-- 5.2M float -- LOI Details coming with a PR this week!
Jeantex Group Provides Corporate Updates Nov 25, 2009 9:55:00 AM Email Story Discuss on ZenoBank
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LOS ANGELES, CA and BERLIN -- (MARKET WIRE) -- 11/25/09 -- Jeantex Group, Inc. (OTCBB: JNTX) (BERLIN: LEX) today announced that the company has completed a letter of intent with a Southeast Asian company whose principal business is in green infrastructure technology, holding several key patents that are believed to have significant worldwide impact on the industry.
According to the letter of intent, a definitive agreement is expected to be executed during the week of December 14, 2009 or shortly thereafter, subject to further due diligence review by the Company. The Company will issue a press release on the details of this transaction early next week.
The Company believes this new technology may qualify it for substantial assistance under the Energy Policy Act of 2005, which authorizes the U.S. Department of Energy to issue loan guarantees to eligible projects that "avoid, reduce, or sequester air pollutants or anthropogenic emissions of greenhouse gases" and "employ new or significantly improved technologies as compared to technologies in service in the United States at the time the guarantee is issued."
The Company's board of directors has also passed resolutions to reduce its authorized capital from 4,999,500,000 to 300 million authorized shares of $0.001 par value common stock. The Company has 75.4 million shares of common stock issued and outstanding, after taking into account 20.8 million shares that have been earmarked for cancellation. Currently there are approximately 5.2 million shares in the float.
About Jeantex Group, Inc.
Jeantex Group was previously engaged in the textile-apparel clothing industry, focusing on denim goods and accessories. Since the fourth quarter of fiscal year 2006, the Company has discontinued its apparel business and been actively seeking an acquisition or business combination opportunity to enhance value for its shareholders.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties Such forward-looking statements are based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected, on the basis of such forward-looking statements.
Contact: Henry Fahman Tel: 714-843-5455
Posts: 463 | From: Virginia | Registered: Apr 2008
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LOS ANGELES, CA and BERLIN--(Marketwire - 12/02/09) - Jeantex Group, Inc. (OTC.BB:JNTX - News) (Berlin:LEX - News) today announced that the company has signed a letter of intent with HJ Construction Materials Co., a South Korean construction and technology company, to acquire a majority interest in this company together with technology transfer for worldwide green infrastructure business. HJ Construction Materials Co. has contractually developed, patented and implemented a breakthrough eco-friendly way of manufacturing the most used building materials in the world such as asphalt and cement, made with patented nano-technology. The products are made from 100% renewable waste ingredients mainly from the production of edible oils. The advantages of this innovative technology include lower costs of manufacturing and maintenance, longer life, absence of toxicity, weather and mold resistance, and non-reliance on petroleum by-products. As indicated in recent national press releases, an asphalt shortage is delaying road maintenance projects in communities nationwide. Asphalt is becoming scarce as U.S. refiners overhaul their equipment to maximize output of highly profitable fuels such as diesel and gasoline. The asphalt shortage has led to a threefold increase in prices, according to the Associated Press. The report noted that Utah alone had delayed about 50 transportation projects, leading to considerable added costs. The U.S. government plans to spend several hundreds of billions of dollars on infrastructure projects to create jobs and boost the ailing economy. But road and bridge repairs will require a lot of asphalt. The Company believes this new technology should qualify it for significant assistance under the Energy Policy Act of 2005, which authorizes the U.S. Department of Energy to issue loan guarantees to eligible projects that avoid, reduce, or sequester air pollutants or anthropogenic emissions of greenhouse gases and employ new or significantly improved technologies as compared to technologies in service in the United States at the time the guarantee is issued. The Company plans to apply for assistance under this program once the acquisition is completed. The Company anticipates executing a definitive agreement for the acquisition and technology transfer during the week of December 14, 2009 and expects to generate several hundred million dollars in revenue from business in Asia and North America. With additional contracts scheduled to be signed at the same time, the Company will update its shareholders and the investment community upon the consummation of the definitive agreement and upcoming milestones in the near future.
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