"Australian technology company eGlobal International Limited has today (August 8 2002) announced plans to acquire the Chinese business operations of its associated Hong Kong company eGlobal International Holdings Limited via the acquisition of eGlobal (Hong Kong) Ltd.
eGlobal International Limited's offer for eGlobal (Hong Kong) Ltd, will be a script issue subject to an independent expert's report and shareholders approval.
Jim Goldburg, chairman of eGlobal International Limited, said the proposed acquisition of the Hong Kong-based company and its Chinese businesses and assets is an important step in eGlobal International Limited's evolution into a global technology group.
He said the Hong Kong acquisition follows eGlobal International Limited's recent expansion into North America, where it has formed a joint-venture company InsureNet America Inc to supply an innovative new smart card-based motor vehicle insurance and registration system......."
The above announcement is an important one for eGlobal, highlighting the enormous potential ahead for it.
Not only has eGlobal successfully penetrated the U.S. market through its joint venture with InsureNet, but now it's setting its sights fairly & squarely on China as well. Best of all, this'll be achieved via a script issue, thus preserving eGlobal's cash reserves.
My gut feeling is eGlobal has huge things ahead of it. I may be wrong, of course - those who are unwilling to take a risk shouldn't invest here. But for the rest of us, I reckon big things are in store.
EGI Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
