CITY OF INDUSTRY, Calif. and HONG KONG, May 13 /PRNewswire-FirstCall/ -- EFT BioTech Holdings, Inc. (Pink Sheets: EFTB), announced today that its 49% owned subsidiary, Excalibur International Marine Corporation, received the first permit to ferry passengers across the Taiwan Strait between Taiwan and Mainland China. Excalibur's OceanLaLa vessel is 207 foot long, 52 foot wide and is capable of carrying over 300 tons of cargo and 370 passengers.
In November 2008, Taiwan and Mainland China entered into the Cross Taiwan Strait Agreement, which since December 15, 2008 has permitted ocean access through the Taiwan Strait directly between Taiwan and Mainland China, something that had not been previously allowed for over the past 50 years.
Jack Qin, the President and CEO of EFT BioTech Holdings, commented, "I believe that the Cross Taiwan Strait Agreement between Mainland China and Taiwan could be very symbolic, allowing expansion of commerce and goodwill between two strong, growing countries. By purchasing this 49% stake in Excalibur and the first permits for OceanLaLa, we expect to provide the company with a dynamic new revenue stream, and corporate diversification."
In October 2008, EFT, through a wholly-owned subsidiary EFT Investment Company Ltd.(Taiwan), purchased a 49% interest in Excalibur International Marine Corporation for an aggregate purchase price of USD $19,193,000.
About EFT BioTech Holdings, Inc.
EFT BioTech Holdings, Inc. is a Nevada holding company which conducts its business through its wholly-owned subsidiary, EFT Biotech Holdings, Inc., and its wholly owned subsidiaries and various vested interests. EFT BioTech Holdings, Inc. is an e-commerce company serving consumers with EFT's "made in USA" neutraceuticals, health and beauty EFT branded products through its proprietary online business platform and website, www.eftb.us. Although our products are available for sale throughout the world, most Affiliates and consumers are located in China and Hong Kong. The contents of the Company's website are not incorporated by reference herein.
Safe Harbor for Forward-Looking Statements
Statements made in this release with the respect to the Company's current plans, estimates, strategies and beliefs and other statements that are not historical are forward-looking statements. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," prospects," "forecast," "estimate," "project," "anticipate," "aim," "may" or "might" and words of similar meaning in connection with a discussion of future operations, financial performance, vents or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions and belief in light of the information currently available to it. The company cautions you that a number of important risks and uncertainties could cause actual results to materially differ from those discussed in the forward-looking statements, and therefore, you should not place undue reliance on them. You also should not rely on any obligation of the Company to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The company disclaims any such obligation unless required by law. Risks and uncertainties that might affect the Company include, but are not limited to (i) the global economic environment in which the Company operates, as well as the economic conditions in the Company's markets, (ii) levels of consumer spending, and (iii) exchange rates, particularly between the Chinese Yen and the U.S. Dollar. Risks and uncertainties also include the impact of any future events with material adverse impacts.
|SOURCE EFT BioTech Holdings, Inc.|
Copyright©2009 PR Newswire.
All rights reserved