Beacon Light and Niphix End Agreement; Beacon Light Expands Core Business.HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 22, 1999-- Hans Lodders, Chairman of the Board and Jerry Gruenbaum, President of Beacon Beacon, city (1990 pop. 13,243), Dutchess co., SE N.Y., on the E bank of the Hudson River; settled 1663, inc. in 1913 when Fishkill Landing and Matteawan villages were united. Light Holding Corporation (OTC-BB:BLHGE) announced today that after final evaluation, the Board of Directors of Beacon Light and the President of Niphix, have decided to end their previously announced agreement. Both Niphix and Beacon Light have enormous potential. However, both companies are decidedly different in character and needs. The required financial resources for the Niphix agreement, especially the operational capital for Niphix International, proved after further study, to be potentially limiting to Beacon Light's core business growth and related acquisition plans. After the economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in Asia which has bottomed out and is in gradual recovery, new attractive business opportunities became available to Beacon Light, especially the privalization drive of state owned companies in China. In view of these attractive investment opportunities in Asia, which are more in synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. with Beacon Light's business building strategy, the Board of Beacon Light has decided to dynamically expand and structure their strategic core business, being consumer products and intermediate products development, manufacturing, and wholesale distribution on a global basis. Niphix will pursue a splendid Splendid was a musical duo featuring Angie Hart and Jesse Tobias, who at the time were also husband and wife. History The duo met in Canada, August 1996, when Australian band Frente!, fronted by Hart, arrived to play over two weeks of support dates for Alanis Morissette's future separate from Beacon Light, while Beacon Light keeps a minor shareholder interest in Niphix. Both companies wish each other success in their future endeavors. Beacon Light further announced that their subsidiary Wellux Industries Ltd. (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. ) established a new company in joint venture with the publishing group Dimensions Holding Asia Ltd. The new company in which Wellux holds a 50% interest, is named "Kiss Mailorder". Kiss Mailorder Ltd. will be the printed media mailorder and internet arm of Wellux, for the direct marketing and sales of Wellux originated products. Beacon Light further announced that it has purchased for 2.5 million restricted shares of Beacon Light a forty-nine (49%) percent interest in Klick, Ltd. Klick Ltd. located in Hong Kong, does source, design and manufacture high quality plastic household products, as well as household electronic, cutlery cutlery, various types of implements for cutting, preparing, and eating food. In addition to different kinds of knives and the steels to sharpen them, the term usually encompasses forks and spoons. and cookware products. Klick's clients consist of wholesalers, importers, distributors, department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , retail chains and direct marketing companies in Europe and the Americas. For the prior year, Klick posted sales of $10 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , and a net profits after taxes of $400,000 USD. Klick projects sales for next year to be in excess of $18 million USD and a net profit in excess of $1.4 million USD. The Company has an option for the next 120 days to purchase the remaining fifty-one percent interest in Klick. Beacon Light has stated that its audited financials are nearly completed. That's its audited financials for its Hong Kong operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. Wellux Industries Limited for fiscal year ended June 30, 1999, including its Holland subsidiaries Wellux Holland B.V. and V.J.M.A. Roosen had a 1,727,296 HK$ net profit after taxes on sales of 20,168,853 HK$. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Disclosure This Press Release contains or incorporates by reference "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ," including certain information with respect to plans and strategies of Beacon Light Holding Corporation. For this purpose, any statements contained herein or incorporated herein by reference that are not statements of historical facts may be deemed to be forward-looking statements. Without limiting the foregoing, the word "believes," "anticipates," "plans," "expects", "enhanced" and similar expressions are intended to identify forward looking statements. There are a number of important factors that could cause actual events or actual results of Beacon Light to differ materially from these indicated by such forward-looking statements. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion