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HONG KONG, Oct 22, 2010 - (ACN Newswire) - China Innovation Investment Limited ("China Innovation", Stock Code: 1217.HK) is delighted to announce that, the Group completed the transaction on purchasing 1,100 "B" shares (with voting rights withdrawn) of the issued share capital and shareholder loan with interest-free in the amount of RMB 27,500,000 (or HK$ equivalent) of Topsun Creation Limited ("Topsun"), while an intellectual property of "building integrated photovoltaic system" would be injected by the vendor to Topsun, to enhance its ability in PV integration system and expand the coverage on "New Energy" sector.
After the acquisition on Topsun in late March, China Innovation further completed the issuing of 400,000,000 consideration shares to China Seed International Limited ("China Seed") at 14th October, to further increase the investment on Topsun with a view to strengthening the "New Energy" business. Apart for the new energy storage battery, the Group also plans to step into the solar power system integration.
According to the "Transfer of Shares and Shareholder Loan Agreement" with China Seed, the Group agreed to purchase and acquire from China Seed 1,100 "B" shares (with voting rights withdrawn) of the issued share capital and shareholder loan with interest-free in the amount of RMB27,500,000 (or HK$ equivalent) of Topsun for an aggregate consideration of RMB27,500,958 (or HK$ equivalent) to be satisfied by cash of RMB10,086,958 (or HK$ equivalent)and the issue of 400,000,000 consideration shares at an issue price of HK$0.05. By doing so, China Innovation's investment on Topsun increased to 2,410 "B" shares, or 60.25% controlling interest equivalent.
The principal assets of Topsun include a PRC subsidiary of Topsun with new energy batteries as its main products. These batteries have the characteristics of high capacity, fully sealed and maintenance-free, and are substantially used in military equipment, civil vehicles and construction. Topsun is also planning to step into the industry of photovoltaic (PV) integration.
Being an enterprise engaged in the field of new energy application with strong research and development in power-storage technology, with a view to expanding its business in the field of research and development in solar energy, Topsun is now planning to further develop solar power system integration and engineering construction field. With the advantages of high resistance in extreme temperatures, anti-seismic and maintenance-free, the photovoltaic power generation system to be applied by Topsun could meet the extreme environments of military purpose and achieve high performance and stability characteristics of solar photovoltaic power generation.
Topsun plans to further provide system integration solutions and undertake the overall engineering of mini power system to customers. The issue of new shares and shareholder loan in Topsun and the increase in capital in its subsidiary prepare a solid working capital for its development and expansion.
The increase in the investment in Topsun strengthens the Company's investment strategy in "New Energy" to meet the development trend of "New Energy" in the PRC and the world, it also helps in expanding the business coverge on solar sector.
Contact:
Carmen Lee
Investor Relationship Department
China Innovation Investment Limited
Email: carmen.lee@1217.com.hk
Tel: +852 2111 9988
Direct: +852 2155 6275
Mobile: +852 6301 6611
Fax: +852 2111 9989
Topic: Investment
Source: China Innovation Investment Limited
Sectors: Alternative Energy
http://www.acnnewswire.com
From the Asia Corporate News Network
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