China Forestry Inc. to Acquire Chinese Yew Plantation Company
17 Juin 2010 - 2:30PM
China Forestry Inc. (OTCBB:CHFY), a timber investment group in the
People's Republic of China, announced today that it has acquired
all the equity interest of Hanzhong Hengtai Bio-Tech Limited
("Hengtai"), a China incorporation, by entering into a share
exchange agreement dated June 10, 2010 with Financial International
(Hong Kong) Holdings Company Limited, ("FIHK"); the shareholders of
FIHK; as well as Hengtai.
Hengtai is a company organized under the laws of China and
existed as a variable interest entity of FIHK, a company
incorporated in Hong Kong. Hengtai is engaged in the business of
Chinese Yew, Aesculus, Dove Tree and Dendrobium plantation. The
breed of Chinese Yew and Dendrobium in the Company are endorsed by
Ministry of Science & Technology of China under the China Spark
Program. The paclitaxel extracted from yew is an anticancer
medicine acknowledged in the world and it has obvious curative
effect.
Under the terms of the share exchange agreement, CHFY will
acquire 100% of all of the issued and outstanding share capital of
FIHK from its shareholders in an exchange for 100,000,000 shares of
newly issued common stock of the CHFY and a Convertible Note in the
principal amount of $1.0 million, which note is convertible into
68,000,000 shares of common stock of CHFY. Pursuant to the
Agreement, CHFY would acquire and operate FIHK and Hengtai as
wholly-owned subsidiaries.
Mr. Yuan Tian, CEO of CHFY said, "This is an important step in
our corporate developing, making Hengtai an integral part of our
business strategy. Hengtai is a strong company with a promising
future, and we believe this acquisition will enable our
shareholders to realize significant value."
About China Forestry Inc.:
China Forestry Inc. (OTCBB:CHFY) is a timber investment group
formed in the People's Republic of China to conform to State laws
that prohibit non-PRC ownership of forest lands. The Company's
strategy is to capitalize on the Chinese Government's decision to
promote sustainable forest management through land tenure reforms
that include the transferability of forest user right certificates
to PRC entities. The Company's current holdings include ownership
of four user right certificates representing 1,561 hectares of
State forest assets in China's northeastern Heilongjiang Province,
home to China's most valuable timber and one of the most
distinctive temperate forests in the world due to its rare
biodiversity. For more information, please visit the Company's
website at: http://www.chinaforestryinc.com.
Forward Looking Statement:
Except for historical information contained herein, the matters
set forth above may be forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ from those in the forward-looking statements. Words such as
"anticipate," "believe," "estimate," "expect," "intend and similar
expressions, as they relate to the Company or its management,
identify forward-looking statements. Such forward-looking
statements are based on the current beliefs of management, as well
as assumptions made by and information currently available to
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors such as the level of business and consumer
spending, the amount of sales of the Company's products, the
competitive environment within the industry, the ability of the
Company to continue to expand its operations, the level of costs
incurred in connection with the Company's expansion efforts,
economic conditions in the industry and the financial strength of
the Company's customers and suppliers. The Company does not
undertake any obligation to update such forward-looking statements.
Investors are also directed to consider all other risks and
uncertainties.
CONTACT: China Forestry Inc.
Investor Relations Office
852-9266 9987
Conradyip@hotmail.com
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