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China America To Acquire Guangzhou Jianxin Enterprise For $1.75 Mln Cash - Quick Facts
(RTTNews) - China America Holdings, Inc. (CAAH.OB) Wednesday said it reached an agreement to buy a 100% ownership interest in Guangzhou Jianxin Enterprise Co., Ltd., a company holding 355,209 square feet of land use rights in the Guangzhou Conghua Development Zone, for a cash payment of $1.75 million. The company is currently in negotiations to secure bank or lender financing for the transaction and expects to close upon securing the necessary capital.
Upon securing necessary project financing, the company plans to construct a new refrigerant repackaging, mixing, and distribution facility capable of processing up to 20,000 metric tons of environmentally friendly refrigerants annually. Management expects to begin construction in October of 2010 with the first phase to become operational in the fourth quarter of 2011 and the second phase to begin operations in the fourth quarter of 2012.
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