Zoom Technologies entered into a Letter of Intent with Beijing Baifen Tonglian Information & Technology to acquire, directly or indirectly, all the outstanding shares of Baifen. In connection with this transaction, Zoom will issue to Baifen's shareholders 12M new shares of the company's common stock representing approximately 80% of Zoom's ownership interest post-transaction. The transaction is subject to shareholders approvals by both parties and other closing conditions. The LOI also provides that during the exclusivity period, which will commence on January 6, 2014 and will end as of the earlier of May 31, 2014.
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