Jeantex Group, Inc.'s root dated back to 1947 when it was first established as an Idaho mining company under the name "Western Silver-Lead Corporation." In its course of business over several decades the company has increased its authorized capital of common stock to 4,999,500,000 shares, a level the Board of Directors considers superfluous. The Company believes it is appropriate to change the corporate name to better reflect the new scope of business and prudent to reduce the amount of authorized capital to a reasonable level.
Jeantex Group was previously engaged in the textile-apparel clothing industry, focusing on denim goods and accessories. The Company discontinued its apparel business in the fourth quarter of 2006 and has been actively seeking an acquisition or business combination opportunity to enhance value for its shareholders. The Company is in the process of restructuring into two divisions, construction materials and energy and resources.
The Company has recently entered into agreements with Professor Bernadus Prawoto of Jakarta, Indonesia, who has successfully invented and patented innovative green technologies for synthetic asphalt, roofing materials, bio-fuels, and cosmetic products. In addition, Jeantex Group has signed an agreement to acquire a 49 percent equity stake in Kyung Ki Jae Il Kwang Up Soh (KJS), a South Korean corporation engaged in coal mining. The Company will issue an update on these transactions and other developments in the next few weeks.
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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