(NUBL) NuMobile, Inc. Announces Letter of Intent to Acquire Operation With Approximately $22 Million in Annual Revenue
04 May 2011 - 12:05AM
Marketwired
NuMobile, Inc. (PINKSHEETS: NUBL) today announced entering into a
letter of intent (LOI) to acquire a subsidiary operation of China
Crescent Enterprises, Inc. (PINKSHEETS: CCTR). The target China
Crescent subsidiary provides original design and manufacturing
services primarily within the mobile communications market sector.
The subsidiary contributed approximately $22 million in sales to
China Crescent's overall $78 million in revenue reported for 2010.
The China Crescent subsidiary is located in Shenzhen, China.
Today's announced LOI is the next step in negotiations between the
two companies, which commenced last week in a Hong Kong. The
anticipated structure of the acquisition is intended to position
NuMobile to execute one to two more acquisitions during the next
year in order to pursue a national exchange listing. NuMobile plans
to present a more detailed overview of the strategy in a Webcast
presentation scheduled for release next Tuesday, May 10th.
NewMarket Technology, Inc. (PINKSHEETS: NWMT), the majority
shareholder of China Crescent, has released an on-demand Webcast on
its website, www.newmarkettechnology.com, presenting information on
NewMarket's updated business strategy for 2011. NewMarket plans to
provide more information in the near future on its updated business
strategy, to include how the proposed transaction between its
subsidiary China Crescent and NuMobile fits into the updated
strategy.
About China Crescent Enterprises, Inc.
(www.chinacrescent.com) China Crescent (PINKSHEETS: CCTR) is a systems
integration service provider that markets technology outsourcing
services in China including the sale and service of brand name
technologies such as Microsoft, Cisco, IBM, HP and Dell. Following
a strategic acquisition in 2009, the Company expanded its business
line to include original design manufacturing (ODM). Headquartered
in Dallas with operations in China, China Crescent reported $78
million in revenue in 2010.
About NuMobile, Inc. (www.numobileinc.com) NuMobile
(PINKSHEETS: NUBL) is building a portfolio of security and software
solutions for the global mobile computing and smartphone market.
Through a roll-up strategy, NuMobile plans to acquire and develop
mobile computing solutions for a variety of applications, including
mobile banking, for the global marketplace. The demand for mobile
security and software applications is being driven in large part by
the growing number of mobile phone sales into emerging economies
that currently do not have substantial access to the Internet via
desktop computing. Already in North America, the Company has also
forged a partnership in the Chinese market and is developing a plan
for the emerging economies of Latin America and East Africa.
NuMobile is a SEC fully-reporting public company trading on the OTC
Markets Group, Inc.'s OTCQB market tier.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 This press release contains forward-looking
statements that involve risks and uncertainties. The statements in
this release are forward-looking statements that are made pursuant
to safe harbor provision of the Private Securities Litigation
Reform Act of 1995. Actual results, events and performance could
vary materially from those contemplated by these forward-looking
statements. These statements involve known and unknown risks and
uncertainties, which may cause NuMobile's or China Crescent's
actual results in future periods to differ materially from results
expressed or implied by forward-looking statements. These risks and
uncertainties include, among other things, product demand and
market competition. You should independently investigate and fully
understand all risks before making investment decisions.
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Contact: NuMobile, Inc. Email Contact 817-410-5735 NuMobile,
Inc. Investor Relations Email Contact
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