Summit Networks Inc. (OTCPK:SNTW) agreed to acquire Richmaster Information Technology Corp. Ltd. for TWD 15.3 million on December 30, 2023. Under the terms of the letter of intent Richmaster Information will merge into Summit Networks and the shareholders of Richmaster Information will become shareholders of Summit Networks.

The shareholders of Richmaster will receive 5 million shares of the common stock of Summit Networks. The transaction has been approved by the board of directors of Summit Networks. In order to close the transaction, the parties have agreed to enter into a definitive merger agreement on terms common to such agreements.

In addition, the final closing will also be subject to completion following all necessary regulatory approvals.