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| Monday, 20 February 2012, 17:00 HKT/SGT | |
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Source: China Trends | |
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| Looking for Other Cooperation on Educational Platform |
HONG KONG, Feb 20, 2012 - (ACN Newswire) - China Trends Holdings Limited ("China Trends", HK:8171) announces today that, the Company suspended acquiring 100% issued share capital of Beijing Need Education Technology Company Limited ("Beijing Need Education"), as Beijing Need Education was unable to fulfill the terms of the framework agreement. Hence, the cooperative framework agreement with Need Education Program Office ("Need Education") was also suspended.
The Board announces that, referring to the framework agreement of acquiring 100% issued share capital of Beijing Need Education dated 1 September 2011, as Beijing Need Education failed to pass the due diligence performed by the Company, and The Vendor failed to accept the Company's restructuring program, the Company decided to suspend acquiring 100% issued share capital of the Target Company. To avoid bearing the legal risk, the Company voluntarily gives up accepting the compensation of 50% shares of the Target Company.
At the same time, the cooperative framework agreement of building 10,000 education platforms with the alliance partners in mainland China dated 29 December 2010 with Need Education was also suspended.
An announcement will be issued if the Company continues the acquisition on Beijing Need Education in the future.
Mr Xiang Xin, the Chairman and Executive Director of the Company said, although the acquisition and cooperation on education platforms are unable to implement, the Company is actively-prepared to look for other suitable education projects to accelerate the development of EPC (Energy Performance Contracting) industry chain and fulfill the target of establishing distribution organizations and talents.
Contact:
China Trends Holdings Limited
Tel: +852 2111 9988
Direct: +852 2155 6275
Topic: Product defect or recall
Source: China Trends
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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