GEEC 3rd AGM and MOU- Houston, USA

GEEC 3rd AGM and MOU
Houston, USA – January 21, 2014

After the completion of the Company’s Third Annual General Meeting of the Company held on Monday, January 20, 2014 at 09.45 am at the Room 335 & 336 International Convention & Exhibition Centre,  1 Raffles Boulevard, Suntec City, Singapore, a signing ceremony was held in the presence of the shareholders and guests witnessing the signing of two Memorandum of Understanding (MOU) signifying the birth of a series merger and acquisition exercise for the benefit of the Company.

The President, Yi Lung Lin said that the MOU with Rajgharana Foods Pvt Limited, India and Raja Bhujia Bhandar Pvt Lts, India will give the Company the opportunity to enter the Indian market with an acquisition of 75% Rajgharana Foods and Raja Bhujia 25%. Raja Bhujia a family business engaged in the manufacturing of various Indian snacks has been operation for about 38 years. With the transfer technology, established dealers’ base and the trade mark to Rajgharana Foods and to use GEEC enzymes for the manufacturing of those Indian snacks coupled with new machinery and equipment will enable Rajgharana Foods to generate estimated sales revenue of US$14 million for the first year business operations. For the purpose of taxation and international trade perspective, the President said that the Company wholly subsidiary, Genufood Enzymes (S) Pte Ltd, Singapore will be the party to this acquisition exercise.

The second MOU is a Joint Venture water project with Deep Waters Trust and Murray and Nancy Watkinson Family Trust of New Zealand. Deep Waters is a going concern processing water and bottling drinking water. The Trust will contribute the land and water rights. A new company will be incorporated for the purpose of this Joint Venture with the Company holding 60% of the equity capital. The President said that with the Deep Waters expertise and the water rights gaining access to nature pure artesian water of 3 million litres per year for about 10 to 30 years will provide the company the opportunity to increase its sales revenue, enjoying greater profits and owning assets in the very near future.

The President further said that the business plan is to enable the Company to go full commercialization by year 2015.

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