SOURCE: Hire International, Inc.

October 04, 2010 07:00 ET

Hire International Announces Closing of Minority Stake Acquisition of HNLY Technology Co Beijing

AUSTIN, TX--(Marketwire - October 4, 2010) -  Hire International, Inc. (PINKSHEETS: TLAN) today announced it closed its transaction with Hua Neng Long Yuan Technology Company Beijing, Ltd. ("HNLY") to acquire a minority interest of HNLY. The Company has issued 50,000,000 restricted shares to HNLY (at an agreed upon pricing of $.05 per share) in consideration for the acquisition of a 10% variable ownership interest in HNLY. Established in 1992 with offices throughout greater China, HNLY is a privately held electronics and software distributor in Beijing, China.

Under the terms of the previous agreement, the Company has issued stock valued at $500,000 and will further fund a deferred cash payment in the amount of $70,000 for the acquisition.

"This acquisition will provide Hire International with a firm foothold in Beijing and it is part of our strategy focusing on business on an international level with China being our primary market initially. We believe that our partnership with HNLY will further expand our offerings in China in partnership with a domestic Chinese company, rather than from a multinational representative office. HNLY is an established player in the Chinese technology market, and we are proud to call them one of our new Partners," said Jeremy Stobie, CEO of Hire International, Inc.

About Hire International:

Based in Austin, Texas and with operations in Shanghai, China -- Hire International, Inc. (http://www.hire-intl.com/) provides talent management and talent acquisition technology applications and resources in the United States and The People's Republic of China. Hire International provides world class permanent placement recruiting, contingent staffing, employee leasing and benefits management services, and proprietary talent acquisition technology solutions to small, medium sized businesses and multi-national corporations in the United States and the People's Republic of China. The company currently has offices in Texas, Florida, Missouri, Shanghai and Beijing, China.

About HNLY:

Headquartered in Beijing, China, and with operations throughout greater China. The Company was established in 1992 and maintains distributor relationships with some of the world's largest hardware and software companies. HNLY is a market leader in the distribution of both hardware and software solutions in China.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: The material contained in this press release may include statements that are not historical facts and are considered "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect TLAN's current views about future events, financial performances, and project development. These "forward-looking" statements are identified by the use of terms and phrases such as "will," "believe," "expect," "plan," "anticipate," and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from TLAN's expectation. These factors are elaborated upon and other factors may be disclosed from time to time in TLAN's past filings with www.pinksheets.com and available on its website. TLAN expressly does not undertake any duty to update forward-looking statements.

Contact Information

  • Contact:
    Jeremy Stobie
    512-879-1590