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FUQI International to acquire Temix
22
Apr '08
FUQI International Inc announced that it has entered into definitive agreements for its acquisitions of 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. The closing is contingent on a number of items, including obtaining governmental approval.

The purchase price for Temix is RMB 135 million (approximately USD$19.3 million, based on a conversion price of USD: RMB 1.00:7.0), with approximately $11.4 million of the consideration to be paid in cash and the remaining consideration to be paid in restricted common stock.

The $11.4 million cash portion is primarily for the current value of the inventory on hand in Temix's retail locations.

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 performance targets over the two-year period following the acquisition.

FUQI will acquire the Temix chain operation through its wholly owned subsidiary, Fuqi International Holdings Co Ltd.

Temix is a 50 outlet branded jewelry store chain with locations primarily in Beijing, Shanghai and Ningbo. Of the 50 outlets, 5 are stand alone stores and 45 are store counters within department stores.

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


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