Greenome Development Group Inc. cancelled the acquisition of 80% stake in FITT Highway Products, Inc..
The transaction is subject to resignation of officer and Director of FITT Highway, fixing the number of authorized Directors on the board of directors of FITT at five, appointment of Jiajie Zhao, Chief Executive Officer of Greenome as Chairman of the Board of Directors of FITT, also appointment of Jiajie Zhao Chief Executive Officer, Ning Liu President and Chief Operating Officer, Suichu Li Chief Financial Officer, Jie Lai Secretary of Greenome, as officers at FITT, debt mitigation by FITT, Greenome's ability to acquire 80% of FITT's outstanding shares prior to the transaction's close and FITT staying current in its SEC filings. Greenome requires FITT to mitigate the majority of its debt in order for the transaction to be completed and keep its existing outstanding shares to approximately 38 million shares and is also subject to shareholder approval. The transaction is expected to close before the end of 2014. Greenome Development Group, Inc.
Greenome Development Group Inc. cancelled the acquisition of 80% stake in FITT Highway Products, Inc. (OTCPK:FHWY) on September 19, 2014.