Wuhan Yangtze River New Port Logistics Co. signed a memorandum of understanding to acquire Kirin International Holding, Inc. in a reverse merger transaction.

Wuhan Yangtze River New Port Logistics Co. signed a memorandum of understanding to acquire Kirin International Holding, Inc. (OTCPK:KIRI) in a reverse merger transaction on September 10, 2015. Kirin International Holding, Inc. (OTCPK:KIRI) will issue 166 million shares as consideration.

The transaction is subject to execution of definitive documents between the parties. Wuhan Yangtze River New Port Logistics Co. signed a certain share exchange agreement to acquire Kirin International Holding, Inc. (OTCPK:KIRI) in a reverse merger transaction on December 19, 2015.

Pursuant to the terms of the agreement, Kirin International agreed to issue to 151 million shares to Wuhan Yangtze River, representing approximately 88% of the total issued and outstanding stock and a certain Wuhan Yangtze River New shareholders an additional 8% convertible promissory note in the principal amount of $150 million. Gregg E. Jaclin of Szaferman Lakind Blumstein & Blader, P.C. acted as legal advisor Kirin International Holding, Inc.