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Video River Networks and Lingstar Company Enter Joint Venture Agreement to Create Xian Levs Electric Vehicles and Battery Technology Development Co. Ltd.
Video River Networks and Lingstar Company Enter Joint Venture Agreement to Create Xian Levs Electric Vehicles and Battery Technology Development Co. Ltd..
About this update from Video River Networks, Inc.
[{"type":"text","content":"\n TORRANCE, CA, May 12, 2021 (GLOBE NEWSWIRE) -- Video River Networks, Inc. (OTC PINK:NIHK) (the \"Company\"), an Electric Vehicles and Battery Technology holding company, is pleased to announce that its wholly owned subsidiary, American Electric Vehicles and Battery Technology, Inc. has entered Joint Venture (“JV”) with China’s Lingstar Co., a Chinese Electric Vehicles Company to Create Xian Levs Electric Vehicles and Battery Technology Development Co. Ltd. New joint venture entity will combine Video River Networks’ rollup integration experience and financial expertise with Lingstar’s EV industry expertise in China to help stakeholders maximize the value of their investments. Video River Networks, Inc. is an Electric Vehicles and Battery Technology holding company that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (\"EV-AI-ML-R\") assets, businesses and operations in North America. Lingstar Company, a company organized and existing under the laws of the Peoples Republic of China, and engaged in the business of sourcing, designing, developing, manufacturing and distribution of high-performance, affordable and fully electric vehicles in China. “XIAN LEVS ELECTRIC VEHICLES AND BATTERY TECHNOLOGY DEVELOPMENT CO. LTD” will have an equity/ownership split of 51% Video River Networks, Inc. and 49% Lingstar Co. Through this Joint Venture, Video River Networks, Inc. would establish an operational base in China to source, design, develop, manufacture high-quality and affordable, high-performance fully electric vehicles, which it intends to distribute in North America. The joint venture is expected to begin operations before the end of Q2, 2021, subject to regulatory approvals and other customary conditions. Mr. Frank I Igwealor, President and Chief Executive Officer of the Company, commented, “We expect the JV would provide us industry chain layout to establish a robust risk-adjusted EV and Battery Technology supply-chain and optimal value delivery. We continue to believe that Video River Networks, Inc. is in the right place at the right time through prescient strategic pivot into EV, Ai, Machine-Learning and Robotics and founding a dynamic JV partner like Lingstar. We expect the JV would provide us industry chain layout t...