World Information Technology Inc., a Taiwanese-based marketing company, announced today that World Tech is proceeding forward with management plans to make acquisition based transactions of government owned and other companies, including potential undervalued opportunities, in China and Taiwan. World Tech is targeting several potential acquisitions, and one acquisition related transaction is in progress.
World Tech, through its subsidiary Yiqi Information Technology, Inc., a Taiwanese company, has executed an Agreement with Shanghai's Bofeng Internet Technology Co. Ltd. (Bofeng), an internet company in Shanghai, to increase World Tech's holdings in Bofeng up to 90%. This means World Tech will obtain effective and practical control of Bofeng once completed, the Agreement being subject to terms and conditions and further agreements. The acquisition is planned to facilitate potential acquisitions of state-owned companies in China, which must be acquired by Chinese-based entities (Bofeng is one). Bofeng may become the holding company of several companies, and will also be of help in distributing information to the public on business acquisition and ownership. The "takeover" is subject to further agreements and further news will be released when appropriate.
Shanghai Bofeng Internet Technology Co. Ltd. is an internet service and content provider which currently owns two popular business websites in China, www.cpe.com.cn and www.shtw.com. The first site, www.cpe.com.cn was established in 1999, and is China's leading website specifically targeted to serve more than 70 million private enterprises in China by providing membership, marketing, advertising and business activities. The website currently has over 900,000 active members. The second web site, www.shtw.com, was established in 2001, and World Tech believes it is China's leading website focused on Taiwanese owned enterprises in China. The site introduces Taiwanese companies to China, and assists companies in capital issues, government relations and obtaining legal services, among other benefits. The website currently has about 50,000 members. Bofeng also has a third site called www.chian-taiwan.com.cn. The site is intended to target e-commerce opportunities for Taiwanese-owned enterprises in China.