Intercap eCommerce Inc. announced that it has entered into a letter of intent with Ningbo Guantong Photoelectricity Technology Co., Ltd. (NGPET), a private China-based company. Pursuant to the Letter of Intent, Intercap and NGPET have agreed to form a joint venture enterprise under the name of Ningbo Guantong Electronics Technology Co., Ltd. (“JV Company”), which company has been formed for the development, production and sale of power supply drives for various LED lighting products.
The Power Supply Drives for LED lighting products is similar to a computer circuit board and is required for every LED lighting product. The Power Supply Drive controls the flow of the LED lighting energy. The JV Company will be a China-based corporation and will carry on business in the City of Yuyao, in the Zhejiang Province of the People’s Republic of China and will be governed by the laws of the People’s Republic of China.