China 3C Group Signs Agreement to Acquire Hangzhou Sanhe Electronic Technology, Ltd.2 August 2006
China 3C Group (OTC Bulletin Board: CHCG.OB), the parent company of Zhejiang Yong Xin Digital Technology Co., Ltd. today announced that the Company has signed an agreement to acquire Hangzhou Sanhe Electronic Technology, Ltd., a home electronics retail chain focusing on the Eastern China marketplace.
Mr. Zhenggang Wang, Chief Executive Officer of China 3C Group, commented, "Hangzhou Sanhe is a home electronics retail chain with a strong core competency. Since its founding in 2004, the chain has established 200 retail stores with 80 of these being located in Shanghai City. The additional 120 stores are located in Zhejiang Province and Jiangsu Province. Upon completion of the acquisition China 3C Group will have more than 600 retail stores with our business line expanding to home electronics. It is anticipated that this acquisition will contribute significantly to our competitiveness and profitability."
About China 3C Group
China 3C Group is a leading retail chain operating over 400 independent stores in Eastern China. The Company specializes in selling 3C products (communication products, information technology products, and digital products) 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.
About Hangzhou Sanhe
Hangzhou Sanhe Electronic Technology, Ltd. is a home electronics retail chain in Eastern China. It has 200 retail stores in Shanghai City, Zhejiang Province and Jiangsu Province. The company specializes in the sell of home electronics, including DVD players, audio systems, speakers, televisions and air conditioners. For more information on the company, visit http://www.sanhee.cn.
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. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slow down affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-KSB, recent and forthcoming Quarterly Reports on Form 10-QSB, recent Current Reports on Forms 8-K and 8- K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
At Company At Financial Relations Board
Jincheng (Jason) Yuan Marilynn Meek, General - 212-827-3773
Vice President Julie Tu, Analysts - 212-827-3776
Tel: 201-963-6764
Fax: 201-963-6794
Email: jasonyuan@china3cgroup.com
Website: http://www.China3CGroup.com
Source: prnewswire
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