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FUQI International Completes Acquisition of Shanghai Tian Mei Jewelry Co. Ltd. and Beijing Yinzhong Tian Mei Jewelry Co., Ltd.

Publication: PR Newswire
Publication Date: 12-AUG-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
SHENZHEN, China, Aug. 12 /Xinhua-PRNewswire-FirstCall/ -- FUQI International, Inc. (Nasdaq GM: FUQI) today announced that it has completed the purchase of two jewelry companies, Shanghai Tian Mei Jewelry Co. Ltd. and Beijing Yinzhong Tian Mei Jewelry Co. Ltd., collectively known as Temix ("Temix") on August 7, 2008. FUQI has acquired 100% ownership of Temix an asset purchase transaction.

Under the terms of the transaction, FUQI paid a total consideration of RMB 135 million (approximately USD$19.7 million, based on a conversion price of USD: RMB 1.00:6.86), with RMB 80 million (approximately USD$11.7 million) consideration to be paid in cash and the remaining consideration to be paid in restricted common stock. The RMB 80 million paid in cash is for the value of the inventory on hand in Temix retail locations. The issuance of FUQI's shares included in the...



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