Rolland Holding Company, LLC entered into an agreement to acquire 99.9% stake in Powin Industries S.A. de C.V. from Powin Corporation (OTCPK:PWON) for approximately $1 million on October 3, 2016. As part of the transaction, Rolland acquired 99 shares representing 99% of Series A Common Stock and 0.168 million shares representing 100% of Series B Common Stock of Powin Mexico. Upon closing, Rolland made a cash payment of $0.1 million, and delivered short term promissory note of $0.1 million bearing interest at 4% per annum payable in twelve equal monthly installments and long term promissory note of $0.8 million bearing interest at 5% per annum payable in ninety-six equal monthly installments. In addition, Powin Mexico delivered to Powin Corporation a non-interest bearing promissory note in the amount of $0.13 million which calls for four equal monthly installments of $31,250 on each of December 31, 2017, December 31, 2018, December 31, 2019 and December 31, 2020. The Powin Mexico Note represents a compromised amount representing the difference between the amount of the Powin Mexico accounts receivable and the amount of the Powin Mexico accounts payable owing to Powin Corporation. The deal is subject to Powin Corporation, all affiliates of Powin Corporation and Powin Mexico, and any shareholders and related parties of Powin Corporation writing off and forgiving any and all inter-company or other debt owed by Powin Mexico to Powin Corporation or to any affiliates of Powin Corporation or Powin Mexico and Sandra Paula Rico Rains selling one share of Powin Mexico Series A common stock to Rolland Safe & Lock Company, S DE RL DE CV. The Board of Directors and the shareholders of Powin Corporation and Powin Mexico have approved the transactions. Rolland Holding Company, LLC completed the acquisition of 99.9% stake in Powin Industries S.A. de C.V. from Powin Corporation (OTCPK:PWON) on October 4, 2016.