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EX-10.1 - BINDING TERM SHEET - Alset EHome International Inc. | hfe_ex101.htm |
8-K - CURRENT REPORT - Alset EHome International Inc. | hfe_8k.htm |
Exhibit 99.1
HF Enterprises Sets Foundation for Future Growth with Binding Term
Sheet Regarding Four Investments
Tuesday,
January 12, 2021 9:00 AM
BETHESDA, MD / ACCESSWIRE / January 12, 2021 / HF
Enterprises Inc. (NASDAQ:HFEN) (the "Company"), a diversified holding company
principally engaged through its subsidiaries in property
development, digital transformation technology and biohealth
activities, today announced that it has entered into a binding term
sheet (the "Term Sheet")
with Chan Heng Fai, the founder, Chairman and Chief Executive
Officer of the Company, for four proposed investments, consisting
of (i) warrants to purchase 1,500,000,000 shares of Alset
International Limited (SGX:40V) ("Alset"); (ii) all of the issued and
outstanding stock of LiquidValue Development Pte Ltd ("LVD"); (iii) 62,122,908 ordinary shares
in True Partners Capital Holding Limited (HKG: 8657) ("True Partners"); and (iv) 4,775,523
shares of the Series A Common Stock of American Pacific Bancorp
Inc. ("APB"). Descriptions
of each of the four investments are set forth below.
"We are
strategically positioning HF Enterprises to capitalize on
disruptive and innovative business opportunities across a variety
of industries," stated Mr. Chan. "Through these transactions, the
Company is acquiring assets and setting a strong foundation for
future growth as we focus on building a synergistic array of
companies that create a sustainable healthy living system with the
potential to disrupt major markets globally."
Alset International Limited
Incorporated
in September 2009 and listed on the Singapore Exchange in July
2010, Alset operates as a global enterprise involved in (i)
property development and investments, primarily in the U.S. and
Western Australia; (ii) development, research, testing,
manufacturing, licensing and distribution of biomedical products;
(iii) asset management with a primary focus medical and residential
real estate in the US; (iv) direct sales of a growing variety of
health and wellness products; and (v) information technology
businesses, including blockchain technology. The Company currently
owns 57.1% of Alset.
The
Company will pay the lesser of $28,363,966.42 or the appraised
value of the warrants to purchase 1,500,000,000 shares of Alset in
the form of newly issued shares of the Company's common stock. The
price of such shares shall be based on the average closing price of
the Company's common stock over the five days prior to the
execution of the Term Sheet.
LiquidValue Development Pte Ltd
LVD is
currently wholly owned by our Chairman and Chief Executive Officer,
Chan Heng Fai. LVD's existing presence in the asset management
field will be leveraged to establish an actively managed open-ended
exchange-traded fund (ETF) in the US, focused on disruptive
investment opportunities with long-term exponential growth
potential. Upon the completion of this proposed transaction, LVD
will be a wholly owned subsidiary of the Company.
The
Company will pay SGD $229,245.36 (USD $173,394.87) to acquire LVD
in the form of newly issued shares of the Company's common stock.
The price of such shares shall be based on the average closing
price of the Company's common stock over the five days prior to the
execution of the Term Sheet.
True Partner Capital Holding Limited
True
Partners operates as a fund management company in the U.S. and Hong
Kong. The company manages funds and provides managed accounts on a
discretionary basis using a proprietary trading platform, offering
investment management and consultancy services. The company also
develops and supports its trading platform and related proprietary
software and provides management services for a portfolio of
securities and futures contracts. Its fund investors and managed
accounts are primarily professional investors, including family
offices, pension funds, high-net worth individuals,
endowments/foundations, and financial institutions. The company was
founded in 2010 and is headquartered in Tsim Sha Tsui, Hong Kong.
True Partners is currently listed on the Hong Kong Stock Exchange
(HKSE), with over USD $1.6 billion assets under management (AUM).
The Company will own approximately 16% of True Partners after
completing the proposed transaction.
The
Company will pay USD $6,729,629.29 for the 62,122,908 shares of
True Partners in the form of newly issued shares of the Company's
common stock. The price of such shares shall be based on the
average closing price of the Company's common stock over the five
days prior to the execution of the Term Sheet.
American Pacific Bancorp Inc.
APB is
a bank holding company, having investment positions in commercial
banks in the US. APB will inject digital banking capabilities into
the banks to provide global banking services to clients worldwide,
increasing profitability. APB is highly focused on the digital
banking space and decentralized finance (blockchain based FinTech)
capabilities. The Company plans to leverage APB's infrastructure to
capitalize on growing opportunities with Special Purpose
Acquisition Companies (SPACs). The Company will be acquiring
approximately 86.4% of the total equity of APB.
The
Company will pay the lesser of $28,653,138 or the appraised value
of APB in the form of newly issued shares of the Company's common
stock. The price of such shares shall be based on the average
closing price of the Company's common stock over the five days
prior to the execution of the Term Sheet.
The
transactions described above shall be subject to the execution of
definitive agreements, financial and legal due diligence by all
relevant parties, and the approval of the shareholders of the
Company.
About HF Enterprises Inc.
HF
Enterprises Inc. is a diversified holding company principally
engaged through its subsidiaries in property development, digital
transformation technology and biohealth activities with operations
in the United States, Singapore, Hong Kong, Australia and South
Korea. The Company's vision is to acceleration sustainable healthy
living. The Company's mission is to provide a healthy living
ecosystem, encompassing housing, transport, energy, alternative
healthy food and beverage and biohealth impact
products.
Investor Contact:
Dave
Gentry, CEO
RedChip
Companies Inc.
407-491-4498
Dave@redchip.com
Forward-Looking Statement Disclaimer
Statements
in this press release contain "forward-looking statements" that are
subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as "anticipate," "believe," "contemplate," "could,"
"estimate," "expect," "intend," "seek," "may," "might," "plan,"
"potential," "predict," "project," "target," "aim," "should,"
"will" "would," or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on HF Enterprises
Inc.'s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict.
Further, certain forward-looking statements are based on
assumptions as to future events that may not prove to be accurate.
Forward-looking statements contained in this announcement are made
as of this date, and HF Enterprises Inc. undertakes no duty to
update such information except as required under applicable
law.
SOURCE: HF Enterprises Inc.