INTAC International, Inc., an Internet content provider in China providing Chinese students with a range of career development services through its Beijing Intac Purun Educational Development Ltd. ("Intac Purun") joint venture with China's Ministry of Education, announced today that an accredited investor acquired 800,000 shares of the Company's common stock in a private placement transaction effected pursuant to Rule 506 of Regulation D of the Securities Act of 1933, as amended.
This transaction resulted in net proceeds to the Company of $12.0 million ($15.00 per share). Proceeds from the private placement will be used to expand Intac Purun's Internet portal business, for strategic acquisitions or business alliances and for general working capital purposes. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The common stock has not been registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. INTAC has agreed to file a registration statement with the Securities and Exchange Commission, registering the resale of the shares.
INTAC International, Inc. is focused on the exploitation of strategic business opportunities available in China and the Asia-Pacific Rim. INTAC is refocusing its business plan from the traditional distribution of premium brand wireless handsets to Beijing Intac Purun Educational Development Ltd., its new Internet portal business in mainland China. INTAC maintains offices in China (Hong Kong, Beijing and Tianjin), Germany (Frankfurt) and the United States (Dallas).