It appears the internet school purchase by Heng Fung is not part of EVIS. I believe Heng
Fung is the largest shareholder of EVIS and would act in the best interest of EVIS and I
believe that is what they have done here. Everybody knows that e-commerce is the future of
business and what better way to scout and employ the "future talent" of this industry. I think it
is a safe bet to say that many future graduates of this internet school will be employed by
EVIS. If this is truly their intention then the return on investment will far exceed any numbers
we see on the bottom line. A company is only as good as the people who work there.
Here is the release:
-----------------------------------------------------------Tuesday September 21, 9:14 pm Eastern Time
Heng Fung to buy into Internet school
HONG KONG, Sept 22 (Reuters) - Heng Fung Holdings Co Ltd said on Wednesday it has
agreed to buy a stake in Internet company Online Education Ltd (OLE) by subscribing to a
US$1 million convertible note.
If exercised in full, the note could be converted into 60 percent of OLE, an unlisted Hong
Kong-based company, Heng Fung
said in a published statement. The note had a face value of US$1 million, matured in 18
months and paid 12 percent annually.
If OLE redeemed the convertible note in full, Heng Fung had the option of paying US$1
million for 30 percent of OLE within
five years from the note's issue.
It said OLE provided Internet education services, and had launched the OnLine Campus
service, working in conjunction with
the Oxford Brookes University in Britain and Charles Sturt University in Australia to provide
degrees in the hospitality, real
estate, applied finance, health services management and business sectors.
Heng Fung also said that plans for eBanker USA.Com Inc and eBroker USA.Com Inc to list
on Nasdaq were at an early
stage and terms had not been decided. Heng Fung's 38.1 percent-owned eVision
USA.Com. Inc (OTC BB:EVIS.OB -
news) controls 28 percent of eBanker and 100 percent of eBroker.
Formerly known as Fronteer Financial Holdings Ltd, eVision is a Nasdaq-listed company
specialising in financial services,
media and Internet technologies.
Heng Fung said it issued the statement after a rise in the price and trading volumes of its
shares. Heng Fung's activities span
property investment and development, financial services, building materials, machinery and
pharmaceutical products.
Heightened interest in the technology sector has caused sharp spikes in the price and
trading volume of companies believed to
be entering the Internet-related market.
Heng Fung shares closed up HK$0.065 or 22.81 percent at HK$0.35 on Tuesday and have
climbed 163.16 percent so far
this month.
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I am a newbie here so please feel free to correct me if my statements or opinions do not jive
with company history.
Tom B. |
