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FUQI Shenzhen to buy Temix chain operation
18
Jan '08
FUQI International Inc announced that it has signed a Term Sheet to purchase two jewelry companies, Shanghai Tian Mei Jewelry Co Ltd.

And Beijing Yinzhong Tian Mei Jewelry Co Ltd, collectively known as Temix ("Temix"), for 100% ownership of the business from their existing owner, Mr. Chujian Huang.

The total amount of consideration payable for Temix is approximately RMB 135 million (approximately USD$18.5 million, based on a conversion price of USD: RMB 1.00:7.3), with $9.5 million consideration to be paid in cash and the remaining consideration to be paid in restricted common stock.

The number of FUQI's shares to be included in the equity portion of the purchase price for Temix is subject to the achievement of certain revenue and net income performance targets over a three year period.

FUQI will acquire the Temix chain operation through its wholly owned subsidiary, Shenzhen Fuqi Jewelry Co., Ltd. The Company expects the acquisition to close near the end of the first quarter of fiscal 2008.

Temix is a 50 outlet branded jewelry store chain with locations primarily in Beijing, Shanghai and Ningbo. Of the 50 outlets, 7 are stand alone stores and 43 are store counters within department stores.

The chain primarily sells diamond jewelry but also sells karat gold and gemstone jewels including ruby and jade. As of December 31, 2007, Temix had TTM revenues of $12.3 million (unaudited) and the company was profitable.

Temix has been led by Mr. Chujian Huang, who is the founder and CEO of Temix and a 15 year veteran in China's jewelry industry, particularly in the Yangtze Delta region.


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