China Treasure gains control of Chengdu Iron & Steel.ORLANDO, Fla.--(BUSINESS WIRE)--Aug. 17, 1995--China Treasure Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap:CHNA CHNA Community Health Network Area CHNA Community Health Needs Assessment CHNA Canadian Holistic Nurses Association CHNA College Hill Neighborhood Association CHNA Castleberry Hill Neighborhood Association CHNA Converium Holdings North America ) finalized See finalization. its $32 million agreement to acquire 90% of the outstanding shares of Team Steel Inc., which controls 60% of Chengdu Iron and Steel Corp. (CCISC). CCISC is in the top 500 enterprises in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China (PRC). Team Steel controls 60% of Chengdu Iron & Steel Corp., which is one of the largest producers of steel bars and steel wire in the PRC. For the year ended Dec. 31, 1994, Chengdu Iron & Steel had sales of approximately US $110 million, pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings of US $20 million, and after tax earnings of US $13.5 million. The company projects US $22 million in after-tax profits for fiscal year 1995 due to the government granted tax holiday. The Chengdu Iron and Steel plant has operated since 1958 in Sichuan Province, which has a population of 120 million. The steel plant employs 11,545 on a 1,000,000 sq. m. sight area. It has its own transportation network, including private roads A street or route that is designated by a public authority to accommodate a person or a group of people. A private road is often established because an individual needs to gain access to land; such a road can cross another person's property. and railway connecting to all the main railway lines. It has its own cranes, transportation belts, its own fleet of lorries, trucks and locomotives. For the employees as well as the public, the plant has its own television station, security service, hotel, conference facilities, hospital and primary and secondary schools. Clement Mak, chairman of China Treasure Inc., stated: "Chengdu Iron and Steel's brand name products are well-known for excellent quality in Sichuan and other provinces. The planned infrastructure development over the next five years in Sichuan requires a substantial supply of reinforced steel bars and steel wires. Transportation of steel products into Sichuan from other provinces is expensive because of the terrain. We have a captive market." China Treasure Inc. is a real estate development company involved in the construction of Sun City, a planned development community in Guangdong Province Noun 1. Guangdong province - a province in southern China Guangdong, Kwangtung of the Peoples Republic of China. For more information, contact Thomas Tedrow, the Orlando spokesperson at 801/972-2887 or 407/645-0207. CONTACT: Thomas Tedrow, 801/972-2887 or 407/645-0207 |
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