FCCC, Inc. has announced the acquisition of Amerihe Group, a California-based C-Corp primarily involved in the import/export of rice, grains, and related agricultural products from South East Asia. The deal, which involves FCCC, Inc. acquiring the controlling shareholding in Amerihe Group, is expected to accelerate growth and market share for both companies in strategic markets. The existing management team at Amerihe Group will be retained following the acquisition.
In addition to the acquisition, FCCC, Inc. has also announced that it is no longer a “shell company” as defined by Rule 405 of the Securities Act of 1933. The company had previously been considered a shell company based on its financial statements for the nine-month period ended September 30, 2021. However, as of December 31, 2022, FCCC, Inc. had shown evidence of actual operations through its offered services and products, and had greater than nominal assets, including cash, prepaid expenses, inventory, and/or accounts receivable. The company’s financial reports for the quarterly report ended December 31, 2022, and each of its filed interim reports thereafter reflect substantive operations that indicate the company is no longer a shell company.
This announcement is great news for FCCC, Inc. and its shareholders, as the acquisition of Amerihe Group is expected to bring significant growth opportunities for both companies. The retention of the existing management team at Amerihe Group will ensure a smooth transition and continued success for the company. The removal of FCCC, Inc.’s shell company status is also a positive development, demonstrating the company’s progress and potential for future growth.
Finally, FCCC, Inc. has announced a change in control of the company with the appointment of two new directors and re-assignment of shares to incoming directors. The Board of Directors has re-assigned shares to FNU Oudom, William L. He, and Huijun He, effective April 1, 2023. Following the change of control, the company’s operations have remained the same, and it is a non-shell company. The appointment of William L. He and Qiang Zhang (Independent) to the Board of Directors, effective April 1, 2023, has been announced. Mr. He is currently in a Bachelor’s Degree program in Computer Science at the University of California, Irvine, and Mr. Zhang has approximately 20 years of experience in the investment business, both in the United States and Asia. The changes to the company’s management structure are expected to provide strategic advantages for future growth and development.