Dawson Science Corp. Finalized $100,000,000 USD Acquisition - Yields $.58 Per Share Earnings
RENO, Nev., April 8 /PRNewswire/ -- Dawson Science Corp. (OTC:DWSC)
announces the acquisition of 100% of the shares of Shenzhen City Zhenghua
Traffic and Transportation Main (Group) Company, Ltd. (also known as Zhenghua
Group Gingzheng Hua Transportation Industrial Development Inc. Ltd.) which is
a wholly-owned subsidiary of Shenzhen Zhenghua (Group) Company, Ltd., located
in Shenzhen, China.
Dawson paid $102,250,000 USD with a combination of common and convertible
preferred stocks, Shenzhen City Zhenghua Traffic and Transportation Main
(Group) Company, Ltd. owns, operates and leases over 1000 taxi cabs and trucks
operating in Southern China. With this acquisition, Dawson will report almost
$100,000,000 USD in assets and $78,314,000 USD in revenues. Earnings of
$7,831,000 USD will yield about $.58 USD per share.
The agreement has been signed and was formally finalized at the first
consolidated Board meeting on Thursday, March 27, 1997 in Shenzhen, P.R.
China.
Mr. Wu (Zhi Jian) will become the major controlling stockholder and
President and CEO of the Company.
In setting the vision and focus for Dawson's new division, Mr. Wu stated
in an interview, "We have a very ambitious development plan for our
transportation division. Vice Premier Mr. Wu Bonkou stated in a State Council
meeting that 1997 will be the year for a greater effort in the development of
the country's transportation industry. We plan to expand our small-sized
vehicle leasing and transportation business throughout the 28 provinces and
cities of China; building up a nation-wide small-sized vehicle leasing
network, just like the small-sized vehicle and transportation industries in
the United States. We plan to build up a nation-wide network for our business
and this will be a first in China," (translated from Chinese).
Under its new leadership, Dawson will continue to look for additional
profitable acquisition opportunities in Asia.
SOURCE Dawson Science Corporation
-0- 04/08/97
/CONTACT: Cathy Cosby, Corporate Secretary of Dawson Science,
702-828-1313/ |
