China Dasheng Biotechnology Co. Accepts Effective Control of Cycclone Magnetic Engine Developments Limited
Rhea-AI Summary
China Dasheng Biotechnology Co. (OTC:CDBT) announced the acceptance of effective control of Cycclone Magnetic Engine Developments Limited as of October 1, 2022. This follows a series of strategic transactions beginning July 2022, when a majority of voting rights were sold to Micheal Nugent. The company is focused on integrating green energy solutions and plans to consolidate assets for profitability. Cycclone aims to develop low carbon emission engines, enhancing energy efficiency and reducing greenhouse emissions from its base in Australia.
Positive
- Acquisition of Cycclone Magnetic Engine Developments Limited may enhance CDBT's portfolio in green energy.
- Cycclone's focus on low carbon emission technologies aligns with global sustainability trends.
Negative
- Changes in control may lead to uncertainties regarding management direction and strategy.
- The success of the new business focus is unproven and relies on future market conditions.
News Market Reaction – CDBT
On the day this news was published, CDBT declined 50.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ARUNDEL, QUEENSLAND / ACCESSWIRE / October 3, 2022 / China Dasheng Biotechnology Co. (OTC:CDBT) to be renamed Cycclone Magnetic Engine Developments, Inc., today announced that on October 1, 2022, CDBT accepted effective control of Cycclone Magnetic Engine Developments Limited and the 2 wholly owned subsidiaries, Cycclone Engine Developments Pty Ltd and Y Engine Developments Pty Ltd.
Background:
On July 19, 2022, joint custodians of CDBT, Mr. Frank I Igwealor and Mr. Bryan Glass jointly sold 840,000 shares of the CDBT's Series A Preferred stocks which control a total of
On August 2, 2022, the CDBT entered into a share exchange agreement with Cycclone Engine Developments Pty Ltd, an Australian corporation for the acquisition of the assets and business operations of Cycclone Engine Developments Pty Ltd and subsidiary, Y Engine Developments Pty Ltd.
On September 28, 2022, Cycclone Engine Developments Pty Ltd and Y Engine Developments Pty Ltd became wholly owned subsidiaries of Cycclone Magnetic Engine Developments Limited, an Australian unlisted public company.
On September 29, 2022, CDBT entered into an amended Share Exchange Agreement with Cycclone Magnetic Engine Developments Limited.
On September 30, 2022, CDBT and Cycclone Magnetic Engine Developments Limited entered into an Operating Agreement for The Amended Share Exchange Agreement giving effective control of Cycclone Magnetic Engine Developments Limited and the wholly owned subsidiaries.
CDBT:
China Dasheng Biotechnology Co. is holding Company. The company plans acquire and consolidate assets roll-up to become a profitable enterprise. Areas of interest include green energy, renewables integration into energy production, energy delivery, and energy consumption as well as transport services. digital banking, real estate lending, residential, commercial, and industrial sectors.
Cycclone Magnetic Engine Developments Limited
Cycclone Magnetic Engine Developments Limited is engaged in the development and commercialization of new geometric configuration low carbon emission engines and other clean technology solutions with a view to create technologies that improve efficiency and reduce levels of greenhouse emissions. Cycclone Magnetic Engine Developments operations are based in Queensland, Australia.
Contact:
Micheal Nugent / CEO
mnugent@nugent.com.au
+61438158688
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks.
SOURCE: China Dasheng Biotechnology Co.
View source version on accesswire.com:
https://www.accesswire.com/718600/China-Dasheng-Biotechnology-Co-Accepts-Effective-Control-of-Cycclone-Magnetic-Engine-Developments-Limited