Gateway Certifications, Inc. announced that in November 2009 it acquired Jianye Greentech Holdings Ltd., a privately held corporation registered in the British Virgin Islands. The transaction was signed in accordance with an Agreement and Plan of Share Exchange.
JGH is a holding company whose principal operating companies are involved in developing, manufacturing and distribution of alcohol-based automobile fuel products in China. BVI company's products are designed to function as a lower-cost alternative to conventional gasoline-based auto fuel.
Pursuant to the terms of the agreement, Gateway acquired BVI company in exchange for an aggregate amount of 3,548,796 newly issued shares of its common stock. Also, according to this agreement, the company approved an amendment to the company's Articles of Incorporation, having changed the name of the Registrant to American Jianye Greentech Holdings Ltd.
Additionally, Gateway Certifications approved a forward-split of its common stock on the basis of 7.89 for 1, and is applying for the split to take effect in the market, at which time 31,393,765 shares of common stock will be issued and outstanding. Upon the filing of a Definitive Information Statement and effectiveness of the name change, Gateway Certifications intends to apply to change its OCBB stock symbol.
