HONG KONG, Sept. 28, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH) today announced it has entered into a definitive purchase agreement with Shanxi Linfen Lingu Coal Mine Limited ("Lingu"), a coal mining company located in Shanxi, China. NTHH had previously announced that it had entered into discussions with Lingu to work toward execution of a definitive purchase agreement on September 27, 2006.
NTHH purchased 62.5% of the equity ownership of Lingu through Grand Canal Entertainment Inc. ("GCNL"), an 88% subsidiary of NTHH. The total consideration to be issued by NTHH will be 9,023,200 shares of the common stock of GCNL that is owned by NTHH.
"Our finance professionals, COO and I will conduct a site due diligence visit to Lingu immediately following the Chinese National Day holidays," said Peter Chun, CEO of NTHH. "Upon satisfactory due diligence results, we will close the acquisition and start the audit process."
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-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 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.