Yuantong Wang acquired 98% stake in Adaiah Distribution, Inc. from Yosef Yafe.
August 20, 2020
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Yuantong Wang entered into a stock purchase agreement to acquire 98% stake in Adaiah Distribution, Inc. (OTCPK:ADAD) from Yosef Yafe for $0.3 million on August 12, 2020. Yuantong Wang will acquire 31 million shares of Adaiah Distribution in the transaction. The purchase price was paid out of the Buyer’s personal funds. Yosef Yafe resigned as Chairman, Chief Executive Officer, President, Chief Financial Officer and Secretary of Adaiah and Yuantong Wang was appointed a director, Chief Executive Officer and President of Adaiah, effective August 14, 2020. At the Closing, the Board of Directors shall consist of one director appointed by Yuantong Wang and all officers and current Directors of Adaiah Distribution shall resign and the Board of Directors shall appoint the designees of Yuantong Wang as the sole officers thereof. The deal is conditional on due diligence investigation and delivery of duly signed resignation letters from Adaiah Distribution's current officer and Director. Richard Anslow of Ellenoff Grossman & Schole LLP acted as the legal advisor to Yuantong Wang. Cleartrust LLC acted as the transfer agent to Adaiah Distribution.
Yuantong Wang completed the acquisition of 98% stake in Adaiah Distribution, Inc. (OTCPK:ADAD) from Yosef Yafe on August 14, 2020.
Huaizhong Health Group Inc, formerly Adaiah Distribution Inc, is a development-stage company, which focuses on developing and distributing its products to the pillow industry. The Company distributes neck, head, donut, lumbar, decorative, throw and orthopedic pillows. Its neck pillows support the neck by providing an area for the head to rest and an area to keep the neck in alignment with the spine while sleeping. Its travel pillows provide support for the neck in a sitting position. Its donut pillows are firm pillows, which are used by individuals suffering an injury to the tailbone area or suffering pain from hemorrhoids or another ailment of the colon. Its lumbar pillows are designed to support the inward curve of the lower back, filling the space created between the lower back and the back of the chair when in a sitting position and these pillows are used to support the lower back while driving or sitting. Its decorative pillows serve to decorate the room and others.
HUAIZHONG HEALTH GROUP, INC. 