The shareholders of China Opportunity Acquisition Corp. (stock symbol: [t]CHNQ[/t]] have approved the acquisition of the parent of Henan Green Complex Materials Co., Ltd., "a manufacturer of high precision cold-rolled specialty steel products in China."
China Opportunity Acquisition Corp. Stockholders Approve Merger with Parent of Chinese Specialty Steel Company
Friday March 13, 2009, 11:43 am EDT
WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--China Opportunity Acquisition Corp. (OTCBB: CHNQ - News, CHNQU - News, CHNQW - News) (“China Opportunity”) announced that its stockholders have approved the merger with and into privately held Golden Green Enterprises Limited (“Golden Green”), a British Virgin Islands company. Golden Green, through its operating company, Henan Green Complex Materials Co., Ltd (“Ge Rui”), is a manufacturer of high precision cold-rolled specialty steel products in China. The vote to approve the merger took place today at China Opportunity’s special meeting of stockholders.
“We are very pleased that our stockholders approved the merger with Golden Green,” stated Harry Edelson, CEO and Chairman of the Board of China Opportunity. “This transaction will provide Golden Green with a public listing in the United States to help execute its aggressive growth strategy, which includes increasing Ge Rui’s production capacity and expanding into new higher margin products lines. As one of the leading independent cold-rolled specialty steel makers in China, Ge Rui is well-positioned to leverage its advanced production technology and state of the art facilities to meet the growing demand in this highly attractive niche segment of the Chinese steel market. Ge Rui has a strong track record of growth and we look forward to partnering with management in order to take the business to the next level.”
As a result of the merger, China Opportunity’s outstanding shares of common stock, warrants and units will be converted into like securities of Golden Green on a one-to-one basis. Golden Green’s ordinary shares, warrants and units will trade on the Over-the-Counter Bulletin Board, under symbols to be assigned, shortly after the closing of the merger, which is expected to occur on or about March 17, 2009. Following completion of the merger, Golden Green will continue to operate under its present name. Chardan Capital Markets, LLC acted as special advisor to China Opportunity on certain aspects of the transaction.
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