LOS ANGELES and BERLIN, Feb. 3, 2010 (GLOBE NEWSWIRE) -- Jeantex Group, Inc. (OTCBB:JNTX) (Berlin:LEX) today announced that the company has signed agreements to acquire a seventy-percent equity stake in Pt Ober Indonesia, an Indonesian corporation, and patents for multiple green technologies including synthetic asphalt, roofing materials, bio-fuels, and cosmetic products.
The stock purchase agreement with Pt Ober Indonesia is scheduled to close on March 05, 2010, subject to satisfactory due diligence review. The company intends to relocate this factory to another area in Southeast Asia for further expansion after the expiration of the lease within the next several months and also establish a new factory in the U.S. for North American markets later this year.
The business cooperation agreement for the patents is made with Professor Bernadus Prawoto of Jakarta, Indonesia, who has successfully invented and patented innovative green technologies, including synthetic asphalt, roofing materials, bio-fuels, and cosmetic products. According to Professor Prawoto, the new cracking technology he has developed for bio-fuels is superior to any available in the market today. Professor Prawoto has agreed to assign all applicable existing and future patents developed by him and transfer all related technologies for the production of synthetic asphalt, bio-fuels, and other products to HJ Construction Materials, Inc., of which he will own 30% and Jeantex Group will own 70%.
The Company will update on the progress of these transactions and new developments next week.
About Jeantex Group, Inc.
Jeantex Group was previously engaged in the textile-apparel clothing industry, focusing on denim goods and accessories. The Company discontinued its apparel business in the fourth quarter of 2006 and was actively seeking an acquisition or business combination opportunity to enhance value for its shareholders. The Company is in the process of restructuring into two divisions, construction materials and energy.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties. Such forward-looking statements are 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. Actual results may differ materially from those projected, on the basis of such forward-looking statements.