GCL Poly Energy Holdings Ltd Announces Completion Of Acquisition Of Charm Team Group

GCL Poly Energy Holdings Ltd announced that all of the conditions precedent to complete the acquisition of 100% of the equity interest in Charm Team Limited by Macro Pace Limited have been satisfied and that the completion of the Share Purchase Agreement took place on May 23, 2012. Upon completion of the Share Purchase Agreement, each of Charm Team Limited and its subsidiaries, namely Team Profit and Xuzhou Energy Plant became a wholly owned subsidiary of the Company. Xuzhou Energy Plant granted a guarantee for the benefit of Jiangsu Ming Zhu in respect of a RMB20,000,000 term loan to Jiangsu Ming Zhu, pursuant to a guarantee agreement entered into between Xuzhou Energy Plant and Jiangsu Bank dated September 27, 2011. As at the Completion Date, the outstanding amount of the Jiangsu Ming Zhu under the term loan is RMB20,000,000 (equivalent to approximately HKD24,600,000, calculated based on the exchange rate at RMB1 = HKD1.23, being the prevailing rate on May 22, 2012).