double_m
1 year ago
Supplemental Information Disclosure
to Report Change in Shell Status
Skywealth Group Inc
A Florida Corporation
2/F Connaught Harbourfront House
No. 35-36 Connaught Road West
Hong Kong
________________________________
+85293088120
timothylam@outlook.com
Skywealth Group, Inc. (the โCompanyโ), a Florida corporation, is a publicly quoted issuer on
the OTC Markets Group, Inc. (the โOTC Marketsโ) trading platform and is classified as a Pink Sheets Alternative Reporting Company under the ticker symbol โSKWG.โ The Company has previously been classified as a shell company.
As previously disclosed on the December 16 2022 Company press release, the Company was in the process of acquiring the BVI company Charming Limited which it then completed on 20 December 2022 (the โAcquisitionโ). The Company is now the sole owner of all of Charming Limitedโs outstanding shares, making Charming Limited the Companyโs wholly-owned subsidiary.
As of December 20, 2023, upon the completion of the Acquisition, the Company believes that it has ceased to be a shell company.
The designation of โshell company,โ as defined in Rule 405 under the Securities Act of 1933
(see also SEC Release 33-8587), is determined by whether the entity has no or nominal
operations and no or nominal assets. More specifically, Rule 12b-2 of the Securities Exchange Act of 1934 defines a shell company as a company that has: 1. No or nominal operations; and 2. Either: i. No or nominal assets; ii. Assets consisting solely of cash and cash equivalents; or iii. Assets consisting of any amount of cash and cash equivalents and nominal other assets.
Thus, in order to be considered a shell, a company must have โno or nominal operationsโ and one of the other qualifications listed in part 2, such as โno or nominal assets.โ
With the Acquisition, the Company is now operating an established management consultancy business with significant agreements in place. This business generates revenues from annual contracts with private companies providing management services.
We expect to continue generating revenues this year and to be profitable and cash flow positive. Accordingly, the Company hereby declares that it has ceased to be a Shell Company under Rule 12b-2.
CERTIFICATION:
I, Terence Chun Lung Ho, certify that:
1. I have reviewed this Supplemental Information Disclosure for Skywealth Group,
Inc.; and
2. Based on my knowledge, this disclosure statement does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the information covered by this disclosure statement.
March 21, 2023
/s/ Terence Chun Lung Ho
Terence Chun Lung Ho, Acting CEO`
https://www.otcmarkets.com/otcapi/company/financial-report/361990/content
double_m
2 years ago
https://sg.finance.yahoo.com/news/skywealth-financial-group-announces-launch-020000921.html
Skywealth Financial Group announces the launch of a real estate fund, deploying future investment strategies in the sluggish market
Skywealth Financial Group
30 October 2022·5-min read
HONG KONG SAR - Media OutReach - 31 October 2022 - Skywealth Financial Group announces the launch of a real estate fund, mainly investing in the Southeast Asian market. With the Hang Seng Index plummeting from 20,000 to 16,000, it is inevitable that the market raises concerns about a potential prolonged and devastating economic recession due to the epidemic. That said, the economy has yet to enter a hopeless territory on a macroscopic level. On one side, the Strong Dollar could be leveraged to capture exchange rate spreads by investing in other currencies. On the other side, triggered by the intensifying food and energy crises, inflation creates a huge room for appreciation of tangible assets. More importantly, amid the stock market downturn with rising interest rates, loads of high-quality land has been sold at discount, which is a great opportunity for investors to turn to the real estate market โ high-yield real estate has also become the focus.