Asia Pacific Boiler Corporation entered into a letter of intent to acquire Million Place Investments Limited from Gong Chin Ong on February 14, 2014. On completion of due diligence the terms of the definitive agreement will be determined with a view to executing the agreement on or before May 15, 2014. The transaction is subject to all required regulatory approvals, approvals of the Boards of Directors of Asia Pacific Boiler and Million Place and the shareholders of Million Place, approval from third parties, completion of all required audited and unaudited financial statements of Million Place, Inner Mongolia Yulong Pump Production Co. Ltd. (Yulong Pump), and Hohhot Devotion Boiler General Company Private Limited (Devotion Boiler), completion of due diligence by Asia Pacific Boiler and Million Place and of Yulong Pump and Devotion Boiler, no material change in the employment agreements, closing of an option to acquire not less than 51% of the issued and outstanding capital stock of Yulong Pump and the acquisition by Yulong Pump, within six months of the closing of 100% of Devotion Boiler. The due diligence should be completed and Boards approval should be obtained by March 31, 2014, the definitive agreement must be executed by May 15, 2014 and shareholder approvals should be received by Million Place by May 31, 2014. The transaction shall close by June 15, 2014.

As of March 31, 2014, Asia Pacific Boiler announced the completion of legal due diligence, financial auditing, and other steps necessary to finish its proposed acquisition of Million Place Investment Limited. Million Place has completed the acquisition of 49% of Yulong Pump. Asia Pacific Boiler entered into share exchange agreement to acquire Million Place Investments Limited from Gong Chin Ong on April 15, 2014. As part of consideration, Asia Pacific Boiler shall issue its 7.5 million shares for the acquisition of 0.01 million shares of Million Place Investments.

Asia Pacific Boiler Corporation completed the acquisition of Million Place Investments Limited from Gong Chin Ong on August 5, 2014.