HONG KONG, May 12, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today announced the closing of the acquisition of Shanxi Jinyan Coal and Chemical Company Limited ("Jinyan"), a Chinese company that engages in coal processing, chemical products manufacturing, and power generation businesses in the Shanxi Province of China.
Jinyan was established in 1999 and currently has approximately 850 employees. The unaudited net asset value of Jinyan was at least $10 million as of December 31, 2005.
Through this acquisition, NTHH will hold a 51% ownership stake in Jinyan through Shanxi Fujia Coking and Chemical Company Limited ("FJCC"), a subsidiary of NTHH that owns 12 year drilling rights to a coal mine in Shanxi. As consideration for the acquisition, FJCC shall pay to Jinyan $5 million worth of coal produced from FJCC's coal mine.
"This is an excellent opportunity for our Company to expand our coking coal production and power generation businesses in China," said Peter Chun, CEO of NTHH. "The acquisition of Jinyan will further strengthen our profitability in the future as well as create value to our shareholders and support NTHH's future growth in the energy and natural resources sector."
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 three subsidiaries in China: (1) Fujia Coking and Chemical Company Limited, a company that owns the drilling rights of a coke mine property; (2) American - Asia Metallurgical Industry Limited, a company that owns a coking coal refinery and (3) Shanxi Jinyan Coal and Chemical Company Limited, a company engages in coal processing, chemical products manufacturing and power generation businesses. NTHH 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.