Zhi Lu Peng entered into an agreement to acquire 92% stake in Cloud Security Corporation (OTCPK:CLDS) from Goldenrise Development, Inc. for $0.4 million on March 31, 2017. As part of transaction, Zhi Lu Peng will acquire 12 million shares of Cloud Security Corporation for a total of $0.4 million, out of which $0.1 million was paid upon execution of the agreement and $0.3 million will be payable on or before June 15, 2017. The transaction is subject to certain customary conditions including delivery to Zhi Lu Peng of resolutions duly adopted by the Board of Directors of Goldenrise Development approving the transaction, Goldenrise Development or Cloud Security Corporation having no liabilities, debts, payables or tax obligations at closing and other conditions. The transaction is expected to close no later than June 15, 2017.