Friday, August 6, 2010

Sancon Resources Recovery (SRRY) finally some news

On May 26, 2010, Sancon Shanghai ("Sancon SH" hereinafter), a 70% owned subsidiary of the company, entered into an investment agreement with Shanghai Sheng Rong Environmental Protection Technology Co., Ltd("Shanghai Sheng Rong" hereinafter) to invest additional RMB 1,000,000 or $146,289 in Shanghai Sheng Rong. Previously Sancon SH has invested RMB 300,000 or $44,010 in return to hold 20% equity interest of Shanghai Sheng Rong. Subsequently, Sancon SH holds 52% equity interest of Shanghai Sheng Rong. Shanghai Sheng Rong is an environmental services company that operates waste management and recycling services in China. Shanghai Sheng Rong was set up on June 19, 2009.

During the periods from June 2009 to May 26, 2010, Shanghai Sheng Rong had no revenues. Net income from June 19, 2009 to May 26, 2010 was $5,085. As of the May 26, 2010, the total asset of Shanghai Sheng Rong was $527,789 and net asset was $370,537.

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