FuLuCai Productions Ltd. (FCPS.OB) announced that it has finalized negotiations with Equine Venture Group, Inc. and has entered into an acquisition agreement with Equine and Equine's sole shareholder, Jennifer Serek to acquire all of the issued and outstanding shares of Equine.
Under the terms of the acquisition agreement, FuLuCai will acquire the shares of Equine by way of the issuance of a total of five million restricted shares of the common stock of the Company to Equine's shareholder, Serek with one million shares to be issued on closing and a further one million shares to be issued on each anniversary of closing.
Further, Equine shall appoint directors and officers to the Board of Directors of FuLuCai and the Company's current directors shall resign.
Further to the terms of the acquisition agreement, the existing assets of the Company shall be transferred to James Durward, the Company's current director and President in exchange for the return to treasury by James Durward of fifteen million restricted shares of common stock of the Company.
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