Intra-Asia Entertainment Corporation completes share exchange with (BVI-registered) Cabowise International Ltd.
Intra-Asia Entertainment Corporation announced on May 15 that it had entered into a share exchange agreement with the shareholders of Cabowise International Ltd., which is domiciled in the British Virgin Islands. By this share exchange, the company completed a $10 million private placement with certain accredited investors. Intra-Asia Entertainment, which has approximately 147.0 million shares outstanding, issued to the stockholders of Cabowise 81,311,179 shares of its common stock in exchange for all of the issued and outstanding capital stock of Cabowise.
In conjunction with the share exchange, an indirect wholly owned Chinese subsidiary of Intra-Asia Entertainment exercised an option assigned to it by Cabowise, to purchase an 85% interest in Beijing PKU Chinafront High Technology Co.
PKU is a total solutions provider of Geography Information Systems application software and services, based in Beijing, China, and providing its products and services to various industries and segments of the Transportation, Digital City, and Land & Resources departments of the Chinese government. The management team of Intra-Asia Entertainment is led by President and Chief Executive Officer Mr. Shudong Xia, the founder of PKU.