CHINA NEW ENERGY GROUP CO. China New Energy Group Co. (OTCPK:CNER) reached to a non-binding and final terms to acquire Thrive Testing and Biosafety, Inc. (THRV) on February 27, 2023. China New Energy Group Co.
(OTCPK:CNER) entered into an agreement to acquire Thrive Testing and Biosafety, Inc. (THRV) on March 15, 2023. The acquisition will take the form of a reverse merger whereby THRV will become part of CNER but the management and control of CNER will be THRV based. An exchange of shares shall apply among other terms and condition including due diligence.
THRV may become a wholly owned subsidiary of CNER. THRV current management may become the new management of CNER inclusive of operating and asset rich THRV. Subject to closing, current CNER management and directors will resign appointing and the THRV team will as new directors and officers and thus THRV management will assume the management of CNER.
The terms are non-binding and final terms, conditions, and closing are subject to a definitive agreement, and such definitive agreement is anticipated with closing to follow, all within March 2023.
