Sincerity Applied Materials Holdings Corp enters LOI with BD Pacific Trading in SA, Australia

Rhea-AI Summary

Sincerity Applied Materials Holdings Corp (SINC) announced a letter of intent to acquire BD Pacific Trading for $1 million. This acquisition aims to enhance SINC's operational capabilities in Australia by bridging the distribution gap between innovation and customers. Simon Rees, the current owner of BD Pacific Trading, will reportedly become the Chief Operating Officer, focusing on expanding markets in Australia, New Zealand, USA, and Europe. SINC specializes in environmental polymers and solutions, partnering with Chinese research institutions for material technology development.

Positive

• Acquisition of BD Pacific Trading for $1 million to enhance distribution capabilities.
• Appointment of Simon Rees as COO expected to drive market growth.

Negative

• Risks associated with the acquisition could impact actual results.

MELBOURNE, Australia, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Sincerity Applied Materials Holdings Corp (OTC Pink: SINC), a U.S. high performance material company with presence in China and Australia, is pleased to announce it has signed a letter of intent (LOI) with BD Pacific Trading, a plastic & flexible packaging distribution business in South Australia.

The prospective 1 million USD acquisition, the first in a series of planned acquisitions, would fundamentally change how SINC operates in Australia by filling in the distribution gap between innovation and end customers.

Current owner of BD Pacific Trading, Simon Rees, is expected to be appointed as the Chief Operating Officer, with a core focus on growing Australian, New Zealand, USA, and European market with product innovation and strategic acquisitions.

About Sincerity Applied Materials Holding Corp
Sincerity Applied Materials delivers high performance environmental polymer and solutions, to help customers reducing product wastage, improve logistics efficiency, and reduce their carbon footprint. The Company, though its China partner, has been developing its exceptional material technology through partnerships with leading Chinese research institutions and facilities. Today, Sincerity's products are widely used in the automotive, packaging, building & construction and engineering industries.

Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.

Contact Information:
Investor Relations: CORE IR
+1 516 222 2560
IR@sincerityplastics.com

FAQ

What is the significance of SINC's acquisition of BD Pacific Trading?

The acquisition is aimed at improving SINC's distribution operations in Australia, enhancing their market presence.

How much is SINC investing in the BD Pacific Trading acquisition?

Sinc is investing $1 million in the acquisition of BD Pacific Trading.

Who will be the new COO of SINC after the acquisition?

Simon Rees, the current owner of BD Pacific Trading, is expected to be appointed as COO.

Which markets will SINC focus on after acquiring BD Pacific Trading?

SINC will focus on expanding in Australia, New Zealand, USA, and Europe.

What are the potential risks of SINC's acquisition strategy?

The acquisition may involve known and unknown risks that could affect the company’s actual performance.