Rotoblock (ROTB) in Discussions With Chinese Banking, Financing Groups to Finance US$25 Million Acquisition of Hikom Gottell
Released on: July 9, 2008, 9:26 am
Press Release Author: Rotoblock
Industry: Environment
Press Release Summary: Environmental engine technology firm Rotoblock Corp. (OTCBB: ROTB) announced today that it has initiated talks with a number of third parties, including Chinese banking and financial institutions, to purchase controlling interest in Hikom Gottell for US$25 Million ($25,000,000).
Press Release Body: SAN FRANCISCO, CA and NANJING, CHINA - Jul 9, 2008 - Environmental engine technology firm Rotoblock Corp. (OTCBB: ROTB) announced today that it has initiated talks with a number of third parties, including Chinese banking and financial institutions, to purchase controlling interest in Hikom Gottell for US$25 Million ($25,000,000).
In May, Rotoblock announced it had signed a term sheet to acquire 51 percent majority interest in Hikom Gottell Corporation, a manufacturing company based in Nanjing City of the Jiangsu Province in Mainland China. The US-China venture intends to develop and manufacture small engines, air-conditioning systems and other consumer and industrial equipment for world markets.
\"There are several institutions interested in getting involved in this venture, due to the environmental applications and the ties to China,\" said Rotoblock CEO Mr. Chien Chih Liu. \"I just returned from China following these meetings and my goal is to find the best strategic financial partner who shares my vision of Rotoblock\'s future.\"
Hikom Gottell employs about 250 workers primarily involved in designing and manufacturing of commercial air-conditioning systems for automotive, building, and environmental applications. These products are distributed throughout China.
Rotoblock\'s offer of US$25 Million would be in cash and stock options. The final purchase price is subject to an independent audit, which will be carried out during the acquisition proceedings. Rotoblock has agreed to purchase the hard assets of Hikom Gottell\'s manufacturing facilities in Nanjing as well as the name Hikom Gottell and its distribution network. The acquisition would include Hikom Gottell\'s 10-acre manufacturing complex, land, factories, manufacturing equipment, testing facilities, and delivery trucks.
About Hikom Gottell -- Hikom Gottell has a philosophy of advancing technologies that save energy and help the environment. Learn more at http://www.airhikom.com/en/index.asp.
About Rotoblock Corporation -- Rotoblock is focused on the development and manufacturing of small engines and other energy-efficient and environmental equipment in China for distribution worldwide. The Company was incorporated in Nevada and is headquartered in Santa Rosa, California. Rotoblock has full rights to the patents of the Oscillating Piston Engine and believes the OPE technology has useful applications in an endless number of areas where its powerful, lightweight, efficient design are in ever-increasing demand. Visit Rotoblock\'s corporate website for details about the company, technology, and regulatory filings. For more info visit: http://www.rotoblock.com.
Safe Harbour For Forward-Looking Statements -- Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Rotoblock Corporation has little or no control.
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