NANCHANG, China, Jan. 29 /PRNewswire-FirstCall/ - SkyBridge Technology Group, Inc. (SKGO; http://www.skybridgetechgroup.com/) today, after the market closed announced that the company had finalized the merger with the Chinese Jiangxi Sanhe Science and Technology Co., Ltd. ('Sanhe'; http://hgc11149.chinaw3.com/ English site).
SKGO has been in the process of evaluating strong and strategically balanced partners for their plans to successfully raise the shareholder value and secure a solid future growth for the company. SKGO completed the Jiangxi Sanhe Science and Technology Co., Ltd. merger with a common share exchange (restricted shares) of approximately 600 million shares.
Sky Bridge Technology welcomes and introduces Jiangxi Sanhe Science and Technology Co., Ltd. to its shareholders and followers.
Jiangxi Sanhe Science and Technology Co., Ltd. produces and distributes environmentally friendly and recyclable 'plastic wood'. This environmental product doesn't hold any toxic residues of benzene, ammonia or formaldehyde, and it's entirely environmentally friendly and biodegradable. This product suits flooring, ceilings, internal and external wall panels, furniture, and other urban and rural installations. The company's products hold ISO9001-2000 quality certification and ISO14001-2004 environmental certification and the company received Jiangxi Province High-Tech Enterprise Certificate in 2006.
New incoming SKGO Ms. Yang Yu Fang CEO said, "This is tremendous news for both Sanhe and SKGO. I think the shareholders must appreciate the work of the SKGO management and its corporate advisors in raising this company from the dust. Sanhe brings value to SKGO shareholders, and we can't wait to get down to business. The 'plastic wood' lays at the center of Sanhe production and the company seeks ways to expand and find export opportunities for North America. Besides the plastic wood, the company also holds patents for earthquake-resistant building design and an effective wind turbine dynamo. We believe the shareholders greatly appreciate what's happening with SkyBridge today as we will strive to continuously increase the value of the company."
This merger is based on the targeted merger companies being able to meet and exceed both management and long-term shareholders reasonable expectations. The SKGO management works in concert with its preferred shareholders, certain accredited investors and its M&A advisors on this merger and has developed a complex preferred share exchange arrangement. The result will see SKGO current (both common and preferred) share structure unchanged and undisturbed for an estimated 12 to 24 months after the merger date.
Within the next 5 to 7 business days the company plans to issue a CEOs message, video and still images of the Sanhe factory and infrastructure in China.
Copies of patents will be filed with Pink Sheets along with other relevant documents relating to Sanhe shortly.
Ms. Yang Yu Fang CEO, Ms.Sun Xi Managing Director and Ms. Peng Yan Director of Sanhe intend to attend Shareholders Business and Expo Conference hosted by SKGO's M&A firm Mina Mar Group to be held in Toronto Canada April 9, 2010. Sanhe and SKGO management invite their shareholders and followers to visit the SKGO booth at the conference. Sanhe along with reps from SKGO's USA based operating subsidiary Shot In The Gas www.shotinthe gas.com will be available to answer any questions relating to their business, where both companies will demonstrate some of their technology and will make available samples of their products.
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Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of SkyBridge Technology Group Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. SkyBridge Technology Group Inc. cautions you that any forward-looking information provided by or on behalf of SkyBridge Technology Group Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. SkyBridge Technology Group Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond SkyBridge Technology Group Inc.'s control. In addition to those discussed in SkyBridge Technology Group Inc.'s press releases, public filings, and statements by SkyBridge Technology Group Inc.'s management, including, but not limited to, SkyBridge Technology Group Inc.'s estimate of the sufficiency of its existing capital resources, SkyBridge Technology Group Inc.'s ability to raise additional capital to fund future operations, SkyBridge Technology Group Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match SkyBridge Technology Group Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. SkyBridge Technology Group Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE SkyBridge Technology Group Inc.