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Eline Entertainment picks up Chinese apparel firm
10
Jul '10
Eline Entertainment Group Inc. and its main subsidiary Innovation Investment Group (INN) is pleased to announce its intentions to purchase a China apparel company; in concert with an amalgamation with AMRA-American Racing Capital, Inc.

The China merger candidate manufactures school uniforms, and other related school and sundry school items. Initial due diligence and investigations of the company are almost complete. A preliminary financial assessment found this company to be secure and stable, showing revenues in the seven figure US dollar range. EEGI has already commenced creating marketing materials, and obtained an office in the city of Shenzen China for the new apparel division, with the launch geared for the beginning of the 2011 school year. See filings on EEGI Pink Sheets posted July 8, 2010. INN management intends to close the Chinese apparel company purchase on an entirely cash basis and without disturbing the EEGI share structure or requiring any financing from the parent company, EEGI.

EEGI believes that this company is a strong match, both in terms of potential success and industry consistency with Innovation Investment Group. Negotiations are currently in the final stages and an agreement contract is expected to be finalized in July.

AMRA amalgamation and share distribution to shareholders, as per the rules, requires the approval of US authorities (FINRA) prior to finalization. AMRA possesses several assets which are appealing to EEGI shareholder base and the agreement from Mina Mar Group to waive fees on this transaction to yield a higher return to AMRA shareholders being amalgamated. Complex calculations, contracts and approval by US authorities are required for the amalgamation. These submissions will be filed immediately upon completion of the transaction. Notices and pay dates, including details regarding the finalization (expected 30-45 days) of this transaction, will be announced in due time, as they become available, and will be filed with Pink Sheets.

Eline Entertainment Group Inc

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