New York, Nov. 19, 2018 (GLOBE NEWSWIRE) — Yulong Eco-Materials Limited (Nasdaq CM: YECO) today announced that it has signed a Sale and Purchase Agreement to acquire Michelangelo’s Crucifixion painting for US$75 million. The acquisition will be paid via the issuance of 7.5 million YECO restricted shares valued at $10.00 per share.
The Closing will be contingent upon obtaining YECO shareholder approval, and an Appraisal of the painting for $75 million or more along with authentication letters and other verification documents from the seller. The two parties have 30 days to complete the acquisition.
About the Michelangelo’s Crucifixion
Michelangelo became acquainted with Vittoria Colonna around 1538. Their lively friendship gained Michelangelo admission into her social circles, and he became acquainted with issues of church reform. Michelangelo executed several paintings for Colonna in the fifth decade of the sixteenth century. All of them are purportedly lost apart from the famous Crucifixion, which is the work owned by Ridgway Mitchell Smith. Vittoria Colonna gave her collection to the Medici Family, of which Mr. Smith’s mother is a direct descendant. Many of Michelangelo’s sketches showing the process of his drawings and studies have been destroyed or lost. The work owned by Ridgway Mitchell Smith is a priceless masterpiece and Michelangelo wrote in his notes that it was made during the time of his final study prior to working on the Pietà marble sculpture in Vatican City. The Crucifixion painting is in excellent condition.
Daniel Mckinney, Executive Chairman remarked, “we are absolutely thrilled and delighted to have the chance to acquire this very rare Michelangelo masterpiece which is likely one of the most important works in the world. The stories surrounding Michelangelo and this masterpiece never cease to amaze us. YECO has today pioneered this new disruptive business model by the acquisition and securitization of fine art through a Nasdaq listed security”
About the Company
The objective of YECO is to use issuances of its Nasdaq stock to acquire rare works of fine art, to develop the value of these acquisitions with exhibitions and media exposure, and open the opportunity of shared ownership of its acquired masterpieces to anyone with a brokerage account. This will empower investors who have not had the independent financial ability to now share ownership of such works. Through the acquisition of YECO shares, the general public can have fractionalized ownership of a collection of extremely valuable art treasures that until now have been restricted to billionaires, museums and royalty. The company’s premium fine art asset is the Millennium Sapphire
About Michelangelo
Michelangelo di Lodovico Buonarroti Simoni or more commonly known by his first name Michelangelo (6 March 1475 – 18 February 1564) was an Italian sculptor, painter, architect and poet of the High Renaissance born in the Republic of Florence, who exerted an unparalleled influence on the development of Western art. Considered by many the greatest artist of his lifetime, and by some the greatest artist of all time, his artistic versatility was of such a high order that he is often considered a contender for the title of the archetypal Renaissance man, along with his rival, the fellow Florentine and client of the Medici, Leonardo da Vinci.
A number of Michelangelo’s works of painting, sculpture and architecture rank among the most famous in existence. His output in these fields was prodigious; given the sheer volume of surviving correspondence, sketches and reminiscences, he is the best-documented artist of the 16th century. He sculpted two of his best-known works, the Pietà and David, before the age of thirty. Despite holding a low opinion of painting, he also created two of the most influential frescoes in the history of Western art: the scenes from Genesis on the ceiling of the Sistine Chapel in Rome, and The Last Judgment on its altar wall. His design of the Laurentian Library pioneered Mannerist architecture. At the age of 74, he succeeded Antonio da Sangallo the Younger as the architect of St. Peter’s Basilica. He transformed the plan so that the western end was finished to his design, as was the dome, with some modification, after his death.
Michelangelo was the first Western artist whose biography was published while he was alive. In fact, two biographies were published during his lifetime. One of them, by Giorgio Vasari, proposed that Michelangelo’s work transcended that of any artist living or dead, and was “supreme in not one art alone but in all three”.
https://en.wikipedia.org/wiki/Michelangelo
About the Millennium Sapphire business
YECO plans to take the Millennium Sapphire on a tour of museums around the world, produce a television documentary, and include it the gemstone in a number of feature films. The Company will develop games around museum tours, much in the same manner as the Pokemon Go craze and other virtual games. CEO Hoi Ming Chan said, “We plan to develop the business and cash flows of the Millennium Sapphire through games, branding and licensing, along with royalties and ticket sales through major museums worldwide. We will also retain some of the world’s top art and promotions experts to develop and manage this once in a lifetime opportunity.”
Forward-Looking Statements
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company’s financial position and business strategy. The words or phrases “plans,” “would be,” “will allow,” “intends to,” “may result,” “are expected to,” “will continue,” “anticipates,” “expects,” “estimate,” “project,” “indicate,” “could,” “potentially,” “should,” “believe,” “think,” “considers” or similar expressions are intended to identify “forward-looking statements.” These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
YECO has 28.41 million shares issued and outstanding with a float of 1,012,375 shares. 1,070,000 million 5 year warrants exercisable at $5 per share.
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CONTACT: Contact: Dennis Burns Investor Relations Tel 877-561-8101 [email protected] For more information on the Millennium Sapphire please visit: www.millenniumsapphire.com Facebook: millennium sapphire
