LINDEN, N.J., May 10, 2004 (PRIMEZONE) -- Buy It Cheap.com, Inc. (OTCBB:BYCC) announced that on May 6, 2004 it completed the acquisition of Cashtech Investment Limited, a British Virgin Islands corporation. At the closing, Buy It Cheap.com issued common stock and preferred stock that gave the previous owners of Cashtech Investment Limited and their advisor ownership of 91% of the equity in Buy It Cheap.com, Inc. The prior directors and officers of Buy It Cheap.com resigned as of the closing, and were replaced by Zhiguo Fu as director and President and John C. Leo as director and Secretary, and interim CFO.
Cashtech Investment Limited is a holding company, which owns 70% of the outstanding capital stock of Harbin Zhongqiang Power-Tech Co., Inc., a China limited liability company ("ZQ Power-Tech"). ZQ Power-Tech owns a factory near Harbin, China where it designs and manufactures rechargeable polymer lithium-ion batteries. ZQ Power-Tech's batteries are used in consumer products such as portable computers, personal digital assistants and cellular telephones. ZQ Power-Tech also manufactures larger batteries for use in motor scooters as well as encased batteries for miners' lamps. ZQ Power-Tech was founded in August 2002 and had only nominal sales during 2003. Currently, however, ZQ Power-Tech has a backlog of orders for delivery in 2004 exceeding U.S. $4.5 million.
Buy It Cheap.com, Inc. expects to file a Current Report on Form 8-K regarding the acquisition with the Securities and Exchange Commission in the next few days. The Current Report will contain audited annual and reviewed interim financial statements for Cashtech Investment Limited.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices. With respect to BYCC, except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, BYCC / ZQ Power Tech's extremely limited operating history, uncertainties related to the Company's access to additional capital, competition, and dependence on key management.