Dickie Walker Marine to acquire Chinese OP firm


17 February 2006 – Oceanside (CA): Dickie Walker Marine has announced that it has signed a non-binding letter of intent to acquire 100 per cent of the stock in China Stationery and Office Supply (CSOS), a Delaware corporation that owns 90 per cent of the stock of Ningbo Binbin Stationery Co (Binbin), a corporation organised under the laws of the People’s Republic of China.
Binbin manufactures and markets office supplies which are sold through a worldwide network of distributors.
Chengui Wei, CEO and chairman of Binbin said: "We are very pleased to have the opportunity to become a publicly traded company in the United States through this reverse merger transition with Dickie Walker Marine. We feel it gives our company an excellent opportunity to grow organically and through acquisitions of other office products companies that will compliment our business model."
Closing of the transaction is contingent upon the successful negotiation and execution of a definitive share exchange agreement and other customary closing conditions. If the transaction closes, the pre-closing Dickie Walker Marine stockholders will own approximately 7.8 per cent of the post-closing company and CSOS shareholders will own approximately 92.2 per cent of the post-closing company.