Cleantech Solutions International Enters Into Sale And Purchase Agreement To Acquire 51% Of Inspirit Studio

HONG KONG — October 27, 2017 — Cleantech Solutions International Inc. today announced that its wholly-owned subsidiary, EC Technology & Innovations Ltd. has entered into a sale and purchase agreement with the shareholder of Inspirit Studio to acquire 51 percent ownership of Inspirit. ECTI will acquire 51 percent of Inspirit for consideration of 3 million Hong Kong dollars, which shall be satisfied by the allotment and issuance of 85,473 unregistered shares of the Company at a price of $4.50 per share.

“We are very excited to join the Cleantech Solutions group to further develop and enhance our community courier solutions,” said Kurt Tam, CEO, Inspirit Studio. “We have already made plans to enhance our solutions, cover a broader market scope, and allow more people to join as both users and service providers.”

“We are happy to welcome Inspirit and Anyway to the Cleantech Solutions network,” said Parkson Yip, COO of Cleantech Solutions. “The sharing economy is growing around the world. We strongly believe Anyway will penetrate everyday life, allowing people to serve each other more easily. By integrating the Anyway business model and the user groups, Cleantech Solutions will be better able to grow our community sharing concepts. We expect to increase active service providers in Hong Kong from 2,000 to 120,000 and expand into other regions in the next 12 months. We look forward to acquiring more sharing economy related businesses as we continue to pioneer the global growth of sharing economy markets.”

According to iimediaResearch, the number of users participating in the peer-to-peer delivery sharing market in China has grown from 124 million in 2014 to 231 million in 2016, and experts expect it to grow to 353 million by 2018. Approximately 1.4 billion transactions were recorded in the first quarter of 2017.

Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry.

Posted October 27, 2017

Source: Cleantech Solutions International