Bo deep tool 20.4 million acquisition of Canadian peers

The Bo Shen Tool (002282) decided to change part of the fund-raising use for the acquisition of Canadian Cyclone DIAMOND pruducts limited100% Equity and to increase its capital. Bo Deep Tool Board of Directors October 11 agreed to the company "High performance laser welding diamond Tools Technical Transformation Project" Implementation of the implementation of the main and implementation of the site to do some adjustment, the use of 20.4 million yuan (3 million U.S. dollars) to raise funds for the acquisition of Cyclone equity and to increase its capital,　　of which 13.26 million yuan (1.95 million U.S. dollars) for equity acquisitions, the other 7.14 million yuan (1.05 million U.S. dollars) for the completion of the acquisition of cyclone company to increase capital, the acquisition of laser welding machines and other production equipment. The announcement shows, Bo deep tool investment construction "high performance laser welding diamond Tools Technical Transformation Project", the main purpose is to use advanced laser welding technology and processing technology, the production of high value-added high-end diamond tools products, occupy Europe and the United States and other high-end, professional diamond tool products market. The project's original part of the investment through the acquisition of Canadian cyclone company to implement, will speed up the Bo deep tools to raise funds to implement the investment project, improve the use of fund-raising funds, for the Bo deep tools directly and effectively open up Canada, the United States and other North American areas of high-end diamond tools market is very beneficial　　At the same time, Bo Shen Tools will be part of high-end, professional products in Canada production, to reduce the U.S. anti-dumping risk has a positive role. It is understood that the Canadian cyclone company has more than more than 30 years of operating history, engaged in professional-grade diamond saw blades, hollow thin-walled drill bit manufacturing, sales, in addition to the sale of wall saws, chain saws, professional drilling rigs and other related tools and equipment, is a well-known Canadian diamond tool manufacturers and distributors,　　With a strong professional grade of high-grade diamond tools products manufacturing and sales capabilities, "CYCLONE" Brand is the Canadian diamond tools industry well-known brands. The announcement said, Bo Deep tool This acquisition cyclone stake, will take full advantage of its technology, channel and brand influence, expand the company's sales share in North America market, improve high-end professional diamond tool product level. After the acquisition is completed, Cyclone will become a wholly-owned subsidiary of the company established in North America after Bo Shen's US LLC.