Business
SPO Global and Gerpang Healthcare Group Announce Definitive Merger Agreement
SPO Global and Gerpang Healthcare Group Announce Definitive Merger Agreement.
About this update from Spo Global Inc.
[{"type":"text","content":"\n TAMPA, Fla., Feb. 13, 2020 (GLOBE NEWSWIRE) -- SPO Global, Inc. (OTC Markets: SPOM) (the “Company”), is excited to announce the company has signed a definitive agreement to acquire Gerpang Healthcare Group (“Gerpang”) of Shandong, China. Gerpang Healthcare Group (www.gerpanghealthcare.com), is located in Jinan Pharma Valley Industrial Park, High-tech District. It is an innovative technology-based private and high-tech enterprise. The main business scope of Gerpang includes bio-pharmaceutical R&D, development and sales of medical informatization software, medical high-tech introduction, production and sales of medical quality supplies, dietary supplement, medicine, as well as agents and sales of medical equipment supplies. Gerpang has a staff of over 220 people, more than 10 international and national patents, and an annual turnover of approximately RMB 1 billion. In the past five years, Gerpang has established strategic partnerships with various universities in biomedicine in Toronto, Montreal, Boston, New York and Connecticut, and established a wide range of government resource management and business contacts. The relationships have resulted in multi-level investments in more than 20 projects.  The acquisition is scheduled to close no later than February 18, 2020. At the time of closing, all officers and directors of SPO Global will resign and will be replaced by the management of Gerpang. The Company will acquire 100% of the assets of Gerpang, and Gerpang shareholders will acquire common shares equal to 80% of the fully diluted shares of common stock of the Company post-merger. At the time of merger, the Company will have no more than $42,000 of accounts payable and $ 12,500 of convertible debt. The Company’s CIO, Saeb Jannoun, stated “We are delighted to be working with the team at Gerpang Healthcare. The merger marks a very exciting and important point in the Company’s history. After a lot of discussion and information exchange, we feel that taking this next step is going to propel SPO Global and its shareholders forward in an extremely promising field. Gerpang targets areas in healthcare that are in very high demand.” Gerpang’s President, Mr. Fengyou Lu stated: “We are looking forward to working with SPO Global team. We will do our best to make the com...