TEMECULA, Calif., March 3, 2004 (PRIMEZONE) -- Nicholas Investment Company, Inc. (Pink Sheets:NIVM) today announced that its subsidiary, SINO UJE, Ltd., has entered into a Letter of Intent with Fagus-GreCon Greten GmbH & Co., to form a joint venture company to expand the market and availability of GreCon's product lines in China.
Terms of the initial agreement include the intent to form a Wholly-Owned Foreign Enterprise (WOFE), which is designed to immediately maximize the sales and service capability for all GreCon's products in the People's Republic of China. Ultimately, the partnership is planned to include some assembly and manufacturing capabilities within a 1-3 year timeframe.
Chris Bickel, President of SINO UJE, commented, "Through the formation of this new entity and the currency advantages it affords, SINO looks forward a more robust direct sales and service capability for GreCon's measurement and process control instrumentation products in China. The proximity to the vast China market is a clear advantage of this partnership, and with the combined resources of GreCon and SINO UJE, we believe that the more ambitious longer-term goals of this enterprise are well within our reach."
About Fagus-GreCon Greten GmbH & Co
Headquartered in Alfeld, Germany, Fagus-GreCon Greten GmbH & Co is the world market leader of spark detection and extinguishing systems and process measurement systems for the wood panel industry.
About Nicholas Investment Company
Nicholas Investment Company, Inc. is a closed-end fund whose core focus is to seek out strategic investments in a number of growth industries. The company has acquired 100% of Javelin Holdings, Inc., a small business consulting firm, and 95% of SINO UJE, a non stocking distributor that sells and services western manufactured high-tech products to markets throughout China. For more information on the Company and its Fund Portfolio or to sign up for the Company's mailing list, please visit, www.nicholasinvestments.com
All statements included in this release, including statements regarding potential future plans and objectives of Nicholas Investment Company, Inc. are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond Nicholas Investment Company, Inc.'s control. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially depending on many factors. Nicholas Investment Company, Inc cautions that historical results are not necessarily indicative of the future performance.