posted
Insider owns 70 percent. This sucker going to a quarter soon.
Change in Control Arrangements
Pursuant to the Transaction, the Buyer acquired control of the Company on April 12, 2006. The Buyer acquired control by purchasing approximately 70.56% of the issued and outstanding shares of common stock of the Company directly from the Sellers on the terms and conditions set forth in the Stock Purchase Agreement. The Buyer paid an aggregate of $590,000 for the shares of common stock acquired by them pursuant to the Stock Purchase Agreement. Mr. Xu used his personal funds to purchase the 8,821,000 shares.
Immediately prior to the closing of the Transaction, Thomas Elliot served as the sole member of the Board of Directors. Pursuant to the terms and conditions set forth in the Stock Purchase Agreement, immediately following the closing of the Transaction, (1) the Buyer, Zujun Xu, was appointed to the Board of Directors, (2) Thomas Elliot tendered an undated resignation from the Board of Directors, with the understanding that such resignation would be accepted at a future date, to be determined by the Buyer, after the closing of the Transaction, and (3) the parties agreed to appoint the Buyer, Zujun Xu, to the Board of Directors at a future date to be determined by the Buyer.
With the completion of the Transaction, the appointment of Jimei Liu to the Board of Directors and the resignation of Peter G. Wilson from the Board of Directors, there will be no arrangements that would result in a change in control of the Company.
IP: Logged |
posted
7of9 who was the reverse merger firm? I see they did a reverse 1/10 split in july 05. That took them from 46mm to 4.6mm. Since then they have almost tripled their share count. They have no revenue according to their latest financial report. This is a shell company. I would like to know who this firm is so that I can see if this has any life. I understand what you are saying about being made into a chinese company but without some kind of evidence, its just speculation. Thank you in advance for any info. TMAN...
-------------------- In the end, trust only yourself when trading stocks.
IP: Logged |
im not going to say the name of the merger firm. i know of only 3. this firm does only chinese mergers. ill find you a good one. in order to find out who the merger firm is, read the past filings.
reverse: yes, this shell has already reversed and there should be no more splits since 70% control has already been given to Mr. Xu.
the OS is 12m, not 4.6m. 8.8m is owned by Xu.
no revenue. srlt is a shell as i told you. the last 10Q was just them winding down business. no operations. this case of selling 70% to the private operator is new to me. usually these shells reverse, then merge by forward split into a private firm, leaving it in control. thus "reverse merger". the shell co is usually left with 5% of the final stock, so 11% is a lot better.
chinese evidence? Xu has taken control. he is chinese and not american. we dont know his plan yet. we should google him.
posted
Thanks for the response 7, I searched for Mr. Xu and was unable to find any info other than this stock purchase. DXPE was a pretty sweet deal. Below I copied a section from the filing that discusses the purchase. It appears that Xu bought from the president and others. Are you saying these guys are a merger group? I am just having a hard time finding any thing solid to base purchasing this stock. It seems like a sweet deal but like everyone else I have been burnt on sweet deals. Smiles. I appreciate any other info or areas to research. TMAN...
Pursuant to the terms and conditions of the Stock Purchase Agreement, Zujun Xu acquired from Thomas Elliot, Jean LeRoy, and Jimmy Harvey (collectively, the Sellers ) approximately 70.6% of the issued and outstanding shares of common stock of the Registrant (the Transaction ).
-------------------- In the end, trust only yourself when trading stocks.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
