Telecom Communications, Inc. today announced signing a Letter of Intent to acquire Jing Ying Services Ltd.
Telecom Communications plans to acquire 100% of the common stock of Jing Ying in exchange for $4 million in restricted TCOM preferred shares. Jing Ying Services Ltd. will become an integral part of the Telecom Communication's Multimedia Message Service strategy by combining with IC Star MMS, Inc. (ICSTAR), a 100%-owned subsidiary of Telecom Communication. Jing Ying Services Ltd. is currently projecting 2004 revenue of $7 million. ICSTAR and Jing Ying Services combined, project over $10 million in Multimedia Message Service revenue in 2004.
According to unaudited annual financial statements for 2003, Jing Ying Services Ltd. has generated approximately $4.18 million in sales with $1.7 million in net income, $2 million in total assets with $1.8 million in shareholder equity. Audited financial statements will be announced after the acquisition.
Jing Ying Services Limited delivers integrated e-procurement, management, and payroll solutions. The Jing Ying Services Framework is a proprietary technology that provides a set of services commonly required for distributed enterprise systems, such as Workflow, Persistence and Authorization.
