Geo Genesis Group Ltd - Advising Changda International Ltd. on Reverse Takeover 21.01.09
Geo Genesis Group Limited / Ticker: GEOP / Market: PLUS
21 January 2009
Geo Genesis Group Limited (`Geo Genesis' or the `Company')
Advising Changda International Ltd. on Reverse Takeover
Geo Genesis Group Limited, an advisory and investment company focussed on China and other emerging markets, has, as part of its consultancy agreement with Changda International Ltd (`Changda'), advised on a reverse merger in order to obtain a stock listing for Changda, which will enable it to move into its next growth phase.
Changda, a Marshall Islands registered company with chemical and fertiliser operations in Weifang, China, will reverse into PROMODOESWORK.COM (`PDWK'), a company registered in Nevada and listed on the OTC bulletin board in the United States. PDWK will change its name to Changda International Holding Inc.
As part of the agreement, Geo Genesis will continue to provide advisory and consultancy services to the new entity for a period of 36 months, assisting with access to registered investment entities in the U.S. and elsewhere if necessary and the implementation of corporate restructuring programmes and marketing strategies.
On completion of the reverse merger, it is expected that the enlarged entity will have 56,529,965 shares issued of which no more than 4,600,000 shares are expected to be free trading shares. Geo Genesis shall maintain its original holding in Changda of 1.2 million shares. Under certain conditions, Geo Genesis shall have the possibility to receive 2% warrants with a strike price of $1.20.
Changda had originally planned for an AIM IPO with a fund raise. Whilst that option has not been eliminated and the company might explore the possibility of a dual listing, it is expected that a secondary in the U.S. markets is more likely in the near future.
Geo Genesis Chief Executive Officer Roger Bendelac said, "This transaction underlines our ability to utilise our global network and help growth companies into their next phase of development. Not only does it put a material worth on our holding in Changda, but it also represents a significant opportunity for Changda, enabling it to review its position and potentially raise additional funds to further accelerate its growth."
The Directors of Geo Genesis accept responsibility for this announcement.
* * ENDS * *
For further information visit www.geogenesisgroup.com or contact:
Roger Bendelac, CEO Geo Genesis Group Limited Tel: +1 (917) 969 5475
John Bridges Orange Corporate Finance Tel: 020 3301 3356
Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177
Chris Welsh St Brides Media & Finance Tel: 020 7263 1177
Notes to Editors
Geo Genesis Group Limited, a Marshall Islands registered company which listed
on PLUS in April 2008, operates as an investment vehicle and/or strategic
adviser to companies based and/or operating in emerging markets, primarily
focused in China, seeking to raise capital in the EU, Hong Kong and the United
States. Its key objectives are to generate revenue and/or acquire equity
positions in investee companies, advisory clients or assets in emerging
markets. The Company is also establishing various sector specific private
equity closed-end investment companies to invest in investee companies
directly.
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