Liaoning Shuiyun Qinghe Rice Industry Co. Ltd.

10/03/2023 | Press release | Distributed by Public on 10/03/2023 14:02

Material Event - Form 8-K

Item 8.01. Other Events.

On October 1, 2023, Liaoning Shuiyun Qinghe Rice Industry Co., Ltd. (the "Company") entered into a letter of intent with all the shareholders of Beautiful Home Intelligent Technology (Beijing) Co., Ltd. ("Beautiful Home"), a company engaged in the research and development and sales of smart robotics in the People's Republic of China. Pursuant to the letter of intent, the Company agreed to acquire 100% equity interests of Beautiful Home from its shareholders in exchange for the issuance of an aggregate of 10,000,000 shares of its common stock, par value $0.001 per share, to the Beautiful Home shareholders, for a total proposed transaction value of $40,000,000. Among other things, the parties also agreed to change the Company's name to "Life Will Be Better Technology Co., Ltd." and ticker symbol to "LWBB," subject to availability and approval by relevant authorities, after the closing of the proposed transaction. The parties agreed to use commercially reasonable efforts to enter into a definitive agreement for the transaction within 30 days of the date of the letter intent and close the transaction on or before December 31, 2023, subject to satisfactory due diligence of both the Company and Beautiful Home.