PEQM Process Equipment Inc. Announces Completion of Acquisition of Chinese Aquaculture and Aquatics Company
Monday March 29, 3:40 pm ET
HAYWARD, Calif., March 29 /PRNewswire-FirstCall/ -- Process Equipment, Inc. (OTC Bulletin Board: PEQM - News) announced today that it has completed the acquisition of Jade Profit Investment Limited ("Jade Profit"), a privately held British Virgin Islands limited liability company that operates an 84.42% owned subsidiary under the name Hainan Quebec Ocean Fishing Co. Ltd. ("HQ"). HQ is an integrated aquatic products company that cooperatively farms, harvests, processes and sells its products, consisting primarily of shrimp and tilapia.
Under the terms of the Agreement and Plan of Merger, through its special acquisition subsidiary, the Company has acquired all of the issued and outstanding capital stock of Jade Profit, in exchange for approximately 93% of the Company's outstanding Common Stock and warrants.
"We are extremely pleased to have consummated this transaction with Jade Profit Investment Limited", said George Cortessis, the outgoing President of the Company. "Jade Profit is an innovative, profitable, fast growing company with 2003 revenues in excess of $16 million and net profit margins in excess of 10%. The combination of market leadership, global sales presence and experienced, talented management of Jade Profit is outstanding."
Norbert Sporns, President of Jade Profit and newly appointed President of the Company, said, "We are very pleased by this opportunity. As part of a public company, HQ will continue to penetrate the US market through innovations in products and marketing. Our products respond to shifting consumer preference for healthy, quality products, and we are continuing to expand and to improve quality. HQ's cooperative aquaculture activities focus on environmentally friendly and sustainable methods, which contribute to the quality of life in the communities in which it operates. HQ intends to increase its profile in the United States, where a significant amount of sales are generated, and anticipates access to capital to fuel its continued growth and acquisition strategy."
Westminster Securities Corporation, the original underwriter of the Company, has advised on the transaction and will continue to act as financial advisor to the Company as it seeks additional capital.
About Process Equipment, Inc.
Through its subsidiary, Process Equipment, Inc. has an integrated aquaculture and aquatic product processing operation that includes using renewable ocean resources, cooperative sustainable aquaculture, fish processing and sales. Its products, primarily consisting of shrimp and tilapia, are sold around the world. The subsidiary holds HACCP and EU certifications and has been certified by the Government of China as a leading agricultural enterprise.
About Westminster Securities Corporation
Westminster Securities Corporation is a full service brokerage firm operating in five principal areas: Investment Banking, Research, Retail & Institutional Account Management, Execution Services, and Clearing and Operations. Founded in 1971, Westminster is a member of the New York Stock Exchange, National Association of Securities Dealers, and the Securities Investor Protection Corporation. Westminster is headquartered at 100 Wall Street, New York with branch offices in Atlanta, Cyprus, Miami, New York, Shanghai, St. Louis, and Toronto.
Safe Harbor Statement -- Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "Anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.
Contact:
Norbert Sporns
President
Process Equipment Inc.
514-583-9130
George Cortessis
Outgoing President
Process Equipment, Inc.
510-782-5122
John P. O'Shea
President
Westminster Securities Corp.
212-878-6532
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Source: Process Equipment, Inc. |
