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Thursday, May 10, 2007 7:56:50 PM
REVERSE MERGER: Our Profile List stock Millennium Quest Inc., (OTCBB: MLQT 0.35 x 0.51) issued an 8K announcing they entered into a share exchange agreement with International Lorain Holding, Inc., a Cayman Islands company. On May 3, 2007, they entered into a securities purchase agreement with certain accredited investors, pursuant to which they issued and sold to these investors 299,055.78 shares of Series B Voting Convertible Preferred Stock and warrants for the purchase of up to an aggregate of 1,398,065 shares of their Common Stock for approximately $19.8 million. Lorain is a leading food processing company engaging in the development, manufacture and sale of food products worldwide. Formed in 1994, the company produces hundreds of varieties of food products, categorized into three interrelated divisions: chestnut products, processed food, including frozen, canned and packaged goods, and convenience foods, consisting of meals ready to eat (MRE) and ready to cook (RTC). Lorain, headquartered in Junan County, Shandong Province, owns and operates four manufacturing facilities, two in Junan County, one in Luotian Hubei Province and one in Beijing. In addition to serving the growing food market in China, Lorain sells its products in 23 countries under both the "Lorain" brand and under private labels. Lorain currently employs over 1,250 people, and sells its products through a distribution network of wholesalers, trading companies and supermarket chains. For the twelve months ended December 31, 2006, Lorain reported consolidated net sales of approximately $49.1 million and consolidated net income of approximately $5.9 million.
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