Today, ONE Holdings Corp. announced it has closed on the acquisition of Jianou Lujian FoodsStuff Co. Ltd., effective September 27th, 2009. The announcement occurred under a letter of intent dated August 18, 2009.
ONE’s Vice Chairman and CEO, Marius Silvasan, stated, “Our objective was to close on the acquisition of JLF prior to the end of the third quarter and we did that. JLF is our third acquisition in the last three months. Through these initial key acquisitions we have set up a strong foundation and positioned ourselves with key operating assets which we expect will drive both strong organic and acquisition driven growth. Our focus is clear and is driven by our desire to acquire bioengineering companies located in the Asia Pacific region focused on chemical and herbal extracts, natural supplements and organic products.”
Mr. Silvasan added, “We have acquired in the last 3 months companies generating (based on their 2008 results) more than $50 million dollars in revenue, $11 million in operating income and $8 million in net income. Third quarter financial results will incorporate the results of our recently completed acquisitions and will have our company’s financial picture completely transformed.”
JLF, located in China, is an award-winning green-technology enterprise that specializes in the highly profitable production of organic products and bamboo fertilizers. The company holds land contracts of nearly 6,635 acres in Fujian province, one of China’s largest bamboo growing areas. The company is the third largest bamboo producer in China and is the first to gain food safety certifications from China (HACCP), Japan (JAS) and Europe (EFSA).
Recently, JLF formulated a “zero-to-zero” process starting from cultivation to distribution, including the development of organic fertilizers from bamboo skins to eliminate waste. The innovative process earned JLF the title of 2009’s”Forestry Enterprise of the Year” in Fujian Province China. JLF’s 2008 audited results include revenue, operating income and net income of $16.5 million, $6 million and $4.3 million respectively. During the first two quarters of 2009 JLF generated revenue, operating income and net income of $9 million, $3.2 million and $2.4 million, respectively.
“We are excited to join the ONE Holdings team. ONE adds industry knowledge, operating know-how, and valuable Wall Street connections to facilitate our access to funding required supporting our growth strategy,” commented Mr. Jinrong Tang, Chairman of JLF. “JLF has delivered strong operating results in 2008 and continues to outperform into 2009. Our products are exceptional in quality, competitive in pricing and in growing demand, establishing a strong platform to support our growth efforts,” added Mr. Tang.