HONG KONG, Aug. 24, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today announced it has executed a letter of intent with Wealth Pool International Investment Holdings Ltd. ("Wealth Pool"), the holding company of Wei Bao (Yichang) Mining Industry Company Limited ("Wei Bao Mining"), a barite exploitation company located in Hubei Province in China. NTHH previously announced entering into discussions with Wei Bao Mining on August 1.
Wei Bao Mining owns a mining license for 30 years to a barite mine located 60 kilometers from Yichang City in Hubei province. Wei Bao Mining also obtained all necessary licenses from various Chinese government departments in 2005. The letter of intent provides NTHH the right to acquire 30% of the equity of Wei Bao Mining through providing a one year $2.5 million loan to Wei Bao Mining at an annual interest rate of 5%.
"Wei Bao Mining is an excellent opportunity for us to enter into the barite mining industry and barite is also one of the most valuable natural resources in China, and in order to capture this business opportunity, our management team completed the negotiation of a letter of intent within 3 weeks," said Peter Chun, CEO of NTHH,
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates companies in China and Asia that engage in energy and natural resources businesses. NTHH is based in Hong Kong and currently operates two subsidiaries in Asia: (1) Shanxi Jinhai Metal Group that engages in coking coal and steel production in the Shanxi Province of China and (2) PT Borneo Mineral that owns a 30 years coal mining right concession in Indonesia. NTHH is positioning itself to support Asia's growing need for power, energy and natural resources.
Disclaimer Regarding "Forward-Looking Statements"
This news release contains "forward-looking statements" as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays in or refusals of governmental approvals; (iii) risks associated with acquisitions and investments, including the challenges and costs of integration and coordination; and (iv) other important factors as disclosed previously and from time to time in NTHH filings with the U.S. Securities and Exchange Commission. NTHH disclaims any obligation to update any such forward-looking statements after the date of this news release.