CNC Development Ltd., a British Virgin Islands company formed as a result of business combination between InterAmerican Acquisition Group Inc. and BVI holding Sing Kung Ltd, made an announcement that all shareholders of Sing Kung who were not parties to the stock purchase agreement have subscribed to the exchange offer for CNC shares. As a result, BVI corporation becomes the owner of full stock of Sing Kung.
Also, the majority of CNC Preferred shareholders appointed by written resolution two new members to CNC’s board of directors – Steven Klein and David Miller, who are Partners with a privately held investment company Apple Core Holdings.
CNC Development has initiated a new business acquisition program, in accordance with it the BVI company is seeking to identify and acquire one or more profitable businesses with enterprise values from US$100 million to US$500 million. The company is also considering acquisitions of companies domiciled outside of China and not involved in the infrastructure or construction sectors. By words of Mr. Morro, Interim Chief Executive Officer of CNC, the company decided to expand the investment focus to other business areas because projected returns on private capital investments in the infrastructure and construction sectors in China have been dramatically reduced due to the recent increase in liquidity in the China market.
CNC also informed shareholders about the change in the trading symbols for its securities that was initiated in November 2009. The shares of the company are quoted on the OTCBB.