HONG KONG, April 18, 2023 /PRNewswire/ -- China Information Technology Development (CITD) Limited (HKEX: 8178), a Hong Kong Stock Exchange listed company that provides integrated marketing AI solutions, big data analytics, system integration services and data storage to clients across different industries in China and Hong Kong, is pleased to announce today that it has completed a strategic share swap agreement with Bonanza Goldfields Corp. (OTC:BONZ), a leading provider of artificial intelligence and blockchain solutions.
Under the terms of the share swap agreement announced on 17 April 2023, CITD will swap its 2,652,038 shares for a total of 218,574,618 BONZ shares, to be allotted and issued by Bonanza Goldfields Corp. The total consideration for the transaction is approximately HK$3,580,252 (equivalent to approximately US$459,007). After completion of the transaction, Marvion Group Limited, a wholly owned subsidiary of BONZ will own approximately 4.29% of the enlarged share capital of CITD, while CITD will own approximately 0.153% of the enlarged share capital of BONZ.
Mr. Wong King Shiu, Daniel, Chairman and CEO of CITD stated, "We believe that there is much growth potential in the value of BONZ shares, and we see a significant investment opportunity in BONZ's services without cash outflow. The share swap agreement represents a significant step forward in our cooperation with BONZ, and we look forward to building on this partnership in the future."
Echoing this sentiment, "We are excited to announce the completion of this strategic share swap agreement with CITD," said Raymond Chua, CEO of Marvion. "This partnership allows us to become strategic allies, leveraging each other's expertise in artificial intelligence and blockchain information security. We look forward to exploring the potential synergies between our companies and continuing to grow together."
About CITD
China Information Technology Development Limited is listed on Hong Kong Stock Exchange (CITD, HKEX: 8178) and wholly owned two subsidiaries - DataCube and Macro Systems. The business of the group is mainly providing integrated marketing AI solutions, big data analytics, system integration services and data storage to clients across different industries in China and Hong Kong.
About BONZ
Bonanza Goldfields Corporation is a Nevada holding company that through its subsidiaries are engaged in the media distribution business. Specifically, we provide authentication, valuation and certification ("AVC") service, sale and purchase, hire purchase, financing, custody, security and exhibition ("CSE") services to buyers of movie and music media through traditional channels as well as through leveraging blockchain technology in information security.
