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

pproximately $57.4 million (including deferred underwriting fees of $2.1 million) from the proceeds raised through its initial public offering in April 2007 and interest thereon. As of June 30, 2008, the amount per share available upon liquidation of the trust was approximately $5.89. CHM has been pursuing acquisition opportunities in China since the closing of the offering.

Market Purchase

CHM's Chairman, Jack Kang, has withdrawn his agreement to purchase up to $8 million of CHM common stock in the open market as described in CHM's prospectus dated April 19, 2007. Such purchase would have commenced 10 business days after the date of the Current Report on Form 8-K reporting the signing of the definitive acquisition agreement and ended on the last business day preceding the record date for stockholders meeting to vote upon the acquisition. In his stead Mr. Wu Wing Shu of Sky Rainbow Investment Ltd. has agreed with Mr. Kang to purchase or cause his affiliate to purchase up to $8 million of CHM common stock in the open market at market prices not to exceed the per share amount held in the trust account (less taxes payable). It is currently contemplated that such purchase will not commence until approximately 10 business days before the record date for the stockholders meeting by which time the shareholders will have available the definitive proxy statement. Such purchases will end on the business day immediately preceding the record date for the stockholders meeting. The Company will file a Current Report on Form 8-K immediately prior to the commencement of the purchase period reporting the amount per share available upon liquidation of the trust. Shares purchased by Mr. Wu Wing Shu will not be subject to the contractual six month restriction on resale that applied to Mr. Kang's agreement.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amen
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SOURCE China Healthcare Acquisition Corp
Copyright©2008 PR Newswire.
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