Admall Sdn Bhd completed the acquisition of Resort Savers, Inc. in a reverse merger transaction.
May 16, 2018
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Admall Sdn Bhd entered into an agreement to acquire Resort Savers, Inc. (OTCPK:RSSV) in a reverse merger transaction on February 9, 2018. Under the terms of the transaction, Resort Savers, Inc. will issue 400 million shares to acquire Admall Sdn Bhd leading to more than 80% stake of Resort Savers, Inc. being acquired by Admall Sdn Bhd on closing. The shares issued will be subject to a lock up agreement commencing from the closing date and ending on the one-year anniversary of the closing date. In a related transaction, on February 9, 2018, Resort Savers terminated its share exchange agreement with Dusun Eco Resort (2015) Sdn. Bhd. signed on December 7, 2017 for a reverse merger transaction. The transaction with Admall shall be terminated by mutual written consent of Admall Sdn Bhd and Resort Savers, Inc. or by a notice in writing. As part of agreement, Zhou Gui Bin, Chief Executive Officer, President, secretary and Director of Resort Savers and Zhou Wei, Chief Financial Officer, treasurer and Director of Resort Savers resigned from their positions. Ding-Shin “DS” Chang and Boon Jin “Patrick” Tan are appointed as new Directors for Resort Savers with Ding-Shin “DS” Chang serving as new President and Chief Executive Officer and Boon Jin “Patrick” Tan as treasurer and Chief Financial Officer. Liang-Yu “Jacky” Chang was appointed as Resort Savers, Inc.'s secretary.
The transaction is subject to approval of the Board of Directors and shareholders' of Resort Savers, Inc., approval from government authorities and third parties and no adverse effect having occurred as of the closing. The transaction is expected to be completed within five business days after all the closing conditions to the agreement have been satisfied or waived. The deal is expected to close at the end of the first fiscal quarter in 2018.
Admall Sdn Bhd completed the acquisition of Resort Savers, Inc. (OTCPK:RSSV) in a reverse merger transaction on May 16, 2018.
Phoenix Rising Companies makes investments and acquisitions into various markets and industries across the world. The Company is principally engaged in the trading of oil, gas and lubricant. The Companyâs subsidiaries include Xing Rui International Investment Holding Group Co., Ltd., Xing Rui International Investment Group Ltd., Huaxin Changrong (Shenzhen) Technology Service Co., Ltd., and Beijing Yandong Tieshan Oil Products Co., Ltd. (Tieshan Oil). Tieshan Oil is engaged acquiring a variety of chemical products and compounds that are extracted and processed from crude oil and hydrocarbons. Its Tieshan Oil acts as an intermediary broker of methyl tert-butyl ether, mineral oil, paraffin oil, petrolatum liquids, alcohol based liquid fuel, trimethylpentane, pentane foamer, natural gasoline, xylene dimethylbenzene, aromatics solvent, and other chemical products and compounds.