Wialan Technology Inc. agreed to acquire American Community Development Group Inc. (OTCPK:ACYD) in a reverse merger transaction on June 16, 2013. The terms of the transaction provide for the issuance of additional authorized restricted common stock to the shareholders of Wialan and the appointment of a new board of directors and management team. Wialan will receive the majority position of the increased authorization after the final completion of due diligence.

The deal has been approved by the shareholders of American Community Development on June 20, 2013. The transaction is subject to final due diligence and normal closing conditions and is expected to close shortly.