8-K
Sino Green Land Corp. (SGLA)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March1, 2023
SINO
GREEN LAND CORP.
(Exact name of registrant as specified in its charter)
| Nevada | 000-53208 | 54-0484915 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (IRS<br> Employer<br><br> <br>Identification<br> No.) |
No. 3 & 5, Jalan Hi Tech 7/7,
Kawasan
Perindustrian Hi Tech 7,
43500
Semenyih, Selangor, Malaysia
(Address of principal executive offices (zip code))
+603
8727 8732
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| ☐ | Written<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a - 12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13d-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common<br> Stock, $0.50 par value | SGLA | OTC<br> Markets – Pink Sheets |
Item 8.01. Other Events
On March 1, 2023, Sino Green Land Corp. (“SGLA”) entered into a Non-Binding Letter of Intent (the “LOI”) in which the Company would acquire all of the issued and outstanding securities of Sunshine Green Land Corp., a Labuan corporation (“SGL”).
The LOI contemplates the acquisition of SGL, by SGLA. SGL, which owns and operates Tian Li Eco Group Holdings Sdn. Bhd, a development stage company that specializes in the processing for plastic waste bottles, PET plastic flakes, and packaging. Mr. Xiong Luo, the spouse of Ms Wo Kuk Ching and former CEO and director of SGLA, is also the director of SGL. The LOI was entered into following arm’s length negotiations.
The LOI proposes that SGLA would acquire 100% of the issued and outstanding stock of SGL in exchange for the newly issued SGLA stock issuance to the shareholders of 142,853,004 shares of common stock, and 15,872,556 shares of Convertible Preferred Stock, par value $0.52 per share, with a conversion ratio of 10, i.e., each share of Convertible Preferred Stock can be converted into 10 shares of common stock of SGLA, with no expiration date on the conversion.
Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction and employment agreements, satisfaction of the conditions negotiated therein and approval of the transaction by SGLA’s board of directors, and all applicable state and federal law. No assurance can be given that the parties will be able to negotiate and execute a definitive agreement or that the transactions herein contemplated will close. SGLA will file notice of such agreement with the Securities and Exchange Commission on form 8-K when and if any such agreement is reached.
Statementscontained in this Current Report on Form 8-K include “forward-looking statements” within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involveknown and unknown risks, uncertainties and other factors which could cause the actual results expressed or implied by such forward-lookingstatements not to occur or be realized. Forward-looking statements may be identified by the use of forward-looking terminology such as“may”, “will”, “project”, “expect”, “believe”, “estimate”, “anticipate”,“contemplate”, “propose”, “intend”, “continue” or similar terms, variations of thoseterms or the negatives of those terms or other variations of those terms or comparable words or expressions.
Item 9.01 Financial Statements and Exhibits.
| Number | Description |
|---|---|
| 99.2 | Letter of Intent dated March 1, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SINO GREEN LAND CORP. | ||
|---|---|---|
| Date: March<br> 1, 2023 | By: | /s/ Wo Kuk Ching |
| Wo Kuk Ching | ||
| Director and CEO |
Exhibit99.2
LETTEROF INTENT
This letter of intent (“Letter of Intent”), dated as of March 1, 2023, is entered into by and among Sino Green Land Corp, a Nevada corporation (“SGLA”) and Sunshine Green Land Corp., a Labuan Corporation (“SunshineGreen”) as set forth on the signature page hereto (each a “Selling Shareholder” and collectively “Selling Shareholders”) , whereby SGLA would acquire Sunshine Green pursuant to the terms and subject to the conditions set forth herein. SGLA and the Selling Shareholders each may be referred to herein as a “Party” and together as the “Parties”. This Letter of Intent contains certain nonbinding agreements and nonbinding understandings with respect to the acquisition summarized below.
