Empire Global Corp. (OTCBB: EMGL) (the "Company") is pleased to announce that on August 1, 2006 it effectively completed the previously announced Plan of Merger and Reorganization with Excel Empire Limited (the "Excel Plan"). The Excel Plan closed on November 4, 2005 and was subject to the delivery of financial statements for Excel Empire Limited prepared in accordance with US GAAP under which Empire is required to file.
Excel Empire Limited is a Sino Foreign-equity JV with Jiaozuo Sunwin Real Estate Development Co. Ltd. and its subsidiaries, which own the Jiaozuo Sunwin Commercial Plaza, a 6 floor shopping plaza opened in November 2004 and a newly constructed 25 floor, 5-star hotel to be operated by Days Hotel and Suites. The hotel is slated to open upon completion of construction. In addition, through its acquisition of Excel, Empire will own an option on Jiaozuo Film City, a 150 acres parcel of undeveloped land that currently is the site of a number of temples used for filming television and films.
Empire will now pursue financing to complete the hotel construction and close the option on the Film City land.
"In our continuing endeavours to develop a world class business, we believe that the completion of the Excel Empire Limited acquisition is an important stepping stone in implementing our business objectives," said Ken Chu.
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Empire Global is a real estate holding company that owns and operates commercial properties and has its headquarters in Toronto, Ontario and has regional offices in Hong Kong and Beijing. Additional information is available at www.empireglobalcorp.com.
This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future business, revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to generate revenues, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the company's services, competitive factors, new products and technological changes, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's amended registration statement on Form SB-2 filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.
Empire Global Corp.