Victory Divide Mining company has reported about the acquisition of Faith Winner Investment Limited, which is registered in the British Virgin Islands. The announced deal took place on October 3, 2007.
BVI-domiciled corporation, through a Chinese-based Faith Winner (Jixian) Agriculture Development Company, has a series of contracts with Heilongjiang Yanglin Soybean Group Co. Ltd, which gives it control over Yanglin's finances and business, - manufacturing and selling non-genetically modified soybean products, - as if it were a wholly owned subsidiary of the BVI company. Over the past two years, Yanglin's business has grown significantly, with revenues increasing to $88,078,494 for the fiscal year ended December 31, 2006, from $38,395,505 for the prior year.
The CEO of the Victory Divide Mining company, Shulin Liu, commented on the deal that “The closing of our reverse merger transaction and financing provide us with the capital investment we need to not only continue the growth of Yanglin's business, but to accelerate that growth. We can now focus on meeting existing demand for our products, as well as accelerating marketing efforts to increase our market share both in the PRC and abroad."
Also, on the same date Victory Divide Mining company completed a private placement of $21.5 million through the sale of share of its Series A Convertible Preferred Stock and attached warrants.
