MERCARI COMMUNICATIONS GROUP, LTD. (OTCMKTS:MCAR) Files An 8-K Changes in Control of Registrant
Item 5.01 Changes in Control of Registrant
On February 2, 2017, China Concentric Capital Group Ltd., a
British Virgin Islands company (China Concentric), the owner of
43,822,001 shares (the Shares), representing approximately 96.5%,
of the outstanding common stock of Mercari Communications Group,
Ltd. (the Company), sold to Mr. Quanzhong Lin, an entrepreneur
resident in the Peoples Republic of China, 29,521,410 of the
Shares, representing approximately 65% of the outstanding shares
of the Companys common stock, for a purchase price of $300,000,
to a Stock Purchase Agreement dated December 21, 2016 (the
Purchase Agreement).
To the Companys knowledge, based on representations made by Mr.
Lin, the source of funds used by Mr. Lin for the stock purchase
to the Purchase Agreement was his personal funds.
Mr. Lin has indicated that he is purchasing a controlling
interest in the Company with the intention of acquiring an
operating business in a reverse acquisition transaction through a
share exchange. There can be no assurance that an acquisition of
any particular business will be consummated.
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Office
On February 2, 2017, in conjunction with the closing of the sale
of the Shares to Mr. Lin, the Companys then Board of Directors
elected Mr. Lin as a director, Chairman of the Board, President
and Chief Executive Officer of the Company, effective upon the
closing, and Ethan Chuang, who had served as President of the
Company since January 20, 2017, as Vice President of the Company.
Mr. Chuang continues to serve as a director of the Company.
Mr. Quanzhong Lin, age 38, is a highly successful entrepreneur in
China, and currently serves as Chairman of Ai Xin Company Group,
a diversified company which he founded in 2008. Ai Xin Company
currently has approximately 150 employees, assets in excess of
100 RMB and had revenues in excess of 100M RMB for the year ended
December 31, 2016. In addition to Ai Xin Company, Mr. Lin has
founded a number of companies located in Chengdu City, in the
Sichuan Province of China engaged in various lines of business,
including pharmacies, retail outlets, hotel management services
and global tourism.
About MERCARI COMMUNICATIONS GROUP, LTD. (OTCMKTS:MCAR)
Mercari Communications Group, Ltd. is a shell company. The Company seeks to acquire a privately owned business with the intent that the Company becomes a publicly owned business. The Company intends to acquire interests in various business opportunities. The Company had no products or services as of May 31, 2016. The Company has not generated any revenues. The Company was engaged in the business of providing educational products, counseling, seminar programs and publications, such as newsletters to adults aged 30 to 50. MERCARI COMMUNICATIONS GROUP, LTD. (OTCMKTS:MCAR) Recent Trading Information
MERCARI COMMUNICATIONS GROUP, LTD. (OTCMKTS:MCAR) closed its last trading session 00.000 at 0.250 with 32,200 shares trading hands.