BLHG, deal done!!
XINHUI, China--(BUSINESS WIRE)--May 27, 1998--The Chairman of Beacon Light Holding Corporation (NASDAQ OTC BB "BLHG") Jerry Gruenbaum announced today that the company in conjunction with Pinnacle International Trading (HK) Limited acquired a plastic injection molding factory appraised at $8.8 million U.S. Dollars, located in Xinhui City, Guangdong, China. A new Chinese Corporation called Beacon Light Xinhui Plastics Co will own the factory. Under the purchase agreement, Beacon Light will own seventy-six (76%) percent of the factory and Pinnacle International will own twenty-four (24%) percent. Profits will be distributed in the same proportion as the ownership interest.
Mr. Gruenbaum stated that the factory is currently in production, and is gearing up to fulfill our purchase orders. In addition the company is already booking sales of existing plastic products.
Mr. Gruenbaum went on to say that, currently Beacon Light Holding Corporation is in negotiation for a majority stake in an electronics company currently operating out of Shantou City, Guangdong, China. This company produces computer monitors with sales throughout the world. The combination of the two companies will immediately impact revenues for both companies, which in turn will impact shareholder value.
CONTACT: Jerry Gruenbaum, President
Beacon Light Holding Corporation
860.647.4860 Fax: 860.647.4820
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