China Digital Animation Development To Acquire Chongqing Dinv Ares Filming Production Co., Ltd.

Posted on: Thu, 19 Nov 2009 14:08:00 EST

Symbols: CHDA, CHDAE

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Nov 19, 2009 (FinancialWire via COMTEX) --
CHDAE | Quote | Chart | News | PowerRating -- (Comment on this article at http://www.financialwire.net/2009/11/19/china-digital-animation-development-to-acquire-chongqing-dinv-ares-filming-production-co-ltd/)

November 19, 2009 (FinancialWire) -- China Digital Animation Development, Inc. (OTCBB: CHDA | Quote | Chart | News | PowerRating) has entered into a stock purchase agreement with Chongqing Dinv Ares Filming Production Co., Ltd. (Dinv Ares), an award-winning film production company based in Chongqing, China.

Upon completion, the acquisition will be an all-stock transaction whereby China Digital Animation will issue one million shares of its common stock to Dinv Ares, in exchange for certain assets of the company. Dinv Ares' acquired business lines generated revenue of $3 million, gross profit of $1.5 million and net income of $930,414 for the twelve months ended June 30, 2009.

"Since its founding in 1997, Dinv Ares has built an excellent reputation for quality work in film production and 2-D animation, which perfectly complements our own core strengths in 3-D digital animation," commented Qiang Fu, chairman and chief executive officer of China Digital Animation.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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