Letter of Intent Signed For New Acquisition and Auditors Engaged
( Business Wire )
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( BW)(BEACON-LIGHT)(BLHG) Letter of Intent Signed For New Acquisition
and Auditors Engaged
Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--August 5, 1998--Beacon Light
Holding Corporation (OTC-BB: BLHG) announced today that it has signed
an Letter of Intent to purchase a 70% interest of Euro-Lux, Ltd., of
Haiyan, in the Shashi province of the Peoples Republic of China. The
terms of the proposed acquisition of Euro-Lux, Ltd., calls for the
issuance of BLHG Common Stock plus an infusion of $500,000 in working
capital.
Euro-Lux, Ltd., produces a special safety seal, which is
necessary in order to vacuum seal the picture tube used in the
manufacture of television sets and computer monitors worldwide, in
order to prevent explosions. In the past, manufacturers of television
sets and computer monitors worldwide could buy these seals only from
companies in South Korea or Japan. China has twelve major producers of
television sets, is a major producer of computer monitors and as such
produces millions of televisions and monitors per month for their
domestic and export markets. The president of Euro-Lux, Ltd., Mr. Jin
An Li, has represented to Beacon that half of the television set
manufacturers in China have expressed a direct interest in purchasing
these seals from the company.
This acquisition and development will allow Beacon Light Holding
Corporation to be a major world player in this growing field with the
Company's intent being to become the largest producer in China.
Currently, Euro-Lux, Ltd. is one of only two manufacturers of this
product in China. The other manufacturer is in development stage and
has not produced any of this product to date. Euro-Lux, Ltd. is
currently producing product to supply their contract orders.
Additionally, Beacon Light has announced it has signed an
agreement with the Certified Public Accounting firm of Hoffski &
Pisano to complete the company's audit for the years ended June 30,
1998 and 1997 including the related statements of operations,
stockholders' equity, and cash flows for the same years ended. The
firm of Hoffski & Pisano has extensive SEC related audit experience
and has engaged the services of a reputable CPA firm and legal firm in
China to aid in the audit process.
Safe Harbor Disclosure
This Press Release contains or incorporates by reference
"forward-looking statements," including certain information with
respect to plans and strategies of Beacon Light Holding Corporation.
For this purpose, any statements contained herein or incorporated
herein by reference that are not statements of historical facts may be
deemed to be forward-looking statements. Without limiting the
forgoing, the words "believes," "anticipates," "plans," "expects" and
similar expressions are intended to identify forward looking
statements. There are a number of important factors that could cause
actual events or actual results of Beacon to differ materially from
these indicated by such forward-looking statements.
For further information about Beacon Light, please contact Jerry
Gruenbaum at 203-921-0310 or go to www.blhg.com
--30--jlt/ny*
CONTACT: Jerry Gruenbaum, President
gruenbaum@blhg.com
Phone: 203-921-0310 Fax: 203-921-0361
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED CHEMICALS/PLASTICS
MERGERS/ACQ
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