Learning Quest Technologies, Inc. (LQTI) published news release where informed about the purchase of Expressway Toll Business of Pingdingshan Pinglin Expressway Co., Ltd., via transaction with BVI-registered and Hong Kong-based holding company. Learning Quest Technologies Incorporated completed share exchange with British Virgin Islands company Color Man Holdings Limited (CMH), and CMH's sole stockholder, Joylink Holdings Limited, which is also registered in BVI.
Pursuant to the share exchange agreement, LQTI issued 54,400,000 newly issued common stock shares (that is 68% of company's 80,000,000 issued and outstanding shares, on the date of the transaction), to Joylink in exchange for all of the issued and outstanding capital stock of BVI-based Color Man Holdings Ltd, transferred by Joylink to LQTI. As a result of the above transaction, BVI-based Color Man Holdings Ltd became a wholly owned subsidiary of LQTI.
CMH is the sole stockholder of Hong Kong company Wise On China Limited (WOC), whose wholly owned subsidiary and sole operating entity is Pingdingshan Pinglin Expressway Co., Ltd. (PING), formed under PRC law as a Wholly Foreign Owned Enterprise, and doing business in the PRC.
Incorporated in 2003, PING was granted the right to manage and operate the Pingdingshan-Linru portion of the Nanjing-Luoyang expressway, which was part of the PRC's National Expressway Network Plan worked out by Chinese government. According to the information in the press release, at the moment of the closing of the transaction, the operations of PING are the only operations of LQTI.
