Completion of Acquisition or Disposition of Assets.
As reported on the Current Report on Form 8-K of New Energy Systems Group (the “Company”) as filed with the Securities and Exchange Commission on December 15, 2011, on December 9, 2011, the Company closed the transactions contemplated in the Equity Transfer Agreement (“Equity Transfer Agreement”) dated November 24, 2011, with Xuemei Fang (“Fang”) and Weirong Xu (“Xu”, and together with Fang, the “Buyers”). Pursuant to the Equity Transfer Agreement, 100% of the equity interest of Billion Electronics Limited (BVI) (“Billion Electronics”) was transferred to the Buyers for a cash consideration of RMB 85,553,892.75 (approximately $13,549,443).
In connection with the completion of the Equity Transfer Agreement, the Company is hereby filing this Amendment No. 1 to the Current Report on Form 8-K to include the requisite pro forma financial information.
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