SAN FRANCISCO, April 27, 2011 /PRNewswire/ -- On March 25, 2011, Apextalk Holdings Inc. (OTCBB: APXG) (the "Company") announced the completion of its purchase of an additional 39% of Guangdong Yi An Investment Consulting Co., Ltd. ("Yi An"). As reported in the Company's SEC filings, the company entered into a share transfer agreement with Ms. Weiling Liang on June 18, 2010, whereby the Company agreed to purchase 39% of Yi An for an aggregate purchase price of RMB 21,642,615.52 (approximately U.S. $3,261,500) to be paid in full within 720 days following the date of execution. On March 25, 2011, the Company completed the final closing of the transaction and fulfilled its obligation pursuant to the share transfer agreement by paying Ms. Liang $1,261,500 or approximately 38.68% of the purchase price in exchange for 14.63% of Yi An's issued and outstanding common stock. As a result, Apextalk currently owns 90% of the issued and outstanding common stock of Yi An.
Mr. George Ma, Chairman of Apextalk, commented on the acquisition, "Today marks a significant milestone in our company. The acquisition of Yi An allows us to begin the first phase of our business plan. Acquiring Yi An into our publicly traded company will bring significant value to our current shareholders while also offering our company or APXG the opportunity to be exposed to the ever growing global markets." Mr. Ma also continued to say, "Like most Chinese companies, we believe the U.S. markets are the strongest and most transparent in the world. We are excited to be a part of them."
Yi An was founded in September 2009 and is located in Guangzhou, Guangdong Province in the People's Republic of China (PRC). Yi An is a consulting company which engages in financial consulting, investment advisory, management consulting and business information consulting. Yi An provides various services to its clients, including the generation of customer credit information for use by private financial institutions and the aiding of clients with respect to their establishment and improvement of internal controls and compliance systems and procedures. Yi An currently has offices in Beijing and three major cities in Guangdong Province.
"Yi An is a unique Chinese business that we believe will have strong sales and earnings growth in the coming months. We are excited about the opportunity to expose our business to the U.S. markets and look forward to introducing our unique business model to the American people in particular and the larger worldwide investment community," said Mr. Ma.
Mr. Ma commented further on the current status of Apextalk by saying, "Some shareholders have inquired how Yi An fits with our previous telecommunication business. Though the businesses are very different, we felt that there was too much value generated by the purchase of Yi An and we could not pass up this opportunity. We are currently discussing options with our company's corporate consultants with respect to how to best leverage our technology and bring further value to our shareholders. We hope to have news in the coming months about what plans we have to develop our new business."
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. Apextalk Holdings, Inc. believes that its primary risk factor includes, but is not limited to our ability to manage and grow our business and other factors detailed in the Company's Form 10-K filed with the SEC on March 30, 2011, which is available at http://www.sec.gov.
SOURCE Apextalk Holdings Inc.