HONG KONG, March 25 /PRNewswire-Asia/ -- The board of directors of ZZ Node Technologies Co. Ltd. (stock code: 2371, the "Company" or "ZZ Node") is pleased to announce the signing of the memorandum of understanding ("Memorandum of Understanding") with Sandmartin International Holdings Limited (stock code: 0482, "Sandmartin") (the "MOU"), for (i) the purchase of 5,000,000 set-top boxes from Sandmartin for 5 years; and (ii) a proposed share exchange.
According to the MOU, each party shall subscribe for not less than 100,000,000 new shares in the share capital of the other party, credited as fully paid at a totally value of not more than HK$300,000,000 at the closing price of the shares on the date of the signing of the formal share exchange agreement. Sandmartin is a well developed manufacturer and distributor of satellite TV products as well as set-top boxes, offering an extensive variety of products to customers worldwide.
Commenting on the MOU, Mr. Chen Fu Ju, Executive director of ZZ Node, said, "The Company is taking another step forward in the media industry development with the purchase of set-top boxes. In addition, with the introduction of new investor Sandmartin, a leader in the satellite TV products industry, it is expected to further strengthen our business and market position in the PRC. We will continue to explore new business opportunities and to maximize the profit for our shareholders."
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