China Concentric Capital Group Ltd. completed the acquisition of 96.5% Mercari Communications Group, Ltd. (OTCPK : MCAR) from Algodon Wines & Luxury Development Group, Inc..
January 19, 2017
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China Concentric Capital Group Ltd. entered into a stock purchase agreement to acquire 96.5% Mercari Communications Group, Ltd. (OTCPK : MCAR) from Algodon Wines & Luxury Development Group, Inc. (OTCPK:VINO) for $0.26 million on December 20, 2016. Under the terms of the transaction, entire consideration will be paid on January 4, 2017. China Concentric Capital Group Ltd. will acquire 43.82 million common shares of Mercari Communications Group, Ltd. Upon completion China Concentric Capital Group will have approximately 96.5% stake. The transaction will terminate if the purchase price will not be paid by January 4, 2017. The transaction is subject to due diligence investigation and is expected to close in January, 2017. J.M. Walker & Associates acted as escrow agent in the deal. Algodon Wines will pay $0.06 million as consultation fees to business consultants.
China Concentric Capital Group Ltd. completed the acquisition of 96.5% Mercari Communications Group, Ltd. (OTCPK : MCAR) from Algodon Wines & Luxury Development Group, Inc. (OTCPK:VINO) on January 20, 2017. Upon completion, Ethan Chuang will become director, President, Chief Executive Officer and Chief Financial Officer of Mercari Communications, Julian Beale, Peter Lawrence and Scott A Mathis resigned as directors of Mercari Communications, Maria Echeverria resigned as Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Mercari Communications, Scott A. Mathis resigned as President and Chief Executive Officer of Mercari Communications.
Gaucho Group Holdings, Inc. invests in, develops, and operates real estate projects in Argentina. The Company operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. The Company, through, Gaucho Group, Inc., operates an e-commerce platform for the manufacture and sale of high-end fashion and accessories under the brand name Gaucho - Buenos Aires. Its e-commerce platform offers a commercial line of designer clothing, with an emphasis on leather goods accessories, including leather jackets, branded hoodies, t-shirts, polo shirts and ponchos. The Company, through its subsidiary, InvestProperty Group, LLC (IPG), identifies and develops specific investments in the boutique hotel, hospitality and luxury property markets and in other lifestyle businesses, such as wine production and distribution, golf, tennis and real estate development. It develops real estate projects under its ALGODON brand in Argentina.
China Concentric Capital Group Ltd. completed the acquisition of 96.5% Mercari Communications Group, Ltd. (OTCPK : MCAR) from Algodon Wines & Luxury Development Group, Inc..