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Hybrid Kinetic Group Ltd updates on the project company established in Lianyungang, Jiangsu Province, The PRC to promote the development of the new energy project

Thursday, 30 Jan 2014 03:53am EST 

Hybrid Kinetic Group Ltd:Refers to the announcement made on Nov. 27, 2013 in relation to, among others, the establishment of a project company to promote and undertake the development of a new energy project.Says the project company (with the approved name of Lianyungang Hybrid Kinetic New Energy Co., Ltd.) was established as a limited liability company in the PRC on Mar. 29 with a total registered capital of $60,000,000.Says out of the total registered capital 35 pct (representing $21,000,000) was agreed to be contributed by the Group and the remaining 65 pct (representing $39,000,000) was agreed to be contributed by the remaining shareholders to the project company.Says on Jan. 27 the Group was informed by the project company that two of the shareholders of the project company, Golden West LLC and Chimerica Technologies, LLC (the Outgoing Shareholders), had withdrawn from the Project Company.Says the outgoing shareholders held a total of 55 pct of the registered capital of the project company.Says notwithstanding the withdrawal of the outgoing shareholders, it is the current intention of the Group and the remaining shareholder to the project company to continue the pursuit of the new energy project through the project company. 

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-0.0020 -1.07%
9:25pm EST