TransAKT Ltd. (OTCPK:TAKD) entered into an asset purchase and sale agreement to acquire substantially all assets of Vegfab Agricultural Technology Co. Ltd. for $10 million on May 3, 2012. Under the terms of the agreement, TransAKT shall pay $1 million in cash and issue 150 million shares. The transaction will be funded from a private placement which raised $1.2 million for TransAKT. Vegfab reported revenues of $0.036 million, net loss of $0.054 million, total common equity of $0.61 million and total assets of $0.82 million for the year ending December 31, 2011. The transaction is subject to the approvals of Board of Directors and shareholders of Vegfab Agricultural Technology, by the applicable foreign investment regulatory agency or commission, and any other applicable government or regulatory authority in Taiwan, completion of due diligence investigation and TransAKT's legal counsel approval and TransAKT Shares conditionally approved for listing by the stock exchange. The transaction is expected to get completed in few weeks from announcement. TransAKT Ltd. (OTCPK:TAKD) completed the acquisition of Vegfab Agricultural Technology Co. Ltd. on July 26, 2012. All the conditions precedent to closing were duly met. On closing TransAKT acquired all the outstanding shares of Vegfab Agricultural Technology Co. Ltd.