Omnitech Holdings Ltd. (OHL) signed a memorandum of understanding (MOU) to acquire certain assets from ASF Group Limited (ASX:AFA) in stock in July 2011.

As of February 8, 2012, a new memorandum of understanding was signed by OHL to acquire certain assets from ASF Group Limited in stock. As a part of MOU, ASF shall be entitled to commence due diligence of OHL within 60 days. The finalization and entering to final purchase agreement and transaction is conditional upon due diligence. The transaction is also subject to approval of Board of Directors of Omnitech Holdings Ltd and ASF Group Limited. The formal business agreement is expected to be signed by July 31, 2012.

Omnitech Holdings Ltd. (OHL) cancelled the acquisition of certain assets from ASF Group Limited (ASX:AFA) on January 6, 2013.