China Shoe Holdings, Inc. Concludes Acquisition of Shoe Manufacturing Company
July 09 2007 - 3:03PM
PR Newswire (US)
NEW YORK, July 9 /PRNewswire-FirstCall/ -- China Shoe Holdings,
Inc. (OTC:CHSH.OB) (BULLETIN BOARD: CHSH.OB) today announced that
the Company acquired all of the outstanding stock of Wholly Success
Technology Group Limited, a British Virgin Islands Corporation
("WSTG"). WSTG is the owner of all of the outstanding shares of
Shanghai Kanghong Yunheng Enterprise Development Company Ltd., a
corporation organized under the laws of the People's Republic of
China and is a manufacturer of women's shoes, casual shoes and shoe
components, for the Japanese and Chinese markets. The WSTG's
footwear is generally sold under its customer's brand names. WSTG
recently began developing its own brands for retail sale in China
and may enter into the retail shoe business in China. Under the
terms of the Agreement, the Company's officers and directors
resigned and Gu Xianzhong and Kon Ki Lo were appointed to the
Company's Board of Directors and Gu Xianzhong and Angus Cheung Ming
were appointed as CEO and CFO of the Company respectively. For the
period ended March 31, 2007, WSTG had revenue of $1,173,975 and
gross profit of $371,035. For the calendar year 2006 WSTG had
revenue of $4,465,755 and gross profit of $995,001. Safe Harbor
Statement This release may contain forward-looking statements.
These forward- looking statements are neither promises nor
guarantees, but involve risks and uncertainties that may cause
actual results to differ materially from those in the
forward-looking statements. Readers should not place undue reliance
on any such forward-looking statements that are based solely on
information known as of the date of this release. China Shoe
Holdings, Inc. disclaims any obligation to update or revise any
such statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based or that may affect the likelihood that actual results will
differ from those contained in the forward-looking statement.
DATASOURCE: China Shoe Holdings, Inc. CONTACT: Samuel Lo,
+852-90588799, ; or Investors, Don Visco of D. Visco Incorporated,
+1-561-213-4469, , both for China Shoe Holdings, Inc.
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