Cheetah Net Supply Chain Service to acquire Edward Transit Express Group

Cheetah Net Supply Chain Service announced that it has executed a definitive agreement and its amendment thereto for the acquisition of Edward Transit Express Group, a California-based global inbound non-vessel operating common carrier specializing in ocean and air transportation services. This strategic move marks Cheetah’s inaugural investment in the logistics sector. The Acquisition is expected to close within 20 calendar days from the signing of the Agreement. Chairman and CEO Tony Liu commented, “we look forward to closing the Acquisition and to integrating Edward’s operations into Cheetah as soon as possible. We expect Edward’s logistics and warehousing services to reduce Cheetah’s operating overhead and, more importantly, to jumpstart Cheetah’s ability to offer these services to third-party parallel-import dealers.” The total Acquisition cost includes a cash payment of $300,000 and a share consideration involving the issuance of Cheetah’s unregistered Class A common stock. The per-share price for the Share Consideration will be determined at 80% of the average closing price over the last ten business days preceding the execution of the Agreement, resulting in a market value of $1,200,000. Following the Acquisition, Cheetah will own 100% of Edward.