Jeantex Group nullifies merger contract with Sanatex Inc
05 Jan '06
2 min read
Designer, manufacturer and marketer of consumer product for apparel, Jeantex Group Inc announced that it has mutually agreed with Sanatex to terminate the Letter of Intent previously entered into on November 25, 2005.
According to the Letter of Intent, Jeantex was to acquire all of the issued and outstanding stock of Sanatex in exchange for newly-issued shares of Class A common stock of Jeantex.
The number of shares would have been equal to 51 percent of all the issued and outstanding shares of Class A common stock of Jeantex.
Henry Fahman, Chairman of Jeantex Group Inc said, "Operating Sanatex under the Jeantex Group was not the best platform to expand business. All plan to continue to build private label and branded business by increasing distribution of existing brands and by adding additional lines to portfolio. Jeantex remains committed to its growth strategy and will continue to seek new opportunities that create value for shareholders."
Jeantex Group Inc, through its wholly owned subsidiary Jeantex Inc, engages in the design, development, manufacturing, and marketing of consumer products for the apparel markets worldwide.
The Company also manufactures and markets new lines of uniquely designed high-quality jeans, T-Shirts, and accessories under the "Bone People" trademark, which are being marketed in Germany, Japan, Portugal, Scandinavia, Spain, and the US.
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