Another showing the strength of the market DSHL is positioned in....very exciting.
Shell Company Merges With Chinese Battery Maker
Posted November 14, 2008 5:29PM PST
A Chinese battery maker became publicly traded in the U.S. after its parent company acquired about 70% of the stock in a shell company that formerly sold big game hunting expeditions.
In the Nov. 12 merger, World Trophy Outfitters acquired all the equity of Fast More Limited, a Hong Kong investment company that controls Changxing Chisen Electric Co. World Trophy issued 35 million new shares to Fast More's shareholders, Cheer Gold Development Limited and Floster Investment Limited.
Changxing Chisen makes about 5.6 million batteries for electric bicycles each year, which are sold in China. Electric bicycles are becoming increasingly popular in China, the company says, and the type of battery it makes is the preferred choice to run them because of their low cost.
The company had $65.4 million in sales revenues in its fiscal year ending in March, more than double its sales the previous year.
Attorney Clayton Parker in the Miami office of K&L Gates advised Fast More in the merger. Utah attorney Cletha Walstrand, who has advised numerous shell companies, counseled World Trophy.
World Trophy was formed in 2005 to sell big game hunting licenses and guided trips. It had sold all its packages by March of this year and had shut down by April. It had about $51,000 in assets, according to a merger filing, and no liabilities by the merger's closing date.
World Trophy's stock closed at $3.98 on Nov. 14, up 5% from the previous day.
