Interactive Medical Technologies Ltd. Signs Letter of Intent to Acquire a MLM in Mainland China
LOS ANGELES--(BUSINESS WIRE)--Jan. 20, 1998--Interactive Medical Technologies Ltd. (BBS:NONI)(IMT)Tuesday announced that it has signed a preliminary letter of intent with Newel Resources Trading Pte. Ltd. to acquire its mainland China subsidiary, Nanjing Potomak Beauty & Care Co. Ltd.
As one of 40 network marketing companies to be granted a license by the Central Chinese government, Nanjing manufactures and markets a range of products including health foods, household chemicals, cosmetics and shape-forming underwear utilizing the single-level marketing concept to more than 300,000 affiliated distributors and consumers throughout China.
Nanjing also holds a number of Provincial Government operating licenses. Nanjing manufacturing operations employ more than 700 employees working in 30 licensed operating facilities throughout mainland China.
For the fiscal period just ended (Dec. 31, 1997), Nanjing's revenues were in excess of $12 million and earned $472,000 before taxes but after affiliated management fees. IMT and Nanjing are anticipating finalizing an acquisition by late February.
The transaction was introduced to IMT by EMCO/Hanover's Bruce Barren.
IMT's Chief Executive Officer Steven Westlund said: "Naturally we are very excited about this next phase of our overall growth plan. With KAIRE as the foundation of IMT's direct sales group, Nanjing will form the Far East base linking its operations with KAIRE's Colorado base of operations.
"With the merging of Nanjing's 300,000 affiliates with KAIRE's 450,000 associate distributors, IMT and KAIRE will become a significant new international direct marketing sales group."
Based in Los Angeles, IMT is a diversified group of companies that collectively provide a range of products and services from nonradioactive medical contrast imaging media and laboratory support services to medical researchers studying human blood flow, to food supplements, anti-oxidants, vitamins, weight management and personal care products to the receptive growing worldwide baby boomer market.
For more information, visit the company's Web site at www.imt-ltd.com . |
