BOCA RATON, Fla.--(BUSINESS WIRE)--Teeka Tan Products, Inc. (OTCBB:TKAT - News) today updated the progress of the proposed merger between Teeka Tan Products (Teeka Tan) and the Taiyuan Rongan Business Trading Company ("TRBT"). On September 12, 2007, Teeka Tan Products announced it entered into a letter of intent to Acquire TRBT and targeted September 15th as the proposed closing date. The merger plans are still progressing as planned and we now anticipate closing the transaction by October 17, 2007.
About The Taiyuan Rongan Business Trading Company (TRBT)
TRBT operates six shopping malls in the city of Taiyuan, China, of which it has 76% ownership. On a preliminary audited basis, TRBT and its Subsidiaries for the fiscal year ended December 31, 2006 had gross revenues of $12,417,189 with net income of $1,668,212. Taiyuan is the capital city of Shanxi Province which is located in the Northwest China industrial area, approximately 400 kilometers west by southwest of Beijing. Taiyuan is the major commercial city with a metropolitan population of approximately three million people. The City is built along the Fen He River. The shopping malls are in the retail district in the Southeast section of the City. The original mall constructed was the Taiyuan Clothing City, which was developed in 1992, by the Chairman and Founder of the company, Mr. Aizhong An. This first shopping mall was built on the grounds of a former farmer's cooperative located within the expanding boundaries of the city. The mall was built on the Asian model of a marketplace with many small tenants on multiple floors, leasing stores or spaces within the mall. Articles sold ranged from dry goods to finished clothing to consumer products.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These factors include, but are not limited to, Teeka Tan Products, Inc.'s ability to develop brand recognition and distributor relationships for its products, execute its business strategy in a very competitive environment, its lack of financial resources, risks related to market acceptance and demand for its products and its ability to successfully develop and market innovative products such as a sunscreen formulation containing a chemical shark repellant and liabilities related to product performance. Teeka Tan Products, Inc.'s future results may also be impacted by other risk factors listed from time to time in its filings with the SEC. Most of these factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and Teeka Tan Products, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. It is possible that the merger transaction may not be completed.
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