TORONTO, June 30, 2020 /PRNewswire/ -- Onerpro Technologies Corp. ("Onerpro"), a leading developer and supplier of coating products and technologies in Canada, announced that the company has signed a Definitive Share Swap Agreement with its key partner, Conergies (Zhejiang) New Material Technology Co., Ltd. which was invested by the shareholders of Zhejiang Longsheng Group Co.,Ltd. (SHA: 600352, "Longsheng").
Upon completion of the share swap, Onerpro will become a wholly-owned subsidiary of Conergies and own 21 percent of the shares of Conergies through indirect equity. Dr. Stephen Hunt, the founder of Onerpro, will continue to serve as managing director and president of Onerpro with the focus on leading the company's R&D team to provide technological innovation and technical support for Conergies.
Founded by the shareholders of Zhejiang Longsheng Group Co.,Ltd., Conergies is a high-tech company specializing in development, production and marketing of high-performance films, with two fully automatic precision coating lines for the coating and gluing of thermoplastic polyurethane films (TPU films). Conergies precision coating line entered operation in December 2019 with its current annual production capacity reaching over 1.2 million square meters. Conergies is expected to launch a world-leading high-precision film casting line which will allow the company to explore the feasibility of moving the entire production of TPU films in-house.
Since 2012, Onerpro has been pioneering the development and design of high-performance coatings which are widely used in the industries spanning construction, automotive and electronics, among others.
The merger enables the two industry leaders to combine their business and technology advantages in the field of paint protection film. With Conergies's strong capital support and competence in business expansion, Onerpro is set to leverage its leading positions in product R&D and manufacturing to enhance product quality and increase production capacity, bringing out new business growth and opportunities for both in the future.
"The share swap deal enables us to further integrate our leading coating development ability and laminating technology with Conergies, helping Conergies significantly improve its production capacity and quality," said Jonathan Hill, Onerpro executive partner. "Conergies' advantage in production and sales and Onerpro's innovation in development will create a synergy, allowing us to more focus on product R&D, vastly upgrade the quality of existing products, expand our offerings and better serve the market. The deal also helps us resolve some quality issues we had encountered as a result of our dependence on OEMs due to the inadequate production capacity, enabling more clients to benefit from our professionalism and high quality."
Expressing the confidence in the new deal, Shan Jun CEO and Managing Director of Conergies, said that the merger serves as a major transitional opportunity for Conergies and Onerpro to enter the global market. "Onerpro's strong brand image, R&D and innovation ability, coupled with Conergies's production and technologies advantages, give both sides an unprecedented opportunity to shine on the global stage," he said.
Related publicly-traded firm:
Zhejiang Longsheng Group Co., Ltd. (SHA: 600352)
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