Shrek: Signs framework agreement with South Korea's Dongyuan System to establish joint venture company together

Sleek announcement: The company has signed a "Framework Agreement on the Establishment of a Joint Venture" with South Korea's Dongyuan System. The two parties plan to establish a new limited liability company in Delaware, USA, as the exclusive entity for their main business operations. They will also build and operate a production facility in Mexico to supply cylindrical and square battery casings to South Korea's major three battery manufacturers. Sleek will supply the production facility with ultra-thin metal forming equipment. The initial equity structure of the joint venture company is 75.01% for Dongyuan System and 24.99% for Sleek.