FORT LAUDERDALE, Fla., Aug. 9, 2005 (PRIMEZONE) -- Dragon International Group Corp. (OTCBB:DRGG), one of China's leading manufactures and distributors of a wide variety of specialty paper products and packaging materials, announced the acquisition of Xianyang Naite Research & Development Center ("Naite"). Dragon acquired 100 percent of Naite via a combination of cash and common stock, delivering approximately $25,000 and 500,000 shares of common stock.
Xianyang Naite Research & Development Center ("Naite"), located in Ningbo, China, is a leading research and development institute for the Chinese specialty packaging industry. The acquisition will allow Dragon to leverage innovative paper transferring techniques developed by Naite, thereby enhancing its position as one of China's leading specialty packaging companies.
David Wu, CEO and President of Dragon, commented, "This new Research & Development Center could substantially reduce time to commercialization for new products; providing a compelling competitive advantage in the industry. The acquisition will improve current production methods and enhance our position in China as well as increase our net profits for our manufacturing division. Our goal is to leverage the research and development of new production methods into commercial success."
About Dragon International Group Corporation
Dragon International Group Corp. ("Dragon") owns 100 percent ownership interest of Ningbo Anxin International Trade Co. Ltd. ("Anxin"). Anxin is located in Ningbo, Zhejiang Province, China, 200 miles south of Shanghai, and was established in 1997. Anxin is one of China's leading manufacturers and distributors of a wide variety of specialty paper products and packaging materials. Anxin operates one subsidiary, Yonglongxin, a manufacturing facility located in Ningbo, and Anxin holds an ISO9000 certificate and national license to import and export its product line globally. Anxin's main products are "Federal" SBS, "Hang Kong" CCB, golden and silver paperboards, holographic film paper, pearl paperboards, laminating paper. Anxin currently has a distribution network covering east and central China. The Company and its subsidiary have cultivated strategic relationships with several of the world's largest and well-known manufacturers of paper and specialty packaging products. For more information, please visit http://www.drgg.net.
Safe Harbor Statement
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