HONG KONG, May 16, 2013 (GLOBE NEWSWIRE) -- Great China Mania Holdings, Inc., (OTCBB:GMEC) (the "Company" or "GMEC") announces it has closed the sales of 2 unprofitable businesses units.
GMEC has closed the sales of Great China Games Limited ("GCG") in exchange for consideration of 3,000,000 GMEC shares from non-affiliate third party. GMEC canceled those 3,000,000, therefore reduced the number of shares outstanding of the Company. More details can be found on the current report on Form 8-K filed with the SEC. (http://www.sec.gov/Archives/edgar/data/1382112/000144586613000452/gmec8k04232013.htm). GCG reported a net segment loss of $51,860 from continuing operations for the year ended December 31, 2012.
GMEC has also closed the sale of GMEC's publishing segment, Great China Media Limited ("GCM"), in exchange for the third party's assumption of the existing liabilities of GCM. More details can be found on the current report on Form 8-K filed with the SEC. (http://www.sec.gov/Archives/edgar/data/1382112/000144586613000508/gmec8k05082013.htm).
GCM reported a net segment loss of $51,730 from continuing operations for the year ended December 31, 2012.
"One of our major objectives in 2013 was to restructure our business portfolio and discontinue unprofitable business segments," said Roy, CEO of GMEC. "We feel we have taken the necessary steps to accomplish this objective by disposing of our unprofitable business segments GCG and GCM. Both segments had negative net asset value for the period ending December 31, 2012 and during the first fiscal quarter of 2013. We are now able to focus solely on the most profitable business segment of the Company."
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