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Hoifu Energy Group Ltd Announces Acquisition; Announces Termination Of Guangxi Qinzhou Taixing Acquisition

Thursday, 3 Oct 2013 09:00am EDT 

Hoifu Energy Group Ltd announced that Guangxi Hoifu Energy, a wholly owned subsidiary of the Company, Mr. Ding, the sole existing shareholder of Qinzhou Hengyuan, and Qinzhou Hengyuan entered into the Capital Injection Agreement, pursuant to which Guangxi Hoifu Energy agreed to subscribe for 51% equity interest of Qinzhou Hengyuan by way of capital injection of RMB187,300,000 (equivalent to approximately HKD237,871,000) into Qinzhou Hengyuan. As the conditions precedent of the Guangxi Qinzhou Taixing Acquisition, among others, the valuation on the net asset value of Guangxi Qinzhou Taixing Petrochemical Co., Ltd. valued by an independent valuer appointed by Guangdong Hoifu Energy Limited being not less than RMB200 million had not been fulfilled by September 15, 2013 and the parties to the Guangxi Qinzhou Taixing Agreement failed to agree on an extension of time to fulfill the conditions precedent to completion of the Guangxi Qinzhou Taixing Acquisition, the parties mutually agreed not to proceed with the Guangxi Qinzhou Taixing Acquisition and the Guangxi Qinzhou Taixing Agreement was terminated with effect from September 16, 2013. 

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