Brighton Technologies Announces Cooperative Agreement in China.ALLENDALE Allendale can refer to several places:
See: Over-the-counter. OTC See over-the-counter market (OTC). :BGHT BGHT Bought ) Tuesday announced that Yangzhou Brighton Equipment Corp. Ltd., a Sino-Hong Kong joint-venture company, has entered into a cooperative agreement with Yangzhou Machine Tool Works Factory. Brighton indirectly owns an equity interest of 90 percent in Yangzhou Brighton Equipment. Under the terms of the agreement, Yangzhou Brighton Equipment will purchase raw materials for production of tooling products by Yangzhou Machine Tool Works and market the finished products to both Chinese and export customers. Yangzhou Brighton Equipment will have exclusive distribution rights to the products manufactured by Yangzhou Machine Tool Works Factory, with all revenues booked by the joint venture. "This agreement provides Yangzhou Machine Tool with the necessary working capital to meet increasing demand for high-quality machine-tooling products, both in China and international markets. It also represents a potential first step in the joint venture acquiring a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the factory," said Kit Kung, Brighton's president and chief executive officer. The joint venture was initially formed to target small- to mid-sized companies in China that would normally not purchase their equipment from Brighton because of the costs associated with securing foreign currency and import licenses. "This cooperation agreement represents the initial manufacturing activity of Brighton in China. In addition to anticipated profits from this activity, the export of machine tools by the joint venture will generate foreign currency, which, in turn, will balance the Chinese currency Currency has been used in China since the New Stone Age, in which Chinese also invented paper money in the 9th century. Today Renminbi (Chinese: 人民幣), literally People's currency, abbreviated to RMB, is the currency in mainland of the People's generated by the company's operations," Kung added. Brighton Technologies is an engineering company specializing in information and wireless networks, computer-systems integration and industrial automation for the Asian market. The company has headquarters in Allendale, with offices in Beijing, Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. and 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. . Except for the historical information contained herein, the matters discussed in this news release are 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. that involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission. |
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