Jeantex Group Signs Agreement to Acquire Major Equity Stake in Korean Coal Mine
February 10 2010 - 5:34AM
Jeantex Group, Inc. (OTCBB:JNTX) (Berlin:LEX) announced today
that the company has signed an agreement to acquire a 49 percent
equity stake in Kyung Ki Jae Il Kwang Up Soh (KJS), a South Korean
corporation engaged in coal mining.
KJS and Jeantex will form a joint venture company to operate the
mine. Jeantex will provide cash investments as well as technology
transfer, management, sales and marketing to the venture.
KJS currently operates the mine and owns the rights to exploit
coal deposits in a 1,400-acre area at Yeon Chun Goon, Korea. Test
data have shown the coal deposits to be consistent with a caloric
value of 7,200 and moisture of less than 1%. KJS estimates the mine
has mineralized deposits amounting to 200 million metric tons.
Jeantex intends to issue an update on the progress of these
transactions and additional new developments before the end of
February.
About Jeantex Group, Inc.
Jeantex Group was previously engaged in the textile-apparel
clothing industry, focusing on denim goods and accessories. The
Company discontinued its apparel business in the fourth quarter of
2006 and has been actively seeking an acquisition or business
combination opportunity to enhance value for its shareholders. The
Company is in the process of restructuring into two divisions,
construction materials and energy and resources.
Safe Harbor: This news release contains
forward-looking statements that are subject to certain risks and
uncertainties. Such forward-looking statements are based upon
management's beliefs, as well as assumptions made by, and
information currently available to, management pursuant to the
"safe-harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
projected, on the basis of such forward-looking statements.
CONTACT: Jeantex Group
Henry Fahman
714-843-5455