Announcement by i-Sprint Innovations dated Jan 29, 2014
Last month, an announcement regarding a potential strategic investment to be made by an investor in i-Sprint was made. The latest announcement on Jan 29, 2014 issued by our parent company, Automated Systems Limited (ASL), now confirms that ASL, i-Sprint and Great Ally Investments Limited (The Investor) entered into the Subscription Agreement pursuant to which i-Sprint has agreed to issue and allot, and the Investor has agreed to subscribe for 118,973,914 new Shares, representing 41.67% of the enlarged issued share capital of i-Sprint following the Completion for a consideration of US$9,850,000 (equivalent to approximately HK$76,833,073 or SG$12,214,000)
i-Sprint’s Management Team welcome the new Investor, a wholly-owned subsidiary of the Peregrine Greater China Capital Appreciation Fund, L.P. The Peregrine Greater China Capital Appreciation Fund, L.P. is a private equity fund dedicated to direct investment primarily in high growth companies based or operating in the Greater China Region with particular emphasis on consumption, retail, manufacturing, technology and environmental-related industries. Some of their successful investments include JD.COM, Sun.King Power Electronics Group Limited (Listed on the Hong Kong Stock Exchange in 2010), China Lesso Group Holdings Limited (Listed on the Hong Kong Stock Exchange in 2010), Celebrity City Hotel Management, etc.
Upon completion of this transaction, i-Sprint Group will have two major strategic investors: ASL/Teamsun Group (which is listed in Hong Kong Stock Exchange and Shanghai Stock Exchange) and Great Ally Investments, which will strengthen our shareholder base and enhance the reputation of the i-Sprint Group.
ASL/Teamsun Group is one of the major system integrators in the Greater China Region, the company continues to leverage ASL/Teamsun Group’s business network and expertise to further expand our market penetration and business growth. Over the past 34 months, the successful partnership has brought many successful wins to the company and has expanded our customer base in the region very rapidly.
Other than providing the additional capital for further investments in business and product development, the company will also benefit from the new strategic Investor’s innovative market insight, its rich experience in different industries, as well as its extensive network when considering or expanding into new business opportunities. Based on the expansion plan, there will be future cooperation between the company and the Investor which will bring new synergies to the partnership. The company will tap the Investor‘s expertise in the planning for the initial public offering of the i-Sprint Group in the future.
i-Sprint’s Management Team is excited about this investment which will mark another significant milestone of the i-Sprint Group. We will provide further details on our expansion plan to strengthen our market position, develop new markets and accelerate our research and development on mobile security and related solutions in the very near future.
Further announcement(s) will be made by Automated Systems Limited for the Completion of this investment as and when appropriate in accordance with the Listing Rules (as the case may be).