Yimai Technology International Company Limited Announces Transfer of Holdings in Annidis Corporation to Mistarunited Technology Co., Limited

WANCHAI, Hong Kong, Sept. 26, 2016 /CNW/ - Yimai Technology International Company Limited ("Yimai") of Unit D, 16/F, Cheuk Nang Plaza, 250 Hennessy Rd., Wanchai, Hong Kong, and MISTARUNITED TECHNOLOGY CO., LIMITED ("Mingda") of Room A-02, 17/F Kin Ga Industrial Building, No. 9 Sun On Street, Tuen Mun, New Territories, Hong Kong together announce that, pursuant to a private agreement, Yimai, as part of a corporate re-organization, has transferred all of its holdings in Annidis Corporation ("Annidis"), to Mingda, a sister company of Yimai, which is directly owned by Jinsong Jang and Chunhang Yu, both of whom are directors of Annidis (the "Transfer"). The transferred holdings consist of (collectively the "Transferred Holdings"):

  1. 49,179,428 common shares in the capital of Annidis, 7,132,046 of which are currently held in escrow by Annidis pursuant to an escrow agreement (see Annidis news release dated October 4, 2013) (the "Transferred Shares");
  2. 1,000,000 common share purchase warrants which are exercisable at a price of $0.40 per common share and expire on May 28, 2017;
  3. $1,000,000 secured promissory note originally issued on June 25, 2013, which note carries an interest rate of 10% due and payable at maturity;
  4. $1,000,000 secured promissory note originally issued on May 28, 2014, which note carries an interest rate of 10% due and payable at maturity;
  5. $2,003,589 convertible promissory note originally issued on November 17, 2014, which note carries an interest rate of 10% due and payable at maturity and is convertible at the option of the holder at a price of $0.35 per common share;
  6. $150,000 unsecured promissory note originally issued on November 25, 2014, which note carries an interest rate of 10% due and payable at maturity;
  7. $200,000 convertible promissory note originally issued on March 4, 2016, which note carries an interest rate of 10% due and payable at maturity and is convertible at the option of the holder at a price of $0.05 per common share;
  8. $150,000 convertible promissory note originally issued on March 17, 2016, which note carries an interest rate of 10% due and payable at maturity and is convertible at the option of the holder at a price of $0.055 per common share;
  9. $100,000 convertible promissory note originally issued on March 4, 2016, which note carries an interest rate of 10% due and payable at maturity and is convertible at the option of the holder at a price of $0.06 per common share; and
  10. $1,300,000 unsecured grid promissory note originally issued on April 14, 2016, which note carries an interest rate of 10% due and payable at maturity.

The Transferred Holdings were transferred by Yimai to Mingda for total aggregate consideration of CAD$15,584,983.96 consisting of: 1) CAD$8,670,000 for the Transferred Shares; and 2) $6,914,983.96 for all outstanding debt obligations and share purchase warrants.

Immediately following the completion of the Transfer, Yimai no longer has any holdings in the capital of Annidis, i.e. its holdings in Annidis will have decreased from 42% to 0% on an undiluted basis (48.6% to 0% on an undiluted basis). Correspondingly, following the completion of the Transfer, Mingda will hold 49,179,428 common shares in the capital of Annidis representing 42% of the issued and outstanding common shares of Annidis on an undiluted basis. On a partially diluted basis, assuming the conversion of the principal amount of all of the convertible promissory notes and the exercise of the common share purchase warrants, Mindga will hold 48.6% of Annidis' issued and outstanding common shares.

Yimai has transferred the Transferred Holdings to Mingda as part of a corporate reorganization. Mingda has acquired the Transferred Holdings for investment purposes and takes a long-term view of the investment. Mingda  may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over additional securities of Annidis, but does not have any plans related to any of the matters in the enumerated list in Item 5 of Form 62-103F1.

The information in this press release is disclosed on behalf of Mr. Sprott pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Annidis is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").

SOURCE Mistarunited Technology Co., Limited

For further information: A copy of the Early Warning Report, when filed by Yimai and Mingda, will appear with the Annidis' documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by contacting: Jinsong Zhang, Director, Chief Executive Officer and General Manager, Yimai Technologies International Company Limited, Unit D, 16/F, 250 Hennessy Road, Wanchai Hong Kong, Phone: +86-755-269808019; Jinsong Zhang, Director, Chief Executive Officer and General Manager, Mistarunited Technology Co., Limited, Room A-02, 17/F Kin Ga Industrial Building, No. 9 Sun On Street, Tuen Mun, New Territories, Hong Kong, Phone: +86-13249693919

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Mistarunited Technology Co., Limited

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YIMAI Technology International Company Limited

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