Shenzhen, China, 06 January 2010 -- /PRNewswire-Asia/ -- Intermost Corporation (OTC Bulletin Board: IMOT) is in the process of acquiring APT Paper Product Company, one of the leading environmental paper products companies in China.
APT, based in Shenzhen, China, manufactures "honey comb packaging materials" for LED and plasma products for many well-known companies.
In March 2009, one of the investors, FFBC Group from Taiwan, approached IMOT to discuss this acquisition, which was concluded in September 2009.
IMOT considered this project to have good potential because all the products are environmentally designed and will not become obsolete. The products are made according to clients' designs and requirements, so they will always meet client needs.
Honeycomb paper products packing industry has a huge market with big potential and wide prospects, and considering APT's industry knowhow, experience and the advanced machinery from Holland, we are confident that the company can be groomed as the market leader in "Honey Comb" products. This is the common goal of both APT and IMOT in this acquisition.
IMOT shall take over an estimated total asset value of around US$22 million, depending on the final audit and valuation result, with additional share issuance.
Based on the forecast of USD 6 million profits after tax per annum, the return on investment is anticipated to be about 27% per annum.
This acquisition represents a breakthrough of IMOT's business to become an incubator for the modern green packing and honeycomb paper products packing industry in the next three years. IMOT expects to spin this project off for IPO within a 3-year period.
Founded in the USA in September 1998, Intermost Corporation was the first Chinese Internet company listed on the U.S. OTC Bulletin Board (stock symbol: IMOT) in December 1998. Intermost Corporation (with plans to change its name to Uni Core Holdings Corporation) has evolved into an "incubator" of mid- to large-size companies that have good potential and profitable products in the market which are desperate for help from experts who can help them grow by assisting them in obtaining public or private financing in China, including company diagnosis services; consulting services; mergers and acquisitions; incubating; fund-raising or financing; assistance to get public listing for mid- to large-size companies, etc.