Best Medical Treatment Group Acquires Wonderwide Consultants Ltd.DANA POINT, Calif.--(BUSINESS WIRE)--March 17, 1998--Best Medical Treatment Group Inc. (Nasdaq OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BMTM BMTM Basic Military Training Manual ) Tuesday announced that it has completed the acquisition of Wonderwide Consultants Limited (BVI). Wonderwide is a holding company which owns 99 percent of King Yuen The King Yuen was an armoured cruiser that was built by the Stettiner Vulcan AG shipyards in Stettin, Germany for the Beiyang Fleet. The King Yuen displaced 2,850tons and had a speed of 16 knots. Her armament consisted of two 8. Investment & Development Limited, which is the foreign partner in the sino-foreign cooperative joint venture known as the Qin Dynasty Qin dynasty or Ch'in dynasty (221–207 BC) Dynasty that established the first great Chinese empire. The Qin (from which the name China is derived) established the approximate boundaries and basic administrative system that all subsequent dynasties were Hotel (Xian) Limited. Additional terms of the transaction require the former Wonderwide shareholder to transfer to Wonderwide the 60 percent foreign interest in the City Hotel (Xian) Co. Limited, a sino-foreign equity joint venture. This transfer requires compliance with certain PRC procedures which are expected to require 2-4 months. The consideration for the two hotel interests was 2,230,000 newly issued shares of Best Medical common stock. 334,500 of the 2,230,000 shares are being held in escrow and will not be delivered to the seller until the ownership transfer of City Hotel (Xian) Co. Limited to Wonderwide is complete. The Qin Dynasty Hotel is a modern 200 room hotel located at the west boundary of the ancient City Wall in Xian, China. Xian, the historic capital of 11 Dynasties, is a major tourist attraction Noun 1. tourist attraction - a characteristic that attracts tourists attractive feature, magnet, attractor, attracter, attraction - a characteristic that provides pleasure and attracts; "flowers are an attractor for bees" in China. The hotel has four restaurants as well as a business center, ticketing center, health club, beauty salon and gymnasium. The City Hotel has 140 guest rooms and is located in central Xian, close to the Bell Tower. Facilities include a convention hall, three restaurants, and a night club. For the year ended Dec. 31, 1997, the net income for the foreign interests in Qin Dynasty Hotel and City Hotel, was U.S. $2.0 million and U.S. $0.5 million, respectively. These figures were prepared by Wonderwide management according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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. accounting principles and are not audited. Material adjustments to 1997 net income may take place with the completion of US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). audits, which are expected to require 2-3 months to complete. In the event that the US GAAP audited net income for the two hotels falls below U.S. $2.5 million, the acquisition contract calls for the cancellation of that portion of the 2,230,000 shares that is necessary to restore the company's earnings per share to that level that would have existed if the 1997 US GAAP net income equalled $2.5 million (approximately U.S. $0.90 per share). The company intends to complete a name change in the near future to reflect the new business. In addition, the company is divesting its medical information business. CONTACT: Best Medical Treatment Group Randy Baker, 760/360-1042 |
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