NETWORK CN INC. (OTCMKTS:NWCN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
On January 14, 2020, the Company entered into a Letter of Intent with Earthasia Worldside Holdings Limited (“EWHL”) that the Company will acquire 100% of the EWHL’s issued and outstanding stock owned by the shareholders of the EWHL and the EWHL will become a wholly owned subsidiary of the Company.
On July 23, 2020, the Company entered into Share Exchange Agreement with Ease Global Limited (“Ease Global”), the shareholder of Trade More Global Limited (‘Trade More”) that the Company will purchase, One Thousand and One Hundred (1,100) currently issued shares of common stock of Trade More from Ease Global and in exchange for Forty-nine Million(49,000,000) shares of newly-issued shares of common stock of the Company. The closing of the Exchange shall occur on September 2, 2020 or such other date as agreed by the parties of the Share Exchange Agreement. Upon completion of the Exchange, 78% of issued shares of common stock of the Company shall be held by the Ease Global while all of the shares of capital stock of Trade More shall be held by the Company. EWHL is a wholly owned subsidiary of Trade More.
About NETWORK CN INC. (OTCMKTS:NWCN)
Network CN Inc. is a media and advertising company. The Company is engaged in the provision of out-of-home advertising in China through the operation of a network of roadside light-emitting diode (LED) digital video panels, mega-size LED digital video billboards and light boxes in major cities. The Company operates through Media Network segment. Its suite of services ranges from media planning to advertising operations in the media sector. The Company is building an out-of-home media network that includes roadside billboards, as well as digital video mega-displays. The Company’s focus is primarily on its media platforms in Beijing, Shanghai and other major cities in China. The Company’s subsidiaries include NCN Group Limited, NCN Media Services Limited, NCN Media Services Limited, NCN Group Management Limited, NCN Huamin Management, Beijing Huizhong Bona Media Advertising Co., Ltd., Chuanghua Shanghai Advertising Limited and Huizhong Lianhe Media Technology Co., Ltd.
