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China Healthcare Acquisition Corp Signs Definitive Agreement to Acquire Europe Asia Huadu Environment Holding Pte, Ltd.
Date:8/6/2008

ments of EAHE which have been audited in accordance with US GAAP, EAHE's revenues grew 339% in 2007 from US$11.6 million to US$39.4 million and net income grew 316% from US$3.0 million in 2006 to $9.5 million in 2007. For the six months ended June 30, 2008, unaudited revenue and net income were US$24.9 million and US$5.8 million, respectively. For the years ending 2007 and 2006 an average translation rate of Renminbi into U.S. Dollars of RMB7.604 and RMB7.960, respectively, were used. For the six months ended June 30, 2008, the average translation rate was RMB7.0702.

EAHE is a leading company in China in the water treatment industry. Through its subsidiaries in China, using its proprietary core oxygenation biomembrane technology, the company manufactures water and sludge treatment equipment for sale in China and abroad. The company also provides construction and engineering services for water and sludge treatment projects in China. Its subsidiary, Europe Asia Huadu (Yixing) Environmental Protection Co., Ltd. is a recommended enterprise for urban sewage treatment equipment by the Ministry of Construction and the Ministry of Science and Technology of China. Customers include steel and petrochemical companies, airports, urban sewage and water treatment plants.

Summary of the Transaction

Under the terms of the acquisition agreement, CHM will acquire 100% of the stock of EAHE for a total payment of 10,500,000 restricted shares of common stock of CHM. Based on the closing price of $5.75 per share on the American Stock Exchange on August 5, 2008, the value of the acquisition is $60,375,000.

The owner will also be entitled to receive a potential earnout payment of up to 3,800,000 additional shares of common stock of CHM as follows:

-- 1,200,000 shares if net income of EAHE exceeds US$12,000,000 for the year ended December 31, 2008;

-- 1,300,000 shares if net income of EAHE exceeds US$16,000,000 for the year ended December 31, 2009;
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SOURCE China Healthcare Acquisition Corp
Copyright©2008 PR Newswire.
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