Learning Quest Technologies (fka LQTI)

[53chevy]

Learning Quest Technologies, Inc. Acquires Expressway Toll Business of Pingdingshan Pinglin Expressway Co., Ltd. ("PING") via Transaction With Hong Kong Holding Company
Learning Quest Technologies, Inc. (OTCBB: LQTI) announced today that it has completed a reverse merger with Wise on China Limited (WOC), a Hong Kong holding company. To finalize the transaction, 54,400,000 newly issued shares of LQTI.OB's common stock (68% of LQTI's 80,000,000 issued and outstanding shares) were issued to CMH, a British Virgin Islands company that is the sole shareholder of Rise & Grow. WOC's sole operating entity is Pingdingshan Pinglin Expressway Co., Ltd. (PING), a company formed under the laws of the People's Republic of China (PRC) as a Wholly Foreign Owned Enterprise (WFOE), and doing business in the PRC. Effective as of the closing, the operations of PING will be the only operations of LQTI.OB

PING is the wholly owned subsidiary of WOC. It was incorporated in May 2003, after competing in and winning an open bid to fund, operate and manage the Pingdingshan-Linru ("Pingling Expressway") portion of the Nanjing-Luoyang expressway, which was part of the PRC's National Expressway Network Plan formulated by the State and "the Tenth Five-Year Plan" of the Henan Province Comprehensive Traffic System Development Plan. Ping was granted the right to manage and operate the expressway for thirty years, which includes rights to rent petrol and service stations and up to six toll gates.

The Pingling Expressway is in Henan Province in central China, and is a hinge terminal of the traffic backbone throughout China. The 106 kilometer toll road was completed in two segments, with revenues first generated in January 2006, and final completion in May 2006. Toll revenues from the six toll gates which access the dual carriageway four (4) lane expressway are the primary source of current revenues.

Henan province has the largest population in China; however, its urbanization rate is far below the national average level, offering extensive opportunities for companies such as PING, with proven expertise, to participate in providing the infrastructure to support social and economic development. Requirements include roads and other transportation infrastructure, and urban facilities such as heating, water supply, and sewage treatment.

"We are very pleased to complete this transaction which we believe will allow us to move forward to further develop the infrastructure of China and Henan," commented Mr. Li Xipeng, Chairman and CEO. "The opportunity for growth exceeds the capital currently available from corporate operations, but access to the public markets should allow us to strengthen and expand the Company's infrastructure business, as well as to create certain advantages of scale to further reduce the cost of the Company's operations as we invest in the construction or purchase of the most promising expressways, thermoelectricity, water supply or sewage treatment facilities."

Financial Results

PING's unaudited financial results for the Fiscal Year ended June 30, 2007 showed revenues of $38.45 million and net income of $7.5 million. The revenue increase over the prior year was nearly 793%, reflecting the increase in traffic volumes and toll rates on the Expressway. In the first quarter ended September 30, 2007, revenues grew 111.5% to approximately $14.5 million, reflecting increases in traffic volume and toll rates. Net income in the three month period jumped to $4,215,161 compared with $23,085 in the first quarter of fiscal 2006.