Discovery Investments buys Hong Kong wastewater firm
Discovery Investment Inc., of Las Vegas, has terminated negotiations with Ultrabio Technology Ltd. and signed an agreement with Evergreen Asset Group, a privately held British Virgin Islands company based in Hong Kong, to acquire all of its business and assets through a share exchange agreement scheduled to close in Hong Kong, Aug. 31.
LAS VEGAS, July 28, 2004 (BUSINESS WIRE) Discovery Investment Inc. CEO Donald K. Bell announced today that the Las Vegas company has terminated negotiations with Ultrabio Technology Ltd. and has signed an agreement with Evergreen Asset Group, a privately held British Virgin Islands company based in Hong Kong, to acquire all of its business and assets through a share exchange agreement scheduled to close in Hong Kong, Aug. 31.
Evergreen Asset Group is involved in the design, construction and operation of wastewater treatment plants in China. Evergreen commenced operations in mid-2003 and has successfully completed a total of two facilities to date with a total treatment capacity of 50,000 tons per day of industrial and household (grey) wastewater. Evergreen is also in the process of completing two additional plants with a total treatment capacity of 120,000 tons per day which will be fully operational by the end of 2004. Evergreen receives revenue from Chinese municipal authorities, under a turnkey contract, based on a per gallon price for water treated and released into local watercourses. The company has been informed that net profit generated by Evergreen for the first six months to June 30, 2004, was approximately US$2 million on revenues of US$6 million.
Environmental issues have recently taken a key role in the Chinese Government's strategic planning process. Evergreen, with a strong engineering and technical focus, together with close high level relationships both at a central and regional government level, has rapidly developed into a leader in the treatment of wastewater in China, a market with enormous potential for development as China consolidates its position as the world's fastest growing economy.