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12 Retech Closes Acquisition of Retail Shopping Technology Firm 12 Hong Kong.

MANews-(C)2009-2017

5 July 2017 - Dominican Republic-based 12 Retech Corp. fka Devago, Inc. (OTC: DVGGD) has completed the acquisition of Hong Kong-based retail shopping technology firm 12 Hong Kong Ltd., the company said.

12 Hong Kong is the developer of the "12" next-gen retail shopping technology which combines digital tech and social networking with real-life for a unique shopping experience.

It fully integrates in-store, online, and mobile shopping experiences with its patented smart 12Mirrors, 12Mobile app, and 12Kiosks, while an interactive advertising screen provides special offers from shops, restaurants, and service providers.

12 simultaneously meets the needs of shop owners and customers, making in-store shopping fun and entertaining. 12RT currently has operations in Hong Kong and Japan.

In June, 12 Retech entered into a share exchange agreement with 12RT and its shareholders to exchange 100% of the issued and outstanding shares of 12RT for an aggregate of 55m shares of company stock, consisting of 50m shares of post-split company common stock; and, 5m (5m) shares of company series A preferred stock.

This is worth around USD 55m at current prices.

Following the closing of the Share Exchange Agreement, 12RT shall became a wholly-owned subsidiary of the company.

Established in 2010, 12 fully integrates in-store, online, and mobile shopping experiences with its patented smart 12Mirrors, 12Mobile app, and 12Kiosks, while an interactive advertising screen provides special offers from shops, restaurants, and service providers. 12 simultaneously meets the needs of shop owners and customers, making in-store shopping fun and entertaining.

Country: China

Sector: Wholesale/Retail

Target: 12 Hong Kong Ltd

Buyer: 12 Retech Corp. fka Devago, Inc

Vendor:

Deal size in USD: 55m

Type: Corporate Acquisition

Financing: Stock

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:9HONG
Date:Jul 5, 2017
Words:282
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