HONG KONG, Aug. 1, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today announced it has entered into discussions with Wei Bao (Yichang) Mining Industry Co., Ltd. ("Wei Bao Mining"), a barite exploitation company located in Hubei Province in China, for a possible acquisition of either a whole or part equity stake of Wei Bao Mining by NTHH.
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.
According to the Geological Research Report conducted by the Hubei Provincial government in September 2005, the area where Wei Bao Mining is located contains over 4.5 billion tons of barite, which would provide sufficient reserves for the next 30 years.
"Wei Bao Mining is an excellent acquisition perspective for NTHH," said Peter Chun, CEO of NTHH. "Barite is one of the most precious natural resources in China and we plan to leverage the mining rights owned by Wei Bao Mining to enter the barite business in China. We expect to conduct more in depth discussions with Wei Bao Mining in the next several weeks to crystallize the acquisition opportunity."
About NT Holding Corp.
NTHH, through its subsidiaries, invests in and operates companies in China 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, which engages in coking coal and steel production in the Shanxi Province of China, and (2) PT Borneo Mineral, which owns a 30-year 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 NT Holding's filings with the U.S. Securities and Exchange Commission. NT Holding disclaims any obligation to update any such forward-looking statements after the date of this news release.