Sino International Logistics Company N. V.
Signing of Asset Acquisition Agreement
Sino International Logistic Company N.V. / Acquisition Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Maastricht, June 5, 2007 - Dutch-based Sino International Logistic Company N.V., spezialing on investments in Chinese logistics companies, announces the conclusion of negotiations regarding the acquisition between its wholly owned subsidiary Shanghai Haohai Enterprise Management Co., Ltd and Shanghai Haohai International Trade Co., Ltd. Shanghai Haohai International Trade Co., Ltd provides warehousing and transportation services for both import/export and industrial companies in Shanghai. The company is managing a private, public bonded goods storage facility in Shanghai and is the only private company which owns the qualification for public bonded warehousing business in Shanghai. Under the terms of the signed acquisition agreement, Shanghai Haohai Enterprise Management Co., Ltd acquires tangible and intangible assets of Shanghai Haohai International Trade Co., Ltd. with the objective of continuing with all future operating activities. Certain intangible assets (i.e. operating rights, licenses, etc.), subject to the restriction imposed by PRC laws and regulations, are not transferable and remain with Shanghai Haohai International Trade Co., Ltd. However, profits derived from operating these assets will be transferred to Shanghai Haohai Enterprise Management Co., Ltd in accordance with a Cooperative Operation Agreement signed on December 31, 2006. Both parties agreed to maintain silence on the purchase price information. According to an independent valuation report of Shanghai Lixin Appraisal Ltd of April 2007 the assets owned by Shanghai Haohai International Trade Co., Ltd have an appraised value of approx. CNY 77 m (approx. EUR 7 m). Thus, the total fixed assets have an appraised value of approx. CNY 60 m, which includes buildings (approx. CNY 12 m), plants and machines (approx. CNY 10 m) as well as construction in progress (approx. CNY 38 m). The intangible assets include the rights for land use and amount to approx. CNY 17 m, according to the valuation report. In accordance with information of the management, the purchase price is based on the book value of the fixed assets and is well below the amount of CNY 77 m. An initial portion of the consideration will be paid after the transfer of the assets and thereafter in three yearly instalments. Each instalment will be payable in March from 2008 to 2010 based on the net income of the previous year. A remaining consideration should be paid in May 2011 based upon the net income of 2010. The first portion of the purchase price will be paid from own currently disposable liquid funds and further instalments from future yearly cash flows. The management of SILC N.V. is confident of realizing further promising investments and projects in the strong growing Chinese logistics market. More information regarding SILC N.V. and its business activities can be found on the company’s website www.silcglobal.com. For further questions please contact us under: Corporate Communication Sino International Logistic Company N.V. T: +49-89-211128-126 DGAP 05.06.2007 ---------------------------------------------------------------------- Language: English Issuer: Sino International Logistic Company N.V. Kruisdonk 66 6222 PH Maastricht Niederlande Phone: - Fax: - E-mail: kirstin.thon@theascendogroup.com www: www.silcglobal.com ISIN: NL0000871044 WKN: A0MR5W Indices: Listed: Open Market in Frankfurt End of News DGAP News-Service ---------------------------------------------------------------------------
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