Item 2.01. Completion of Acquisition or Disposition of Assets.

As previously disclosed, on March 31, 2020, the Registrant entered into a Stock Purchase Agreement (the "Purchase Agreement") pursuant to which the Registrant agreed to sell its legacy energy saving enhancement business conducted through NF Energy Saving Investment Limited and its subsidiaries to Yunfei Lu, a citizen of the People's Republic of China (the "Buyer") for US$ 10,000,000 in cash (the "Purchase Price") (the "Asset Sale").

The transaction closed on June 23, 2020, at which time the Buyer paid the Purchase Price in full.

The foregoing description is qualified in its entirety by reference to the full text of the Purchase Agreement, which was filed as Exhibit 4.1 to the Registrant's Current Report on Form 8-K dated April 1, 2020 and is incorporated in this Report by reference.

Item 3.02 Unregistered Sale of Equity Securities.

The information required to be reported under this Item is incorporated by reference to Item 2.01 of this Current Report on Form 8-K.




Item 8.01 Other Information.

On June 24, 2020, the Registrant issued a press release announcing the completion of the Asset Sale. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information under this Item 8.01, including Exhibit 99.1, is deemed "furnished" and not "filed" under Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

The information in this Current Report on Form 8-K, including Exhibit 99.1, may contain forward-looking statements based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the efficacy of investment in research and development are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events, including the current COVID-19 global crisis; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. The Registrant does not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, the Registrant does not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in the Registrant's filings with the Securities and Exchange Commission available at http://www.sec.gov.





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Item 9.01 Financial Statements and Exhibits.





(d) Exhibits



Exhibit   Description

99.1        Press Release dated June 24, 2020




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