PTS Inc. (OTCBB: PTSH) today announced it has formed PTS Group Ltd. as a new subsidiary company in Hong Kong, China. PTS Inc. will designate Glove Box Inc. into the subsidiary, as a subsidiary. Management is finalizing negotiations for a Letter of Intent for a Joint Venture or acquisition of the medical equipment company.
The proposed endeavor will allow PTS Inc. to further develop and market Glove Box alongside its existing medical equipment product lines. PTS Group will follow Hong Kong Companies Ordinance regulations, and will be compliant with the rules and regulations of the U.S. Securities and Exchange commission as well.
Peter Chin, the president and CEO of PTS Inc., recently visited China to learn more about the company and make executive introductions. “My recent trip earlier this month to China allowed me to meet with the management team of the medical equipment company, and they were very enthusiastic with the potential the Glove Box affords,” Chin stated in the press release.
The companies will share a board of directors and management. The convergence will allow the companies to actively engage in merger and acquisition opportunities in China, as well as benefit from the expertise of PTS Inc. and its dealings with U.S. public financial markets.
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