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On May 13, 2020, Conch Venture and Shaanxi oufei DE environmental protection technology Co., LTD. held an equity cooperation signing ceremony in Dingbian County, Yulin City, Shaanxi Province for the acquisition of its Shaanxi Bangda sludge disposal project.Conch Venture chairman Guo Jingbin and oufei DE environmental protection chairman Bu Tao signed the equity cooperation agreement on behalf of both parties.
The oufei DE environmental protection company is committed to the oilfield hazardous waste harmless treatment, resource utilization technology, and the research and development of equipment and process. With continuous technological innovation and process improvement, it has developed into a benchmark enterprise for oil sludge treatment in northern Shaanxi.It has excellent independent research and development capabilities and a mature business operation model, with a prominent regional demonstration effect.The subsidiary Bangda environmental protection company is the subject company of this acquisition, focusing on the disposal of hazardous sludge,which is a model of the northern Shaanxi sludge disposal enterprises.Its bio-based water washing technology and biodegradation repair technology are at the international first-class level.
After fully understanding the technical strength and development needs of Bangda environmental protection company, Conch Venture capital increased its shareholding and acquired 70% of the equity of Bangda environmental protection, and reached a cooperative relationship with oufei DE environmental protection by absolute holding.The signing of this equity cooperation agreement marks Conch Venture officially entering the sludge disposal industry.Guided by market demand, relying on the strong technical support of Bangda environmental protection and the strong financial guarantee of Conch Venture, they will jointly promote the sustainable development of the environmental protection industry in the fields of sludge disposal and comprehensive utilization of resources.
At the signing ceremony, the two parties conducted in-depth exchanges on the company's situation, development strategy, project advantages, and cooperation vision.
The oufei DE environmental protection chairman Bu Tao introduced the basic situation of the company and its subsidiary Bangda environmental protection company and the development strategy of the cooperation between the two parties.
The oufei DE environmental protection company has long been committed to the development and construction of oil fields, oil sludge resources and harmless treatment, water treatment, soil remediation with a number of independent intellectual property rights.As a leading company in the environmental protection industry, Conch Venture has significant capital and technical advantages.He hopes that the two sides will adhere to the strategic objectives of complementary advantages, resource sharing and win-win cooperation, realize in-depth cooperation in large environmental protection projects, high-level and wide-ranging fields, jointly expand the sludge disposal market and create a new chapter in environmental protection.
Chairman Guo Jingbin introduced the basic situation of Conch Venture and future development plans.
He pointed out that in recent years, Conch Venture has actively explored innovative development models, and has formed a dual-wheel drive for the environmental protection industry that uses cement kilns to co-dispose industrial solid wastes and hazardous wastes and grate furnaces for domestic waste incineration and power generation.The company has actively strategically deployed in the fields of fly ash and sludge disposal, with remarkable results.He hopes that both parties will innovate and carry out multi-level and all-round cooperation and jointly build a cooperation platform for sludge disposal and comprehensive utilization of waste.Accelerate the nationwide strategic layout from the point to the face, starting from the northwest region.By giving full play to their respective advantages, the two parties will work together to optimize the sludge disposal process, improve the market layout, and further promote the business expansion and operational efficiency of both parties.
Earlier, Conch Venture conducted due diligence on Bangda environmental protection's production and operation, legal risks, warrants processing, engineering investment and asset and liability as of March 31, 2020.
