Tengtu International Corp. announced today that shareholders at the annual general meeting approved the restructuring proposal that will allow the Company to proceed with the acquisition of the 43 percent of its Chinese joint venture, Tengtu United, not currently owned by the Company.
Completion of the restructuring transaction, expected in the next 60 days, will entitle the Company to 100 percent of Tengtu United's profits and intellectual property and provide Tengtu with irrevocable proxies and control over all of the entities operating Tengtu United's business in China.
Established in 1996, Tengtu International Corp. is a developer, marketer, distributor, and integrator of distance learning solutions and e-education software. Tengtu International Corp. controls 57 percent of the joint venture that has been chosen by China's Ministry of Education to be the operating partner in the deployment of China's national education portal and distance learning network (CBERC). The objective of this system is to make computerized education available to 250 million students in China's approximately 800,000 primary and secondary schools over the next 10 years. Tengtu International Corp. and its joint venture partner, Tengtu China, employ more than 400 people in offices in Asia and North America.