Company Files Current Report on Form 8K in Connection with the Event
NEW YORK, NY, Dec. 28, 2017 (GLOBE NEWSWIRE) -- Yangtze River Development Limited, (NASDAQ GLOBAL SELECT MARKET: YERR) (the “Company”), an international infrastructure company that currently engages in the business of real estate development via a port logistic project located in the middle reaches of China’s Yangtze River in Wuhan, China, announced today the planned acquisition of Wuhan Economic Development Port Company Limited (“Wuhan Economic Development”).
In exchange for the current real estate assets that the company owns and RMB 600 million (or approximately $91 million US) in cash or convertible note. The company has deposited RMB 30 million and intends to complete the transaction by the end of first quarter of 2018.
As with the company’s current location on the Yangtze River, property of Wuhan Economic Development covers approximately 7 kilometers of shoreline, a significant increase from the current shoreline of approximately 1 kilometer.
The acquisition would provide the Company with revenue generating properties, including 9 approved berths, 3 of which are already in operation, along with 10 additional berths pending approval.
The planned acquisition is subject to the completion of the audit of Wuhan Economic Development and approval by the relevant regulatory agencies.
A detailed news release on this planned transaction is expected to be issued by the Company on January 2, 2018.
Link to the current report on Form 8-K regarding the planned acquisition:
https://www.sec.gov/Archives/edgar/data/1487843/000121390017013684/0001213900-17-013684-index.htm
ABOUT YANGTZE RIVER DEVELOPMENT LTD.:
Yangtze River Development Limited primarily engages in the business of real estate development with a port logistic project located in the middle reaches of the Yangtze River. Wuhan Economic Development Port Limited is a large infrastructure development project implemented under China's latest “One Belt One Road” initiative and is believed to be strategically positioned in Wuhan, a crucial trading window between China, the Middle East and Europe. The logistics center is also expected to provide a number of shipping berths for cargo ships of various sizes. Wuhan Economic Development Port Limited is expected to provide domestic and foreign businesses a direct access to the Free Trade Zone in Wuhan. The project will include commercial buildings, professional logistic supply chain centers, direct access to the Yangtze River, Wuhan-Xinjiang-Europe Railway and ground transportation, storage and processing centers, IT supporting services, among others.
For additional information please go to: http://www.yerr.com.cn
FORWARD-LOOKING STATEMENTS:
This document includes “forward-looking” statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases. Forward-looking statements are any statements other than statements of historical fact, including statements regarding Company's expectations, beliefs, hopes, intentions or strategies regarding the future. Among other things, these forward-looking statements may include statements regarding the change of Company's plan of operation, future opportunities as a result of the matter referenced in the above statements; and any other statements regarding Company's future beliefs, expectations, plans, intentions, financial condition or performance. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expects,” “should,” “believes,” “plans,” “anticipates,” “estimates,” “predicts,” “potential,” “continue,” or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, our financial and business prospects, our capital requirements, our financing prospects, our relationships with employees, and our ability to realize the anticipated benefits of such transaction, and those disclosed as risks in other reports filed by us with the Securities and Exchange Commission, including those described in our most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K and subsequent amendment on Form 10-K/A, current report on Form 8-K, and other filings with the SEC.
We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, we disclaim any obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.