Video River Networks, Inc., Torrance, California, (OTCMKT: NIHK), an electric vehicles and battery technology holding company, yesterday announced that it has entered into a non-binding letter of intent to form a Joint Venture, with Lingstar Co., a Xian, Shaanxi, China company, for the purpose of engaging in the sourcing, designing, developing, manufacturing and distribution of high-performance, affordable and fully electric vehicles in North America, Asia and Africa.
The proposed transaction calls for NIHK and Lingstar to form a new company (the “Joint Venture”, “JV”) under the Chinese law which will be qualified to transact business generally (but will focus on sourcing, designing, developing, manufacturing and distribution of high-performance, affordable and fully electric vehicles) in China, North America and West Africa. The China-based Joint-Venture will be funded initially by NIHK with a contribution enough to facilitate the processing of the business registration and obtaining all necessary licenses to conduct the business of sourcing, designing, developing, manufacturing in exchange for 51% ownership of the Joint Venture.
It also calls for NIHK to commence, as soon as possible, the selling shares of its Special Purpose Acquisition Class (SPAC) for initial $10 million.
Franklin Igwealor, CEO of Video River Networks stated, “The Lingstar JV provides an outstanding opportunity to tap from one of the fastest growing global Electric Vehicles market, China. Marrying available knowhow from China with our future US based Machine learning and Artificial Intelligence powered platform to produce superior technology Electric Vehicles at an affordable pricing. In addition, we will have new global customers from North and South America and West Africa. The need for objectivity informed our choice of Langstar Co., an Electric Vehicles trading company that has significant equity interest in three China based Electric Vehicles manufacturers was based on our need for some level of independence on the JV partner for product selection based purely on QUALITY AND AFFORDABILITY.
Video River Networks, Inc. has also announced that Ms. Perpetual Emeana and Bishop Christopher E. Milton have been appointed as independent members of its Board of Directors, effective March 23, 2021. Ms. Perpetual Emeana and Bishop Christopher E. Milton will join Frank on the Audit Committee and also serve alongside him and Ms. Patience C Ogbozor on Board of Directors. Bishop Christopher E. Milton becomes the chair of the audit committee.
“I am pleased to welcome Ms. Emana and Bishop Milton to the Board of Directors,” said Frank I Igwealor, President and CEO of Video River Networks. “Their extensive experience working with finance, human behaviors, objectivity, negotiating skills and capacities, from management and corporate governance to finance and operations, will be invaluable to the Company as we continue to execute on our strategy for long term shareholder value creation. We look forward to their immediate contribution as we expand our footprint into Electric Vehicles and Battery Technology.”
The appointment of Ms. Perpetual Emeana and Bishop Christopher E. Milton, as independent directors, helps the Company to overcome the last hurdle for the Company to qualify to apply for OTCQB up-listing.
About Video River Networks, Inc.
Video River Networks, Inc. is an Electric Vehicles and Battery Technology holding company that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) assets, businesses and operations in North America. The Company’s current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies NIHK’s current technology-focused business model is a result of our board resolution on September 15, 2020 to spin-in/off our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices.
About Lingstar Co.
Lingstar Company was founded in 2014, and is mostly involved in supplying new energy vehicles to markets outside the Peoples Republic of China. Lingstar has over 20 models of Electric Vehicles covering low speed, middle speed and high speed, including types of Sedan, hatchback, mini car, pickup, scooter and bus. Lingstar electric vehicles comprises of 20 models from eight manufacturers from different places of China. Lingstar has equity interest in 3 of the Electric Vehicle manufacturers. Lingstar sales network is spread into over 20 countries throughout Europe, Africa, Asia, and South America.
Source:batteryindustry
