Tuesday, July 14, 2009

BVI-registered China Net Online Media Group becomes subsidiary of Emazing Interactive, Inc.

Publicly traded Nevada corporation Emazing Interactive, Inc. entered into a share exchange agreement with British Virgin Islands-registered China Net Online Media Group Limited, and all of its shareholders. As a result of the share exchange, the BVI company became wholly owned subsidiary of Emazing Interactive.

Under the terms of the share exchange agreement, the shareholders of the BVI corporation transferred all their shares to Emazing, in exchange for the issuance of 13,790,800 fully paid and nonassessable shares of Emazing Common Stock. Also, the company announced the change in the Board of Directors and executive officers as of the close of the Share Exchange.

BVI-domiciled company China Net Online Media Group Ltd. was founded in 2003 as a full-service media development and advertising platform for the small and medium enterprise market in China. China Net became the parent holding company of a group of companies - Hong Kong-based CNET Online Technology Limited, which is the parent company of Rise King Century Technology Development (Beijing) Co., Ltd., China-based and foreign-owned enterprise. The BVI company operates advertising business in China through contractual arrangements.