Harvest Global Investments Limited (“HGI”), and its wholly owned subsidiary, Harvest USAInc. (“Harvest USA”) (collectively “Harvest”) have settled all disputes and severed their business relationship with Krane Distribution, LLC (“KD”), regarding their jointly-owned venture, Harvest Krane LLC (“HKLLC,” and with its subsidiaries, the “Harvest Krane Group”).

Harvest, KD, and the Harvest Krane Group entered into a Transfer, Acquisition and Settlement Agreement (the “Agreement”), dated October 5th, 2015. Under the Agreement, Harvest USA purchased all of KD’s equity and interest in HKLLC for $400,000. KD’s representatives resigned from the Harvest Group’s Boards of Directors, and Harvest and KD terminated their contract governing the operations of HKLLC (the “LLC Agreement”).

Going forward, the Harvest Krane Group will be wholly owned by Harvest. Subject to regulatory approval, Harvest intends to immediately change the names of the Harvest Krane Group companies; with HKLLC’s name to be changed to HGI (USA) Investments LLC.

Under the Agreement, all pending litigation between KD and Harvest has been terminated without any additional monetary payment by either party. KD has dismissed with prejudice its lawsuit against Harvest in Delaware Chancery Court, captioned Krane Distribution LLC v. Harvest USA, Inc., et ano., Case No. 9673 (VCG) (filed May 20, 2014) (the “Delaware Action”); and Harvest and KD have discontinued their arbitration, captioned Harvest USA, Inc., et ano., v. Krane Distribution LLC, Case No. HKIAC/F15025 (commenced Aug. 11, 2014) (the “Arbitration”), in which Harvest asserted claims and KD asserted counterclaims. In May 2015, KD voluntarily dismissed its lawsuit against HGI and its parent company, Harvest Fund Management Limited (“HFM”) in New York federal court, captioned Krane Distribution LLC v. Harvest Global Investments, et ano., Case No. 1:14-cv-03589 (NRB) (filed May 19, 2014) (the “New York Action” and together with the Delaware Action, the “Lawsuits”).

Harvest and the Harvest Krane Group, on the one hand, and KD, on the other, also exchanged mutual releases of any claims they, their principals, or their affiliates have or may have against each other relating to the LLC Agreement or the subject matter of the Lawsuits or Arbitration.

KD and the Harvest Krane Group also represented and warranted that they, with their respective principals and affiliates, have no claim of any kind against the other.

In addition, KD provided the following written apology to Harvest and HFM: 

“[Krane Distribution LLC] apologizes for any rhetoric in any of its submissions filed in the Delaware Action, New York Action, or Arbitration, that may have cast aspersions on the character, honor, or ethics of [Harvest Fund Management Limited, Harvest Global Investments Limited, and Harvest USA, Inc.].”

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