Huitao Technology Announces Completion of $2 Million Private
BEIJING, March 13, 2020 /PRNewswire/ -- Huitao Technology Co., Ltd. (Nasdaq CM: HHT) (the "Company", "we" or "HHT"), a company engaged in production of advanced ready-mix concrete materials and education service, announced today that it has completed a private placement offering with Hou Sing International Business Limited, the largest shareholder of the Company, bringing gross proceeds of $2 million from the sale of an aggregate of 2,000,000 ordinary shares at a per share price of $1.00.
Mr. Yang (Sean) Liu, the Chief Executive Officer of HHT commented: "We are pleased to announce that the Company successfully raised $2 million in capital from our current shareholder Hou Sing, who shares our vision for the long-term success of HHT. The funding provides us the necessary source of capital to execute our plan to jumpstart our education services business and to fuel our growth. We appreciate our shareholder's confidence in our business by willing to purchase the shares above market price. With the recent acquisition of Sunway Kids and the joint venture with Baydolphin, Inc., we believe HHT is well positioned in its evolution as a technology-oriented education service provider."
About Huitao Technology Co., Ltd.
The Company is a holding company whose primary business operations are conducted through its wholly-owned subsidiaries Xin Ao Construction Materials, Inc., Beijing Ao Hang Construction Materials Technology Co., Ltd., Sunway Kids International Education Group Ltd., Brave Millennium Limited, Chengdu Hengshanghui Intelligent Technology Co., Ltd. and our variable interest entities, Beijing Xin Ao Concrete Group and Chengdu Hengshanghui Education Consulting Co., Ltd. The Company engages in the production of advanced construction materials for large scale infrastructure, commercial and residential developments, primarily focused on engineering, producing, servicing, delivering and pumping a comprehensive range of advanced ready-mix concrete materials for highly technical, large scale, and environmental-friendly construction projects. Through its newly acquired subsidiaries, the Company also engages in the early childhood education service business, providing a well-structured system to day cares and preschools in China, including AI and robotic technologies, intellectual campus administration software as a service (SaaS) system and personalized education planning. The Company also anticipates to provide after-school tutoring program in New York via a newly formed joint venture. For more information, please visit http://www.china-acm.com.
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and HHT's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on HHT's operations, the demand for the HHT's products and services, global supply chains and economic activity in general. These and other risks and uncertainties are detailed in the other public filings with the Securities and Exchange Commission (the "SEC") by HHT.
Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended June 30, 2019. HHT's SEC filings are available publicly on the SEC's website at www.sec.gov. HHT disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE China Advanced Construction Materials Group, Inc.