Monday, August 18, 2008

Trip Tech, Inc. signed Share Exchange Agreement with the BVI-registered international shipping company

Texas corporation Trip Tech, Inc. announced the completion of the acquisition of SkyAce Group Limited, global shipping company headquartered in China and registered in the British Virgin Islands, and Pioneer Creation Holdings Limited – another BVI company which is the sole stockholder of SkyAce.

By terms of the Share Exchange Agreement, the “closing date” of which was August 13, Trip Tech acquired full stock of SkyAce from the Pioneer Creation Holdings, in exchange for 76,925,000 newly issued shares of Trip Tech's common stock, and 1,000,000 shares of Series A Preferred Stock. At the closing date, BVI-registered stockholder was beneficial owner of 82.25% of the voting capital stock of the Texas company. As a result of the share exchange, SkyAce became wholly owned subsidiary of Trip Tech. Mr. Li Honglin, the founder of the BVI shipping company, has become President and Director of Trip Tech.

BVI company SkyAce Group Limited is engaged in international shipping and logistics services as well as relevant industry news, data analysis and advertising. Its main business is international bulk cargo transportation, and the company can provide carrying capacity of about 1,000,000 tons to major ports around the world. SkyAce also owns and operates China's largest shipping industry website, "Shipping Online”. This portal not only provides information but serves as a business platform for international shipping and logistics services. Annual revenues of the acquired BVI company grew to $70.3 Million, while net profit rose 200% from the previous year, and made $21.4 Million.