SPO Global Inc. Signs Merger Agreement with Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd.
SPO Global Inc. (OTC PINK:SPOM) has entered into a definitive merger agreement with Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd. (SFHI), a company specializing in food machinery. This merger aims to integrate SFHI's food machinery expertise with SPO's operational services, enhancing their market position in the food industry. SFHI reported sales of approximately $9.3 million and net income of $1.5 million as of December 31, 2022. The combined entity will operate under SPO Global, with headquarters in Zhucheng, Shandong Province. The merger reflects SPO's strategic shift, moving away from biotech toward food-related sectors.
- Merger enhances market positioning in the food machinery sector.
- SFHI has a solid revenue of $9.3 million and net income of $1.5 million.
- Combining expertise may lead to increased service offerings and profitability.
- Abandonment of previous biotech and medical plans may raise concerns about strategy.
- Potential risks associated with merging operations and integrating two companies.
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
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
About SPO Global Inc. (OTC PINK:SPOM): SPO Global Inc. recently signed a merger agreement with a leading food machinery company, Shandong Fangyuan Huizhong Intelligent Equipment Co., Ltd. (SFHI).
Company Disclaimers: As a Public Traded Company, within the guidelines of Federal and State Securities Law, SPO Global, Inc. may not avail itself of the Safe Harbor provisions as identified in the Private Securities Litigation Reform Act of 1995. However, SPO Global, Inc. provides the following disclaimer and warning to protect our shareholders, prospective investors and the public at large by alerting them to the risks and uncertainties involved with any investment, and the need to perform their own due diligence and assessment.
Forward-Looking Statements: This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Securities and Exchange Commission.
Company Contact:
Jeff Peng
liangjianpeng2018@gmail.com
SOURCE: SPO Global Inc.
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FAQ
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