BEIJING, June 3 /PRNewswire-Asia/ -- Today Asia Premium Television Group Inc. (OTC Bulletin Board: ATVG) (herein "ATVG" or the "Company") announced it signed a letter of intent to enter into a merger agreement with a major mobile phone technology company based in China (the "Target"). The Target is involved in the research and development and manufacturing of high-technology telecommunications components used in mobile phones. The Target’s niche products are among the best in the world and are only produced by small number of competitors.
Under the terms of the proposed merger, the target would become a subsidiary of ATVG. The consideration for the acquisition and merger is yet to be finalized and will be disclosed by ATVG once the agreement is finalized and signed. The final agreement and subsequent merger is expected to be completed in the next three months, during which time the Company will perform an independent audit and valuation of the Target in order to ensure the transaction is in the best interest of its shareholders.
Due to the nature of the ongoing discussions and the various parties involved, ATVG has for the time being omitted the name of the Target and specific details about the exact nature of its business.
