China Shoe Holdings, Inc. acquires of BVI-based Company
On July 9, China Shoe Holdings, Inc. announced that it concluded acquisition of all of the outstanding stock of a British Virgin Islands-based company, Wholly Success Technology Group Limited.
This BVI company which is the owner of all of the outstanding shares of China-based Shanghai Kanghong Yunheng Enterprise Development Company Ltd.
Wholly Success Technology Group Limited is a corporation manufacturing casual shoes, women’s shoes and shoe components for the Japanese and Chinese markets. Its footwear was usually sold under brand names of its customers. However, recently it began to develop its own brands for retail sale in China.
According to the Agreement, the officers and directors of China Shoe Holdings, Inc. resigned and Gu Xianzhong and Kon Ki Lo were appointed to the Board of Directors and Gu Xianzhong was appointed as CEO and Angus Cheung Ming as CFO of the company.
The revenue of Wholly Success Technology Group (BVI) Limited for the period ended March 31, 2007 was $1,173,975 and its gross profit was $371,035. For the calendar year 2006, the revenue of Wholly Success Technology Group Limited was $4,465,755 and its gross profit was $995,001.