Iao Kun Group (NASDAQ: IKGH) this morning said its strategy to focus on the Chinese technology industry begins with its acquisition of a 51% interest in Jia-Heng Industrial Ltd., the holding company of Guangzhou LiNiu Network Technology Co. Ltd., a software technology development company that’s developing an electronic B2C trading platform focused on the Chinese agricultural industry. Per the agreement, IKGH will issue 12.484 million ordinary shares upon the transaction’s closing, as well as cash consideration that is contingent upon LiNiu Network achieving after-tax income targets. The acquisition is expected to close in the first quarter of 2017. “After appropriate due diligence, we made the determination to acquire a majority interest in LiNiu Network and will be focusing our near- to mid-term efforts on successfully launching its trading platform and rapidly scaling the business. Importantly, the acquisition requires no upfront cash payment and firmly aligns our interests with that of LiNiu Network as the vast majority of their consideration is dependent upon them achieving consistently increasing after-tax profit targets over the next five years,” IKGH Chairman Lam Man Pou stated in the news release.
To view the full press release, visit: http://nnw.fm/0Z3rl
About Iao Kun Group Holding Company Limited
IKGH is a holding company that currently participates in the promotion of a VIP gaming room at the City of Dreams Macau in Cotai. In February 2017, IKGH announced its intent to diversify into non-gaming assets with the planned acquisition of a majority interest of Guangzhou LiNiu Network Technology Co. Ltd., which is developing an electronic trading platform focused on the Chinese agricultural industry. To learn more visit http://ir.ikghcl.com.
NetworkNewsBreak (NNB) provides a rapid summary of corporate news that caught the attention of NetworkNewsWire (NNW). NNB keeps you up-to-date on active US Public Companies complementary to NNW’s broader scope as a provider of news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, NNW is uniquely positioned to best serve private and public companies who need to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, visit https://www.NetworkNewsWire.com.
Please see full disclaimers on the NetworkNewsWire website: http://nnw.fm/Disclaimer