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$SPOM News: SPO Global Inc. Signs Merger Agreement with Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd.
Press Release | 03/14/2023
SHANDONG, CHINA / ACCESSWIRE / March 14, 2023 / SPO Global Inc. (OTC PINK:SPOM) and Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd. (SFHI) are excited to announce that the companies have signed a definitive merger agreement. The merger agreement will bring together SFHI's expertise in food machinery research and development with SPO Global Inc.'s strategic planning and operations services.

SFHI, located in Zhucheng, Shandong Providence, is focused on the research and development of food machinery. The company's main products include automatic continuous vacuum packaging machines, rolling vacuum packing machines, fruit and vegetable cleaning machines, food air dryers, walnut peeling machines, pasteurizers, freeze-drying machines, liquid nitrogen quick freezers, dryers, press dehydrators, blends, and many other food related machines and equipment. The sales for SFHI through December 31, 2022 were approximately $9,285,000 with net income of approximately $1,485,000.

Fang Qiang, the general manager of SFHI, expresses his excitement about the merger, saying "We are thrilled to be joining forces with SPO Global Inc. This merger will allow us to expand our capabilities and better serve our clients in the food industry."

Under the terms of the merger agreement, SFHI will become a wholly owned subsidiary of SPO Global Inc. The combined company will be headquartered in Zhucheng, Shandong Providence in China.

"We are excited about the potential of this merger," said Qiang. "Together, we will be able to offer a wider range of services to our clients in the food industry, from research and development of new food machinery to strategic planning and operations consulting."

SPO Global comments, "While we unfortunately had to abandon our biotech and medical plans that were previously mentioned to our shareholders, we have strong belief that this merger will add to the growth of our company in a booming sector."

We encourage our shareholders to visit our corporate Twitter account for more updates: https://twitter.com/spo_global

https://www.otcmarkets.com/stock/SPOM/news?id=393152