eVision acquires high-tech performance fibers company Haojey

15 Feb '06

3 min read

Haojey sells its high-tech performance fiber products to its customers in its domestic ROC market as well as international markets in the USA, France, Italy, Japan, People's Republic of China, and other countries.

Its customers include textile manufacturers, textile clothing manufacturers and traders of performance fiber products.

Haojey distributes its TEXCARE, ELASTEL and DEXLON brands of high-tech performance products through its network of more than seven distributors worldwide. Haojey has distribution centers in the textile hubs of the ROC as well as in Lyon, France, the textile hub of France.

Tien-Hsia magazine, a widely circulated business publication in the ROC, has ranked a subsidiary of Haojey among the 1,000 largest manufacturing companies (based on sales revenue) in the ROC since 1998 (ranked 733, 874 and 920 in 2002, 2003 and 2004, respectively) and among the 100 largest textile and textile-related manufacturers in ROC since 1999 (ranked 56, 60 and 59 in 2002, 2003 and 2004, respectively).

eVision will execute a promissory note of $14,810,000 in favor of Chen.

This promissory note will not accrue interest and will be due in February 2009 and its performance will be secured by the ownership interest in Haojey.

eVision has also agreed to procure agreement from its largest shareholders a transfer of 680,000,000 eVision common shares to Chen for a consideration of $800,000 to be satisfied by a promissory note that will only become due upon the disposal, transfer, or swap of eVision shares by Chen.

Chen has been appointed to the position of Chairman of the Board and Chief Executive Officer and Chen Shih-Huei and Wu Ming-Ju have been appointed as Directors of the Company.

eVision International Inc

More Haojey Technofibre Limited News... More Textiles News - United States Of America...