Summit Networks Announces the Completion of Reverse Merger
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Hengshui, China, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Summit Networks, Inc. (the “Company”) (OTC Markets: SNTW) announced today that the Company has completed its reverse acquisition through entering into a series of contractual arrangements with Hengshui Jingzhen Environmental Company Limited (“Hengshui Jingzhen”) and Hengshui Jinzhen’s shareholders (the “Reverse Merger”). As a result of these contractual arrangements, under U.S. GAAP, the Company is considered the primary beneficiary of Hengshui Jingzhen and thus may consolidate Hengshui Jingzhen’s financial results in the Company’s consolidated financial statements. The combined entity will focus on the business of chemicals and hazardous waste recycling services.
Hengshui Jingzhen generated revenue mostly from three business lines: waste incineration; waste disposal; waste utilization. For the fiscal year ended September 30, 2020, Hengshui Jingzhen achieved revenue of $9.5 million and a net income of $2.8 million.
Shuhua Liu, CEO of the Company, commented, “We are very excited to have completed the Reverse Merger. This is a major milestone of our Company that will provide us with access to new investors, strategic partners, and new sources of capital. We anticipate this transaction will help us enhance our visibility within the industry and broaden our market reach to build long-term shareholder value. At the same time, it represents an important step forward in advancing our global expansion plans.”
Following the Reverse Merger, the Company’s management team consists of:
- Shuhua Liu, Chairwoman of the Board, Chief Executive Officer
- Chaolong (Charlene) Huang, Chief Financial Officer and Director
- Jun Du, Chief Operation Officer
- Kano Hiroshi, Chief Technology Officer
In accordance with "U.S. GAAP, Hengshui Jingzhen’s historical financial statements as of period ends, and for periods ended, prior to the Reverse Merger will become the historical financial statements of the Company in all future filings with the Securities and Exchange Commission (the “SEC”). For additional information related to the Company's business and the Reverse Merger, please see the Current Report on Form 8-K filed on January 26, 2021 and the Company’s other periodic reports filed with the SEC and available on SEC’s website (www.sec.gov).
About Hengshui Jingzhen Environmental Company Limited
Founded in 2015, Hengshui Jingzhen is a leading private integrated waste service enterprise in Hebei, China. The company provides services in chemical and hazardous waste collection, transfer, disposal and recycling. With advanced technology for efficiently disposing and utilizing hazardous waste, Hengshui Jingzhen operates through three business lines: waste incineration, waste disposal, and waste utilization. Its customer base spans several industries, including fine chemical, healthcare and pharmaceutical, energy, and steel manufacturing. Equipped with advanced pollution prevention facilities, Hengshui Jingzhen currently has three major plants: an incineration plant, an acidic and alkaline wastes disposal plant, and a hydrochloric acid waste comprehensive utilization plant.
Safe Harbor Statements
This press release contains "forward-looking statements", including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements may include, but are not limited to, statements containing words such as "may," "could," "would," "plan," "anticipate," "believe," "estimate," "predict," "potential," "expects," "intends", "future" and "guidance" or similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to change at any time. These forward-looking statements are based upon management's current expectations and are subject to a number of risks, uncertainties and contingencies, many of which are beyond the Company's control that may cause actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's public filings with the Securities and Exchange Commission, including the Company's current report on Form 8-K, filed on January 26, 2021. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.
For additional information, please contact:
Ms. Delia Zheng, VP of Finance
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