HONG KONG, Aug. 7, 2006 (PRIMEZONE) -- NT Holding Corp. (OTCBB:NTHH), today announced it entered into a letter of intent with Euro-Pacific Minerals Development Corporation ("Euro"), a private company established in The Philippines in 2006, to acquire 40% of its equity stake.
Euro owns a 25-year mining right granted by The Philippines Government to exploit and produce a nickel-cobalt ore located in The Philippines. Euro has approximately 10 permanent employees.
NT intents to acquire its 40% equity stake of Euro for not more than US$800,000. Upon the successful completion of this acquisition, Euro shall produce not less than US$5 million worth of nickel-cobalt per year over the life of the Mining Right it owns. Euro's management will have responsibility for managing the daily operations. NTHH and Euro will enter into a definitive agreement to cover all details of the acquisition as soon as practical.
"This is an excellent opportunity for NTHH to enter into the Philippines market," said Peter Chun, CEO of the Company. "Euro owns a very valuable mining right for nickel-cobalt ore in The Philippines that we can leverage on to add value to our Company. We shall enter into further discussion with Euro for our due diligence process as soon as practical."
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 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 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.