HONG KONG, July 14, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today announced the closing of the acquisition of Shanxi Jinhai Metal Group Limited ("Jinhai"), a Chinese company that engages in coking coal and steel production in the Shanxi Province of China.
NTHH acquired 58% of the equity of Jinhai through its wholly owned subsidiary American-Asia Metallurgical Industry Limited, a Wholly Owned Foreign Enterprise ("WOFE") established in China. Under the company regulations in China, a WOFE is approved by the Chinese government to own and acquire local Chinese companies.
Jinhai currently employs approximately 500 employees and its production facilities occupy a landmass of approximately 2 million square feet. The current production capability of Jinhai reaches an annual output of approximately 180,000 tons of coking coal and 200,000 tons of steel.
"This is an excellent opportunity to demonstrate our abilities to conduct acquisitions on sizable businesses in China," said Peter Chun, CEO of NTHH. "It proves that we are capable to expand our operations in China through acquisitions. Also, the acquisition of Jinhai will further strengthen our profitability in the future as well as create value to our shareholders."
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates companies in China that engage in energy and natural resources businesses. NTHH is based in Hong Kong and currently operates two subsidiaries in Asia: (1) Shanxi Jinhai Metal Group which is engaged in coking coal and steel production in the Shanxi Province of China; and (2) PT Borneo which owns a 30-year coal mining right concession in Indonesia. NTHH is positioning itself to support Asia'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.