BVI-registered Ritar International Group Limited goes public and completes private financing
Concept Ventures Corporation has made and announcement on February 16, 2007, concerning the closing of a share exchange transaction with the shareholders of Ritar International Group Limited, a corporation registered in the British Virgin Islands, and a related private placement financing transaction.
In the share exchange transaction, Ritar’s stockholders were issued 11,694,663 common stock shares of Concept Venture, in exchange for 100% of the issued and outstanding shares of Ritar. Before the closing of the private placement, the common stock shares received by the stockholders of the BVI company represent 88.4% of the total issued and outstanding common stock of Concept Ventures.
In conjunction with the exchange transaction, Concept Ventures closed a private placement of its common stock, in which it will issue up to 5,724,292 shares of its common stock in exchange for anticipated gross offering proceeds of $12.25 million.
On February 16, 2007 the new Chief Executive Officer of Concept Ventures transferred 864,486 shares of Concept Ventures common stock to the same investors, in exchange for $1,850,000. The proceeds from the sale of these shares of common stock were used to repay an outstanding loan that Ritar made to Mr. Hu in September 2006.
As a result of the exchange transaction, the BVI company has become a wholly-owned subsidiary of Concept Ventures. The senior executive officers of Ritar were elected as executive officers of Concept Ventures, upon the resignation of the company’s executives.
Ritar International Group is engaged in design, developing, manufacturing and selling environmentally friendly lead-acid batteries, applications and capacities. The company has strong presence in the light electric vehicle segment in China.
For the nine months ended September 30, 2006, Ritar reported consolidated revenues of approximately $28.09 million, and consolidated net income of approximately $3.20 million. The company expects to achieve revenues of $61.9 million for the fiscal year ending December 2007, and $92.1 million for the fiscal year ending December, 2008.