BVI-based Usunco to be acquired by Equicap
On March 8, 2007, Equicap, Inc. announced having signed agreements for a share exchange transaction as well as united on a related private placement financing transaction of common stock to institutional investors with a British Virgin Islands-based corporation, the stockholders of Usunco Automotive Limited.
The transactions, each of which is contingent on the other, are expected to close in several days when several conditions to each transaction are met.
A BVI-incorporated Usunco is a developer and distributor of diesel engines and automotive parts from Chinese suppliers to customers in China, North America and other countries. The company has 100% of the equity interest of IBC Automotive Products, Inc., the North American arm of Usunco, and 75% of the equity interest of Zhejiang ZhongChai Machinery Co., Ltd., the Chinese arm of Usunco business.
The common stock on offer has not been and is not going to be registered under the Securities Act of 1933, and it may not be offered or sold in the USA absent registration or an applicable exemption from registration requirements.