HOWELL, N.J., Jan. 13, 2020 /PRNewswire/ -- On December 18, 2019, Greenland Technologies Holding
Corporation (Nasdaq: GTEC) ("Greenland") and Goog Intelligent Machinery
Changxing Co., Ltd. ("Goog"), a technology service and product
provider in China, entered into a
non-binding Memorandum of Understanding ("MOU"). Under the terms of
the MOU, Greenland or its
affiliates will acquire up to 75% ownership of Goog. Greenland will pay Goog's shareholders their
original paid-in capital with cash and a 20% premium with newly
issued shares of Greenland. Greenland will conduct due diligence on Goog
regarding its financials, operating results, technology, and
intellectual property. The transaction is subject to the approval
by the Boards of Directors of Greenland and Goog.
Goog has been developing the AMT (Automated Manual Transmission)
technology, created a few working prototypes with the AMT
technology, and tested them on buses and heavy-duty trucks. AMT is
an automated gearbox system, which enables the decision to perform
a gearshift and the actuation of clutch/gears to be done by
computer. Compared to the manual transmission system, vehicles
equipped with the AMT technology provide superior user experience,
as AMT improves the safety and stability of the vehicle, enables
the vehicle to be more fuel-efficient, and minimizes negative
effects of driver fatigue.
Mr. Peter Zuguang Wang, the Chairman of Greenland, remarked, "Through this
acquisition, Greenland will be
able to add the automated manual transmission technology and
know-hows to its existing transmission lines, providing quality
products with the updated technology to its customers at
competitive prices."
About Greenland
Greenland Technologies Holding Corporation, a British Virgin Islands company, is a developer
and a manufacturer of transmission products for material handling
machineries, as well as a developer of robotic cargo carriers and
automated warehouse systems.
About Goog
Located in Changxing County, Huzhou City, Zhejiang Province, China, Goog Intelligent Machinery Changxing
Co., Ltd., is a developer of the AMT technology and a provider of
products and services related to AMT.
Forward-Looking Statements
This press release contains statements that may constitute
"forward-looking statements." Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of Greenland, including
those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K and
Definitive Proxy Statement on Schedule 14A filed with the SEC.
Copies are available on the SEC's website, www.sec.gov. Words such
as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Greenland's
expectations with respect to future performance and anticipated
financial impacts of the business transaction.
Such forward-looking statements relate to future events or
future performance, but reflect the parties' current beliefs, based
on information currently available. Certain of these factors are
outside the parties' control and may be difficult to predict. A
number of factors could cause actual events, performance or results
to differ materially from the events, performance and results
discussed in the forward-looking statements. Factors that may cause
such differences include: business conditions; natural disasters;
changing interpretations of U.S. Generally Accepted Accounting
Principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with
government regulations; changes in legislation or regulatory
environments, requirements or changes adversely affecting the
businesses of Greenland;
difficulties in maintaining and managing continued growth;
restrictions on the ability to make dividend payments; general
economic conditions; geopolitical events and regulatory changes;
and the failure to maintain the listing of Greenland's securities on the Nasdaq Stock
Market.
The foregoing list of factors is not exclusive. Additional
information concerning these and other risk factors are contained
in Greenland's filings with the
SEC. Readers are cautioned not to place undue reliance upon any
forward-looking statements in this press release, which speak only
as of the date made. The Company does not undertake or accept any
obligation or undertaking to publicly update or revise any
forward-looking statements in this press release to reflect any
change in their expectations or any change in events, conditions or
circumstances on which any such statement is based, except as may
be required by law.
Company Contact:
Greenland Technologies Holding Corporation
Jing Jin
contactme@gtecrobotic.com
View original
content:http://www.prnewswire.com/news-releases/greenland-technologies-holding-corporation-announces-its-intent-to-acquire-goog-intelligent-machinery-changxing-co-ltd-300985440.html
SOURCE Greenland Technologies Holding Corporation