| 1. | Acquisition: SGLA would acquire 100% of the issued and outstanding shares of common stock of Sunshine<br> Green from the Selling Shareholders (the “Transaction”). The Transaction<br> is expected to close no later than April 21, 2023. |
|---|---|
| 2. | Settlement of Consideration: In connection with the Transaction, SGLA would provide the Selling<br> Shareholders with equity consideration in an amount equal to 142,853,004 shares of newly-issued<br> unregistered shares of common stock and 15,872,556 shares of Convertible Preferred Stock,<br> par value $0.52 per share, with a conversion ratio of 10, i.e., each share of Convertible<br> Preferred Stock can be converted into 10 shares of common stock of SGLA, with no expiration<br> date on the conversion. |
| 3. | Due Diligence and Audit Assignment: Upon execution of this Letter of Intent, SGLA<br> shall conduct a business, financial and legal due diligence investigation of Sunshine Green,<br> their business and operations. In connection with such due diligence, the Selling Shareholders<br> and Sunshine Green will give SGLA and its representatives reasonable access to management,<br> books, records, financial statements and properties of Sunshine Green to enable SGLA to complete<br> its confirmatory due diligence investigation. |
| 4. | Closing Conditions: The Parties’ obligation to close the Transaction consistent<br> with the terms set forth in this Letter of Intent are subject in all respects to: (a) SGLA’s<br> satisfactory completion of its due diligence and (b) final approval of the Transaction and<br> the Definitive Agreement by SGLA’s Board of Directors. |
| 5. | Public Announcement: The parties mutually agreed that this LOI will be disclosed as required<br> by rules and regulation stipulated by Securities and Exchange Commission. |
| 6. | Confidentiality: All negotiations regarding the business between SGLA and Sunshine Green shall be confidential<br> and not to be disclosed with anyone other than the respective advisors and internal staff<br> of the parties and necessary third parties, except those information as stated in this LOI,<br> for the reason as indicated in Clause 4 above, unless prior written notice and/or consent<br> is obtained from the other party otherwise not permitted to do so. |
| 7. | Laws: This LOI is non-legally binding save for the provision relating to, among other things,<br> Due Diligence Review, exclusivity, confidentiality, costs, governing laws and jurisdiction<br> of the LOI. This LOI shall be governed by and construed in accordance with the laws of Labuan<br> FSA. |
| 8. | Changes: This LOI sets forth the entire understanding of the Parties relating to the subject matter<br> hereof and supersedes and cancels any prior communications, understandings and agreements<br> between the Parties. This LOI is non-exclusive and cannot be modified, changed, or can any<br> of its provisions be waived except by written agreement signed by all Parties. |
| 9. | Consents: The Parties shall cooperate with each other and proceed, as promptly as is reasonably<br> practicable, to seek to obtain all necessary consents and approvals and to endeavor to comply<br> with all other legal or contractual requirements for or preconditions to the execution and<br> consummation of the Definitive Agreement. |
| 10. | Entire Agreement: This Letter of Intent represents the entire understanding and agreement<br> among the Parties with respect to the subject matter hereof and supersedes all prior discussions<br> and agreements between the Parties with respect to the subject matter hereof. This Letter<br> of Intent can be amended, supplemented or changed only by a written instrument executed by<br> all the Parties. |
| 11. | Counterparts: This Letter of Intent may be executed in multiple counterparts, each of which will be<br> deemed to be an original copy of this Letter of Intent and all of which, when taken together,<br> will be deemed to constitute one and the same agreement. |
| 12. | Notice: Any notice required or permitted hereunder shall be given in writing (unless otherwise<br> specified herein) and shall be deemed effectively given upon personal delivery or seven business<br> days after deposit by International Courier, by (a) advance copy by fax, (b) mailing by express<br> courier or registered or certified mail with postage and fees prepaid, addressed to each<br> of the other Parties constitutes “service” thereunto entitled at the following<br> addresses, or at such other addresses as a Party may designate by ten days advance written<br> to each of the other Parties hereto: Said addresses are as first indicated at commencement<br> of this LOI. |
| 13. | Termination: Either Party may terminate this LOI at any time by providing written notice to the other<br> Party without incurring liability or cost to the other Party. |
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the Parties have caused this Letter of Intent to be duly executed as of the date hereof.
| Sino Green Land Corp. | |
|---|---|
| Date: March 1, 2023 | |
| Sunshine Green Land Corp. |