China 3C Group Signs Agreement of Intent to Acquire Shanghai Joy & Harmony Electronics Company17 November 2006
ZHEJIANG PROVINCE, China, Nov. 14 /PRNewswire-FirstCall/ China 3C Group (OTC Bulletin Board: CHCG), China 3C Group, a major retailer and distributor of consumer and business products, announced today that it has signed an agreement of intent to acquire Shanghai Joy & Harmony Electronics Company Limited, a consumer electronics retail chain focusing on the Eastern China marketplace. According to the agreement, China 3C will begin due diligence on Shanghai Joy & Harmony. Terms of the agreement were not disclosed.
Zhenggang Wang, CEO of China 3C Group, said, "Shanghai Joy & Harmony is a consumer electronics retail chain with a strong core competency. The chain has established 180 retail stores in Eastern China since it was founded in 1995. Upon completion of the acquisition, China 3C Group will have more than 800 retail stores. It is anticipated that this acquisition will contribute significantly to our competitiveness, and we believe it will increase our earnings per share."
About Shanghai Joy & Harmonydocument.write('');
Shanghai Joy & Harmony Electronics Company Limited is a consumer electronics retail chain in Eastern China. It has 180 retail stores in Shanghai City and Jiangsu Province. The company specializes in the sale of consumer electronics, including MP3 players, MP4 players, iPod, electronic dictionary, CD players, radios, Walkman, audio systems and speakers. The company is the authorized sales agent for well-known manufacturers in China like Tecsun Radio and Changhong ZARVA. For more information on the company, visit http://www.joyhe.cn.
About China 3C Group
China 3C Group is a leading retail chain operating over 600 independent stores in Eastern China. The company specializes in selling 3C products (communication, information technology and digital) in China through its subsidiary Zhejiang Yong Xin Digital Technology Co., Ltd. Among China 3C's primary attributes is its efficient distribution network and rapid logistics system. The company's goal is to become the number one retailer of 3C products in China. For more information, visit http://www.china3cgroup.com.
A profile for investors can be accessed at http://www.hawkassociates.com/chcgprofile.aspx. For investor relations information regarding China 3C, contact Jason Yuan at (201) 963-4225, e-mail: jasonyuan@china3Cgroup.com, or Frank Hawkins or Ken AuYeung, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com.
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SOURCE China 3C Group
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