ZHUHAI, CHINA--(Marketwire - Jan 30, 2013) - Realgold International, Inc. (OTCBB: REGO) announces that Realgold Venture Pte Limited ("Realgold Venture"), REGO's Hong Kong subsidiary, Zhuhai Tengda Business Hotel Co., Ltd. ("Tengda Hotel"), REGO's China subsidiary, and Tan Lung Lai, REGO's president, have entered into a non-binding letter of intent with Zhuhai Tengfei Investment Co., Ltd. ("Tengfei Investment"). Under this letter of intent, Tengda Hotel will enter into an operating agreement with Tengfei Investment to acquire the exclusive right to manage and operate Tengda Mansion, an apartment suite hotel in Zhuhai, China. In addition, Realgold Venture and Tan Lung Lai will enter into an agreement with Tengfei Investment to turn their previous loans (approximately RMB 8,000,000 Yuan or approximately US $1,275,918) to Tengfei Investment into the investments in Tengda Mansion and acquire title and ownership of Tengda Mansion.
Tengda Mansion (Tengda Gong Guan) is a brand new apartment suite hotel located at the junction of Cuiwei West Road and San Tai Shi Road, Zhuhai, Guangdong Province, China. It is currently owned by Tengfei Investment. Tengda Mansion opened for business on January 21, 2013. Tengda Mansion was designed and built based on the green ecological concepts. It has 75 spacious and well equipped guest rooms in which the guests will enjoy luxury city life style. It features a convenient location, which is in the center of the Xiangzhou Urban District, approximately five minutes away from Hill Bus Station and one hour away from the downtown of Zhuhai, an area that will become more prosperous with the opening of urban rail way and Hong Kong-Zhuhai-Macao Bridge.
"We are excited by the entry of the letter of intent. We highly value this opportunity to manage and operate Tengda Mansion when we enter into official agreement with Tengfei Investment," commented by Mr. Tan Lung Lai, the president, CEO and CFO of Realgold International, Inc. "We also congratulate on the grand opening of Tengda Mansion and look forward to acquiring it as soon as possible so that we can benefit more from its exciting business operations."
About Realgold International, Inc.
Realgold International, Inc. (OTCBB: REGO) mainly engages in the business of hotel management and travel agency services in China, especially in Zhuhai, Guangdong Province. It carries out business operations through its Hong Kong subsidiary Realgold Venture Pte Limited, its Chinese subsidiary Zhuhai Tengda Business Hotel Co., Ltd. and, by lease management agreement, its affiliated operating entity Zhuhai Tengda International Travel Agency Co., Ltd.
Safe Harbor Statement
Certain of the statements made in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Realgold International, Inc.'s actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "intends," "anticipates" or "plans" to be uncertain and forward-looking. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.