Zoom Technologies (ZOOM) has been alerted on Twitter, as a trading opportunity, after company’s announcement of the execution of a definitive agreement pursuant to which it will sell its China-based manufacturing, sales and marketing, and R&D subsidiaries, and that the proceeds of the sale will be used for the purchase of additional U.S.-based businesses.
Zoom entered into a Share Purchase Agreement with the Beijing Zhumu Culture Communication Company, Ltd. for the sale of the Company’s China based operations:
- 100% ownership of Beijing Nollec Wireless Company
- 80% ownership of Tianjin Tongguang Group Digital Communication Company, Ltd.
- 100% ownership of Profit Harvest Corporation, Ltd.
- 100% ownership of Celestial Digital Entertainment, Ltd.
for approximately US$32 million. The final closing of the sale is anticipated to take place within the first quarter of 2013.
ZOOM stock closed with 13% in gains from our shares purchase at $.62.
Zoom Technologies, Inc. (ZOOM) is a holding company with subsidiaries that engage in manufacturing, R&D and sale of the latest generation mobile phones and related products, and also distribution of cellular service and products for T-Mobile USA. Company provides customized high quality Electronic Manufacturing Service (EMS) for Original Equipment Manufacturer (OEM) customers as well as building its own products under the brand names of Zoom and Leimone.