China Opportunity Acquisition Corp. announced today that its shareholders have approved the merger with and into privately held Golden Green Enterprises Limited (â€œGolden Greenâ€), a British Virgin Islands company. Golden Green, through its operating company, Henan Green Complex Materials Co., Ltd (â€œGe Ruiâ€), manufacturers high precision cold-rolled specialty steel products in China. The vote to approve the merger took place today at China Opportunityâ€™s special shareholder meeting.
â€œWe are very pleased that our stockholders approved the merger with Golden Green,â€ stated Harry Edelson, CEO and Chairman of the Board of China Opportunity. â€œThis transaction will provide Golden Green with a public listing in the United States to help execute its aggressive growth strategy, which includes increasing Ge Ruiâ€™s production capacity and expanding into new higher margin products lines.”
He added, “As one of the leading independent cold-rolled specialty steel makers in China, Ge Rui is well-positioned to leverage its advanced production technology and state of the art facilities to meet the growing demand in this highly attractive niche segment of the Chinese steel market. Ge Rui has a strong track record of growth and we look forward to partnering with management in order to take the business to the next level.â€
Under the terms of the merger agreement, China Opportunityâ€™s outstanding shares of common stock, warrants and units will be converted into like securities of Golden Green on a one-to-one basis. Golden Greenâ€™s ordinary shares, warrants and units will trade on the Over-the-Counter Bulletin Board soon after the closing of the merger, which is expected to occur on or about March 17, 2009.