ACT360 Solutions, Chinese outfits to invest in Digital Media
ACT360 SOLUTIONS ANNOUNCES STRATEGIC ALLIANCE WITH CHINA PARTNERS
ACT360 Solutions Ltd.’s (AKM:TSXv) wholly owned special situation investment division Newport Concept Corp. has signed a memorandum of understanding (the MOU) with Shanghai Shenhua Holdings Co. Ltd., Shanghai Sailing Weidu Capital Management Co. Ltd. and ECS Engineering Consulting Services Co. Ltd.
Under the terms of the MOU, Newport and China partners will jointly invest in digital media growth opportunities including acquisitions, joint ventures and technology licensing. Newport’s role is to identify investment opportunities, conduct preliminary due diligence, manage transactions through to closing, co-invest and oversee the operations of portfolio companies outside of China.
According to Dickson Hall, chairman of ACT360 Solutions: “Our partnership with the China partners significantly expands the company’s capabilities to execute its growth by acquisition strategy. The China partners bring financial strength, capital markets expertise and scaled operations in China that will benefit from technologies acquired via proposed transactions identified by Newport.”
China partners, individually and collectively, are now making substantial investments in “Internet plus” related businesses, including digital marketing, with the goal of growing these businesses in the domestic China market as well as internationally. While the MOU is only an expression of understanding and intent and not a binding agreement, Newport and the China partners are working closely to ensure alignment of resources with the acquisition program.
Tang Qi, chief executive officer of Shenhua Holdings, commented: “We are very pleased to co-operate with experienced corporate development professionals and industry managers as represented by the Newport team. We have assembled a powerful platform to access international technologies and execute our Internet plus growth strategy.”