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Astika Holdings, Inc. (OTC Pinks: ASKH) today announces it has entered into a letter of intent agreement (LOI) with China Industrial Waste Management Holding Co Ltd. (CIWM), a privately-held Hong Kong company, wherein CIWM shall become a wholly-owned subsidiary of Astika.
Under the LOI, the parties have 30 days to finalize due diligence and close the acquisition. The short runway to, and high confidence in, the successful closure of this major acquisition is made possible by the two companies’ long mutual history and shared executives.
CIWM is a conglomerate with ongoing operations in the Chinese mainland focusing on mining and waste remediation. Following the acquisition, the parties intend to conduct a US$60 million global capital raise project to fund expanded operations in both of these critical sectors.
“The acquisition of CIWM represents a great deal of work and planning by both sides over the past year or more,” commented Astika Chairman Funan Deng. “The operations being conducted by CIWM are extremely important for both China and the rest of the world, so we knew we had to get the terms right. To that end, we are very excited about conducting an investment round to properly capitalize existing projects as well as fund additional projects to manage the needs of a rapidly growing world economy.”
This new acquisition is only the latest in a steady stream of M&A activity conducted by Astika. Other recent acquisitions and other business activities include:
As of March 20, 2023, Astika acquired 100% of the ownership interest in two entities: a) Nantong Pinlina International Trade Company, a Foreign Invested Enterprise incorporated under the laws of Nantong, China; and b) Gaoxing LLC, a California limited liability company organized as a Sino-US joint venture registered with the Chinese Consulate in Los Angeles, California. These two entities together own 100% of the Chinese entity Jiangsu Ziyang Holiday Bedroom Articles Co. Ltd. (“JSZY”), a home goods retailer with a substantial operating history and tens of millions of dollars in top-line revenues annually (almost $20 million in net revenue during 2022 alone).
Forward Looking Statement
Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to ASKH that are based on the beliefs of ASKH's management as well as assumptions made by and information currently available to ASKH's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the ASKH's business prospects, future developments, trends and conditions in the industry and geographical markets in which ASKH operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.
About Astika Holdings Inc.: Astika Holdings, Inc. is a Florida corporation and the parent company of JSZY, a Chinese home goods retailer. Management is preparing to further expand the Company through a variety of strategic acquisitions in the textile, service, and/or industrial sectors to complement and capture the next wave of growth companies from the US, Asia and New Zealand.
For more information, please contact:
Mark Richards
President
Astika Holdings, Inc.
markr@cswy.co.nz
