Success Entertainment Group International, Inc. (SEGN) Enters Into Acquisition Letter of Intent
Taipei, Taiwan--(Newsfile Corp. - March 27, 2020) - The management team of Success Entertainment Group International, Inc. (OTCQB: SEGN), led by Mr. Steve Chen, is pleased to announce that SEGN has entered into a CONFIDENTIAL LETTER OF INTENT TERM SHEET for the Acquisition of Common Stock of RENAVOTIO INFRATECH, INC. (RII).
RII is a holding company focused on infrastructure opportunities including 5G, utilities, IoT, water and waste management technology and related industries. Their focus is acquiring entities providing services to commercial, industrial and municipal based clients.
The Global Infrastructure Movement is a $93 Trillion dollar industry and RII targeted acquisitions are well positioned in the Fiber Optic installation, 5G, Waste and Water sectors.
RII Senior Management Team is led by William (Billy) C. Robinson. In his 35-year career he's served as Chairman, CEO and CFO of several public companies. Additionally he has an extensive executive level operational background in both manufacturing and technology. Mr. Robinson has initiated and completed multiple public and private transactions assisted with the sale, merger, funding and IPOs. Prior, Mr. Robinson hold management positions at Paine Webber, initiating two IPOs and served as a vice president of Prudential Securities, Inc.
RII is bringing two infrastructure companies to SEGN that had combined revenue in 2019 of nearly $5 million and positive EBITDA and anticipates 2020 gross revenues to exceed 2019 numbers with consulting/operational agreements with small towns or county COOPS that operate their own water and sewer systems, providing long term savings utilizing smart utility monitoring and dedicated engineering and service personnel. These platforms capture utility data from handheld GPS devices or in place sensors, with planned testing using drones for leak detection and topographic underground utility installation planning.
The terms of the acquisition have not been finalized, however the engagement of PCAOB auditors has been initiated and plans to up list to the NASDAQ are in place just as soon as possible. More details will be announced in the very near future all focused on bringing shareholder value.
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