EDMONTON, Alberta, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Fuhuiyuan International Holdings Limited of Nevada (" Fuhuiyuan NV " or the " Corporation ") (OTCBB: KWIT ) is pleased to announce that, further to its press release of August 22, 2013, it has completed the acquisition of 100% of the issued and outstanding securities of Fuhuiyuan International Group (Holdings) Limited (" Fuhuiyuan BVI "), a British Virgin Islands Corporation (the " Acquisition ") pursuant to a Share Exchange Agreement entered into with Fuhuiyuan BVI and its sole shareholder, YQ International Holdings Limited, on August 22, 2013. Pursuant to the Share Exchange Agreement, the Corporation purchased 100% of the issued and outstanding securities of Fuhuiyuan BVI in consideration of the issuance to YQ International Holdings Limited an aggregate of 7,500,000 shares of common stock of the Corporation.
Fuhuiyuan International is a newly formed trading company and it has recently entered into an agency agreement with Qingdao Fuhuiyuan Investment Co. Ltd. ("Qingdao Fuhuiyuan") in which Qingdao Fuhuiyuan has appointed Fuhuiyuan International to act as its international agent to sell Qingdao Fuhuiyuan's products, including Yingcuicaoben cosmetics, Fuyuan jewelry, and Dancing dresses, bags and shoes. Fuhuiyuan International will collect payments made by overseas customers on behalf of Qingdao Fuhuiyuan and will oversee all related activities and expenditures. In addition, Fuhuiyuan International will handle all affairs relating to overseas transportation, customs declaration, customs clearance and payment of taxes.
Concurrent with and as a condition of closing of the Share Exchange Agreement with Fuhuiyuan BVI and YQ International Holdings Limited, Jinglan Dong and Bowen Dong have been appointed to the Corporation's board of directors.
Jinglan Dong is an entrepreneur. Since 2007, Ms. Dong has served as general manager of Qingdao Fuhuiyuan Investment Co. Ltd. Ms. Dong is 27 years of age and holds a Bachelor's Degree in International Finance from Shandong Normal University.
Bowen Dong is an entrepreneur. Mr. Dong served as a police officer of the Qingdao Hong Kong Middle Road Police Department during 2006 and 2007. Since 2007 he has served as the founding chairman of Qingdao Fuhuiyuan Investment Co. Ltd. Mr. Dong is 29 years of age and holds a Bachelor's Degree in Business Management from the Hubei University of Police.
The Corporation's board of directors now consists of four directors, Stolfin Wong, Eric Lo, Jinglan Dong and Bowen Dong. Jinglan Dong and Bowen Dong are spouses. There are no other family relationships among the Corporation's officer or directors.
READER ADVISORY:
Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for Fuhuiyuan NV's business and operations that involve a number of risks and uncertainties. Fuhuiyuan NV's forward-looking statements in this release are made as of the date hereof, and the Corporation disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and the "forward-looking information" provisions of National Instrument 51-102 of the Canadian Securities Administrators, the Corporation is identifying certain forward-looking information. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statement include, without limitation, risks and uncertainties arising from the ability of Fuhuiyuan NV to successfully exploit the rights acquired thereby; uncertainties relating to the ability to realize the expected benefits of the acquisition; unanticipated or unfavorable regulatory matters; general economic conditions in the region and industry which Fuhuiyuan NV and Fuhuiyuan BVI operate, and other risk factors as discussed in the Corporation's other filings made by the Corporation from time to time with the Securities and Exchange Commission and the Alberta Securities Commission.
Fuhuiyuan International Holdings Limited Stolfin Wong, President and CEO Telephone: (780) 266 - 4188 Facsimile: (780) 756 - 1670
