Item 1.01. Entry into a Material Definitive Agreement.
On September 14, 2021, Environmental Control Corp., a Nevada corporation (the
"Company"), entered into a Company Acquisition Agreement (the "Acquisition
Agreement") with Yong Bai Chao New Retail (Shenzhen) Co. Ltd. ("YBC"). Pursuant
to the terms of the Acquisition Agreement, the Company agreed to acquire all of
the issued and outstanding securities of YBC in exchange for 50 million shares
of our common stock. After the consummation of the acquisition, the Company is
obligated change its name to Yong Bai Chao New Retail Corp. Wang Fei, our sole
executive officer and director, also serves as the Chief Executive Officer and
Director of YBC. The closing of this transaction is subject to certain terms and
conditions more fully described in the Acquisition Agreement. In
effectuating the share exchange, the Company intends to rely on the exemption
from registration pursuant to Section 4(2) of, and Regulation D and/or
Regulation S promulgated under the Securities Act of 1933, as amended.
The foregoing description of the Acquisition Agreement is qualified in its
entirety by reference to the Acquisition Agreement, which is filed as Exhibit
10.1 to this Current Report and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d). Exhibits.
Number Exhibit
10.1 Company Acquisition Agreement, dated September 14, 2021, by and
between Environmental Control Corp. and Yong Bai Chao New Retail
(Shenzhen) Co. Ltd.
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