Weiping Cai signed a binding term sheet to acquire Q Pacific Corporation from Powin Corporation (OTCPK:PWON) on October 3, 2016. Weiping Cai entered into a stock purchase agreement to acquire Q Pacific Corporation from Powin Corporation for $0.2 million in cash on October 18, 2016. As part of consideration, Weiping Cai agreed to pay $0.2 million in cash and agreed to pay 35% of annual EBITDA of Q Pacific Corporation for the fiscal years ended 2017, 2018 and 2019 plus 35% of pre-tax income for the fiscal year in which Q Pacific is liquidated, provided such liquidation commences prior to December 31, 2019. The transaction is subject to certain customary conditions. The Board of Directors of Powin has approved the transaction. The deal is scheduled to complete on October 18, 2016. Weiping Cai completed the acquisition of Q Pacific Corporation from Powin Corporation (OTCPK:PWON) on October 18, 2016.