China Ventures Inc. Signs Agreement to Acquire 70% Interest in Chinese Educational Products Distribution Company.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--July 25, 2002 China Ventures Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CHV CHV canine herpesvirus. .CX) ("China Ventures" or "CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute ") is pleased to announce that it has signed an agreement to acquire a 70% interest in Today's Teachers Technology and Culture Ltd. ("TTTC TTTC Test Technology Technical Committee (IEEE) TTTC The Tibetan Tea Company (band) TTTC Too Tough to Call TTTC Trees to the Curb (band) "), a privately held distributor of educational products based in China. The purchase price for the 70% interest in TTTC is $1,123,000 CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. , 40% of which is payable in cash and the balance in common shares of China Ventures (approximately 6,610,000 common shares). For 2001, gross sales for TTTC totalled approximately 18,000,000 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) ($3,400,000 CDN) and TTTC earned 635,000 RMB ($120,000 CDN) on an after tax basis. CVI has been working with TTTC for over one year on several projects and most recently has jointly developed with TTTC an Information Technology Textbook for elementary and middle schools in Sichuan Province, China. "We believe that the Chinese educational products area is a very promising sector and decided to increase our involvement by acquiring control of TTTC, a company with strong management, a good product mix and excellent contacts in the educational distribution business. TTTC is a company that has excellent growth potential and we intend to use it as a platform to create a meaningful business. We are currently reviewing a number of acquisition candidates which operate businesses that are complementary to that of TTTC", said Ronald Shon, President. The completion of this transaction is subject to due diligence by CVI and approval by the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . About China's Publishing Market The textbook market in China is well established and expanding. China's large population base makes it one of the world's largest markets for educational products with about 230 million elementary and middle school students and 10 million school teachers. According to a recent article in the South China Morning Post The South China Morning Post, together with its Sunday edition, the Sunday Morning Post, is a English-language newspaper of Hong Kong, with a circulation of 104,000. , more than 150,000 book titles were published last year in China. Textbooks accounted for just 6 % of the total but generated about 60 % of revenue and close to 80 % of profits. Annual sales of textbooks in China are in excess of $4 billion CDN, and with the current reforms undertaken by the Ministry of Education the number is expected to increase substantially over the next 5-10 years. About Today's Teachers Technology and Culture Ltd. Today's Teachers Technology and Culture Ltd. is a 10 year old privately held educational product company that has produced over 200 publications. Its product line includes books, software, audio and video materials, and educational training tools. Today's Teachers develops teaching materials and textbooks based on the various research projects conducted by the Ministry of Education and works very closely with education committees at the national, provincial and local levels which approve the textbooks developed. About China Ventures The admission of China into the WTO See World Trade Organization. and the granting of the 2008 Olympic Games to Beijing have created a significant and growing demand for education, corporate training and extended learning in China. China Ventures is a company focused on providing these much needed educational solutions to various segments of the Chinese economy in an effort to assist in China's globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and movement to an open market economy. China Ventures will continue to work with leading North American education providers and institutions to provide quality educational programs and course materials to its growing client base in China. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains certain forward-looking statements that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. |
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