Sunday, September 20, 2009

IAG stockholders approve merger with BVI-registered Sing Kung Ltd

On September 9, 2009, California-based InterAmerican Acquisition Group Inc. (IAG) informed that its stockholders approved the proposed business combination with Sing Kung Limited, a British Virgin Islands company engaged through its wholly owned Chinese subsidiary in the planning and implementing urban projects for municipal and provincial governments of China. Having approved this previously announced business combination, IAG's stockholders also approved the redomestication of the company from Delaware to the British Virgin Islands, and the other matters related to redomestication. The closing date of the deal is September 9, 2009.

IAG, which was formed for the purpose of acquiring, through a merger, stock exchange, asset acquisition, etc., an unidentified operating business, entered into an agreement with BVI-based holding company Sing Kung in May 2009. By terms of the agreement, IAG acquires 89.6% of the capital stock of Sing Kung. Subsequent to the transaction and upon redomestication to the British Virgin Islands, IAG expects to change its name to CNC Development Ltd., and continue trading on the OTC Bulletin Board under the symbols IAQG, IAQGW and IAQGU.