Business
Nocera, Inc. Signs Variable Interest Entity Agreements Resulting in 100% Controlling Interest in Xin Feng Construction Co., Ltd. and Shunda Feed Co., Ltd. in Taiwan
TAIPEI, Taiwan and ATLANTA, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Nocera, Inc. (OTC:NCRA)(“Company”) today announced that it has formally signed Variable Interest
About this update from Nocera, Inc.
[{"type":"text","content":"TAIPEI, Taiwan and ATLANTA, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Nocera, Inc. (OTC:NCRA)(“Company”) today announced that it has formally signed Variable Interest Entity (“VIE”) agreements with Xin Feng Construction Co. Ltd., (XFC), a Taiwan construction firm, and Shunda Feed Co., Ltd., (SFC), a Taiwan aquaculture feed firm, resulting in 100% controlling interest in both companies. Pursuant to the Share Exchange Agreement, the Company exchanged a total of 1,000,000 shares of restricted stock for 100% of the controlling interest, under the VIE agreements, of Shunda Feed Co., Ltd. and Xin Feng Construction Co., Ltd. Jeff Cheng, President and CEO of Nocera, Inc., stated, “The VIE agreements with Xin Feng Construction and Shunda Feed are important milestones for our Company. These acquisitions provide our Company with strategic integration to better develop our land-based recirculating aquaculture systems (“RAS”) and as an aquaculture food supplier in the Taiwanese market. We believe we are now better positioned to support the construction activities of our clients, and the development of Company owned and operated fish farms. Additionally, management believes that the Company will be better positioned to become a key supplier to other fish farm operators.” Nocera intends to provide technical consulting and related services to both companies and intends to direct through management input, the activities that most significantly affect the economic performance of SFC, and XFC. The Company is responsible for the management of SFC, and XFC and has the exclusive right to exercise all voting rights of both acquisitions, under the VIE terms. See the Form 8-K filing on the SEC EDGAR website at www.sec.gov or click on the following link to view the 8-K in its entirety: https://www.sec.gov/Archives/edgar/data/1756180/000106594921000001/nocera8kdec312020.htm About Nocera, Inc. Nocera, Inc. designs, builds, and installs equipment for the fish farming industry, as well as provides technical assistance to fish farm operations. Forward-Looking Statements This news release contains \"forward-looking statements\" as defined by the Private Securities Litigation Reform Act of 1995. These statements are only predictions. Nocera, Inc. cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of th...