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TOMEN DEVICES CORP Cancels Joint Venture Agreement with USmart Mobile Device Inc's Subsidiary; to Sign Joint Venture Agreement with Atlantic Capital Investment Limited

Thursday, 26 Sep 2013 04:00am EDT 

TOMEN DEVICES CORP announced that it has decided to cancel the joint venture agreement with USmart Mobile Device Inc's subsidiary, ACL International Holdings Limited, effective September 30, 2013. TOMEN DEVICES CORP will acquire a 30% stake (3,000,000 shares) in the joint venture from ACL International Holdings Limited, for USD 3.6 million. After that, TOMEN DEVICES CORP will hold a 98% stake (9,800,000 shares) in the joint venture, up from 68% (6,800,000 shares). The Company will sign a joint venture agreement with Atlantic Capital Investment Limited. 

Company Quote

25 May 2015