Arcus Mining Holdings Limited entered into an agreement to acquire 96.08% stake in JV Group, Inc. (OTCPK:ASZP) from Yeung Cheuk Hung, Yuen Ling Look and Po Shu Michael Choy for $0.34 million in cash on December 11, 2015. As part of consideration, Arcus Mining agreed to advance $0.05 million to Larry Harvey retaining him to advise Arcus Mining and stockholders with respect to US tax liabilities, the advance shall be credited against the purchase price at closing. Concurrent to the closing, JV Group intends to transfer its subsidiaries Prestige Prime Office, Ltd and Mega Action, Ltd. to one of the stockholders. Yuen Ling Look, Chief Executive Officer and Chief Financial Officer and a Director, along with two other directors will resign and new Directors will been appointed at the request of Arcus. The deal is subject to approval from the Board of JV Group, Inc., consummation of other transactions involving disposal of subsidiaries of JV Group, delivery of audited financial statements of JV Group by a PCAOB Registered Auditor and other conditions. Closing is anticipated to be in late January 2016. As on February 19, 2016, the closing is anticipated to be in late February 2016. Woo Ping Fok of CK Mok & Co. Solicitors along with Henry F. Schlueter of Schlueter & Associates acted as legal advisors for Arcus Mining. Law Offices of Michael A. Littman acted as legal advisor for the sellers.

Arcus Mining Holdings Limited cancelled the acquisition to acquire 96.08% stake in JV Group, Inc. (OTCPK:ASZP) from Yeung Cheuk Hung, Yuen Ling Look and Po Shu Michael Choy on December 11, 2016.