EC Assets Enters Into Conditional Share Swap Deal To Buy 51% Stake In Brighten

(RTTNews) - Cleantech Solutions International, Inc. (CLNT) said that its wholly-owned subsidiary, EC Assets Management Limited has entered into a conditional share swap agreement with Ever-Long Holdings Limited and certain of its officers and directors, to acquire a 51% interest in the issued share capital of Brighten Holdings Int'l Limited, a subsidiary of Styland Holdings Limited.

The terms of the agreement stipulate that the Ever-Long Parties shall transfer 51% of Brighten's issued share capital (which is valued at US$16,447,500, based on 510,000 ordinary voting shares at a price of US$32.25 per Brighten share).

In exchange, the Company shall issue a certain number of its shares of common stock, representing 19.5% of the issued and outstanding shares of CLNT, and a 5-year interest-free promissory note with a principal amount of US$13.76 million to Brighten.