Eline Entertainment Group Inc. (EEGI) Finalizes Merger China Education Company
December 09 2009 - 9:18AM
PR Newswire (US)
HARBIN, China, Dec. 9 /PRNewswire-FirstCall/ -- Eline Entertainment
Group Inc. (EEGI), http://www.elineentertainment.com/ (temp web
site) further to the company news release of Nov 11, 2009 where
amongst other things the company announced its search for a
suitable merger candidate the company is pleased to announce the
completion of its merger with Innovation Investment Co., Ltd. (Inn
Group). See http://www.ydwtz.com/eng/. Innovation Investment Co.
specializes in operating educational centres in North East China
and specialty financial services. Founded in 1999, Innovation
Education Group has developed into a conglomerate group enterprise
consisting of Innovation Investment Co., Ltd (Heilongjiang),
Innovation Investment Co., Ltd (Guangzhou), Innovation Management
INC, Innovation Nursery School, Innovation Elite Nursery School
(demonstration kindergarten of South China), Innovation Elite
Nursery School (demonstration kindergarten of Northeast China), De
Tian Enterprise Management Consulting Co., Ltd, Innovation
Educational Science Research Institute. The assets being vended in
EEGI are valued at over 10 million dollars. EEGI intends to
recapitalize to 888 million shares and pay about 780 million shares
to the Inn Group for the asset, or approximately $2.5 million
dollars. Mrs. Wei Hong, the incoming CEO and a spokesperson for the
Inn Group said, "We've met with the EEGI representatives to discuss
the present position of our company. Because of the relatively low
float of about 90 million shares in EEGI we are advised that the
appreciation of EEGI stock with our merger, together with the
mindset that all of our 780 million shares will be restricted; the
10 million dollar valuation would quickly be acknowledged by the
market forces." In other company news, EEGI currently has a "skull
and bones" rank which stems from activities dating back to 2007 of
the previous management. The company is working diligently to
complete its financial filings with Pink Sheets including its Q3
report which should earn the company a "Yield" or the top 2 tier
ranking with Pink Sheets. To receive future updates via email,
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Information in this news release may contain statements about
future expectations, plans, prospects or performance of Eline
Entertainment Group Inc. that constitute forward-looking statements
for purposes of the Safe Harbor Provisions under the Private
Securities Litigation Reform Act of 1995. The words or phrases "can
be", "expects", "may affect", "believed", "estimate", "project" and
similar words and phrases are intended to identify such
forward-looking statements. Eline Entertainment Group Inc. cautions
you that any forward-looking information provided by or on behalf
of Eline Entertainment Group Inc. is not a guarantee of future
performance. None of the information in this press release
constitutes or is intended as an offer to sell securities or
investment advice of any kind. Eline Entertainment Group Inc.'s
actual results may differ materially from those anticipated in such
forward-looking statements as a result of various important
factors, some of which are beyond Eline Entertainment Group Inc.'s
control. In addition to those discussed in Eline Entertainment
Group Inc.'s press releases, public filings, and statements by
Eline Entertainment Group Inc.'s management, including, but not
limited to, Eline Entertainment Group Inc.'s estimate of the
sufficiency of its existing capital resources, Eline Entertainment
Group Inc.'s ability to raise additional capital to fund future
operations, Eline Entertainment Group Inc.'s ability to repay its
existing indebtedness, the uncertainties involved in estimating
market opportunities, and in identifying contracts which match
Eline Entertainment Group Inc.'s capability to be awarded
contracts. All such forward-looking statements are current only as
of the date on which such statements were made. Eline Entertainment
Group Inc. does not undertake any obligation to publicly update any
forward-looking statement to reflect events or circumstances after
the date on which any such statement is made or to reflect the
occurrence of unanticipated events. CONTACT: For any investor
relations matters, please contact
http://www.minamargroup.net/helpdesk; Investor Relations Department
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Entertainment Group Inc. CONTACT: For any investor relations
matters, please contact http://www.minamargroup.net/helpdesk;
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