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28 October 2003, 07:04am ET
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Oct. 28, 2003--Xynergy Corp. (OTCBB:XYNY) announced today the signing of a Letter of Intent to merge with Intervest Group, Ltd. ("Intervest"). Intervest is a Nevada corporation with several communications equity joint ventures in China. (
www.intervestchina.com )
Holding assets in excess of $61 million, reflected in Intervest's June 2003 audited financials, its joint ventures are truly a success. The Intervest success formula is simple -- it joint ventures with Chinese companies in the telecommunications sector that have a proven market performance. Intervest infuses capital assets in exchange for percentage ownership and profit sharing. Currently, Intervest has joint ventured with four Chinese companies: Integrated Information (China) International, Ltd.; Nanyang (Shantou) Electric Cable Co.; HuaLian Communication Co., Ltd.; and Wanshitong Communications Co. Dynamic growth for these companies is no mystery. According to a recent article in People's Daily, this industry sector is growing rapidly, "By the end of June, communication services income totaled 218.94 billion yuan ($25.8 billion U.S.D.), up 15.6 percent from the same period last year." (english.peopledaily.com.cn)
"Needless to say, we are very excited about this merger. We have signed a Letter of Intent and will be signing a definitive agreement shortly," commented Xynergy CEO Raquel Zepeda. Intervest CEO John A. Jones stated, "Intervest has been fortunate to be in a position to prosper from the recent boom in the Chinese economy. Our combining of Intervest and Xynergy resources with this merger will empower us to move forward to the NASDAQ and Hong Kong Exchanges. All shareholders will benefit from this merger. From here, we can grow together and continue to draw from China's diverse and lucrative markets."
Xynergy Corporation is a holding company for the following companies: Raquel of Beverly Hills cosmetics and Think Blots greeting cards. For more information, call or write Xynergy Corporation, 269 S. Beverly Drive, Suite 938, Beverly Hills, CA 90212; 310-274-0086. (
xynergycorp@aol.com )
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.
CONTACT: Xynergy Corp.
Raquel Zepeda, 310-274-0086
SOURCE: Xynergy Corp.