute forward-looking
statements within the meaning of the Securities Act of 1933 and the
Securities Exchange Act of 1934, as amended by the
Private
Securities Litigation Reform Act of 1995. Forward-looking
statements contained in this press release include the intent,
belief, or expectations of the Company and members of its
management team with respect to the Company's future business
operations
and the assumptions upon which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance, and involve
risks and uncertainties and that actual results may differ
materially
from those contemplated by such forward-looking statements. Factors
that could cause these differences include, but are not limited to,
failure to complete anticipated sales under negotiations, lack of
revenue growth, client discontinuances, failure to realize improvements in
performance, efficiency and profitability, and adverse developments
with respect to litigation or increased litigation costs, the
operation or performance of the Company's business units or the
market price of its common stock. Additional factors that could
cause actual results to differ materially from those contemplated
within this press release can also be found on the Company's
website. The Company disclaims any responsibility to update any
forward-looking statements.
Source: Wuhan General Group
(China), Inc
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