Letter of Intent Moves to Preliminary Contract; New Acquisition with $1.22 Million PO In-House
( Business Wire )
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( BW)(BEACON-LIGHT-HOLDING)(BLHG) Letter of Intent Moves to
Preliminary Contract; New Acquisition with $1.22 Million PO In-House
Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--August 10, 1998--Beacon Light
Holding Corporation (OTC-BB: BLHG - news) announced today that the
Letter of Intent it had signed to purchase a 70% interest of Euro-Lux,
Ltd., of Haiyan, in the Shashi province of the Peoples Republic of
China has moved to a Preliminary Contract. Euro-Lux, Ltd., is a
manufacturer of a safety seal which is necessary to the manufacturer
of picture tubes. The terms of this preliminary contract with
Euro-Lux, Ltd. calls for the issuance of BLHG Common Stock plus the
infusion of working capital.
The president of Euro-lux, Ltd., Mr. Jin An Li has announced that
it has a purchase order valued at $1,220,000 USD for safety seals from
one of the twelve major producers of television sets currently
operating in China. The company is in negotiation with other producers
as well at this time. This acquisition and development will allow
Beacon Light Holding Corporation to be a major player in the growing
field of television manufacturing; with the Company's intent 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.
Euro-Lux, Ltd., produces a special safety seal, which is
necessary 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, feels that
the company will generate additional orders from some of the twelve
television set manufacturers in China, many of whom have expressed a
direct interest in purchasing these seals from the company.
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--emb/ny*
CONTACT: Jerry Gruenbaum, President
gruenbaum@blhg.com
Phone: 203-921-0310 Fax: 203-921-0361
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: BANKING MERGERS/ACQ
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