NEW YORK, June 9, 2008 (PRIME NEWSWIRE) -- Maui General Store, Inc. (OTCBB:MAUG) announced today that Fu Qiang and Su Jianping have acquired 90 million shares of MAUG's common stock, representing 64% of the outstanding shares. Messrs. Fu and Su purchased the shares from Richard Miller. In connection with the acquisition, Fu Qiang replaced Mr. Miller as MAUG's Chief Executive Officer and Chief Financial Officer.
Fu Qiang is the Chief Executive Officer of Heilongjiang Hairong Science & Technology Co., Ltd. ("Hairong"). The share purchase agreement among Messrs. Miller, Fu, Su and MAUG provides that within the next thirty days MAUG will acquire control of Hairong.
Since 1999, Hairong has been engaged in design and implementation of information technology networks and software development. It is a high-tech private company, which integrates IT industry, IP science and research, manufacturing and marketing. Hairong also hosts a financial information website to provide stock analysis and brokerage services. The Trans-World finance website, a large subordinate site, offers comprehensive and professional information services in stock exchange and worldwide financial information.
Hairong operates its businesses primarily in The People's Republic of China, with its headquarters in Harbin City, Heilongjiang Province. Hairong also has offices in New York City.
Richard Miller, past President of Maui, commented: "After careful consideration of many merger candidates, Hairong offers the greatest value to our shareholders. With Hairong's significant ongoing business and huge growth potential with the opportunities in the Chinese market, the merger will be an exciting opportunity for the company to grow exponentially."
The statements made in this press release, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.