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.
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?!