On July 1, ONERPRO TECHNOLOGIES CORP. announced that the company had signed a final share swap agreement with its core partner ZJKJ (Zhejiang) New Material Technology Co., Ltd. ONERPRO is Canada's leading developer and supplier of coating products and coating technologies. In addition, ONERPRO developed and completed many production and sales of high-performance coatings in 2012, which have been widely used in the field of thin films in the construction, automotive, electronics and other industries. ZJKJ is a high-tech enterprise founded by the shareholders of Zhejiang Longsheng (600352), which focuses on the research, development, production and sales of high-functional films. The CZJKJ factory now has two fully automated precision coating lines for coating polyurethane films. In addition to the gluing business, a new world-leading high-precision dedicated film casting line has been added, which will be used to explore the feasibility of independent production and substitution of polyurethane films. After closing, ONERPRO became a wholly-owned subsidiary of ZJKJ.
ONERPRO founder DR. Stephen Hunt and his team will indirectly hold 21% of ZJKJ shares and continue to serve as the managing director and president of ONERPRO to lead the R&D team to continue to promote technological innovation and technical output to ZJKJ. ZJKJ's precision coating line was officially put into operation in December 2019, with an annual production capacity of more than 1.2 million square meters.
Complementary advantages are an important part of the global mergers and acquisitions, including those with new coating materials and thin film materials. ONERPRO and ZJKJ recognize that it is urgent to improve product quality, accelerate product development, increase production capacity, and expand market footprint. After the completion of the merged ZJKJ, the original strong financial support and market expansion capabilities cooperate with ONERPRO's deep skills in technology development, product conception, and production experience, so as to ensure the future competitive advantage.
Jonathan Hill, Managing Partner of ONERPRO, said: "This merger will allow us to further integrate our leading coating development capabilities with coating compounding technology relying on Koji. We believe that ZJKJ will soon be able to fully increase production capacity and yield .ZJKJ leads the production and sales, and ONERPRO leads the deep complementary forms of innovation and R&D, which will allow us to focus more on product research and development, improve the quality of existing products, expand the products we can provide, and better serve the market. In addition, this time The merger allows us to circumvent the quality control problems that may have arisen due to insufficient capacity and seek OEMs, and further communicate the concept of ONERPRO's professionalism and quality to more customers."
Mr. Jun Jun, Director and CEO of ZJKJ, also expressed his confidence in the M&A. Mr. Shan Jun said: "This merger represents a key transformation of ONERPRO and ZJKJ in the global market. ONERPRO's excellent brand foundation and strong R&D and innovation capabilities, as well as the production of imported technology that ZJKJ can possess The advantage gives both parties an unparalleled opportunity on the world stage."