Canada-based GINSMS Inc. acquires BVI-controlled company

The Canadian company GINSMS Inc. announced that it has entered into an arm's length definitive share purchase agreement with Inphosoft Pte. Ltd., a private corporation incorporated under the law of Singapore and controlled by the British Virgin Islands-incorporated company One Heart International Limited, Wang Xian Xiang and Chin Siang Hui of Singapore, and Xu Hongwei of China, who together hold 91.79% of company's stock. Under the TSX Venture Exchange, the transaction will constitute a reverse take-over.

By terms of the agreement, GINSMS is to acquire all of the issued and outstanding shares of Inphosoft's wholly-owned subsidiary, Inphosoft Group Pte. Ltd., also incorporated under the law of Singapore, for total consideration of US$11.6 million. The transaction will constitute a reverse take-over of GINSMS under the policies of the TSX Venture Exchange. The consideration payable to Inphosoft will consist of US$1,100,000 in cash, and by the issuance of non interest-bearing convertible debentures for an aggregate principal amount of $10.5 million. Each debenture shall be issued for a term of three years.

GINSMS expects to complete the transaction by the end of March, 2012.

GINSMS Inc. may also complete a brokered private placement of up to US$500,000 in conjunction with the completion of the reverse take-over, to benefit from a waiver of the Exchange sponsorship requirement applicable to reverse take-overs.

China GrenTech announces transaction with BVI- and Cayman Islands-based companies

China GrenTech Corporation Limited, China-based provider of radio frequency and wireless coverage products and services, entered into an agreement and plan of merger with Talenthome Management Limited, a company incorporated under the law of the British Virgin islands, and Xing Sheng Corporation Limited, which is a Cayman Islands company wholly owned by Talenthome Management Limited.

The BVI company is jointly owned indirectly by Mr. Yingjie Gao, Chairman and CEO of China GrenTech, by Ms. Rong Yu, company's director and Chief Financial Officer, and Ms. Yin Huang. They collectively beneficially own approximately 41.9% of the shares of China GrenTech, and intend to finance the merger through proceeds from a loan facility in the amount of HK$320,000,000 from Guotai Junan Finance (Hong Kong) Limited.

Under the terms of the merger agreement, Xing Sheng Corporation will be merged with and into China GrenTech, which will become a wholly-owned subsidiary of the BVI-registered Talenthome Management Limited. Also, each ordinary share of the Chinese company will be cancelled in exchange for the right to receive US$0.126 in cash without interest, except the ordinary shares owned by the group of buyers, and the shares owned by holders of such ordinary shares who have validly exercised and not effectively withdran or lost their appraisal rights.