SPI Energy Co., Ltd. Announces Joint Venture to Create an Agriculture Company And build up to 5MW PV Power Projects in Arizon...
May 14 2019 - 4:30AM
SPI Energy Co., Ltd. ("SPI Energy" or the "Company") (NASDAQ: SPI),
a global provider of renewable energy solutions and crypto-miner
hosting services for residential, commercial and utility customers,
today announced SPI Investments Holding Limited (“SPI
Investments”), one of the Company’s wholly subsidiaries, Jacky Lo
(“Mr. Lo”), and Harbor Green Grain, L.P., entered into a serious of
agreements (“Agreements”) to form a joint venture incorporated in
the Cayman Islands tentatively named Knight Holding Co., Ltd. (“
KHC” or “Joint Venture”) to explore the agriculture business for
productions, sales or marketing of cotton, Alfalfa and other
related agriculture products.
Under the terms of the Agreements, KHC will
issue to Jacky Lo shares representing a 40% equity stake in KHC (
the “Issuance”) while SPI Investments will hold a 60% equity
stake in KHC, and for Mr. Lo to contribute to KHC the equity of an
entity in Arizona ( “Arizona Equity”) and certain assets (“Assets”)
including, but not limited to, a press machine, warehouse and
equipment, as a consideration for the Issuance, subject to
satisfaction of the certain closing conditions, including: 1) the
formation of KHC; 2) the completion of transfer of Arizona Equity,
and 3) the completion of transfer of Assets.
Following the formation of Joint Venture and the
closing of Issuance, SPI Investments shall provide such further
reasonable assistance to KHC to enable the Joint Venture to build
the storage warehouse in Arizona and develop solar power projects
of up to 5MW capacity on site.
SPI Investments shall contribute to KHC
cash in the amount of US$500,000 as its initial investment. If and
when the Joint Venture becomes profitable based upon generally
accepted accounting principles and cash flow positive based upon
its actual cash flows, SPI Investments may contribute additional
capital to KHC to fund the operation of KHC; provided, however,
such additional capital contribution shall not exceed US$1.5
million in the aggregation.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd. is a global provider of
renewable energy solutions and crypto-miner hosting services for
residential, commercial and utility customers. SPI Energy focuses
on the EPC/BT, and storage markets including the development,
financing, installation, operation and sale of utility-scale and
residential PV projects in Japan, Europe and North America. The
company operates a B2B E-Commerce platform offering a range of PV,
storage products in Australia as well as a turnkey solution
(umining.io) offering global crypto-mining training, sale, hosting
and repair service. The Company has its operating headquarters in
Hong Kong and Santa Clara, California and maintains global
operations in Asia, Europe, North America and Australia.
For additional information, please visit:
http://www.spigroups.com/investorrelations/overview
For investors and media inquiries please
contact:
SPI Energy Co., Ltd.
IR Department
Email: ir@spigroups.com
Source: SPI Energy Co., Ltd.
SPI Energy (NASDAQ:SPI)
Historical Stock Chart
From Mar 2024 to Apr 2024
SPI Energy (NASDAQ:SPI)
Historical Stock Chart
From Apr 2023 to Apr 2024