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The company will operate through its consolidated indirect Chinese subsidiaries to execute the current business plan of those subsidiaries.
In the share exchange transaction, Megaway's shareholder was issued 14,800,000 shares of the company's Common Stock, representing approximately 92.5 percent of the total issued and outstanding capital stock of the company, in exchange for 100 percent of the issued and outstanding shares of Megaway.
As a result of the share exchange transaction, Megaway has become a wholly-owned subsidiary of the company. Guohong Zhao was appointed to the Board of Directors of the company and the company's executive officers were replaced by the executive officers of Megaway and its subsidiaries upon the closing of the share exchange. The company plans to amend its Articles of Incorporation to change the name of the company to THT Heat Transfer Technology.
"We are delighted to have successfully closed the going public transaction and we wish to thank Halter Financial Group for acting as our advisor on this transaction," said Guohong Zhao, the new Chairman of the company. "Our company has continued to grow, despite the current global economic environment, and we are confident that we will weather the crisis. We expect that the Over-the-Counter Bulletin Board will provide the company with a good trading platform that will eventually lead to our upgrade to a national exchange."
The company is a total solution provider of heat exchangers in China. A heat exchanger is a device built for efficient heat transfer from one medium to another, whether the media are separated by a solid wall so that they never mix, or the media are in direct contact.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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