China TMK Battery Systems Inc. Signs Purchase Agreement with Lithium Battery Producer Dongfang Hualian

China TMK Battery Systems Inc. (OTC:DFEL) reports that it has completed a share purchase agreement with Loyal Top Capital Investment Limited for the purchase of Shenzhen Dongfang Hualian Technology Co., Ltd.

The press release is quoted as saying:

Under the terms of the purchase agreement, the Company will acquire 100% equity interest in Dongfang Hualian in exchange for a cash payment of approximately $11 million and 8.1 million shares of the Company’s common stock. Dongfang Hualian is a lithium battery producer which designs, manufactures and sells lithium batteries.

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