On January 17, Yuan Long Ping High-Tech Agriculture CO., Ltd. and shareholders of Tianjin Derit Seeds Mr. Ma Dehua, Mr. Zhang Qingdong, Mr. Pang Jinan, Mr. Zhang Wenzhu, Mr. Li Huaizhi, Mr. Leijin signed "Derit Vegetable Seed Business Strategic Cooperation Framework Agreement", intending to purchase 80% stake of Tianjin Derit Seeds,including Tianjin DeRuiter Seeds, Tianjin Lufeng Gardening New Technology Development Co., Ltd. and vegetable business like their cucumber seeds, pumpkin seeds, melon seeds, tomato seeds. The agreement has been approved by Board of LPHT and has come into effect.
Tianjin Derit Seeds Co., Ltd., one of vegetable seed enterprises in China which systematically combined breeding and promotion, focusing on cucumber seed industry, ranks first brand among Chinese cucumber seed industry. The strategic cooperation between LPHT and Derit will help Derit to promote breeding relying on biotechnology, and will also help LPHT to achieve the strategy of developing seed and vegetable seed industry.
As the "agreement" is the inifor cooperation on the initial intent of this transaction, the specific content of cooperation and conditions need to be two sides to further due diligence and audit agencies, improve and refine the assessment.
