WENZHOU, China, Mar. 11, 2017 /PRNewswire/Korea IT Times -- Hebron Technology Co., Ltd. ("Hebron" or the "Company") (Nasdaq: HEBT), a developer, manufacturer and installer of valves and pipe fittings for use in the pharmaceutical, biological, food and beverage, and other clean industries, today announced that it has entered into a non-binding Letter of Intent (the "LOI") to acquire a majority equity interest in Shanghai Xinxiao Co., Ltd. ("Xinxiao"). Through its online portal www.xinxiao114.com, Xinxiao operates one of the largest online marketplaces for equipment and products used in the pharmaceutical, biological, chemical, food and beverage, and environmental industries.
Pursuant to the LOI entered into on March 8, 2017, Hebron intends to acquire a majority equity interest in Xinxiao with cash on hand (the "Transaction"). The Transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of definitive share purchase agreement, the approval of the Company's Board of Directors, and the satisfaction of other customary closing conditions.
Mr. Anyuan Sun, Chairman and Chief Executive Officer of Hebron, commented, "Xinxiao114.com is one of the largest online equipment and products sourcing platforms for a wide array of industries we currently serve. Leveraging its proprietary database and strong relationships with leading companies in these industries, Xinxiao gives us a unique opportunity to accelerate not only our core valves and pipe fitting products and services business but also our e-commerce business.
About Shanghai Xinxiao Co., Ltd.
Established in 2006, Shanghai Xinxiao Co., Ltd. ("Xinxiao") is an e-commerce and information service company. Through its online portal www.xinxiao114.com, Xinxiao operates an online marketplace for equipment and products used in the pharmaceutical, biological, chemical, food and beverage, and environmental industries. Xinxiao also provides workshops, conferences, publishing and consulting services for businesses.
About Hebron Technology Co., Ltd.
Established in January 2005 and headquartered in Wenzhou City, Zhejiang Province, China, Hebron Technology Co., Ltd. ("Hebron" or the "Company") engages in research, development, and manufacture of highly specialized valves and pipe fitting products for use in the pharmaceutical, biological, food and beverage, and other clean industries. The Company also offers its customers comprehensive pipeline design, installation, construction, and ongoing maintenance services as holistic solution services.
This press release contains information about Hebron's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Hebron encourages you to review other factors that may affect its future results in Hebron's registration statement and in its other filings with the Securities and Exchange Commission.