This Day On The Street
Continue to site
ADVERTISEMENT
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

Great China Mania Disposes Two Unprofitable Business Units

HONG KONG, May 16, 2013 (GLOBE NEWSWIRE) -- Great China Mania Holdings, Inc., (OTCBB:GMEC) (the "Company" or "GMEC") announces it has closed the sales of 2 unprofitable businesses units.

GMEC has closed the sales of Great China Games Limited ("GCG") in exchange for consideration of 3,000,000 GMEC shares from non-affiliate third party. GMEC canceled those 3,000,000, therefore reduced the number of shares outstanding of the Company. More details can be found on the current report on Form 8-K filed with the SEC. ( http://www.sec.gov/Archives/edgar/data/1382112/000144586613000452/gmec8k04232013.htm ).  GCG reported a net segment loss of $51,860 from continuing operations for the year ended December 31, 2012.

GMEC has also closed the sale of GMEC's publishing segment, Great China Media Limited ("GCM"), in exchange for the third party's assumption of the existing liabilities of GCM. More details can be found on the current report on Form 8-K filed with the SEC. ( http://www.sec.gov/Archives/edgar/data/1382112/000144586613000508/gmec8k05082013.htm ).

GCM reported a net segment loss of $51,730 from continuing operations for the year ended December 31, 2012.

"One of our major objectives in 2013 was to restructure our business portfolio and discontinue unprofitable business segments," said Roy, CEO of GMEC. "We feel we have taken the necessary steps to accomplish this objective by disposing of our unprofitable business segments GCG and GCM.  Both segments had negative net asset value for the period ending December 31, 2012 and during the first fiscal quarter of 2013. We are now able to focus solely on the most profitable business segment of the Company."

About Great China Mania Holdings Inc.:

http://www.greatchinamania.com

http://gmegroup.com.hk

Safe Harbor Statement

Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission as may be required by law.

CONTACT: Great China Mania Holdings, Inc.
         Tel: +852 2882 7026
         Fax: +852 2882 7020
         
         General Enquires:
         Email Contact: info@greatchinamania.com
         
         Sales & Marketing:
         Email Contact: sales@greatchinamania.com
         
         Investor Relationship:
         Email Contact: ir@greatchinamania.com

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs