Sino American Oil Company (OTCPK:OILY) agreed to acquire Tritium Inc for $5 million on July 19, 2022. The Company will also acquire all assets of Tritium in the transaction. In exchange for 100% of the shares of Tritium, the Company issued five million (5,000,000) shares of common stock at $1.00 a share for a total transaction value of $5,000,000. Pursuant to the Agreement, the Company will acquire 100% of the shares of Tritium through a wholly-owned
subsidiary of the Company, Sino Acquisition Corp. On April 29, 2022, Queenie Wong resigned as a Director of the Company and Kim Halverson resigned as a Director, President and Treasurer of the Company. Halverson remains as the Secretary of the Company. The acquisition is subject the delivery of US GAAP audited financial statements from Tritium Inc and the transfer of title and ownership of the company and its assets to the Company. The transaction has been approved by the board of directors of Sino American. Until all terms and conditions of the Agreement have been met and the acquisition is considered closed the 5,000,000 shares of common stock are being held in escrow.