MONTREAL, Sept. 15, 2008 (GLOBE NEWSWIRE) -- Royaltech Corp. ("Royaltech") (OTCBB:RYLT) today announced it has completed a share exchange with Densen Equipment Limited ("Densen"), a manufacturer of agricultural machinery and equipment in China, that resulted in a change of control of Royaltech.
Under the terms of the share exchange agreement, the former Densen shareholders exchanged all the issued and outstanding shares of Densen for 16,720,354 shares of common stock of Royaltech which resulted in the former Densen shareholders owning approximately 91.3% of the outstanding shares of Royaltech. Royaltech intends to change its name to China Tractor Holdings, Inc. and apply for a new trading symbol in the near future.
Mr. Lau San, the new Chairman and CEO of Royaltech, commented: "We are very happy to announce the completion of the transaction to become a publicly traded company in U.S. We look forward to rewarding our shareholders with opportunities associated with our continual growth in the agricultural machinery and equipment industry in China."
About Royaltech Corp.
Royaltech develops, manufactures and markets agricultural machinery and equipment through its joint-venture subsidiary, Chang Tuo Agricultural Machinery Equipment Group Co. ("Chang Tuo"). Chang Tuo was founded in 2007 as a joint venture between Changchun Densen Agricultural Machinery Equipment Co., Ltd., a subsidiary of Densen and the State-owned Assets Supervision and Administration Commission of Changchun.
Royaltech will report the share exchange with Densen on a Form 8-K Report to be filed with the Securities and Exchange Commission (SEC) within four business days of the closing. The report will provide substantial additional details regarding the share exchange between Royaltech and Densen and will be available at www.sec.gov. upon filing.
Forward-Looking Statements: This news release contains certain "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that the Company's expectations will be achieved. The Company does not assume any duty to publicly update or revise the material contained herein.