HONG KONG, April 11, 2006 (PRIMEZONE) -- NT Holding Corp. ("NT Holding") (OTCBB:NTHH), today announced the closing of a definitive agreement with PT Global Indonesia Mining Limited ("PT Global"). Pursuant to such agreement, NT Holding and PT Global will form a joint venture company ("Joint Venture") in the Republic of Indonesia to carry out coal mining and related export business. NT Holding will have a 70% interest in the Joint Venture.
PT Global will contribute its right of concession in certain coal mines located in Indonesia, covering a total area of approximately 68,000 hectares for 30 years, to the Joint Venture. PT Global will also provide operational services, such as constructing access roads, arranging port facilities, providing necessary equipment and labor, as well as controlling the cost of output. NT Holding will contribute capital to the Joint Venture and assist in sales, marketing, exporting, cash flow management and financial control.
The Joint Venture is subject to the approval of the Indonesian Government and due diligence by the management of NT Holding on the amount of coal reserves.
"This is an excellent opportunity for NT Holding to enter into the coal export business," said Chun Ka Tsun (Peter Chun), NT Holding's CEO. "With coal mining rights for 30 years and with PT Global's support in Indonesia, I believe the joint venture will create value for our shareholders and support HT Holding's future business growth in the energy and natural resources market."
About NT Holding Corp.
NT Holding Corp. (OTCBB:NTHH), through its subsidiaries, invests in and operates companies in China that engage in energy and natural resources businesses. NT Holding is based in Hong Kong and currently operates two subsidiaries in China: (1) Fujia Coking and Chemical Company Limited, a company that owns the drilling rights of a coke mine property; and (2) American -- Asia Metallurgical Industry Limited, a company that owns a coking coal refinery. NT Holding is positioning itself to support China's growing need for power, energy and natural resources.
Disclaimer Regarding "Forward-Looking Statements"
This news release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays in or refusals of governmental approvals; (iii) risks associated with acquisitions and investments, including the challenges and costs of integration and coordination; and (iv) other important factors as disclosed previously and from time to time in NT Holding's filings with the U.S. Securities and Exchange Commission. NT Holding disclaims any obligation to update any such forward-looking statements after the date of this news release.