Fireswirl Technologies Inc. completed the sale of its Shenzhen e-commerce platform business, together with the fixed assets, goodwill, intellectual property and contracts associated with the business, to Fung Holdings (1937) Limited (Fung). The total purchase price paid by Fung on closing was $3,055,000. Upon satisfaction of certain conditions subsequent, including the resignation of Mr. Tony Lau as CEO.

In accordance with the terms of the asset purchase agreement governing the sale, Mr. Lau resigned as Chairman of the Board of Directors, effective immediately. Ji Yoon, company's interim Chief Financial Officer, has been appointed to replace Mr. Lau as Chairman, effective immediately.