This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Exceed Provides Additional Details On Strategic Land Purchase In Jiangxi Province

FUJIAN, China, April 2, 2012 /PRNewswire-Asia-FirstCall/ -- Exceed Company Ltd. (NASDAQ: EDS) ("EDS", "Exceed" or the "Company"), the owner and operator of "Xidelong" brand and one of the leading domestic sportswear brands in China, has provided additional detail pertaining to the agreement announced by the Company on February 17, 2012.  As previously disclosed, the Company had entered into an agreement with the municipal government of Ruichang City, Jiangxi Province, for the investment and construction of a sportswear manufacturing base on a parcel of land in Ruichang city, Jiangxi Province, PRC. Under this agreement, the Company would purchase a parcel of land of 400,000 square meters in Ruichang city, for a total consideration of RMB198,000,000, subject to municipal and administrative approvals. This parcel of land will be used for the construction of a new production facility, which is expected to be completed by the end of 2013.         

The parcel of land is a prime piece of real estate within Ruichang Industrial Park West, located within close proximity to the office of the municipal government of Ruichang city, the Ruichang train and bus stations and the Ruichang Aimin Hospital. Given its prime location in the center of the city, the parcel of land is priced at RMB330,000 (approximately $52,300) per Chinese acre.  In addition, the city will incur costs in relocating current residents, conducting environmental cleanup, conducting surveys and rezoning the land before it will be available for development.

As previously announced, the Company has made a deposit of RMB46,800,000 (approximately US$7.4 million) as a performance bond in conjunction with the signing of the agreement.  The land will be officially purchased at an auction that will hopefully take place sometime later in 2012, after the government settles with the existing residents of the land. The Company intends to establish a new operating subsidiary in Jiangxi Province and construct a new production facility on the purchased land in order to increase its internal manufacturing capacity and expand its control over the product development process from setting up the supply chain of raw materials, moulds and supplementary materials, to in-house production, to delivery. 

Notes:

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,071.22 -41.93 -0.24%
S&P 500 1,977.80 -5.05 -0.25%
NASDAQ 4,505.8520 -6.3420 -0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs