Myson Group, Inc. Acquires Majority Stake in Vietnam-Based Company
NEW YORK and HANOI, Vietnam, June 23, 2015 (GLOBE NEWSWIRE) -- Myson Group, Inc. (OTCMarkets:MYSN) today announced that the Company has signed an agreement to acquire a 50.90% ownership in Hanoi-based Van Phuc Holding Building and Trading Joint Stock Company, a Vietnamese company engaged in a number of business activities, including building and construction, infrastructure, mining, real estate, and trading, in exchange for common stock of Myson Group.
According to the stock exchange agreement, the Company will complete the additional due diligence review of Van Phuc Holding and plans close this transaction by June 30, 2015. The beneficiary shareholders of Van Phuc Holding will hold 85% of all the issued and outstanding stock of Myson Group as a result of this transaction.
Established in 2009, Van Phuc Holding is a profitable company and expects to generate $50 million in revenues and $10 million in net profits within one year after the acquisition. Myson Group intends to emphasize on what Van Phuc Holding does best and focus on newly aligned core business activities to make the Company a major player in its fields of choice.
The Company will begin the consolidated financial audits in July 2015 in order to file a registration statement with the U.S. Securities and Exchange Commission to become a fully reporting company and prepare to upgrade its stock listing to the NASDAQ Stock Markets in the near future.
The Company will also update its corporate information on the new website www.mysongroup.com after the closing of the acquisition.
Son Duong, Chairman and CEO of Myson Group, Inc., commented, "We believe the acquisition of Van Phuc Holding's stake will immediately reposition Myson Group, Inc. as a profitable company and allow us to build on the operational strengths and network capabilities of both companies as we realign our business activities to maximize value for our shareholders and all other stakeholders."
About Myson Group, Inc.
Myson Group, Inc. (formerly Vanguard Mining Corporation), a Nevada corporation established in 1987, has been engaged in developing mineral properties in Southeast Asia. The company is currently in the process of acquiring a majority interest in an operating, profitable Vietnam-based company and will be launching a business development program in the US aiming to create significant value for our shareholders and investors in the near future.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.