Asian Trends Taps Out
On January 21, 2011, the Registrant entered into an Asset Sale, Purchase and Transfer Agreement (the "Sale Agreement") with the collective former shareholders of Global Mania Empire Management Ltd. (“Global Mania”), a Hong Kong company, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").
On January 21, 2011, the Company entered into an Asset Sale, Purchase and Transfer Agreement (the "Sale Agreement") with the collective former shareholders of GME, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").According to the terms of the Sale Agreement, the Registrant sold its subsidiary Asian Trends Broadcasting Inc. (“ATBI”), a British Virgin Islands company and its subsidiaries GME, Great China Media Limited (“GCM”), a Hong Kong company, and Great China Game Limited (“GCG”), a Hong Kong company, to the Buyers. The consideration for the transaction shall consist of the return by the Buyers and surrender to the Registrant of a total of 22,147,810 shares of the Registrant’s common stock.
On January 21, 2011, the Registrant entered into an Asset Sale, Purchase and Transfer Agreement with the collective former shareholders of Global Mania Empire Management Ltd., a Hong Kong company, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").
According to the terms of the Sale Agreement, the Registrant shall sell its subsidiary Asian Trends Broadcasting Inc., a British Virgin Islands company and its subsidiaries Global Mania Empire Management Ltd, a Hong Kong company, Great China Media Limited, a Hong Kong company and Great China Game Limited, a Hong Kong company to Buyers. The consideration for the transaction shall consist of the return by the Buyers and surrender to the Registrant of a total of 22,147,810 shares of the Registrant’s common stock.
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