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Green IPO Watch at Renewableenergystocks.com- WCRF.OB enters into agreement with Apollo Solar Science Technology Co. Ltd
POINT ROBERTS, WA Oct 21 , 2008 -- www.RenewableEnergyStocks.com, a leading investor news and research portal for the renewable energy sector within Investorideas.com, reports on the reverse merger of WCRF.OB entering into agreement with Apollo Solar Science Technology Co. Ltd.
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From the SEC filings : Entry into a Material Definitive Agreement, Financial Statements and Exhibits
On October 20, 2008, Wincroft, Inc. (the "Company") entered into an entrusted management agreement (the "Agreement") with Hou Renyi and certain other members of the management team (the "Apollo Managers") of Sichuan Apollo Solar Science Technology Co. Ltd ("Apollo"), a company organized under the laws of the People's Republic of China and a wholly-owned enterprise of Apollo Solar Energy, Inc., a corporation organized under the laws of the State of Delaware and a wholly-owned subsidiary of the Company.
Pursuant to the terms of the Agreement the management of the Company shall be entrusted to the Apollo Managers so as to enable the Company to benefit from their expertise and reputation in the photovoltaic solar (Solar PV) industry in China. In consideration for the provision of such services the Company shall pay to the Apollo Managers regular cash compensation and implement a stock ownership incentive plan; provided that, for the three year period following the execution of the Agreement, the Apollo Managers shall not be entitled to participate in the stock ownership incentive plan in the event the Company's annual return on equity rate does not exceed five percent per annum.
The Agreement provides for the issuance by the Company of 26.8 million shares of Common Stock to the Apollo Managers with the result that the Apollo Managers will own approximately 60.15% of the Common Stock of the Company, after giving effect to such issuance, as previously discussed in the Company's Current Report on Form 8-K filed on October 16, 2008. The Apollo Managers shall receive such shares as additional consideration for the provision of the entrusted management services and in full satisfaction of certain indebtedness of Apollo to the Apollo Managers.
http://ca.us.biz.yahoo.com/e/081020/wcrf.ob8-k.html
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