CBQ and China Direct Announce Plan to Merge
BusinessWire, Monday, June 23, 2003 at 08:01
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--June 23, 2003--CBQ, Inc.
(OTC:BB:CBQI) and China Direct Trading Company, a leader in developing
and sourcing products from Asia, announced today that the two
companies have entered into a Letter of Intent to merge. The merged
entity will be called China Direct Trading Company (CDTC). For more
information about the goods sold by China Direct see
www.souvenirdirect.com
It is anticipated that the merger agreement will be concluded
within 180 days.
China Direct is profitable, with current projected revenues of
$2,000,000 for 2003. Should current negotiations with prospective
clients prove to be successful the projected revenues for China Direct
over the next 12-month period would rise to $20,000,000.
"China Direct has now reached the point where major licensees in
NASCAR, the largest mass retailers, and several of the largest U.S.
theme park companies are turning to CDTC to develop and source
products from China. Through our long-term association with many
factories throughout China and the Pacific Rim we are able to source
and ship directly from Asia to the customer using pricing that is
lower than other Hong Kong trading companies, hence the new name for
our company, China Direct," said Howard Ullman, President of CBQ, Inc.
and owner of China Direct Trading Company since its inception in 1984.
"We are proud of the fact that through our contacts in China we
are able to offer souvenirs and promotional products to American
consumers at lower foreign prices," said Ullman, a veteran of 20 years
of trading in the China marketplace. China Direct also markets its
products worldwide and has distributors in over 15 countries,
including Canada, Italy, France, United Kingdom, Scotland, Barbados,
Dominica, Honduras, Mexico, Israel, Cayman Islands, Nassau, Ecuador,
Austria, Bermuda, and the United Arab Emirates.
"We are a one-stop shot for buyers seeking to obtain products from
China." said Ullman, " We handle sourcing, financing, and trade
logistics door to door from China to the U.S. customer, and are a
bridge between China and the U.S. marketplace" said Ullman.
China Direct also has a patent pending on a spinning keyring that
is the number one selling keyring in the marketplace.
Forward-Looking Statements
Statements made in this news release may contain forward-looking
statements concerning CBQ,Inc. and China Direct Trading Company
business and prospects. The actual results may vary materially
depending on a number of risk factors, including general economic and
business conditions, and various other factors beyond the control of
either company.
CONTACT: CBQ, Inc.
Howard Ullman, 954/474-0224
SOURCE: CBQ, Inc.
AI
