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Canada:Textile company Dragon-Tex
Group to buy Sound Worldwide |
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2004-12-27
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Textile company Dragon-Tex Group Ltd is going to acquire Sound Worldwide Ltd, another textiles producer and exporter in an approximately $4-million deal.
Dragon-Tex Group, which has sales offices in Hong Kong and manufacturing facilities in Hong Kong and China, revealed it would sell more than 9.7 million of its shares to shareholders of Sound Worldwide at 43 cents each.
In addition, a total of 950,000 options to purchase common shares of Dragon-Tex will be granted to directors and officers of both Dragon-Tex and Sound Worldwide.
Sound Worldwide, incorporated in British Virgin Islands, manufactures and exports textile products. It has an administrative and sales office in Hong Kong and a manufacturing facility in China. It had revenues of about $4.7 million last year.
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