Printer Friendly

Heng Fai China Industries Inc. completes acquisition of Wuhan KMK Container Co. Ltd.

NEW YORK--(BUSINESS WIRE)--Nov. 26, 1996--Heng Fai China Industries Inc. (OTC BB:HFCI), of New York announced Tuesday, that it has filed its Form 8-K Current Report pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934, which pertains to the proposed acquisition of Wuhan KMK Container Co. Ltd.

The certified public accounting firm of Deloitte Touche Tohmatsu is retained by the company as its auditor and completed the Independent Auditor's Report and Impact Statement for the acquisition. Worldwide Container Co. Ltd. will become the immediate and ultimate holding company of 70% of all authorized, issued and outstanding shares of Wuhan KMK Container Co. Ltd. Heng Fai China Industries Inc. will become the immediate and ultimate holding company of 100% of all authorized, issued and outstanding shares of Worldwide Container Co. Ltd. Total assets of Heng Fai China Industries Inc., will increase to $6,834,887 from the $1,729,005 total assets reported for its quarter ended June 30, 1996.

Company Chairman, Fai Heng Chan stated: "this is a major milestone for the company and represents our ability to carry-out and implement our strategic focus of identifying and acquiring undervalued assets in the Peoples Republic of China, which fully qualify and can be booked as net-tangible assets for the company under international trade laws, thereby, providing increasing value for the company's shareholders. In addition, the completion of this acquisition will permit us to focus fully on our immediate and short-term goals which includes plans to apply for a listing on NASDAQ as well as, qualifying and acquiring additional assets targeted as candidates which will fulfill our strategic business plan." The company anticipates significant growth in future operations from Wuhan Container Co. Ltd. in 1997 with this trend continuing into the year 1998 and beyond. This should be reflected in increasing revenue streams and gross profit.

Heng Fai China Industries Inc. is a public operating company, which specializes in identifying undervalued investment opportunities for acquisition and operation throughout the world with a strategic focus in the People's Republic of China and believes its main focus should be on companies which are primarily engaged in the development and construction of that country's infrastructure. The company manages and controls a very select group of emerging companies with operations in the United States, Canada, Hong Kong and the PRC. -0-

NOTE TO EDITORS: In the Internet/email address noted in this news release, there is an "at" symbol between tewinc and aol.com. This symbol may not appear properly in some systems.

CONTACT: Thomas E. Waite & Associates Inc.

407/324-1606 (phone), 407/324-0664 (fax)

tewinc@aol.com
COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 26, 1996
Words:439
Previous Article:Windsor Energy begins trading on the Toronto Stock Exchange.
Next Article:Music industry leader Al Teller tapped for GT Interactive board of directors.
Topics:


Related Articles
CHINA DEAL MADE N. HOLLYWOOD FIRM TO DESIGN YANGTZE THEME PARK.
Prizes & giveaways.
Dragon to supply cigarette makers.
Dongfeng Honda Completes Auto Plant Expansion; Increases Annual Production Capacity to 120,000 Units.
Dongfeng Honda Announces All-New Civic.
Velsicol forms joint venture in China.
Alcoa establishes presence in China with Alliance to produce aluminum automotive components.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters