Antares Resources Corp. finalizes acquisition of United Kina Brewing Group Ltd., reverse-splits stock.FERNANDINA BEACH, Fla.--(BUSINESS WIRE)--Sept. 30, 1996--Antares Resources Corp. (NASDAQ/Small Cap:ANTR) said Monday it had executed the previously announced definitive agreement with United Kina ki·na n. pl. kina See Table at currency. [Indigenous word in Papua New Guinea.] Noun 1. Brewing Group Ltd. to acquire all the issued and outstanding shares of Kina in exchange for previously unissued, restricted, Antares common stock. The transaction is subject to the closing of a $5 million private financing which the company believes is in its final stages, and other subordinate conditions. As required in the agreement, Antares Resources effected a reverse split of its common stock on a one-for-ten basis and subsequently issued to Kina shareholders 33.5 million post-split, restricted, common shares amounting to approximately 93% of the company's outstanding common stock in exchange for all the issued and outstanding shares of Kina. United Kina Brewing Group, formerly a privately held Bermuda corporation, operates seven breweries producing the best-selling best·sell·er also best seller n. A product, such as a book, that is among those sold in the largest numbers. best brands of beer in its region in mainland China. On an unaudited basis and prepared in accordance with International Accounting Standards (and assuming a conversion ratio of 8.3 RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) to $1 U.S.) Kina had approximately $90 million in net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. and approximately $164 million in total assets at Dec. 31, 1995, reporting revenues of approximately $94 million and net profit of approximately $6.65 million for the fiscal year ended Dec. 31, 1995. Kina's principal offices are located in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Shanghai. Its seven breweries are located along the coastal region of China, producing 3% of the beer consumed in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The company has introduced state-of-the-art brewing methods with western-style marketing and research to local Chinese markets. Its operations are situated in the area where China's explosive economic development is happening. When the agreement is finalized, the officers and directors of Antares Resources will resign, to be replaced by the present management of Kina. Under the terms, these former members of management acquire the assets of Antares subsidiary companies in exchange for a significant portion of their personal common stock of Antares, termination of all their employment agreements with the company and assumption of all liabilities. Florida-based Antares was the parent company for two operating diversified Florida and Georgia-based subsidiaries: Empire Energy Inc. and Southern Trailer Manufacturing Inc. CONTACT: Antares Resources Corp., Fernandina Beach William Perry
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