HOUSTON, July 13, 2005 (PRIMEZONE) -- Window Rock Capital Corp. (Pink Sheets:NWMN) today announced it has entered into a letter of intent with Jiaxin Consulting Group, Richmond, British Columbia under which Window Rock's subsidiary will transfer to Jiaxin 80 percent ownership of its Mesa Resort Development Corp. (Pink Sheets:MRDV) and Window Rock will retain 20 percent. Window Rock and Jiaxin, through Mesa, will jointly develop and manage a 50-hectare (123.5 acre) parcel of land valued at approximately $24.5 million on the outskirts of Guangzhou in the rapidly growing Guangdong Province of Southern China.
Charles R. Shirley, CEO of Window Rock, stated, "Our relationship with Jiaxin, and contemplated future relationships, will allow Window Rock's shareholders to participate in the continued expansion of the Chinese economy. We will clearly benefit from Jiaxin's expertise as we add value and improvements to the real estate to meet the needs of the residents of Guangzhou and the nearby megalopolis of Hong Kong and Shenzhen."
Upon completion of the transaction and in consideration for the aforementioned real estate, Jiaxin will own approximately 30 percent of Window Rock's issued and outstanding shares.
Window Rock Capital Corp., formerly New Morning Corp., recently reorganized to participate in the growth potential associated with real estate development, infrastructure and investment projects occurring within China, as well as Western opportunities where the Company can realize value for its shareholders.
Jiaxin Consulting Group, Inc., a subsidiary of Jiaxin Group, Inc., represents medium-sized businesses valued from $1,000,000 to $50,000,000 in China. The company offers a full range of advisory/mergers and acquisition services to buyers and sellers, including valuation and marketing packages to facilitate the sale and acquisition of businesses.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that express the current beliefs and expectations of our management are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or otherwise implied by such forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update publicly or revise any of the forward-looking statements.