Tuesday, October 20, 2009

2020 ChinaCap redomiciliates to BVI and completes acquisition of WHL

2020 ChinaCap Acquirco, Inc., a public acquisition company organized as a corporation under the laws of the State of Delaware, announced on 19 October 2009 that its stockholders have approved the acquisition by 2020 of Windrace International Company Limited. 2020 had entered into a definitive share purchase agreement with WHL, which is one of the largest branded sportswear companies in China, in May 2009. Upon the completion of the transaction on October 21, 2009, WHL has become a wholly-owned subsidiary of Exceed Company limited, registered in the British Virgin Islands.

Exceed Company Limited was the wholly-owned subsidiary of 2020, with which it was merged prior to the completion of the transaction with WHL, Exceed being the surviving entity. This resulted in the redomestication of 2020 to the British Virgin Islands and change of its ticker symbol for common stock from TTY to EDS to trade on the NASDAQ.