Tianjin, China, June 18 - Ardmore Holding Corporation announced today that on June 6, 2008, the Company acquired, through a reverse merger, Tianjin Yayi Industrial Co., Ltd., a company based in the People's Republic of China.
Tianjin Yayi is engaged in the commercialization and distribution of goat milk products in China. For the three months ended January 31, 2008, Tianjin Yayi had net sales of $3.88 million and net income of $1.31 million; for the year ended October 31, 2007, it had net sales of $14.4 million and net income of $4.4 million.
Contemporaneously with the closing of the merger, the Company raised an aggregate of $1.3 million through the sale of its convertible notes and warrants.
About Ardmore Holding Corporation
Through its wholly-owned operating subsidiaries, Ardmore Holding Corporation is a producer and distributor of goat milk products in the People's Republic of China.