Acorn Enters into Agreement to Sell its Oxygen-Generating Products Distribution Business
ACORN INTL (ATV)
US:NYSE Investor Relations:
acorninternationalir.com/home/category/press-release
Company Research
Source: PR Newswire
SHANGHAI, Nov. 12, 2019 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a leading marketing and branding company in China, today announced that on November 8, 2019 the Company's wholly-owned subsidiary, China DRTV, Inc. entered into an equity transfer agreement to sell 100% of the equity interests in its wholly-owned subsidiary, Zhuhai Acorn Electronic Technology Co., Ltd. ("Zhuhai Acorn"), to an unrelated third-party for a purchase price of US$1,450,000 in cash. Zhuhai Acorn is engaged in producing and selling Youngleda oxygen-generating products mainly through an offline distribution network in China comprising 21 distributors and reaching approximately 600 retail outlets across China. The transaction is subject to certain specific closing conditions, includes a working capital adjustment and other adjustments, and is expected to close in early 2020 or earlier.Commenting on the agreement, Jacob Fisch, President and CEO of Acorn said, "After several
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