Fuhuiyuan Announces Acquisition of Fuhuiyuan International Group (Holdings) Limited
August 22 2013 - 10:56AM
Fuhuiyuan International Holdings Limited of Nevada (formerly KWest
Investment International Ltd.) (OTCBB:KWIT) ("Fuhuiyuan NV" or the
"
Corporation"), listed on the OTCBB
("
OTCBB") is pleased to announce that, further to
its press release of July 22, 2013, it has entered into a share
exchange agreement ("Share Exchange Agreement") dated August 15,
2013 to acquire Fuhuiyuan International Group (Holdings) Limited
("
Fuhuiyuan International"), a company formed and
subsisting pursuant to the laws of the British Virgin Islands (the
"
Acquisition"). The Share Exchange Agreement
contemplates that, in exchange for all the outstanding shares of
common stock of Fuhuiyuan International, KWest shall issue to
Fuhuiyuan International's shareholders an aggregate of 7,500,000
shares of common stock of KWest.
Fuhuiyuan International is a newly formed trading company and it
has recently entered into an agency agreement with Qingdao
Fuhuiyuan Investment Co. Ltd. ("Qingdao Fuhuiyuan") in which
Qingdao Fuhuiyuan has appointed Fuhuiyuan International to act as
its international agent to sell Qingdao Fuhuiyuan's products,
including Yingcuicaoben cosmetics, Fuyuan jewelry, and Dangcing
dresses, bags and shoes. Fuhuiyuan International will collect
payments made by overseas customers on behalf of Qingdao Fuhuiyuan
and will oversee all related activities and expenditures. In
addition, Fuhuiyuan International will handle all affairs relating
to overseas transportation, customs declaration, customs clearance
and payment of taxes.
The completion of the Acquisition is subject to a number of
conditions precedent, including, but not limited to: (i) completion
of satisfactory due diligence by each of KWest and Fuhuiyuan
International; (ii) the approval of the Acquisition by each of
KWest's and Fuhuiyuan International's respective board of directors
and shareholders, if required; (iii) the absence of any material
change or change in a material fact which might reasonably be
expected to have a material adverse effect on the financial and
operational conditions or the assets of each of the parties to the
Definitive Agreement; and (iv) certain other conditions typical in
a transaction of this nature.
READER ADVISORY:
Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and
prospects for Fuhuiyuan NV's business and operations that involve a
number of risks and uncertainties. Fuhuiyuan NV's forward-looking
statements in this release are made as of the date hereof, and the
Corporation disclaims any duty to supplement, update or revise such
statements on a going-forward basis, whether as a result of
subsequent developments, changed expectations or otherwise. In
connection with the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995 and the "forward-looking
information" provisions of National Instrument 51-102 of the
Canadian Securities Administrators, the Corporation is identifying
certain forward-looking information. Actual events or results may
differ materially from those contained in these forward-looking
statements. Important factors that could cause further events
or results to vary from those addressed in the forward-looking
statement include, without limitation, risks and uncertainties
arising from the ability of Fuhuiyuan NV to successfully complete
the Exchange Transaction, to satisfy the conditions precedent
contained in the Share Exchange Agreement and successfully exploit
the rights acquired thereby; uncertainties relating to the ability
to realize the expected benefits of the acquisition; unanticipated
or unfavorable regulatory matters; general economic conditions in
the region and industry which Fuhuiyuan NV and Fuhuiyuan
International operate, and other risk factors as discussed in the
Corporation's other filings made by the Corporation from time to
time with the Securities and Exchange Commission and the Alberta
Securities Commission.
CONTACT: KWest Investment International Ltd.
Stolfin Wong, President and CEO
Telephone: (780) 266-4188
Facsimile: (780) 756-1670
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