On February 13, 2023 AnPac Bio-Medical Science Co., Ltd. (the "Company") (NASDAQ: ANPC), a company with operations in the United States and China reported that on February 13, 2023, the Company, through its subsidiary Foodbase Group Inc., entered into a definitive equity purchase agreement to acquire a group of affiliated companies, SLV Windfall Group LLC, Windfall SLV Development LLC and SLV Windfall Management, LLC, which are engaged in developing, marketing and selling real estate in Savannah Lakes Village, a planned community located in McCormick County, South Carolina (Press release, Anpac Bio, FEB 13, 2023, View Source [SID1234627111]). SLV Windfall Group LLC currently owns a few dozen buildable lots, approximately 500 acres of undeveloped land for future development projects, and has secured the exclusive right to purchase on favorable terms from the local land authorities over 2,000 buildable lot. Savannah Lakes Village is a well-developed community which has been in existence for more than 30 years. The Company plans to file the necessary applications to qualify the land development at Savannah Lakes Village as a U.S. EB-5 immigration investment project.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Pursuant to the equity purchase agreement, the Company agreed to purchase 100% of the issued and outstanding equity interests of the affiliated companies for an aggregate consideration of $28,000,000, payable in the form of cash in four installment payments pursuant to a payment schedule based on milestone events. The initial closing of the transaction is expected to take place in the second quarter of 2023.
Mr. Haohan Xu, the Co-CEO of the Company commented, "We believe this acquisition will expand the scope of our operations meaningfully and bring significant value to our shareholders. We are in the process of acquiring some business-to-business e-commerce food businesses. The acquisition of the SLV project will potentially give the Company an opportunity to use the 500 acres of undeveloped land to build low costs smart food warehouse and distribution centers. We also plan to build and sell residential properties with great profit potential, thanks to the favorable terms granted by the local land authorities and use the profits generated from the sale of these residential properties to fund the construction of the smart food warehouse and distribution centers."
About SLV Windfall Group LLC
SLV Windfall Group LLC, a Delaware limited liability company headquartered in South Carolina, currently owns a few dozens of buildable lots, approximately 500 acres of undeveloped land for future development projects, and has secured the exclusive right to purchase on favorable terms from the local land authorities over 2,000 buildable lot, located in the Savannah Lakes Village of McCormick County in South Carolina. The Savannah Lakes Village is a lakefront community spread over 4,300 acres and wrapped around a massive 71,000-acre waterside and forest. The community has been well developed for more than 30 years, with 90 miles of finished roads and all types of public infrastructure, including water supply, sewers, cable and high-speed internet. The fully constructed infrastructure and utilities are currently estimated to have a value of $350 million.