TMSR Holding Closes the Acquisition of Sichuan Wuge Network Co., Ltd.
NEW YORK, March 11, 2020 /PR Newswire/ -- TMSR Holding (NASDAQ: TMSR), an eco-technology company, announces today that it has closed the acquisition of Sichuan Wuge Network Co., Ltd. (WG), its first strategic acquisition of 2020 as part of its diversified development agenda. The completion of the transaction is subject to the audit of WG.
Dr. Wei Xu is the inventor of Codechain technology and the QR code scanning patent (U.S. patent No.: US 9,204,241 Β2) and founder of WG. Dr. Xu has started his new role as co-chairman of TMSR, as of February 26, 2020.
To date, WG has signed over 200 contracts with revenue of about 130 million RMB (18,689,975 USD).
With WG's already signed contracts, TMSR believes that the Company's performance will grow steadily in 2020 with further investment in the field of digital technology, thereby maximizing shareholders' value.
About TMSR Holding Company Limited
Founded in 2009, TMSR Holding Company Limited engages in the research, development, and sale of an array of solid waste recycling systems for the mining and industrial sectors, the wholesales and sale of fuel materials, harbor cargo handling services and production and sales of coating materials in the PRC. It provides end users in these markets with a clean alternative to traditional waste disposal by significantly reducing solid waste discharge into the environment and enabling such users to extract value from valuable metals and other industrial waste materials.
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