Dickie Walker Marine has announced that it has signed a non-binding letter of intent to acquire 100 per cent of the stock in China Stationery and Office Supply (CSOS), a Delaware corporation that owns 90 per cent of the stock of Ningbo Binbin Stationery Co (Binbin).
Binbin is a corporation organised under the laws of the People’s Republic of China. It manufactures and markets office supplies which are sold through a worldwide network of distributors.
Chengu Wei, CEO and chairman of Binbin, said: "We are very pleased to have the opportunity to become a publicly-traded company in the United States through this reverse merger transition with Dickie Walker Marine. We feel it gives our company an excellent opportunity to grow organically and through acquisitions of other office products companies that will complement our business model."
Closing of the transaction is contingent upon the successful negotiation and execution of a definitive share exchange agreement and other customary closing conditions.
If the transaction closes, the pre-closing Dickie Walker Marine stockholders will own approximately 7.8 per cent of the post-closing company while CSOS shareholders will own approximately 92.2 per cent of the post-closing firm.