China Yibai United Guarantee International Holding Inc. Signs Definitive Agreement to Acquire TidyCall Inc.
China Yibai United Guarantee International Holding Inc. (CBGH) announced the execution of a definitive Share Exchange Agreement to acquire 100% of TidyCall Inc. This acquisition will result in a reverse stock split of 1:10, with CBGH issuing 272,033,022 new shares, making TidyCall the 75% controlling shareholder. Willie Hsu of TidyCall will replace Minle Zeng as CEO of CBGH. The deal aims to broaden CBGH's offerings in the blockchain and cleaning service industries. TidyCall plans to rename the company to Infinittek Holdings, Inc. post-transaction.
- Acquisition expands product offerings and market reach.
- New management under Willie Hsu expected to enhance operational strategy.
- Access to new investors and strategic partnerships through the RTO.
- Focus on high-growth sectors: blockchain and on-demand services.
- Potential dilution of existing shareholders due to new share issuance.
- Leadership transition may pose integration challenges.
TORONTO, ON / ACCESSWIRE / April 28, 2022 / China Yibai United Guarantee International Holding Inc. (OTC PINK:CBGH) ("CBGH" or the "Company"), is pleased to announce that it has executed the definitive Share Exchange Agreement confirming its previously announced transaction to acquire
The Transaction will be consummated at a "Closing" to take place two business days following the agreement of both parties that all conditions to Closing have been satisfied or waived. At the Closing, the issued and outstanding common shares of TidyCall will be exchanged for CBGH Shares on a 1:1 basis, after giving effect to a reverse stock split on the basis of 1:10 shares which will be completed prior to the Closing. Following the reverse stock split, an aggregate of 272,033,022 fresh, restricted shares of CBGH Common Stock will be issued in exchange for the shares of TidyCall Common Stock issued and outstanding as of the Closing. Accordingly, if TCI receives certificates representing all of the issued and outstanding shares of CBGH, TidyCall would become the
At the Closing, Mr. Minle (Millo) Zeng, the President of CBGH, will resign as Chief Executive Officer, President, Treasury and Secretary of CBGH immediately, but thereafter will remain a Director of CBGH's Board of Directors. At the same time, Willie Hsu, the President of TCI, will be elected to serve as Chief Executive Officer, President, Treasury and Secretary of CBGH. Mr. Zeng proudly stated: "This acquisition will broaden the product and service offerings of the company, and will definitely revitalize CBGH, in a way that we believe will maximize its shareholder value in the long run". He also noted that Mr. Willie Hsu is an innovative and aggressive entrepreneur with a deep and extensive knowledge of, and experience in, the IT industry, who will strengthen the overall management team of CBGH, both today and in the future.
"We are very excited to have executed the definitive agreement for completion of the planned Reverse-Take-Over (RTO)", said Willie Hsu. "This is a major milestone for our Company that will enable us with access to new investors, strategic partners, and new sources of capital. We are confident that this transaction will help us enhance our visibility within the industry and broaden our market reach to build long-term shareholder value. At the same time, it represents an important step forward in advancing our global expansion plans."
TidyCall intends to position itself as a player in the blockchain, non-fungible token and gamefi industries, besides expanding its Cleaning Service App. To better reflect this new corporate strategy and future development plan, Willie Hsu, CEO & President, has proposed a new name for the public company, "Infinittek Holdings, Inc.", rather than "TidyCall Inc."
Additional information about the Transaction, and the new vision of the companies, will be provided via future press reports and on social media platforms. Shareholders are asked to follow our social media page on Twitter at https://twitter.com/cbgholding, and/or the company's website at https://tidycall.com for additional updates before the Company name is officially changed.
About CBGH
China Yibai United Guarantee International Holding Inc. (OTC Pink: CBGH), is a Nevada corporation listed for public trading on the OTC Pink Tier. The company focuses on conducting business in a variety of industries, including biotechnology and pharmaceutical products, dietary and nutritional supplements, sharing-economy app development, and cloud/big data products and services, through its wholly-owned subsidiaries.
About TidyCall Inc.
TidyCall Inc. is a Canadian company, based in Markham, Greater Toronto Area (GTA), which provides mobile-device users on-demand cleaning services (residential & commercial) information and access through its proprietary TidyCall™ App. There are two versions of the TidyCall™ App available for download: TidyCall User™- for consumers who use commercial Cleaning Services (CSUs), and TidyCall Provider - for approved Cleaning Service Providers (CSPs). Individuals interested in becoming a TidyCall CSP can now apply at https://TidyCall.com.
TidyCall™ is an on-demand cleaning services App, and its innovative easy-to-use interface helps CSUs and CSPs interact efficiently when requesting and/or providing cleaning services through TidyCall™. Its proprietary "Two-Way-Review/Rating System" allows TidyCall CSUs and CSPs to rate and review each other discreetly after each cleaning service, incentivizing users to act in accordance with TidyCall's™ adopted Terms and Conditions, which has resulted in higher productivity and an overall higher-quality user experience. Furthermore, TidyCall™ utilizes Geo-Fencing technology to collect the real time geographic information of its CSPs and CSUs when a service is ordered, which helps ensure the safety of all users of the TidyCall™ services.
With an increasing growth in demand for sharing economy services, TidyCall™ is following the footsteps of other highly successful companies operating in the sharing economy sector, such as Uber Technologies, Inc. and DoorDash, Inc. Thanks to its visionary management team and proprietary technology, TidyCall's goal is to become a major player in the hundred-billion-dollar global cleaning service industry.
For further information about TidyCall Inc, including the CSP application form, visit the company's website at https://TidyCall.com.
Forward-Looking Information:
This news release contains certain forward-looking statements, which include any statements made in this release which are not historical facts, such as statements concerning potential future developments affecting the business, prospects, financial condition and other aspects of the companies to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of each company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.
Investor Relations
Willie Hsu
CEO & President
Email: willie@tidycall.com
Investor Relations Representative
ir@tidycall.com
Phone#: +1 4168388010
SOURCE: China Yibai United Guarantee International
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FAQ
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