China Carbon Announces Signing of Letter of Intent to Acquire Chiyu

Resource from: CBCC Likes:2903

Mar 04,2010

China Carbon Graphite Group, Inc. ("China Carbon" or the "Company") (CHGI 1.48, +0.08, +5.71%), one of China's leading non-state-owned producers and wholesale suppliers of fine grain and high purity graphite, announced today that it has entered into a Letter of Intent to acquire 100% of assets of Chiyu Carbon Graphite Ltd. ("Chiyu"), a down stream producer of graphite products in China. Based in Xingtai City in Heibei Province, Chiyu mainly manufactures graphite molds for EDM, drilling tools, and metal Smelting. It also manufactures a variety of graphite crucibles, bearings, sealing rings and graphite anodes for lithium batteries. The products are widely used in machining, metallurgy, construction, chemical, military, and aerospace industry. China Carbon has agreed to pay no more than 3 times the historical average earnings of 2008 and 2009 of Chiyu for the acquisition. The terms are subject to negotiation and execution of binding definitive documents after all parties complete the due diligence process. China Carbon will hire BDO Guangdong Dahua Delu CPAs, a member firm of the BDO International network to perform the due diligence. After the completion of the transaction, Chiyu plans to move to a new facility in Yangfan Hi-tech Industrial Park located in Xingtai City. The transaction is contingent upon obtaining free land use in the Industrial Park, as well as preferential policies from the local government.

(CBCC)

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