NEW YORK, April 27, 2005 (PRIMEZONE) -- China Direct Trading Corp. (OTCBB:CHDT) CEO Howard Ullman reports from Beijing on a 40 percent acquisition of a $20 million premier furniture manufacturing company named Beijing Huawei Furniture Manufacturing Company. The two companies have formed a new Chinese joint venture (JV) company called Beijing Huawei International Furniture Manufacturing Co, Ltd., and CHDT will control the board and will also own the largest block of stock of the JV.
Huawei is an 11-year-old premier Beijing manufacturer of quality commercial furniture with FY 2004 gross revenues of $16,000,000 and income of $1,500,000. CHDT will consolidate 40 percent of all financial data of Huawei, including revenues, assets and income. CHDT was also presented by the auditors with an appraisal on the factory's assets of $13,000,000. Projected gross revenues for 2005 for the new joint venture are $20,000,000.
To hear the entire interview, visit www.wallst.net.
About www.wallst.net
Www.wallst.net is owned and operated by Digital Wall Street Inc., a multimedia provider of original, insightful commentary and news from North America's leading companies, giving a direct link to the management of today's fastest-growing companies through encompassing executive interviews and sector seminars. The company provides a free service to consumers and a paid, premium monthly subscription to its members. We are expecting to receive $500 from CBQ, Inc. for the dissemination of this press release. For a complete list of our business relationships, visit www.wallst.net/disclaimer.asp.