SOURCE: Home System Group

December 06, 2006 16:13 ET

Home System Group Will Acquire Large Electronics Appliances Company to Expand Product Offerings, Develop Domestic Chinese Market and Increase R&D Capabilities

LOS ANGELES, CA -- (MARKET WIRE) -- December 6, 2006 -- Home System Group (OTCBB: HSYT), an international distributor of home appliance products, announced today it has entered a share exchange agreement to acquire Holy (H.K.) Limited, a Hong Kong holding company that owns 100% of Oceanic Well Profit, Inc., China's largest professional grill manufacturer with annual production capacity valued at US$75 million. The acquisition is expected to be completed in early 2007.

Oceanic Well Profit, located in Zhongshan City, Guangdong Province, China, is a large-scale privately operated enterprise which specializes in producing domestic electronic appliances. The company has a total area of 82.5 acres which includes a new 864,000-square-foot workshop with advanced equipment and a staff of 1,200 people. The company currently has five production lines which produce 450,000 grills, 3 million water pumps, and 2 million sets of industrial ladders annually.

In addition, Oceanic Well Profit has a strong Research & Development department focused on enhancing the technical quality and cost-efficiency of producing current products while developing new product lines such as an environmental friendly restroom toilet separator, an environmental friendly kitchen fan and a BBQ grill that requires less fuel consumption.

Other product lines that Oceanic Well Profit will bring to Home System Group include a household soybean milk machine, a patented energy conservation water pump, an energy efficient dishwasher, a hardware ladder, and a fruit juice machine.


Mr. Li Wei Qiu, CEO and Chairman of the Home System Group Inc., said, "We are very pleased to be acquiring this distinguished Chinese company. The powerful Research & Development team at Oceanic Well Profit is constantly creating new, high-quality products that will complement and enhance our offerings to both our international markets and the growing domestic markets in China. In the first three quarters of this Fiscal Year, we recorded substantial increases in sales of our products to all our markets. We expect the acquisition of Oceanic Well Profit will accelerate our future growth as we expand our product inventory and quality and continually address new market demands."

About Home System Group

Headquartered in Hong Kong, China, Home System Group (OTCBB: HSYT), through its wholly owned distributor Oceanic International (Hong Kong), Ltd. (OCIL) [no relation to Oceanic Well Profit], markets home appliances including stainless steel gas grills, residential water pumps, electronic fans, fruit processors, laser printers, and other electrical appliances to retail outlets in the U.S., Europe and Australia. The Company became public through a reverse merger and received its stock trading symbol on October 4, 2006. The Company has opened a sales and marketing office in Los Angeles. Please visit the company website at: www.homesystemgroup.com.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Home System Group Inc.'s Securities and Exchange Commission filings available at http://www.sec.gov.

Pursuant to a October 15, 2006 agreement, Consulting For Strategic Growth I, Ltd. ("CFSG1") provides Home System Group Inc. ("the Company") with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG1 receives a fixed monthly fee for the duration of the agreement. Independent of CFSG1's receipt of cash compensation from the Company, CFSG1 may choose to purchase the common stock Home System Group and thereafter sell those shares at any time it deems appropriate to do so. For more information please visit www.cfsg1.com.

Contact Information

  • CONTACT:
    Stanley Wunderlich
    CEO
    Consulting for Strategic Growth I
    Tel: 1-800-625-2236
    Fax: 212-337-8089
    Email: Email Contact