NT Holding Enters
Into a Definitive Agreement to Acquire a Shanxi Coal
Mine
Thursday September 28, 9:20 am ET
HONG KONG, Sept. 28, 2006 (PRIMEZONE) -- NT Holding
Corp. (OTC BB:NTHH.OB - News) today announced it has
entered into a definitive purchase agreement with Shanxi
Linfen Lingu Coal Mine Limited (``Lingu''), a coal mining
company located in Shanxi, China. NTHH had previously
announced that it had entered into discussions with
Lingu to work toward execution of a definitive purchase
agreement on September 27, 2006.
NTHH purchased 62.5% of the equity ownership of Lingu
through Grand Canal Entertainment Inc. (``GCNL''), an
88% subsidiary of NTHH. The total consideration to be
issued by NTHH will be 9,023,200 shares of the common
stock of GCNL that is owned by NTHH.
``Our finance professionals, COO and I will conduct
a site due diligence visit to Lingu immediately following
the Chinese National Day holidays,'' said Peter Chun,
CEO of NTHH. ``Upon satisfactory due diligence results,
we will close the acquisition and start the audit process.''
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates
companies in China and Asia that engage in energy and
natural resources businesses. NTHH is based in Hong
Kong and currently operates two subsidiaries in Asia:
(1) Shanxi Jinhai Metal Group that engages in coking
coal and steel production in the Shanxi Province of
China and (2) PT Borneo Mineral that owns a 30-year
coal mining right concession in Indonesia. NTHH is positioning
itself to support Asia's growing need for power, energy
and natural resources.
Disclaimer Regarding ``Forward-Looking Statements''
This news release contains ``forward-looking statements''
as defined under the Federal Securities Laws. Actual
results could differ materially from those projected
in the forward-looking statements as a result of certain
risk factors, including but not limited to: (i) adverse
changes in general economic or market conditions; (ii)
delays in or refusals of governmental approvals; (iii)
risks associated with acquisitions and investments,
including the challenges and costs of integration and
coordination; and (iv) other important factors as disclosed
previously and from time to time in NTHH filings with
the U.S. Securities and Exchange Commission. NTHH disclaims
any obligation to update any such forward-looking statements
after the date of this news release.
Contact:
NT Holding Corp.
(801) 303-5730
Source: NT Holding Corp.
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