Resort Savers, Inc. (OTCQB: RSSV), a strategic investment and development company, today clarified its September 16, 2015 press release announcing its acquisition of Shenzhen Amuli Industrial Development Co. Ltd. (Amuli), a large producer of Kvass health and wellness drinks. Certain details of the original press release were issued in error, and should not be relied upon an as indication of future performance by the Company.
The original press release issued stated that Resort Savers, Inc. purchased a majority interest in Amuli, which was an error. Due to restrictions on foreign ownership of operating Chinese companies, Resort Savers, Inc., a Nevada corporation, was prohibited from purchasing a majority interest in Amuli.
Rather, the Company’s wholly-owned subsidiary, Xing Rui International Investment Holding Group, Ltd., through its newly formed a Peoples Republic of China corporation subsidiary, Hua Xin Chang Rong (Shenzhen) Technology Service Company Limited (“Hua Xin Chang”), purchased the sixty percent majority interest in Amuli. The transaction closed upon the issuance of the shares of the Company’s common stock and the transfer of the shares of Amuli to Hua Xin Chang in October.
Moreover, the previous press release stated that Amuli was generating profit which was also in error. Amuli has yet to realize any sales or profit. Sales are expected to begin in 2016.
