New Oriental Energy & Chemical Corp. (NOEC), NASDAQ-listed company engaged in the manufacturing of chemicals, announced the completion of Share Exchange Agreement with Anothen Recycling Company, which is incorporated in the British Virgin Islands. Under the terms of the agreement, the BVI company has become a wholly-owned subsidiary of NOEC and the ongoing operations of the company are now those of the Anothen operating subsidiary, China-based company Tianjin Xingyang Package Co., Ltd. Effective with the closing of the transaction, BVI company subsidiary's founder, CEO and president Mr. Zhang Tongde has been appointed Chairman of the Board of NOEC.
Xingyang is one of leading waste paper recyclers and manufacturers of corrugated board in China. In 2011, the company experienced significant progress, in particular in the recycling business. Company's managers are optimistic about the future growth based on the number of factors, including the strong growth of the market in which the company is operating.
