WILMINGTON, Del. and JINJIANG , China, Nov. 13
/PRNewswire-FirstCall/ -- On August 7th, 2009, China Holdings
Acquisition Corp. (AMEX:HOL) ("CHAC") announced that it had entered
into a definitive share purchase agreement to acquire Jinjiang
Hengda Ceramics Co., Ltd. ("Hengda"). Hengda is a leading Chinese
manufacturer of ceramic tiles used for exterior siding and for
interior flooring and design in residential and commercial
buildings. A special meeting of stockholders of China Holdings
Acquisition Corp. will be held at the offices of Loeb & Loeb,
345 Park Avenue, New York, New York on November 20, 2009 at 9:00 am
to vote on the acquisition of Hengda. Following a successful vote
and the completion of the transaction, CHAC will redomesticate to
the BVI and the new company will be called China Ceramics Co., Ltd
("China Ceramics"). The transaction, which has been unanimously
approved by the board of directors of CHAC, is expected to be
completed by November 21, 2009. The proxy statement/prospectus and
other relevant documents are filed with the SEC under the company
name China Ceramics and can be obtained, without charge, from the
SEC's website at http://www.sec.gov/. Recent Developments The
following is preliminary summary third quarter 2009 financial
information for Hengda. Highlights -- Revenue for the third quarter
ending September 30,2009 increased 15.8% compared to the third
quarter ending September 30, 2008 and revenue for nine months
ending September 30, 2009 increased by 9.6% from the equivalent
period in 2008 -- Net income for the third quarter ending September
30, 2009 increased 18.8% compared to the third quarter ending
September 30, 2008 and net income for nine months ending September
30, 2009 decreased by 2.8% from the equivalent period in 2008 since
the tax rate changed from approximately 12.5% in 2008 to
approximately 25% in 2009 -- Earnings Before Interest Tax
Depreciation and Amortization ("EBITDA") for the third quarter 2009
increased 36.3% compared to the third quarter 2008 and EBITDA for 9
months 2009 increased by 12.7% from the equivalent period in 2008
-- Sales volume for the third quarter increased by 16.4% compared
to the third quarter 2008 -- Average selling price per square meter
increased by 4.3% from Q2 2009 -- Sales volume backlog for Q4 2009
(as of October 15) was 8.7 mm square meters, which is 20% year over
year growth from 7.2 mm square meters Q4 2008 Summary Financials In
RMB '000 Q3 2009 Q2 2009 Q3 2008 9 Mo. 2009 9 mo. 2008
-------------------------------------------------------- Revenue
248,911 221,497 214,974 648,640 591,807 Net Income 52,698 43,096
44,340 126,963 130,557 EBITDA 74,804 61,628 54,878 182,373 161,782
Sales volume (square meters) 9,369,226 8,692,665 8,046,826
25,027,824 21,639,226 Average selling price (RMB/per square meter)
26.6 25.5 26.7 25.9 27.4 In US$'000 Q3 2009 Q2 2009 Q3 2008 9 Mo.
2009 9 mo. 2008
-------------------------------------------------------- Revenue
36,337 32,335 31,383 94,692 86,395 Net Income 7,693 6,291 6,473
18,535 19,059 EBITDA 10,920 8,997 8,011 26,624 23,618 In RMB '000
In US$'000 -------------------------------------------- Q3 2009 Q2
2009 Q3 2009 Q2 2009 Cash and Bank Balances 162,344 93,247 23,700
13,613 Inventories 102,327 107,845 14,938 15,744 Trade Receivables
291,227 251,664 42,515 36,739 Trade Payables 118,502 97,847 17,300
14,284 Interest-bearing bank borrowings 34,500 34,500 5,036 5,036
Note: Converted at 6.85 RMB/US$ Non GAAP Reconciliation In RMB '000
9 Mo. 9 Mo. Q3 2009 Q2 2009 Q3 2008 2009 2008
-------------------------------------------------- Net Income
52,698 43,096 44,340 126,963 130,557
-------------------------------------------------- Plus Tax 17,668
14,369 6,350 42,648 18,894 Plus Interest 513 208 263 929 660 Plus
Dep. and Amort. 3,925 3,955 3,925 11,833 11,671
-------------------------------------------------- EBITDA 74,804
61,628 54,878 182,373 161,782 In US$'000 9 Mo. 9 Mo. Q3 2009 Q2
2009 Q3 2008 2009 2008
-------------------------------------------------- Net Income 7,693
6,291 6,473 18,535 19,059
-------------------------------------------------- Plus Tax 2,579
2,098 927 6,226 2,758 Plus Interest 75 30 38 136 96 Plus Dep. and
Amort. 573 577 573 1,727 1,704
-------------------------------------------------- EBITDA 10,920
8,997 8,011 26,624 23,618 Note: Converted at 6.85 RMB/US$ About
China Holdings Acquisition Corp. Founded in 2007, China Holdings
Acquisition Corp. ("CHAC") is a blank check company focused on
acquiring companies with primary operations in Asia through a
merger, capital stock exchange, stock purchase, asset acquisition
or other similar business combination or contractual arrangements.
