Partner Success Holdings (BVI) acquires OraLabs
A British Virgin Islands-based Partner Success Holdings Ltd. acquired OraLabs Holding Corp., a Parker, Colo.-based maker of oral and lip care products in a reverse takeover.
In accordance to the stock exchange agreement, OraLabs has issued nearly 25.4 million shares of its common stock to Wo Hing Li, sole shareholder of Partner Success, in exchange for all of the outstanding shares of Partner Success. So, this BVI company has become a wholly owned subsidiary of OraLabs Holding Corp.
Under the terms of this transaction, OraLabs Inc. will go on operating as a private company. It will now be owned by Gary Schlatter, the president of OraLabs. OraLabs redeemed more than 3.6 million shares of the company’s common stock held by Mr. Schlatter in exchange for issuing all the shares of OraLabs Inc. held by OraLabs Holding Corp. According to a company release, OraLabs now has about 27 million shares of common stock issued and outstanding.
OraLabs has ceased all of the prior business operations of Partner Success as well as had adopted its business plan. As to the company name, it has been changed to China Precision Steel Inc. The company has started trading on the Nasdaq Capital Market under a new trading symbol CPSL.