FOR IMMEDIATE RELEASE
Press Release – August 10, 2010
HONG KONG, CHINA; August 10, 2010 – Companies.asia Holdings Inc., a wholly owned subsidiary of iConsultants GBSI, announced today that it has signed a memorandum of understanding to acquire Companies China (Companies.cn), a Shanghai based Chinese upstart business search engine and directory. A definitive agreement for the acquisition will be signed later in September, with a proposed closing date sometime in November 2010.
With this transaction, Companies.asia will add to its existing portfolio a rapidly growing and profitable business-to-business company. Together, these online brands will attract an audience of highly qualified and motivated business decision makers. Companies.asia plans to optimize the competitive advantage gained from the existing customer base of Companies China and by utilizing its own capabilities in direct navigational technologies.
“As part of our global strategy, this acquisition will take Companies.asia another significant step forward in its official launch scheduled 6 months from now, and in achieving its objective to become the number one online destination for corporate Asia,” said Timothy Tsang, Chief Executive Officer for Companies.asia. “Upon closing, we will immediately gain a profitable business-to-business vertical that is widely recognized as one of the leaders in the Chinese market. We also gain technology, resources and reach that will accelerate our growth and ensure our future leadership position in the business and Asian markets.”
Under the terms of the agreement, Companies.asia will acquire Companies China for an undisclosed amount in cash and deferred purchase consideration including cash and Companies.asia shares. The deal is expected to close in the fourth quarter of 2010 and is subject to customary terms and closing conditions.
A wholly owned subsidiary of iConsultants GBSI, Companies.asia offers relevant and timely articles on business trends & news, 24-hour live feeds from news partners, as well as insights and strategies for doing business in Asia. It also offers a platform for Business to Business networking as well as corporate directories for companies across Asia.
Director, Companies.asia Media Relations