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NewsBot Date: February 16, 2008 10:07:59 AM
Franklin Towers Enterprises Inc. to Acquire Zhengzhong Silkworm Industrial Development Co.
Barnstead, N.H., Dec. 5 /Xinhua-PRNewswire-FirstCall/ -- Franklin Towers
Enterprises Inc. (OTC Bulletin Board: FRTWstock message boards forums) announced today that it has signed
a letter of intent to acquire certain assets, including real estate holdings,
intellectual property and a long-term lease of approximately 15,000 acres of
mulberry farms from Zhengzhong Silkworm Industrial Development Co., a limited
liability company organized under the laws of the People's Republic of China.
Zhengzhong Silkworm Industrial Development Co. is in the business of silkworm
farming and the processing of production ready silkworm cocoons. The
transaction is subject to the execution of a definitive agreement, agreement
on the purchase price for the assets, regulatory approvals, due diligence
investigation and delivery of audited financial statements of Zhengzhong
Silkworm Industrial Development Co.
'Along with adding substantial revenues to our existing revenues, the
acquisition of Zhengzhong Silkworm Industrial Development Co. would provide
the company with an internal supply of silkworm cocoons at a reduced cost
which would significantly improve the company's overall profit margins,'
stated Kelly Fan, CEO of Franklin Towers Enterprises, Inc.
Franklin Towers Enterprises, Inc.
Franklin Towers Enterprises, Inc., a development stage company, through
its subsidiary, Chongqing Qiluo Textile Co., Ltd., manufactures and sells raw
silk in the Fuling District of Chongqing Municipality, located in the People's
Republic of China. The company sells its products to various markets,
including silk brokers, textile manufacturers, and the auto industry as well
as to computer technology companies for use in plastics and materials.
Franklin Towers Enterprises Inc. was founded in 2006.
Chongqing Qiluo Textile Co. Ltd.
Chongqing Qiluo Textile Co. Ltd. ('Qiluo') is a wholly owned subsidiary of
Franklin Towers Enterprises, Inc., which is engaged in the manufacture and
sale of raw silk. Qiluo's business encompasses the co-ordination of the
entire silk manufacturing process from sericulture (the raising of silk worms
for the production of raw silk) right through to the exportation of both
finished and raw silk products. Qiluo's principal offices are located in
Chongqing Municipality in the People's Republic of China.
Safe Harbor Statement: A number of statements contained in this press
release are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Act of 1995. These forward-
looking statements involve a number of risks and uncertainties, including
without limitation, the consummation of the proposed acquisition, the ability
to integrate the operations, management of costs, market penetration of our
products, competitive market conditions, and the ability to secure sufficient
sources of financing. The actual results Franklin Towers Enterprises may
achieve could differ materially from any forward-looking statements due to
such risks and uncertainties. Franklin Towers Enterprises encourages the
public to read the information provided here in conjunction with its most
recent filings on Form 10-KSB and Form 10-QSB. Franklin Towers' public filings
may be viewed at http://www.sec.gov .
For more information, please contact:
Franklin Towers Enterprises, Inc. Investor Relations Tel: +1-702-966-0436
