Spring Creek Acquisition Corp. (stock symbol: [t]SCRQF[/t]) has completed its acquisition of AutoChina International:
Spring Creek Acquisition Corp. Completes Acquisition of AutoChina Group Inc.
Thursday April 9, 2009, 4:05 pm EDT
BEIJING, April 9, 2009 (GLOBE NEWSWIRE) -- Spring Creek Acquisition Corp. (OTC BB:SCRQF.OB - News) (OTC BB:SCRWF.OB - News) (OTC BB:SCRUF.OB - News) (``Spring Creek'') today announced the completion of its definitive share exchange agreement among Spring Creek and AutoChina Group Inc. (``AutoChina''). The acquisition was completed after Spring Creek's shareholders voted to approve the acquisition at its special meeting of stockholders on April 8, 2009. In conjunction with the acquisition, Spring Creek has changed its name to AutoChina International Ltd. and will continue to trade on the OTCBB under the symbols SCRQF, SCRWF, SCRUF until a new symbol is issued.
Spring Creek's CEO, Mr. James Cheng-Jee Sha stated, ``All of us at Spring Creek are very excited to be shareholders of AutoChina. We are pleased to have successfully completed the agreement so quickly and are highly confident that the company will continue to capitalize on various growth opportunities and expand its auto dealership and commercial vehicle finance businesses throughout China. We look forward to working with Mr. Li and AutoChina's senior management team to help achieve all of our strategic objectives, and we thank our shareholders for their support of this transaction.''
Mr. Yong Hui Li, Chairman and CEO of AutoChina, stated, ``This vote marks an historic new chapter in AutoChina's history. As a result of the merger, we will be a financially stronger and more transparent company. Since our founding, we have remained committed to being a responsive, stable and innovative leader in auto finance and sales, and continue to grow our business profitably by being proactive in a changing global economic environment. We are confident that the merger will help us to further strengthen our competitive position, assist us with financial leverage among banks in China, and in so doing will enhance the long-term value of AutoChina for its shareholders.''
About AutoChina International Ltd.
AutoChina is a leading one-stop commercial and consumer auto sales and financing company in China. Founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li, AutoChina operates in two primary business segments: commercial vehicle sales and financing (truck leasing) and sales of branded passenger automobiles through its nationally recognized dealer network.
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