NEW YORK and HANOI, Vietnam, July 8, 2015 (GLOBE NEWSWIRE) -- Myson Group, Inc. (OTCMarkets:MYSN) today announced that the Company has completed the acquisition of a 50.90% ownership in Hanoi-based Van Phuc Holding Building and Trading Joint Stock Company ("Van Phuc Holding"), a Vietnamese company engaged in a number of business activities, including building and construction, infrastructure, mining, real estate, and trading.
The Company has successfully acquired 50.90% of the all issued and outstanding stock of Van Phuc Holding by issuing a total of 534,379,761 restricted shares of common stock from its authorized and unissued capital to the majority shareholder of Van Phuc Holding and certain independent consultants in connection with this transaction. As a result, the beneficiary shareholders of Van Phuc Holding hold 85% of all the issued and outstanding stock of Myson Group after the closing of the acquisition.
Established in 2009, Van Phuc Holding is a profitable operating company capable of generating at least $50 million in revenues and $10 million in net profits within the next twelve months. Myson Group will continue to emphasize on what Van Phuc Holding does best and realign its core business activities to grow the Company and create significant value for its shareholders.
Myson Group will complete the consolidated financial audits in August 2015 in order to file a registration statement with the U.S. Securities and Exchange Commission to resume its status as a fully reporting company and prepare to upgrade its stock listing to the NASDAQ Stock Markets in the near future.
The Company will update its corporate information on the new website www.mysongroup.com.
Son Duong, Chairman and CEO of Myson Group, Inc., stated, "We are pleased to have closed the acquisition of Van Phuc Holding's majority stake and repositioned Myson Group, Inc. as a company with profitable operations. This will allow us to build on the strengths and network capabilities of both companies to maximize value for our shareholders and all other stakeholders." Son added, "We will continue to provide updates on new corporate developments and additional transactions in the next few weeks."
About Myson Group, Inc.
Myson Group, Inc., a Nevada corporation established in 1987, has been engaged in developing mineral properties in Southeast Asia. The company has recently acquired a majority interest in Van Phuc Holding JSC, a profitable operating Vietnam-based company, and will also be launching a new business development program aiming to create significant value for our shareholders and investors.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.