Video River Networks, Inc. Signs Letter of Intent to Form A Joint Venture with Lingstar Co. for Electric Vehicles Designing, Manufacturing and Distribution
March 23, 2021 at 02:20 am IST
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Video River Networks, Inc. announced that it has entered into a non-binding letter of intent to form a Joint Venture, with Lingstar Co. for the purpose of engaging in the sourcing, designing, developing, manufacturing and distribution of high-performance, affordable and fully electric vehicles in North America, Asia and Africa. The proposed transaction calls for NIHK and Lingstar to form a new company (the “Joint Venture”, “JV”) under the Chinese law which will be qualified to transact business generally (but will focus on sourcing, designing, developing, manufacturing and distribution of high-performance, affordable and fully electric vehicles) in China, North America and West Africa. The China-based Joint-Venture will be funded initially by NIHK with a contribution enough to facilitate the processing of the business registration and obtaining all necessary licenses to conduct the business of sourcing, designing, developing, manufacturing in exchange for 51% ownership of the Joint Venture. It also calls for NIHK to commence, as soon as possible, the selling shares of its Special Purpose Acquisition Class (SPAC) for initial $10 million. With about 90% of funds raised through the SPAC to be dedicated to the execution of the electric vehicles business plan of the JV including, but not limited to, sourcing, designing, developing, manufacturing and distribution of high-performance, affordable and fully electric vehicles) in China, North America and West Africa. NIHK board stipulated that no less than 90% of the proceed from the S-1 offering shall be devoted towards the JV and NIHK electric vehicles operations. NIHK expects to fund the JV with a combination of debt and proceeds from its SPAC offering The company has not engaged any lender for the potential loan for this JV.
Tytan Cybernetics, Inc., formerly Video River Networks, Inc., is a holding company for electric vehicle technology, financial technology, artificial intelligence, robotics, drones and distressed assets. The Company is engaged in expanding its technology portfolio, which includes electric vehicles, artificial intelligence, machine learning and robotics (EV-AI-ML-R), with businesses and operations in North America and Asia. The Company is also focused on business opportunities within financial technology, artificial intelligence, health, sports and entertainment industries.
Video River Networks, Inc. Signs Letter of Intent to Form A Joint Venture with Lingstar Co. for Electric Vehicles Designing, Manufacturing and Distribution