KWest Announces Acquisition of Fuhuiyuan International Group (Holdings) Limited
EDMONTON, Alberta, July 22, 2013 (GLOBE NEWSWIRE) -- KWest Investment International Ltd. (OTCBB: KWIT) ("KWest" or the "Corporation"), listed on the OTCBB ("OTCBB") is pleased to announce that it has entered into a letter of intent ("Letter of Intent") dated July 19, 2013 to acquire Fuhuiyuan International Group (Holdings) Limited ("Fuhuiyuan International"), a company formed and subsisting pursuant to the laws of the British Virgin Islands (the "Acquisition"). The Letter of Intent contemplates that, in exchange for all the outstanding shares of common stock of Fuhuiyuan International, KWest shall issue to Fuhuiyuan International's shareholders an aggregate of 7,500,000 shares of common stock of KWest.
Fuhuiyuan International is a newly formed trading company and it has recently entered into an agency agreement with Qingdao Fuhuiyuan Investment Co. Ltd. ("Qingdao Fuhuiyuan") in which Qingdao Fuhuiyuan has appointed Fuhuiyuan International to act as its international agent to sell Qingdao Fuhuiyuan's products, including Yingcuicaoben cosmetics, Fuyuan jewelry, and Dangcing dresses, bags and shoes. Fuhuiyuan International will collect payments made by overseas customers on behalf of Qingdao Fuhuiyuan and will oversee all related activities and expenditures. In addition, Fuhuiyuan International will handle all affairs relating to overseas transportation, customs declaration, customs clearance and payment of taxes.
With the signing of the letter of intent, KWest will change its name to "Fuhuiyuan International Holdings Limited" and two nominees of Fuhuiyuan International will be appointed to the board of directors of KWest. Following the appointment of Fuhuiyuan International's nominees, the board of directors will consist of 4 Directors, including two nominees of KWest.
The completion of the Acquisition is subject to a number of conditions precedent, including, but not limited to: (i) the entering into of a definitive agreement by (the "Definitive Agreement"); (ii) completion of satisfactory due diligence by each of KWest and Fuhuiyuan International; (iii) the approval of the Acquisition by each of KWest's and Fuhuiyuan International's respective board of directors and shareholders, if required; (iv) the absence of any material change or change in a material fact which might reasonably be expected to have a material adverse effect on the financial and operational conditions or the assets of each of the parties to the Definitive Agreement; and (v) certain other conditions typical in a transaction of this nature.
Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for KWest's business and operations that involve a number of risks and uncertainties. KWest's forward-looking statements in this release are made as of the date hereof, and the Corporation disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and the "forward-looking information" provisions of National Instrument 51-102 of the Canadian Securities Administrators, the Corporation is identifying certain forward-looking information. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statement include, without limitation, risks and uncertainties arising from the ability of KWest to successfully complete the Exchange Transaction, to satisfy the conditions precedent contained in the Exchange Agreement and successfully exploit the rights acquired thereby; uncertainties relating to the ability to realize the expected benefits of the acquisition; unanticipated or unfavorable regulatory matters; general economic conditions in the region and industry which KWest and Dino operate, and other risk factors as discussed in the Corporation's other filings made by the Corporation from time to time with the Securities and Exchange Commission and the Alberta Securities Commission.
CONTACT: FOR FURTHER INFORMATION, PLEASE CONTACT:
KWest Investment International Ltd.
Stolfin Wong, President and CEO
Telephone: (780) 266-4188
Facsimile: (780) 756-1670
Source: Kwest Investment International Ltd.