TIANJIN, China, June 18 /Xinhua-PRNewswire-FirstCall/ -- Ardmore Holding Corporation ("Ardmore" or the "Company") (OTC Bulletin Board: AHLN) announced today that on June 6, 2008, the Company acquired, through a reverse merger, Tianjin Yayi Industrial Co., Ltd., a company based in the People's Republic of China.
Tianjin Yayi is engaged in the commercialization and distribution of goat milk products in China. For the three months ended January 31, 2008, Tianjin Yayi had net sales of $3.88 million and net income of $1.31 million; for the year ended October 31, 2007, it had net sales of $14.4 million and net income of $4.4 million.
Contemporaneously with the closing of the merger, the Company raised an aggregate of $1.3 million through the sale of its convertible notes and warrants.
About Ardmore Holding Corporation:
Through its wholly-owned operating subsidiaries, Ardmore Holding Corporation is a producer and distributor of goat milk products in the People's Republic of China.
Forward-looking Statements:
Certain statements in this release and other written or oral statements made by or on behalf of the Company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The
forward-looking statements are subject to a number of risks and uncertainties. For further information regarding these risks and uncertainties and the transaction described in this press release, see Ardmore's Current Report on Form 8-K filed with the SEC on June 12, 2008 and in particular, the section entitled "Risk Factors". The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.
For more information, please contact:
In Tianjin, China
Wu Hao
Tianjin Yayi Industrial Co., Ltd
Tel: +86-22-2798-4033 x8001
Email: shuker_5@163.com