CHAC currently has no operating businesses. Additional Information
about the Transaction and Where to Find It In connection with the
proposed acquisition, China Ceramics Co., Ltd. has prepared a
registration statement containing a proxy statement/prospectus that
is filed with the SEC. The definitive proxy statement/prospectus
and a form of proxy have been mailed to the stockholders of CHAC,
seeking their approval of the transaction. Stockholders are urged
to read the proxy statement/prospectus regarding the proposed
acquisition carefully and in its entirety because it will contain
important information about the proposed acquisition. Stockholders
can obtain, without charge, a copy of the proxy
statement/prospectus and other relevant documents filed with the
SEC from the SEC's website at http://www.sec.gov/. Stockholders
will also be able to obtain, without charge, a copy of the proxy
statement/prospectus and other relevant documents (when available)
by directing a request by mail to Mark L. Wilson at China Holdings
Acquisition Corp., 1000 North West Street Suite 1200, Wilmington,
DE. 19801, or by telephone at (302) 295-4832. CHAC and its
directors and officers may be deemed to be participants in the
solicitation of proxies from CHAC's stockholders with respect to
the proposed acquisition. Information about CHAC's directors and
executive officers and their ownership of CHAC's common stock and
warrants is set forth in CHAC's annual report on Form 10-K for the
Fiscal Year ended December 31, 2008. Stockholders may obtain
additional information regarding the interests of CHAC and its
directors and executive officers in the proposed acquisition, which
may be different than those of CHAC's stockholders generally, by
reading the proxy statement/prospectus and other relevant documents
regarding the proposed acquisition when filed with the SEC.
Non-GAAP Financials The financial information and data contained in
this communication is unaudited and does not conform to the SEC's
Regulation S-X. Accordingly, such information and data may not be
included in, may be adjusted in or may be presented differently in,
CHAC's proxy statement to solicit stockholder approval for the
proposed acquisition of Hengda. This communication includes certain
estimated financial information that is not derived in accordance
with generally accepted accounting principles ("GAAP"), and which
may be deemed to be non-GAAP financial measures within the meaning
of Regulation G promulgated by the SEC. CHAC and Hengda believe
that the presentation of these non-GAAP financial measures serves
to enhance the understanding of the financial performance of Hengda
and the proposed acquisition. However, these non-GAAP financial
measures should be considered in addition to and not as substitutes
for, or superior to financial measures of financial performance
prepared in accordance with GAAP. Our pro forma financial measures
may not be comparable to similarly titled pro forma measures
reported by other companies. This communication contains disclosure
of EBITDA for certain periods, which may be deemed to be a non-GAAP
financial measure within the meaning of Regulation G promulgated by
the Securities and Exchange Commission. Management believes that
EBITDA, or earnings before interest, taxes, depreciation and
amortization, is an appropriate measure of evaluating operating
performance and liquidity, because it reflects the resources
available for strategic opportunities including, among others,
investments in the business and strategic acquisitions. EBITDA may
not be comparable to similarly titled measures reported by other
companies. EBITDA is not a recognized term under U.S. GAAP, and
EBITDA should be considered in addition to, and not as substitutes
for, or superior to, operating income, cash flows, revenues, or
other measures of financial performance prepared in accordance with
generally accepted accounting principles. EBITDA is not a
completely representative measure of either the historical
performance or, necessarily, the future potential of Hengda.
Forward-Looking Statements This press release includes
"forward-looking statements" within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Words such as "expect," "estimate," "project,"
"budget," "forecast," "anticipate," "intend," "plan," "may,"
"will," "could," "should," "believes," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. Forward-looking statements in this
press release include matters that involve known and unknown risks,
uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to differ
materially from results expressed or implied by this press release.
Such risk factors include, among others: future operating or
financial results; future growth expectations and acquisitions;
uncertainties as to the timing of the acquisition; approval of the
transaction by CHAC stockholders; the satisfaction of closing
conditions to the transaction; costs related to the acquisition;
the performance of Hengda; the impact of inflation generally as
well as on the rising costs of materials; specific economic
conditions in China generally or in the markets in which Hengda
Ceramics operates; changes in laws and regulations; potential
liability from future litigation; the diversion of management time
on acquisition and integration related issues; modifications or
adjustments to the financial statements of Hengda as a result of
applicable securities laws; and general economic conditions such as
inflation or recession. Actual results may differ materially from
those contained in the forward-looking statements in this
communication and documents filed with the SEC. CHAC undertakes no
obligation and does not intend to update these forward-looking
statements to reflect events or circumstances occurring after the
date of this communication. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this communication. All forward-looking statements
are qualified in their entirety by this cautionary statement.
DATASOURCE: China Holdings Acquisition Corp. CONTACT: Mark L.
Wilson, of China Holdings Acquisition Corp., +1-302-295-4832
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