Lincoln International Corporation, a company manufacturing optoelectronic products, has made an announcement that it has completed share exchange with the shareholder of BVI-registered Keep On Holdings Ltd. Pursuant to the agreement, the BVI company has become the wholly-owned subsidiary of Lincoln International.
Concurrent to the share exchange, Lincoln International completed a $4.0 million private placement of convertible preferred stock and warrants with accredited investors which purchased 3,703,704 shares of the company's series A preferred stock at $1.08 per share, and common stock purchase warrants to purchase 41,250,000 shares of Common Stock at $17 1/3 per share, and warrants to purchase 45,000,000 shares of Common Stock at $0.20 per share. In connection with the private placement, Lincoln International Corporation placed an aggregate of 3,700,000 shares of Series A Preferred Stock in an escrow account.
Keep On is the only shareholder of a Chinese corporation Suny Electronics (Shenzhen) Ltd, which designs, manufactures and markets small and mid-sized LED and CCFL backlights for various types of displays. In 2006, Suny reached the amounts of $15.9 mln in revenue and $2.4 mln in net income, - the 120% and 245% increase from 2005. For the six mopnths ended June 30, 2007, company's revenue increased 91% over the comparable period in 2006.
