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Smooth Global (China) Holdings, Inc. Files 8k on Signed Letter of Intent to Acquire Beijing Network Education Union Co. Ltd. Shares Without Dilution to the Current Outstanding Shares.

Publication: PR Newswire
Publication Date: 13-FEB-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
BEIJING, Feb. 13 /Xinhua-PRNewswire-FirstCall/ -- Smooth Global (China) Holdings, Inc. (BULLETIN BOARD: SMGH) ('Company'), a leading provider of value-added voice telecommunication services in China, announced today that the Company has signed a letter of intent with Beijing Network Education Union Co. Ltd. ('BNEU') to acquire its 100% equity holding in exchange for 14,850,000 shares of common stock of SMGH from the majority shareholders of SMGH (BULLETIN BOARD: SMGH) without dilution.

As of Feb. 13th, SMGH has 38,381,335 outstanding shares, which includes the restricted shares for the BNEU acquisition.

BNEU reported it has an unaudited net asset of $9 million. For the year ended 2006, it recorded an unaudited revenue of $4.6 million with net income of $1.18 million under the Chinese accounting principle. For the year...

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