October 6, 2000 07:30 AM Eastern Time LOS ANGELES--(BUSINESS WIRE)--Oct. 6, 2000--Advanced Technology Holdings Ltd., a wholly owned subsidiary of Score One Inc. SCRO , today announced that the company has entered into a Letter of Intent for the purchase of a 45% equity stake in Blue-Tech Industrial Co. Ltd. ("Blue-Tech"), a joint venture with the Pao Li Group of Jiangsu Province in the People's Republic of China (PRC).
Blue-Tech plans to manufacture Multi-media Home Personal Computers ("IMH-PC") and expects to generate approximately $20 million in revenues and $2.65 million in net income for the first year of operation.
Roy Ho, president and CEO of Score One, stated: "This is a genuine win-win situation. Not only will we benefit from the revenue derived from the Printed Circuit Boards ("PCB") sales to Blue-Tech, but also from the returns on our planned 45% equity stake in Blue-Tech. Drawing on Score One's success and our excellent relationship with the Pao Li Group, we expect Blue-Tech to experience strong growth, not only in Asia, but also in the Western marketplace, as a result of the recent approval of the Permanent Trade Status for China."
The Pao Li Group is a long-standing purchaser of circuit boards that has established special ties with Advanced Technology International Ltd. (ATHL).
"It makes sense to take advantage of promising business opportunities offering both growth in the sale of PCB parts and a share in the profits derived from the sales of the finished products to the end users. The Blue-Tech joint venture is a perfect example of this philosophy," added Ho.
Based on the anticipated first-year revenue of $20 million and net income of $2.65 million, Score One's 45% equity stake would amount to $1.20 million in additional earnings.
Blue-Tech will be located 30 miles northwest of Shanghai. The total investment in the Blue-Tech Joint Venture is estimated at $6 million, of which $2.7 million will be apportioned to Score One for its 45% equity stake.
It is anticipated that a definitive agreement will be signed before the end of November 2000. Subject to funding in a timely manner, Blue-Tech expects commencing production in the first quarter of the year 2001.
About Score One Inc.
The company is certified at IS0 9002 level and manufactures specific application printed circuit boards (PCBs) including flexible double-sided conductive carbon and polyester-based PCBs, principally for OEM manufacturers of brand-named consumer electronics companies such as Polaroid, Sharp, Canon, Citizen, Sony and Hitachi. The consumer electronics and telecommunication products include, but are not limited to, hand-held organizers, scientific calculators, cameras and mobile phones.
The company recently released its financials for the five-month period ended May 31, 2000, showing a 4% increase in earnings above the $1.78 million for the same period ended May 31, 1999. Shareholder equity appreciated by 52% during the respective reporting period. The increases for both periods were a result of increased demand for higher-margin PCBs for consumer electronics and telecommunication products.
Revenues $21.6 mil $8.0 mil Earnings $3.95 mil $1.84 mil EPS (basic/diluted): .20 .10 Shareholder Equity $3.19 mil $4.84 mil
Forward-looking statements in this release are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
CONTACT: Stockcom International Inc. Kathryn K. Jensen, 877/878-6909 ceo@stockpr.com or Advanced Technology Holdings Ltd. Bernard Chan, (011) 852-2521-5210 bkchan@ctimail.com
News 
Market Data 
Discover 
AI
