JURONG, China, Nov 12, 2010 (BUSINESS WIRE) -- Sino-Bon Entertainment, Inc.
("Sino-Bon" or the "Company")(OTCBB: SIBO), a leading manufacturer of entertainment equipment in China, today announced its intention to acquire Wuxi Linglang Electrical Manufacturing Co. ("WLEM").
Under the terms of the Letter of Intent, the Company would acquire a majority interest in WLEM. The Company expects to close the acquisition in the second quarter of 2011.
The Acquisition is subject to a number of conditions, including the execution of a definitive share exchange agreement, stockholder approval, the completion of certain financing arrangements, and further due diligence.
Established in 2003, WLEM is a leading micro-motor manufacturer in China. Its primary product is KTYZ series micro-motor, which is the key component for the automatic Mahjong table. WLEM's products are sold under "Linglang" and "Linglang Star" brands. These two principal brands have enjoyed great reputation from Chinese automatic Mahjong table manufacturers thanks to their first-class quality and reliability.
Mr. Simon Song, Chief Executive Officer of Sino-Bon Entertainment commented, "We are pleased to announce this potential acquisition and believe that the addition of WLEM's products and technology into our portfolio will help stabilize the cost of our existing products and enhance our company's competitive advantages from integrating upstream industrial chain." About Sino-Bon Entertainment, Inc.
Based in Jurong City, Sino-Bon Entertainment is the leading entertainment equipment manufacturer in China with large scale manufacturing facilities in Nanjing City. Through its China-based operating subsidiaries, the company engages in the development, design, manufacture, R&D, and distribution of entertainment machinery such as the Auto-Mahjong table as well as other game equipment in China. The company sells its products via its extensive distribution network consisting of more than 4,000 direct sales and franchised stores throughout China.
SOURCE: Sino-Bon Entertainment, Inc.
CONTACT: Sino-Bon Entertainment, Inc. Ms. Fiorina Zhu, VP, +1 646-688-5168 Fax: +1 646-537-2604 email@example.com Copyright Business Wire 2010 -0- KEYWORD: United States
New York INDUSTRY KEYWORD: Entertainment
Other Manufacturing SUBJECT CODE: Contract/Agreement