In preparation for a possible merger with Vortex Resources, YaSheng Group has released its annual audited 2006 and 2007 financial statements. The companies previously entered into a term sheet to develop a logistics center and eco-trade cooperation zone in California. YaSheng is engaged in agriculture, chemicals, and biotechnology and is based in the Peoples Republic of China.
The term sheet also gives YaSheng the option to merge other assets into Vortex, a company that acquires and develops undervalued assets. Vortex currently has operations in West Texas and Beverly Hills, CA.
By releasing its audited financial statements, the company provides both parties greater flexibility to close the merger. The transactions described in the term sheet are subject to the drafting and negotiation of a final definitive agreement, performing due diligence, as well as board approval from Vortex. This does not guarantee Vortex success with the proposed merger.