Industrial Tech (ITC) Files for Resale of $5 Million Shares
Industrial Technical Holdings Corp. (ITC) seeks to resell 1.1 million of its ordinary shares for $5.3 million in New York.
All proceeds of the sale will go the selling shareholders, the Qingdao-based company said this week in its filing with the U.S. Securities and Exchange Commission.
Founded in 2004, ITC operates three subsidiaries: Qingdao CSSC Co. Ltd., Qingdao Fortschritt China Agitech Co. Ltd. and PlanET Ltd. The branches focus on the manufacturing, sales and engineering of agricultural equipment, as well as on the operation of biogas plants. The machines the company makes follow German standards, ITC said in its filing.
(Image: ITC Prospectus)
The company said it aims "to create a low-cost production platform supplier for German industry and to produce finished products for the Chinese market after training the employees accordingly" in its prospectus.
“Our Vision is to be a leader in China’s agricultural machinery market,” Andreas Spiegler, the chairman and chief executive officer of Fortschritt China Agitech, said. It highlighted China large output for crops and fruits.
“Compared to the other industrialized countries, China still employs a comparatively high percentage of its total labour force in the agricultural sector,” the company said on its official website.
The company reported revenue of $1.1 million for the three months through March, representing a decrease of 20 percent year-over-year. Its net loss narrowed to $120,000 during the first quarter by 43 percent from $210,000 in the corresponding period of 2018.
Industrial Tech said it hopes to sell its shares at $5 apiece.