NEW YORK, Aug. 22, 2005 (PRIMEZONE) -- Moving Bytes Inc. (OTCBB:MBYTF) has entered into a share exchange agreement, dated as of August 15, 2005, to effectuate a share exchange with all of the shareholders of China International Enterprise Corp. (CIEC).
As a result of the consummation of the share exchange agreement, Moving Bytes acquired 100 percent of the outstanding shares of CIEC. CIEC, a Delaware corporation, is a holding company for Heng Xing Technology Group Development Limited, a British Virgin Islands corporation ("XHT"). The only asset of XHT is 100 percent ownership of the shares of Shenzhen Hengtaifeng Technology Co., Ltd., a People's Republic of China-based corporation ("HFT") located in the Hi-tech Industrial Park in the Nanshan District, Shenzhen, China. HFT is classified as a wholly owned foreign enterprise under PRC law.
Following the closing of the share exchange agreement, David Zhou resigned as director and resigned from all of his positions at the company, including without limitation, President, Chief Executive Officer and Chief Financial Officer. The remaining directors elected Mr. Yuan Qing Li and Ms. Jian Ping Wu as directors of Moving Bytes. Please refer to the company's 8K filed with the SEC for all details related to this transaction.
HFT is a provider of application software and system integration services in China. The company develops and produces housing accumulation fund software and credit guarantee management software products. It also develops family planning and property management software and provides related system integration services. HFT entered this market in 1996 and currently has more than 110 customers in over 20 provinces throughout China. The company plans on expanding its business services and products through strategic acquisitions of companies located in mainland China.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and may involve risks, uncertainties and other factors that may cause the company's actual results to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, risks that future acquisitions may be unsuccessful and the market for the company's current product(s) will be limited. We undertake no obligation to revise or update publicly any forward-looking statements.