Kinglake Resources, Inc.
OTC Bulletin Board : KGLK

January 24, 2008 09:01 ET

Kinglake Resources, Inc. Closes Acquisition and Appoints New Chairman

BEIJING, CHINA--(Marketwire - Jan. 24, 2008) - Kinglake Resources, Inc. (OTCBB:KGLK), a publicly traded company, has completed a Share Exchange Agreement (the "Share Exchange Agreement") and appointed Mr. Ke Wang as the new Chairman of the Board of Directors.

On January 18, 2008 (the "Closing Date"), Kinglake Resources, Inc. ("Kinglake") completed the Share Exchange Agreement dated December 23, 2007, with Orient Come Holdings Limited, a BVI company ("Orient Come") and Beijing K's Media Advertising Ltd. Co., a limited liability company organized under the laws of the People's Republic Of China ("K's Media"). Pursuant to the terms of the Share Exchange Agreement, Orient Come is now a wholly owned subsidiary of Kinglake. Shareholders of Orient Come (the "Orient Come Shareholders") transferred all Orient Come shares to Kinglake in exchange for the issuance of 13,000,000 shares of Kinglake's common stock (the "Acquisition"). As a result of the Acquisition, Orient Come became a wholly-owned subsidiary of Kinglake Resources, Inc. and Orient Come Shareholders and/or their designated third parties acquired an aggregate of approximately 62 per cent of Kinglake's issued and outstanding stock.

Pursuant to the provisions of the Share Exchange Agreement, 10,500,000 new issued, but not outstanding restricted common shares of Kinglake common stock (the "Escrowed Shares") will be issued to the shareholders of K's Media.

Kinglake Resources, Inc. has appointed Mr. Ke Wang to serve as Chairman of the Board of Directors.

"Mr. Wang has extensive experience in the financial industry," remarked Jake Wei, Chief Financial Officer of Kinglake Resources, Inc. "His experience covers business development, financial consulting, operation and management. We're extremely excited to have him on board."

"I am thrilled to be joining Kinglake Resources, Inc. at this exciting stage in the company's development," commented Mr. Ke Wang. " The Company's recent acquisitions position us to become an influential media presence. Our operations enable us to target high-end consumers in China by placing premium brand advertising in "KTV" clubs on behalf of top-tier consumer products clients. I look forward to contributing to the Company's growth."

About Ke Wang

Mr. Wang founded and was the majority major shareholder of Evers Motion Technology from June 2001 through December 2005. Evers Motion Technology was a motion picture company located in Beijing, China. He was also the founder and majority shareholder of Denis & Ke Consulting, a business consulting firm in China from November 2003 through December 2006. Since March 2007, he has served as Managing Director and Chief Investment Officer for Protege Capital Ltd., an investment company located in Beijing, China. Mr. Wang has a Bachelor degree with First Class Honors from Dublin Business School in Ireland.

For further information, please go to SEC web site at www.sec.gov for the recent 8K filings.

About the Company:

Prior to the Acquisition, Kinglake Resources, Inc. was a public "shell" company with nominal assets. The Company was incorporated in the State of Nevada on April 14, 2006 and was engaged in research and exploration of its mining interest. In September 2007, when a review of the property's aeromagnetics showed no apparent anomalies, the company geologist recommended the company discontinue work on the property. Management then began to pursue an acquisition strategy, seeking to acquire businesses that would provide room for continued growth.

As a result of the Acquisition, Kinglake will engage in media and advertising throughout China.

K's Media is an emerging media company that targets high end consumers in China by placing premium brand advertising in "KTV" clubs on behalf of top-tier consumer products clients. KTV clubs are popular entertainment venues in Asia, renting private karaoke rooms to groups of friends and business colleagues.

Forward-looking statements

This report contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report are forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors; developments of the Chinese and North American markets and changes in regulatory matters; our business strategies and future plans of operations; the market acceptance and amount of sales of our products and services; our historical losses; the competitive environment within the industries in which we compete; and our ability to raise additional capital, currently needed for expansion.

The Company cautions that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements due to several important factors.

Contact Information

  • Kinglake Resources, Inc.
    Vivian Chen
    (604) 632-9638