Dolat Ventures, Inc. (OTCBB: DOLV) a company formerly in the mining and real estate businesses looks to have changed its business plan.
Control of the company was acquired by Mr. DeQun Wang on January 11, 2017 under terms of an agreement entered on December 2, 2016. On that date, Mr Wang completed the acquisition of 300,000 shares of Class C Preferred Stock which is convertible into 750 million shares of common stock and carries the same number of votes. The company also acquired all the issued and outstanding shares of Chinese corporation Ji Ming Yang Amperex Technology Limited in exchange for 100,000 Class C Preferred Stock, convertible into 100 million shares of the company’s common stock. Subject to the necessary approval including FINRA, the company will show the new business combination by changing its name to JB & ZJMY Holding Company, Inc. and applying for a new symbol. Mr. Wang is also the chairman of JB & ZJMY Co., Ltd.
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Ji Ming Yang Amperex Technology Limited, founded in March 2015, is focused on the development of batteries for “New Energy Vehicles.”. The company is in possession of a number of patents, which seek to increase and extend battery life while also slashing operating costs. It seeks commercial solutions to the problems faced by all manufacturers of vehicle batteries such as a short battery life, expensive materials and issues relating to charging stations. As a part of the acquisition process, the company will be making an offer to current and future employees based in China to purchase new common stock units for $ 0.10 per share, with one warrant attached exercise will for two years and $ 0.15 per share, for a total of 10 million units. The company intends to file consolidated financial statements reflecting the acquisition over the next couple of weeks.
As per the company’s Annual Report, submitted April 7, 2017, the Company’s operating unit is based in China and holds several Chinese and foreign patents pertaining to long lasting batteries ideal for use in electric automobiles. The Chinese electric vehicle market – according to Bloomberg – became the world’s largest in 2015 with 507,000 cars sold, and is expected to reach 2 million vehicles by 2020. The Chinese government has provided billions in subsidies to help car makers achieve large scale production of electric vehicles, and has encouraged taxi fleets and government agencies to use electric automobiles.
The company has developed a small, low-cost, fully automatic, multi-function rechargeable car power plant recharge system. It is a new type of nickel-manganese multi-phase lithium-ion battery: a new material system, a new process, the new battery structure, the energy density per kilogram to 180W, 50% higher than the same specifications lithium iron phosphate battery. JB has also developed a prototype SUV electric vehicle (“EV”) that is able to go up to 600 km (373 miles) on a single charge and is called the “Millet Ming Yang V3”.
Source: Broad Street Alerts Editor
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