HARBIN, China, April 25 /Xinhua-PRNewswire-FirstCall/ -- China Yingxia International, Inc. (OTC Bulletin Board: CYXI) ("China Yingxia" or "the Company"), a leading provider in the nutraceutical industry engaged in the development, manufacture and distribution of organic nutritional food products, supplements, and personal care products in the People's Republic of China ("PRC"), today announced that it has formally completed the acquisition of Guangzhou Chichi Network Technology Development Co., Ltd. (''Guangzhou Technology''), and Guangzhou Chichi Network Supermarket Chain Co., Ltd. (''Guangzhou Supermarket Chain''), together known as the Chichi Wang companies. Although, the Company initially signed a Letter of Intent to acquire Chichi Wang, February 28, 2008, the transaction was not finalized till today.
China Yingxia spent approximately $171,000 to acquire Guangzhou Technology and Guangzhou Supermarket Chain, located in southern China, enabling the Company to increase its distribution channels throughout China. The acquisition entitles the Company to utilize Guangzhou Technology's online distribution network to expand its customer base, as well as enable the Company to have access to the Guangzhou Supermarket Chain's 15 franchise stores to distribute groceries and specialty foods in China. Related to the acquisition, the Company is expected to open 50 additional Guangzhou Supermarket Chain in 2008. The projected revenue from the acquisition for the second half of 2008 is $223,080.
Headquartered in Guangzhou Tianhe Software Park, Guanghai District,
China, Guangzhou Technology is a subsidiary of Guangzhou Supermarket Chain,
a large grocery chain store and distributor in China. Established in 2006,
Guangzhou Technology is the first specialty online snacks provider in
China. Guangzhou Technology's online sales include specialty traditional
regional foods, snacks, sweets, spices, preserved foods, dried fruit,
flowers, and raw materials of specialty
|SOURCE China Yingxia International, Inc.|
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