Powernet Technologies Corporation (KOSDAQ:A037030) agreed to acquire Qingdao Danam Electronics Co., Ltd. for KRW 2.1 billion on September 10, 2019. The consideration shall be payable in cash. For the last year 2018, Qingdao Danam Electronics Co., Ltd. has reported total assets of KRW 2.2 billion, revenues of KRW 5.2 billion, net assets of KRW 1.8 billion and net income of KRW 366 million. The Board of Directors passed the resolution of transaction on September 10, 2019. Completion is scheduled on September 25, 2019. Completion is expected on December 9, 2019.