ADDENTAX GROUP CORP. (OTCMKTS:ATXG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01: Entry into a Material Definitive Agreement.
On December 28, 2016 Addentax Group Corp. (ATXG or the Company)
disclosed via a Form 8-K that it had executed Sale Purchase
Agreement (SP) for the acquisition of 100% of the shares and
assets of Yingxi Industrial Chain Group Co., Ltd., a company
incorporated under the laws of the Republic of Seychelles. ATXG
agreed to issue five hundred million (500,000,000) shares of ATXG
to Yingxi Industrial Chain Group Co., Ltd. to acquire the shares
and assets for a cost of US$0.30 per share or a total cost of
US$150,000,000. However, effective March 6, 2017, due to the
death of Mr. Wu Linrui who served in the position of President,
Secretary, Treasurer and as a Director during the execution of
the above noted SP Agreement, both parties to the Agreement have
consented to revise those portions of the SP Agreement related to
the signatories to the Agreement. Other than changes to the
signatories or items related to the signatories, no changes have
been made to the terms of the Agreement. The revised SP Agreement
is included hereto as Exhibit 10.04
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers
Effective February 1, 2017, Management of Addentax Group Corp.
(ATXG) reported the death of Mr. Wu Linrui who served in the
position of President, Secretary, Treasurer and as a Director.
Mr. Wu served in these positions since December 28, 2016. Also
effective as of February 8, 2017, ATXG reported the appointment
of Mr. Yu Keying to replace Mr. Wu Linrui in the positions of
President, Secretary and Treasurer.
Effective March 10, 2017, management of ATXG will affect the
appointment of Mr. Hong Zhida to replace Mr. Yu Keying in the
positions of President, Secretary, Chief Executive Officer and
Treasurer. Mr. Yu Keying will remain as a Director of ATXG.
Hong Zhida: President, Secretary,
Treasurer
Mr. Hong Zhida received his Bachelors Degree in Electronic
Information Science and Technology from Sun Yat-sen University in
July 2013.
From June 2014 to Present, he served as the Director of China
Huiying Joint Supply Chain Group Co.Ltd. He was responsible for
assisting the companys chairman to plan development strategy.
From September 2013 to May 2014, he served as Head of Membership
Department of the Guangzhou Haifeng Chamber of Commerce. In that
position he was responsible for the membership management of the
institution.
Item 9.01 Financial Statements and
Exhibits
Exhibit No.Description
10.04Sale and Purchase Agreement for the
Acquisition of 100% of the shares and assets of Yingxi Industrial
Chain Group Co., Ltd.; Dated March 6, 2017.
About ADDENTAX GROUP CORP. (OTCMKTS:ATXG)
Addentax Group Corp. is a development-stage company. The Company is working on a field of producing images on a multiple surfaces, such as glass, leather, plastic, ceramic, textile, and others using three-dimensional (3D) sublimation vacuum heat transfer machine. The 3D sublimation vacuum heat transfer machine does not require technical skills for product production. A set of printing machines includes the machine itself and all raw materials for setting up and testing, and raw materials for production process. Materials for images can be varied, such as ceramics, glass, crockery, metal, clothing, caps, bags, leather products and other products. Its products are intended for individuals, business owners associated with the sale of souvenirs, and business owners intending to order souvenirs in the corporate style. It also intends to conclude a contract of carriage with local shipping companies for delivery of its goods to cities such as Meknes, Rabat, Kenitra and across the world.
