HOWELL, N.J., Jan. 13, 2020 /PRNewswire/ -- On December 18, 2019, Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland") and Goog Intelligent Machinery Changxing Co., Ltd. ("Goog"), a technology service and product provider in China, entered into a non-binding Memorandum of Understanding ("MOU"). Under the terms of the MOU, Greenland or its affiliates will acquire up to 75% ownership of Goog. Greenland will pay Goog's shareholders their original paid-in capital with cash and a 20% premium with newly issued shares of Greenland. Greenland will conduct due diligence on Goog regarding its financials, operating results, technology, and intellectual property. The transaction is subject to the approval by the Boards of Directors of Greenland and Goog.
Goog has been developing the AMT (Automated Manual Transmission) technology, created a few working prototypes with the AMT technology, and tested them on buses and heavy-duty trucks. AMT is an automated gearbox system, which enables the decision to perform a gearshift and the actuation of clutch/gears to be done by computer. Compared to the manual transmission system, vehicles equipped with the AMT technology provide superior user experience, as AMT improves the safety and stability of the vehicle, enables the vehicle to be more fuel-efficient, and minimizes negative effects of driver fatigue.
Mr. Peter Zuguang Wang, the Chairman of Greenland, remarked, "Through this acquisition, Greenland will be able to add the automated manual transmission technology and know-hows to its existing transmission lines, providing quality products with the updated technology to its customers at competitive prices."
Greenland Technologies Holding Corporation, a British Virgin Islands company, is a developer and a manufacturer of transmission products for material handling machineries, as well as a developer of robotic cargo carriers and automated warehouse systems.
Located in Changxing County, Huzhou City, Zhejiang Province, China, Goog Intelligent Machinery Changxing Co., Ltd., is a developer of the AMT technology and a provider of products and services related to AMT.
This press release contains statements that may constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K and Definitive Proxy Statement on Schedule 14A filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to future performance and anticipated financial impacts of the business transaction.
Such forward-looking statements relate to future events or future performance, but reflect the parties' current beliefs, based on information currently available. Certain of these factors are outside the parties' control and may be difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include: business conditions; natural disasters; changing interpretations of U.S. Generally Accepted Accounting Principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; changes in legislation or regulatory environments, requirements or changes adversely affecting the businesses of Greenland; difficulties in maintaining and managing continued growth; restrictions on the ability to make dividend payments; general economic conditions; geopolitical events and regulatory changes; and the failure to maintain the listing of Greenland's securities on the Nasdaq Stock Market.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors are contained in Greenland's filings with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements in this press release, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to publicly update or revise any forward-looking statements in this press release to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as may be required by law.
Greenland Technologies Holding Corporation
SOURCE Greenland Technologies Holding Corporation