Status regarding acquisitions in China and Joint Venture with ICW
Josab International AB has during the past year been searching for potential acquisitions, specifically in China. Presently, there are no ongoing acquisitions, although Josab is regularly screening the market for potential acquisitions that will add value to the company. Josab would also like to inform the market that no information will be given until an order or acquisition has been signed.
Acquisitions in China
As previously informed in August 2015 (Quarterly report 2) and in November 2015 (Quarterly report 3), the company has had ongoing discussions with a number of potential acquisitions. Despite a thorough Due Diligence process and indicative offers, no acquisitions were made.
As also mentioned in November 2015 we expressed a high likelihood of making an acquisition during first half 2016. We believe this not to happen.
Josab would also like to inform the market that no information will be given until an order or acquisition has been signed.
Joint Venture with ICW
In August 2013 Josab International AB and Heilongjiang InterChina Watertreatment Co Ltd (ICW) signed a Letter of intent regarding the foundation of a Joint Venture in China. If this was fulfilled, the new JV would initially manufacture and sell 100 units to ICW for the Chinese market, and in that way contribute with capital for JV.
After tests of Josab’s technique and the Due Diligence process of the company ICW decided during spring 2014 to invest directly in Josab International AB and thus become the company’s largest owner, instead of continuing with the JV and the 100 units.
During 2014 Josab informed that one of ICW’s subsidiaries had placed an order of totally seven units of Josab’s Aqualite™ based ecological water treatment plants as well as 260 tons of Aqualite™.
Stockholm 22nd of April 2016
For more information, please contact:
Johan Gillgren
CEO Josab International AB
+46 (0)8 121 389 00
johan.gillgren@josab.com
About Josab International AB
Josab International AB manufactures and sells ecological water treatment solutions based on, by the company patented, unique filter material Aqualite™. Josab International AB has today five fully owned daughter companies, Josab Hungary Kft, Josab East Africa Ltd, Josab India Pvt Ltd, Josab China Ecological Water Treatment Systems Co Ltd and JOSINT Financial Services AB.