China World Trade Corp signs Agreement with Huahao Group to Acquire 51% Findmortgagehomemortgages 0f its operating arm, New generation group.
Total consideration for the transaction is $11,475,000,about 70% payable in STOCK and the balance in cash into the company.
The audit of Huahao is scheduled to be complete before July 15th 2005.
The transaction is expected to close on or before July 30,2004.
It is expected that CWTD will consolidate the revenue of New generation Group once the transaction has closed.
Projected Revenue for 2004 will be over USD 200 Million.
New Generation Group recently
deployed a nation wide toll free number in China:
4008168168,which is very rare for China. While there were nearly
80 million Internet users in china at the end of
2003. There were over 250 million mobile phone users
and hundreds of million of landlines. This is a one stop
service numbers for all Travel Services for inbound and outbound
services.
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