SUGAR LAND, Texas, July 16 /PRNewswire-FirstCall/ -- Exousia Advanced Materials, Inc. (OTC Bulletin Board: EXOU) announced today that it secured $3.0 million in funding for its operations in China. The financing results from the acquisition of the assets of a Wholly Owned Foreign Enterprise (WOFE) in Nanjing, China. Exousia and the Singapore-based company that owns the WOFE executed a firm Letter of Intent on July 15. Exousia will acquire 100% of the assets of the WOFE. Manufacturing is scheduled to commence in September.
This acquisition will immediately fund Exousia's Chinese operations and provides Exousia a presence in the strategic South China economy. Nanjing, with an urban population of over five million, is a key economic hub that gives Exousia access to major industrial and construction markets along China's growing southeast coastline.
"This acquisition, and the availability of the funds, is the final piece for our entry into the lucrative Chinese market," commented J. Wayne Rodrigue, President and CEO of Exousia. "It allows us to implement our strategy and to execute the contracts we have secured over the past few months."
ABOUT EXOUSIA
Exousia manufactures advanced resins, engineered particles, high- performance coatings and structural products. Exousia products enhance strength, durability, cost effectiveness and performance for a wide range of manufacturing, commercial and construction applications. The Company serves both domestic and international markets. Additional information on Exousia can be found at http://www.exousiacorp.com.
FORWARD-LOOKING STATEMENTS
Statements released by Exousia Advanced Materials, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Contact: Al Kau
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SOURCE Exousia Advanced Materials, Inc.
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