Yangtze River Development Limited Announces Plan to Acquire Wuhan Economic Development Port Company Limited
December 28 2017 - 12:07PM
Company Files Current Report on Form 8K in Connection with
the Event
Yangtze River Development Limited, (NASDAQ GLOBAL SELECT MARKET:
YERR) (the “Company”), an international infrastructure company that
currently engages in the business of real estate development via a
port logistic project located in the middle reaches of China’s
Yangtze River in Wuhan, China, announced today the planned
acquisition of Wuhan Economic Development Port Company Limited
(“Wuhan Economic Development”).
In exchange for the current real estate assets
that the company owns and RMB 600 million (or approximately $91
million US) in cash or convertible note. The company has
deposited RMB 30 million and intends to complete the
transaction by the end of first quarter of 2018.
As with the company’s current location on the
Yangtze River, property of Wuhan Economic Development covers
approximately 7 kilometers of shoreline, a significant increase
from the current shoreline of approximately 1 kilometer.
The acquisition would provide the Company with
revenue generating properties, including 9 approved berths, 3 of
which are already in operation, along with 10 additional berths
pending approval.
The planned acquisition is subject to the
completion of the audit of Wuhan Economic Development and approval
by the relevant regulatory agencies.
A detailed news release on this planned
transaction is expected to be issued by the Company on January 2,
2018.
Link to the current report on Form 8-K regarding
the planned acquisition:
https://www.sec.gov/Archives/edgar/data/1487843/000121390017013684/0001213900-17-013684-index.htm
ABOUT YANGTZE RIVER DEVELOPMENT LTD.:
Yangtze River Development Limited primarily
engages in the business of real estate development with a port
logistic project located in the middle reaches of the Yangtze
River. Wuhan Economic Development Port Limited is a large
infrastructure development project implemented under China's latest
“One Belt One Road” initiative and is believed to be strategically
positioned in Wuhan, a crucial trading window between China, the
Middle East and Europe. The logistics center is also expected
to provide a number of shipping berths for cargo ships of various
sizes. Wuhan Economic Development Port Limited is expected to
provide domestic and foreign businesses a direct access to the Free
Trade Zone in Wuhan. The project will include commercial buildings,
professional logistic supply chain centers, direct access to the
Yangtze River, Wuhan-Xinjiang-Europe Railway and ground
transportation, storage and processing centers, IT supporting
services, among others.
For additional information please go
to: http://www.yerr.com.cn
FORWARD-LOOKING STATEMENTS:
This document includes “forward-looking”
statements, as that term is defined in the Private Securities
Litigation Reform Act of 1995 or by the Securities and Exchange
Commission in its rules, regulations and releases. Forward-looking
statements are any statements other than statements of historical
fact, including statements regarding Company's expectations,
beliefs, hopes, intentions or strategies regarding the future.
Among other things, these forward-looking statements may include
statements regarding the change of Company's plan of operation,
future opportunities as a result of the matter referenced in the
above statements; and any other statements regarding Company's
future beliefs, expectations, plans, intentions, financial
condition or performance. In some cases, forward-looking statements
can be identified by the use of words such as “may,” “will,”
“expects,” “should,” “believes,” “plans,” “anticipates,”
“estimates,” “predicts,” “potential,” “continue,” or other words of
similar meaning. Forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those discussed in, or implied by, the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, general economic
conditions, our financial and business prospects, our capital
requirements, our financing prospects, our relationships with
employees, and our ability to realize the anticipated benefits of
such transaction, and those disclosed as risks in other reports
filed by us with the Securities and Exchange Commission, including
those described in our most recently filed Quarterly Report on Form
10-Q, Annual Report on Form 10-K and subsequent amendment on Form
10-K/A, current report on Form 8-K, and other filings with the
SEC.
We caution readers that any such statements are
based on currently available operational, financial and competitive
information, and they should not place undue reliance on these
forward-looking statements, which reflect management's opinion only
as of the date on which they were made. Except as required by law,
we disclaim any obligation to review or update these
forward-looking statements to reflect events or circumstances as
they occur.
James Coleman
Executive Director
jcoleman@yerr.com.cn
646-861-3315
Yangtze River Port and L... (NASDAQ:YRIV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Yangtze River Port and L... (NASDAQ:YRIV)
Historical Stock Chart
From Jul 2023 to Jul 2024