(OTC: EGLY) Reports Letter of Intent to Acquire Garment Company
(CybeRelease, May 4, 2006) - Lake Harmony, PA - Ever-Glory International Group (OTC BB:EGLY), an international manufacturer of apparel, announced that the Company has executed a Letter of Intent to acquire the majority or all outstanding shares of Nanjing Catch-Luck Garment Company Limited. Closing of the transaction is subject to certain due diligence and customary closing conditions and is expected to take place within 60 days. Moreover, the acquisition will be accretive to earnings.
The basis for determining the market valuation for the transaction will be based on the comparative market value of the business, valued at more than US$ 4,000,000.00 by Savills, a reputable and internationally recognized Valuation and Consultancy Firm, using the discounted cash flow approach. As a result of the acquisition, Nanjing Catch-Luck Garment Company Limited will become a majority or wholly owned subsidiary of Ever-Glory.
Edward Kang, President and CEO of Ever-Glory commented, “We are excited about the opportunity to grow our business in a new direction with the acquisition of Nanjing Catch-Luck Garment Company Limited. This transaction represents another significant step toward achieving our goal of dynamic growth through new products and synergistic acquisitions,” he concluded.
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