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2005-12-30
Apex Wealth Enterprises Subsidiary Acquires Yuan Da Wei Shi Technology Limited
SHEN ZHEN, China, Dec 30, 2005 /PRNewswire-FirstCall via COMTEX/ -- Golden Group Corporation (Shen Zhen) Limited ("Golden"), a wholly owned subsidiary of Apex Wealth Enterprises Limited (APXWF) ("Apex Wealth") today announced the acquisition of Yuan Da Wei Shi Technology Limited ("Yuan Da"), a People's Republic of China (P.R.C.) based firm specializing in product research and development of surveillance and security technology.
Upon the completion of this acquisition, Yuan Da becomes the wholly owned subsidiary of Golden. The corresponding considerations to Yuan Da's original shareholders are the new issuance of 200,000 common stocks of Apex Wealth and RMB $1 million cash. By the effective date of this transaction, the net asset of Yuan Da would be a minimum of RMB $1 million.
Yuan Da is a newly established technology that designs, researches and develops surveillance and security products. The firm concentrates in the fields of video compression cards and embedded digital surveillance hosting. With its outstanding research capacity and experienced management team, Yuan Da is recognized for providing the most leading-edge technology.
As part of the transaction, Mr. Jiang Jian Guo, the original shareholder of Yuan Da, will join the management team of Golden. Mr. Jiang has extensive industry experience with widespread surveillance and security technology alliances, which will upgrade Golden's technological level and consolidate the firm's market leading position.
"We are very enthusiastic about joining forces with Yuan Da," said Mr. Tu, the CEO of Golden. "With Yuan Da's significant technology capabilities, I believe that the company could experience immediate enhancements in core manufacturing technology and products' quality. This is truly a 'win-win' deal for us, for Yuan Da and for our customers."
About Golden Group Corporation (Shen Zhen) Ltd.
Golden Group is one of the market leaders in the security industry in People's Republic of China (P.R.C.) specializing in developing, manufacture and marketing of digital surveillance as well as network video processing and integration. Its customers are mainly government and public organizations such as police departments, airports, customs, railway stations, schools, banks and Justice Departments. The Company's marketing network covers 9 regions, 37 subsidiaries and over 40 flagship stores across mainland China. The company's main products include standalone surveillance main host systems, embedded surveillance main host systems, in-car surveillance host systems, home consumer surveillance systems, video compression cards, various kinds of web cameras and many foreign surveillance products.
About Apex Wealth Enterprises Limited
Apex Wealth Enterprises Limited is the holding company of Golden Group. Apex Wealth's shares are trading on the OTCBB with the ticker APXWF. The current outstanding shares of Apex Wealth are 21.5 million shares.
Safe Harbor Statement
The statements made in this release are forward-looking statements. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risk and other factor detailed in the Company's reports filed with the Securities and Exchange Commission. APEX Wealth Enterprises Ltd. undertakes no duty to update those forward-looking statements.
SOURCE Apex Wealth Enterprises Limited
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