Success Entertainment Group International Announces Major Acquisition
Taipei, Taiwan--(Newsfile Corp. - April 20, 2020) - The management team of Success Entertainment Group International, Inc. (OTCQB: SEGN), is pleased to announce that SEGN has entered into a definitive agreement for the Acquisition of Common Stock of RENAVOTIO INFRATECH (RII) as filed on Form 8K with the Securities Exchange Commission.
Under the terms of the Securities Exchange Agreement (the "Agreement"), the Board of Directors of SEGN adopted resolutions approving SEGN's acquisition of the On April 3, 2020, Success Entertainment Group International, Inc., a Nevada corporation ("SEGN") executed a Securities Exchange Agreement with Renavotio Infratech, Inc., a Delaware corporation ("RII") and the shareholders of RII (each a "Shareholder" and collectively, the "Shareholders") equity interests of RII held by the Shareholders (the "Acquisition") by means of a share exchange with the Shareholders. The Shareholders own all of the equity interests of RII, consisting of Twenty Million (20,000,000) shares of stock (the "RII Shares"). RII will become a 100% wholly owned subsidiary of SEGN and RII Shares and will be exchanged for SEGN Series A Preferred Shares.
Completing the Agreement, on April the 10th, SEGN filed a Certificate of Designation for the Series A Preferred Stock, par value $.00001 (the "Series A") with the State of Nevada. The Series A has the following terms, The Issuable Series A Shares shall be convertible in the aggregate into a number of shares of SEGN Common Stock representing approximately 51% of the shares of SEGN Common Stock outstanding on a fully diluted basis immediately prior to the conversion, subject to adjustment as described in the Series A Certificate of Designation.
The Shareholders will sell, convey, assign, transfer to SEGN certificates representing the RII Shares (a private company) held by the Shareholders, which in the aggregate shall constitute 100% of the issued and outstanding equity interests of RII, accompanied by properly executed and authenticated stock powers of instrument of like tenor. In exchange for the RII Shares, SEGN shall issue to the Shareholders pro rata basis the following shares of SEGN Series A preferred stock (collectively, the "Issuable Shares"): (i.) an aggregate of Twenty Million (20,000,000) new and duly issued, fully-paid and non-assessable shares of SEGN Series A Preferred Stock, par value $.00001 (the "Series A Preferred Stock") described in the Series A Certificate of Designation, convertible into SEGN common stock ("SEGN Common Stock").
The additionally completing the Agreement, Thirty Million shares (30,000,000) owned by Success Holding Group, USA (SHGR) shall be canceled and returned to SEGN's treasury and 45,135,00 shares shall remain issued and outstanding as prior to the closing. SEGN will issue and an additional Six Million (6,000,000) Common shares, will be reserves for future issue as directed by Chi Jui (Chris) Hong, current SEGN Chief Executive Officer.
More details will be announced in the very near future all focused on bringing shareholder value.
ABOUT RENAVOTIO INFRATECH (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 CO-OPS 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54618