Axiom Holdings Focuses on China Power, Hospitality Markets after Reverse Merger
- Dec 30, 2016
Orlando, Fla.—Axiom Holdings Inc., a former online travel booking company that now plans on developing and operating power generation plants and hotels, has completed a reverse merger with CJC Hong Kong Ltd. to acquire two Chinese hydro-electric power plants and two hotels.
Through the reverse mortgage, CJC Hong Kong Ltd. became a wholly owned subsidiary of Axiom Holdings, an Orlando-based company. The deal includes two wholly-owned foreign entities or WOFEs. Axiom now owns a 44 MW hydropower electric generation station, known as Jiema Station and Jiesigou Station II, which is operational, and a 22 MW hydropower electric generation station, Jiesigou Station I and III, which is under construction and expected to come on-line in 2019. Two hotels that will open in June 2017, Enze Hotel and Mt. Four Sisters Hotel, are also part of the transaction. All the assets are located in Xiaojin County, Sichuan Province, China.
Enze Hotel, a 17-story, 114,000-square-foot modern luxury hotel in Mei Xin Town, will have 190 suites, a restaurant, teahouse, karaoke house, spa, and meeting and conference space. Mt. Four Sisters Hotel, a six-story, 71,000-square-foot property in SiGuNiang Mountain Town, is aimed at tourists and will have 90 suites, a restaurant, teahouse, conference rooms and ground-floor shopping.
“We are excited about this acquisition and look forward to providing green power generation to China, the world’s largest and most populous country,” Curt Riley, Axiom Holdings CEO, said. “Axiom will continue to explore and vet acquisition opportunities such as this one globally and within the U.S.”
In connection with the transaction, Axiom Holdings, through its subsidiary Horizon Resources Co., a Cayman Islands company, acquired all of the issued and outstanding equity securities of CJC Hong Kong Ltd. in exchange for issuing 200 million shares of common stock of Axiom to the CJC shareholders. It represents approximately 58.5 percent of the issued and outstanding shares of Axiom Holdings’ common stock at the time of the closing.
Axiom Holdings entered in negotiations to acquire the plants in July with Xiao Jin County Ji Tai Power Investments Co. Ltd. and Xiao Jin County Xin Hong Electric Power Development Co. Ltd. On Oct. 10, the company entered into a share exchange agreement with CJC Holdings Ltd., a Hong Kong corporation, and subsidiaries to acquire all the shares of CJC from the CJC shareholders through the issuance of the 200 million shares of Axiom Holdings stock. The deal closed Dec. 21 and now the CJC operating subsidiaries make up the operations within the company’s Power Production and Hospitality segments, according to an 8K form filed with the U.S. Securities and Exchange Commission.