Looks like were perfectly positioned to benefit greatly or else why would they want to go through with this merger? And seems like the company is doing exceelent by looking at the numbers!!!
Advertising Firm Merges with Chinese Luxury Auto Seller
Posted November 14, 2008 2:51PM PST
Fresh Ideas Media, an advertising and consulting firm, said it reverse merged with Ever Auspicious International Limited, a Hong Kong holding company for a luxury auto importer in China.
Fresh Ideas acquired all of the stock in Ever Auspicious, in the Nov. 10 deal, in exchange for about 65% of its stock.
Phillip Ray and Ruth Daily, principal shareholders of Fresh Ideas, canceled 1.14 million shares just before the merger closed.
Fresh Ideas subsidiary Community Alliance, which the company says markets sub-licenses for take-home school folders, was spun off as part of the transaction.
The combined company will change its name to China Auto Logistics.
Ever Auspicious had $81.1 million in net revenues during the first half of 2008, compared with $61.8 million in the year-earlier period. Net income for the first half was $2.2 million, up from $1.2 million.
Fresh Ideas registered with the Securities and Exchange Commission in March 2006 to launch an advertising and marketing firm catering to small and mid-sized companies. It had just $34,421 in revenues from its inception, according to an October financial filing.
Shares of Fresh Ideas closed at $3.20 on Nov. 12. The stock had run up 60% in the week before the merger closed.
