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ZOOM Technologies, Inc. Message Board

  • djhmk2 djhmk2 Mar 5, 2013 9:06 AM Flag

    Response from P. Wong on closing:

    The closing has not been completed yet.



    Profit Harvest, a Hong Kong entity, was sold at December 31, 2012, which constituted the bulk of the net assets of the purchase price consideration.



    Nollec a foreign investment company located in Beijing, China requires government approval to become a Chinese capital entity because of the nationality of the buyer.



    TCB Digital a Joint Capital company with both Chinese (Stated Owned Enterprise capital) and Foreign Capital (Zoom) requires a different set of government approval.



    Our Chinese legal and commercial department is diligently moving this process forward. Government approvals take a significant amount of time in China. In fact, the size of our entity and the relationships of our CEO have already expedited this process. Sometimes these transactions can take over a year. That is true for making large transaction in any jurisdiction, globally.



    Thank you for your concern and continued interest in the company. We hope to bring you much information in the near future with our forthcoming annual report at the end of this month.



    Sincerely,

    Patrick Wong ้ป„ๆ–‡่ˆœ

    Zoom Technologies, Inc.

    PRC 86.13826258562

    USA 1.650.533.5090

    HK 852.6950

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    • From the press release: "The final closing of the sale of the above-mentioned subsidiaries of the Company is anticipated to take place within the first quarter of 2013 with the exception of Profit Harvest which closing occurred as of December 31, 2012"

      If the company no longer expects the non-Profit Harvest subs to close in Q1 2013 it should issue a press release update!

      Does anyone expect the annual report to be completed by the end of the month?!

      • 1 Reply to mesazoombie
      • ZOOM is incapable of meeting SEC deadlines and consistently files for extensions. The annual report will come out sometime between April 15 and April 30 IMO.

        Also looking forward to details on this asset sales. Once again ZOOM releases PR that is chock full of BS.

        But no worries. According to ChryslerBuilding we are trading at a big discount to book value LOL

    • a whole year it's gonna take? Why stick around?

 
ZOOM
2.70-0.0700(-2.53%)Aug 20 4:00 PMEDT

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