HONG KONG, Nov. 6, 2014 (GLOBE NEWSWIRE) -- ADGS Advisory, Inc. (OTCQB: ADGS) (the "Company" or "ADGS"), today announced they have signed a Memorandum of Understanding with Manivest Asia Limited (Manivest), a Hong Kong based accounting, auditing, secretarial and consulting firm. The Sale and Purchase Agreement estimates will be signed on or before 1 April, 2015. The closing of the Agreement is subject to the due diligence and audit report of Manivest. ADGS would pay approximately US $3.8M for the acquisition which will be paid in installments.
"I'm very encouraged by the Memorandum of Understanding with Manivest, and see Manivest as a perfect fit for ADGS; we see this acquires as an opportunity for growth for ADGS," said Michelle Tong, Chief Financial Officer of ADGS. "Manivest has a well-established international network and through their long established relationships and connections with offshore jurisdictions, registered agents, banks, trust companies, legal advisors, tax planners, financial advisors and other service providers, we expect Manivest could generate the additional revenue by US$3.8M and US$1.3M of net profit in the year end of 2015 and 2016 and thereafter."
Manivest is a Hong Kong based accounting, auditing, secretarial and consulting firm and having a full experience in providing an insolvency service by their strong and professional team. The total staff headcount is over 60. Besides, Manivest also has an office located in Shanghai with 10 staffs.
ADGS Advisory, Inc. is primarily engaged in providing accounting, taxation, company secretarial, general corporate and consultancy services in Hong Kong. ADGS has a strong and successful background in the Hong Kong market, most notably bankruptcy and insolvency services to a variety of customers including high growth industries in China. ADGS intends to further bolster its growth via additional acquisitions.
This release contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "would" and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this release. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set forth in the Company's SEC filings. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
CONTACT: ADGS Advisory, Inc. 26th Floor 113 Argyle Street Mongkok, Kowloon, Hong Kong Contact: Ms. Michelle Tong Telephone: 852-2374-0002 firstname.lastname@example.org