good news out today
B: Moving Bytes Inc. Enters Into a Share Exchange Agreement with
hina International Enterprises Corp. ( PRIMEZONE )
B: Moving Bytes Inc. Enters Into a Share Exchange Agreement with China Internati
nal Enterprises Corp. ( PRIMEZONE )
NEW YORK, Aug 22, 2005 (PRIMEZONE via COMTEX) -- Moving Bytes Inc.
(OTCBB:MBYTF) has entered into a share exchange agreement, dated as of August
15, 2005, to effectuate a share exchange with all of the shareholders of China
International Enterprise Corp. (CIEC).
As a result of the consummation of the share exchange agreement, Moving Bytes
acquired 100 percent of the outstanding shares of CIEC. CIEC, a Delaware
corporation, is a holding company for Heng Xing Technology Group Development
Limited, a British Virgin Islands corporation ("XHT"). The only asset of XHT is
100 percent ownership of the shares of Shenzhen Hengtaifeng Technology Co.,
Ltd., a People's Republic of China-based corporation ("HFT") located in the
Hi-tech Industrial Park in the Nanshan District, Shenzhen, China. HFT is
classified as a wholly owned foreign enterprise under PRC law.
Following the closing of the share exchange agreement, David Zhou resigned as
director and resigned from all of his positions at the company, including
without limitation, President, Chief Executive Officer and Chief Financial
Officer. The remaining directors elected Mr. Yuan Qing Li and Ms. Jian Ping Wu
as directors of Moving Bytes. Please refer to the company's 8K filed with the
SEC for all details related to this transaction.
HFT is a provider of application software and system integration services in
China. The company develops and produces housing accumulation fund software and
credit guarantee management software products. It also develops family planning
and property management software and provides related system integration
services. HFT entered this market in 1996 and currently has more than 110
customers in over 20 provinces throughout China. The company plans on expanding
its business services and products through strategic acquisitions of companies
located in mainland China.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995, and may involve risks, uncertainties and other factors that may cause the
company's actual results to be materially different from any future results or
performance suggested by the forward-looking statements in this release. These
risks and uncertainties include, without limitation, risks that future
acquisitions may be unsuccessful and the market for the company's current
product(s) will be limited. We undertake no obligation to revise or update
publicly any forward-looking statements.
News 
Market Data 
Discover 
