BEIJING, Jan. 4, 2022 /PRNewswire/ -- ReTo Eco-Solutions,
Inc. (NASDAQ: RETO) ("ReTo" or the "Company"), a provider of
technology solutions for the improvement of ecological
environments, today announced that, its subsidiary, ReTo Technology
Development Co., Ltd., entered into an Equity Acquisition Agreement
(the "Agreement") with Hainan REIT Mingde Investment Holding Co.,
Ltd. ("REIT Mingde") and its two individual shareholders
(collectively, the "Sellers"), among others, on December 27, 2021, to acquire 100% of the equity
interest in REIT Mingde, which owns 61.55% of the equity interest
of Yile IoT Technology Co., Ltd. ("Yile IoT").
Yile IoT is a national high-tech enterprise in China that focuses on the research,
development and application of Internet of Things (IoT)
technologies. Yile IoT and its subsidiaries have developed advanced
cloud based IoT solutions and products that primarily service
automobile rental, ride sharing, and logistics sectors in
China. Pursuant to the Agreement,
ReTo will acquire 100% of the equity interest in REIT Mingde for a
total consideration of RMB 10 million
in cash or cash equivalents which will be paid to the Sellers
within 30 days upon signing of the Agreement. The closing of the
transaction is subject to satisfactory due diligence, board
approval, completion of shareholder change registration with
relevant State Administration of Market Regulation and other
customary closing conditions. On December
28, 2021, the registration of ReTo Technology Development
Co., Ltd. as the shareholder of REIT Mingde was completed.
Mr. Hengfang Li, Chairman and Chief Executive Officer of ReTo,
commented: "We are excited about the acquisition of REIT Mingde as
we believe this transaction will enable us to integrate Yile IoT's
technologies into ReTo and accelerate the upgrade and growth of
ReTo's business. With the support of IoT technologies, ReTo
strives to become a technology driven provider of services for
ecological and environmental protection industries, and increase
value for our shareholders."
About Hainan Yile IoT Technology Co., Ltd.
Founded in August 2014 in
Haikou, the capital city of
Hainan Province, China, Yile IoT is a high-tech enterprise
focusing on the research, development and application of IoT
technologies. Yile IoT provides secure and credible scenario-based
solutions and products for clients primarily in the automobile
rental, ride sharing and logistic sectors. Yile IoT is also
committed to applying its patented Internet of Things technologies
to the traditional manufacturing and service industries with the
goal to improve ecology and human life. In recent years, Yile IoT
has been recognized as a Representative Haikou Internet Enterprise
and one of China's Top 100
Innovators and Entrepreneurs in 2017. It also won a third prize in
the Seventh China Innovation and Entrepreneurship Competition
(Hainan Division). For more information on Yile IoT, visit:
http://www.icarplus.net/#/index.
About ReTo Eco-Solutions, Inc.
Founded in 1999, ReTo Eco-Solutions, Inc., through its
proprietary technologies, systems and solutions, is striving to
bring clean water and fertile soil to communities worldwide. The
Company offers a full range of products and services, ranging from
the production of environmentally-friendly construction materials,
environmental protection equipment, and manufacturing equipment
used to produce environmentally-friendly construction materials, to
project consulting, design, and installation for the improvement of
ecological environments, such as ecological soil restoration
through solid waste treatment. For more information, please visit:
http://en.retoeco.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, forward looking
statements include the acquisition of REIT Mingde, the integration
of REIT Mingde's operations with existing operations, the ability
to realize the anticipated benefits from the acquisition of REIT
Mingde, the Company's plans, objects, goals, and strategies and
assumptions underlying such statements. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the risk that the acquisition of REIT Mingde may not
close or close timely; the risk that the Company may not realize
the anticipated benefits of the acquisition; the Company's goals
and strategies; the Company's future business development; product
and service demand and acceptance; changes in technology and
economic conditions; the growth of the construction industry and
the IoT industry in China;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and
assumptions underlying or related to any of the foregoing and other
risks contained in reports filed by the Company with the Securities
and Exchange Commission. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
For more information, please contact:
ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-010-64827328
ir@retoeco.com or 310@reit.cc
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SOURCE ReTo Eco-Solutions, Inc.