BYT Holdings Announces Closing of Strategic Investment

VANCOUVER, BC, Feb. 22, 2021 /CNW/ - BYT Holdings Ltd. (CSE: BYT) ("BYT" or the "Company") is pleased to announce that it has closed its previously announced strategic investment in connection with the arm's length acquisition of 35% of the issued share capital ("Equity Stake") of Xi'an Triumph Electronic Technology Co., Ltd ("Xian Tech") through its wholly-owned subsidiary BYT Singapore Pte. Ltd.  In consideration for the acquisition of the Equity Stake, the Company paid an aggregate purchase of SGD 1,750,000 to certain shareholders of Xian Tech.

"The acquisition of Xian Tech is an important milestone to enhance our technological capabilities and expand our business.  In the near term, we will be integrating one of Xian Tech's technologies, which enables intelligent waste classification and seamless supervision of waste transportation.  This will enhance our current waste management services.  Going forward, we will continue to drive growth through synergistic diversification, acquiring and integrating complementary technologies, such as artificial intelligence and big data into our core business offerings", said Sunny Li, Executive Chairman of the Company.  

For more information, please refer to http://www.xacf.com/article_detail.html?id=52

About BYT Holdings

BYT's operations are based out of Singapore, with its primary business being to provide one-stop turnkey engineering, procurement, and construction management solutions that range from consultancy and design, to the construction of projects involving high technology production facilities, primarily in Singapore and mainland China. BYT is also developing its waste management services division in Shanghai, China, which focuses on converting waste into organic compost. Furthermore, BYT also involve in integrating complementary technologies, such as artificial intelligence and big data.

ON BEHALF OF BYT HOLDINGS LTD

"Sunny Li"

Sunny Li
Executive Chairman

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE BYT Holdings Ltd.