Sumavision Technologies Co., Ltd. cancelled the acquisition of 70% stake in LARCAN, Inc.
March 16, 2014 at 12:00 am EDT
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Sumavision Technologies Co., Ltd. (SZSE:300079) signed a letter of intention to acquire 70% stake in LARCAN, Inc. for $5.3 million on November 21, 2012. Larcan will transfer a 50.1% stake to Sumavision for $2 million in 2012. If LARCAN fulfills relevant performance indicators according to auditing in the coming five fiscal years, Sumavision will agree to continue acquiring the remaining 19.1% stake in Larcan at $3.3 million. After Sumavision acquires the 50.1% stake, Sumavision's members in the Board of Directors of Larcan shall be equal to those from Larcan but shall not have absolute control of the Board.
Sumavision Technologies Co., Ltd. (SZSE:300079) cancelled the acquisition of 70% stake in LARCAN, Inc. on March 16, 2014.
Sumavision Technologies Co.,Ltd. is a China-based company principally engaged in the research, development, production, distribution and provision of services of digital broadcasting and television software and hardware. The Companyâs main products and services include cloud and big data services, digital television systems and services, new media technology services and applications, intelligent gateway and terminals, financial and Internet financial technology services and applications, as well as television operation system (TVOS) and security products, among others. The Company distributes its products in domestic market and to overseas markets.
SUMAVISION TECHNOLOGIES CO.,LTD. 
