ARUNDEL, QUEENSLAND / ACCESSWIRE / October 3, 2022 / China Dasheng Biotechnology Co. (OTC:CDBT) to be renamed Cycclone Magnetic Engine Developments, Inc., today announced that on October 1, 2022, CDBT accepted effective control of Cycclone Magnetic Engine Developments Limited and the 2 wholly owned subsidiaries, Cycclone Engine Developments Pty Ltd and Y Engine Developments Pty Ltd.
Background:
On July 19, 2022, joint custodians of CDBT, Mr. Frank I Igwealor and Mr. Bryan Glass jointly sold 840,000 shares of the CDBT's Series A Preferred stocks which control a total of 81.55% of CDBT's total voting rights, to Mr. Micheal Nugent as Trustee for The Twenty Second Trust. Subsequent to the above transaction, the two transferred control of the CDBT's board of directors to Mr. Nugent.
On August 2, 2022, the CDBT entered into a share exchange agreement with Cycclone Engine Developments Pty Ltd, an Australian corporation for the acquisition of the assets and business operations of Cycclone Engine Developments Pty Ltd and subsidiary, Y Engine Developments Pty Ltd.
On September 28, 2022, Cycclone Engine Developments Pty Ltd and Y Engine Developments Pty Ltd became wholly owned subsidiaries of Cycclone Magnetic Engine Developments Limited, an Australian unlisted public company.
On September 29, 2022, CDBT entered into an amended Share Exchange Agreement with Cycclone Magnetic Engine Developments Limited.
On September 30, 2022, CDBT and Cycclone Magnetic Engine Developments Limited entered into an Operating Agreement for The Amended Share Exchange Agreement giving effective control of Cycclone Magnetic Engine Developments Limited and the wholly owned subsidiaries.
CDBT:
China Dasheng Biotechnology Co. is holding Company. The company plans acquire and consolidate assets roll-up to become a profitable enterprise. Areas of interest include green energy, renewables integration into energy production, energy delivery, and energy consumption as well as transport services. digital banking, real estate lending, residential, commercial, and industrial sectors.
Cycclone Magnetic Engine Developments Limited
Cycclone Magnetic Engine Developments Limited is engaged in the development and commercialization of new geometric configuration low carbon emission engines and other clean technology solutions with a view to create technologies that improve efficiency and reduce levels of greenhouse emissions. Cycclone Magnetic Engine Developments operations are based in Queensland, Australia.
Contact:
Micheal Nugent / CEO
mnugent@nugent.com.au
+61438158688
Safe Harbor Statement
Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risks.
SOURCE: China Dasheng Biotechnology Co.
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https://www.accesswire.com/718600/China-Dasheng-Biotechnology-Co-Accepts-Effective-Control-of-Cycclone-Magnetic-Engine-Developments-Limited
