Amstar Financial Holdings/Xi Deng Hui Merger Completes
Business Wire, Jan 31, 2008
HOUSTON -- Amstar Financial Holdings, Inc. (Pinksheets:AFLH) announced Wednesday that it has consummated the merger of AFLH and Hong Kong Merit (MERIT).
As part of the acquisition deal, AFLH issued 88,000,000 non-registered shares to the shareholders of MERIT. Following a 1 for 10 reverse stock split, the shareholders of Merit will receive an additional 79,200,000 shares leaving current AFLH shareholders, approximately, 2.15% of outstanding shares in AFLH.
AFLH and MERIT expect this merger to be beneficial to shareholders on both parties. AFLH Shareholders will receive the benefits, in MERIT, of a company with established brands and capital that can be used for future growth.
In the upcoming weeks, AFLH expects to change its name to China Du Kang Co. Ltd to better reflect its current operations. The new AFLH is expected to file a Form 10 in the near future to become a fully reporting company under the Securities Exchange Act of 1934. A copy of the Plan of Exchange is available at the corporate offices for anyone that wishes a copy.
Hong Kong Merit Enterprise was incorporated in 2006 in Hong Kong with the purpose of seeking and consummating a merger or acquisition with a business entity. It has since entered a contract with Shaanxi Xi Deng Hui Technology Stock Co. to acquire 100% of a Chinese vehicle company and has acquired 97% of shares Shaanxi Xi Deng Hui Technology Stock Co.