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PR, 8-K out: Velt International Group Inc.

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Quintessence Member Level  Saturday, 01/26/19 01:19:09 PM
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PR, 8-K out: Velt International Group Inc. acquires THF Holdings Pty Ltd

Thousand Oaks, California, Jan. 24, 2019 (GLOBE NEWSWIRE) -- Velt International Group Inc. (OTC Pink: VIGC) (the “Company” or “Velt”) today announced that on January 22, 2019 it has executed an agreement to acquire all of the issued and outstanding shares of THF Holdings Pty Ltd (“THF”), an Australian Cancer Treatment and Medical devices company.

Under the agreement, Velt acquired 100% outstanding shares of THF for the aggregated amount of USD 1 Million. Velt shall issue shares equivalent to the acquisition amount based on share price closed on January 22, 2019. Rural Asset Management Services, Inc. (“RAM”) is the sole shareholder of THF and on December 14, 2018 RAM acquired 1,132,000 shares of Velt, which makes it a majority shareholder of the Company.

Ali Kasa, the CEO and President of the Company and Director of THF Holdings Pty Ltd said, “the acquisition of THF is critical for Velt future directions and business model. We are exploring the life sciences sector and perhaps consider venture into latest technology related to cancer treatment.”


https://www.otcmarkets.com/stock/VIGC/news/story?e&id=1269265

https://www.otcmarkets.com/filing/html?id=13170944&guid=AHGtUa3VoTB9z3h

On January 22, 2019, the Company entered into and closed an Acquisition Agreement with THF Holdings Pty Ltd., an Australian corporation (“THF”) and Rural Asset Management Services, Inc., THF’s sole shareholder (“Rural”), pursuant to which the Company acquired 100% of the issued and outstanding capital stock of THF in exchange for 4,000,000 shares of the Company’s common stock, valued on January 22, 2019 at $1,000,000. THF is an Australian Cancer treatment and medical device company. Rural, is currently the majority shareholder of the Company, and although the acquisition was not an arms-length transaction, the Company believes that the purchase price paid was reasonable and below THF’s market value.

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