Asia Packaging Announces the Closing of the Acquisition of Yuanxing Packaging and the Resumption of Trading
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/13 -- Asia Packaging Group Inc. (TSX VENTURE: APX) (the "Company") is pleased to announce that it has closed the acquisition of Yuanxing Package (China) Co., Ltd. ("Yuanxing"). The Company has received the final acceptance from the TSX Venture Exchange (the "Exchange") and is pleased to announce that the Company' shares will resume trading at the opening of market on June 6, 2013.
Under the terms of a share purchase agreement dated November 5, 2012, as amended by the First Amendment to Share Purchase Agreement dated February 15, 2013 (collectively the "Purchase Agreement") (available on SEDAR), the acquisition of Yuanxing was completed through the purchase of all the issued and outstanding shares in its corporate parent, Jiayuan Investment Limited, from shareholders of Jiayuan Investment Limited (the "Jiayuan Shareholders"). In accordance with the Purchase Agreement, the purchase price of $48 million has been satisfied by payment to the Jiayuan shareholders as follows:
Mr. Wenge Hong, the Chairman of the Company expresses his appreciation to the Exchange for working with the Company to complete the transaction, which is one of the first transactions after the Exchange introduced its proposed policies on Emerging Market Issuers, "on behalf of the management and directors of the Company and Yuanxing, we would like to thank the staff of the Exchange for their co-operation and effort."
About Yuanxing
Yuanxing manufactures and markets a variety of retail/shopping bags and packaging products to the Chinese market. Yuanxing produces a full line of paper retail/shopping bags.
From its manufacturing facility in Quanzhou, Fujian Province, Yuanxing employs over 529 people in the design and manufacturing of approximately 376 million retail/shopping bags per year. Yuanxing has customers across China who are primarily Chinese clothing retailers and manufacturers with retail outlets. The retail/shopping bags are used as point-of-sale packaging and advertising for the Yuanxing's customers.
Based on the audited financial statements, Yuanxing had financial results as follows:
The audited financial statements for Yuanxing are available as part of the Filing Statement dated March 31, 2013 filed on SEDAR.
About Asia Packaging Group Inc.
Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of manufacturing packaging products and services in China.
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.
Contacts:
Asia Packaging Group
Robert Wilson
Vice President & Director
416-666-4005
Asia Packaging Group
Jin Kuang
CFO & Director
604-443-5041
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Datum: 06.06.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 1234491
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Packaging & Containers
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