Petscan Technology Officially Gone Now?
Zecotek closes sale of subsidiary to Wang Holding
2020-11-26 12:24 ET - News Release
Mr. Sergei Tsakunov reports
ZECOTEK PHOTONICS INC. ANNOUNCES COMPLETION OF SALE OF SUBSIDIARY
Zecotek Photonics Inc., further to its news releases dated July 31, 2020, and Oct. 21, 2020, has completed the sale of all of the issued and outstanding shares of the company's wholly owned subsidiary, Zecotek Photonics Singapore Pte. Ltd., to Wang Holding Corp. In consideration for the disposition, Wang Holding has released the company from its obligation to repay $5,983,000 to Wang Holding for advances previously provided, and Wang Holding provided an additional $550,000 (U.S.) to the company, which payment was previously made.
The company received shareholder approval for the disposition at the company's meeting of shareholders held on Oct. 16, 2020. The company also obtained a fairness opinion addressed to the company's special committee confirming that the disposition is fair from a financial point of view to the company's shareholders.
The disposition is part of the company's overall strategy toward improving its financial position in connection with its proposed restructuring. Completion of the disposition is a condition of closing the transaction with EquineX North America Corp., as announced in the company's news release dated Oct. 14, 2020.
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