Golden Dragon Travel Completes Financing
San Francisco, CA, November 14, 2009 --(PR.com)-- China Golden Dragon Travel Group, Inc., a Nevada corporation (the “Company”) announced today that it has completed a redemption call of their Series A and B warrants. Through the exercise of the warrant call the Company raised $2,733,000 in gross proceeds. China Golden Dragon Travel Group is a holding company that operates primarily through its PRC subsidiaries, Tianjin Golden Dragon and Nanjing Feiyu, headquartered in Tianjin, Peoples Republic of China. The Company is engaged in the business of Chinese domestic and international tour packaging. They plan and organize conferences, events and tours for large groups including international corporate customers and domestic customers. The Company expects to substantially expand its selling efforts to the Chinese market through the acquisition of domestic tour operators.
After the closing of the warrant call the exercising warrant holders own approximately 10% of the Company. The Company expects to register for trading on a US stock exchange as soon as practicable.
The San Francisco offices of Pillsbury Winthrop Shaw Pittman LLP acted as legal counsel for the Company.
The Company completed a reverse merger transaction with Bay Peak 2 Acquisition Corp., a “Shell” company that was principally owned by Bay Peak llc. Bay Peak is a privately held investment firm headquartered in San Francisco with an affiliate offices in Beijing and Shanghai China. Bay Peak sources, develops and executes investment strategies globally, with a particular focus on “going-public” transactions involving profitable operating companies located in Asia.
Forward Looking Statements. Certain matters discussed within this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company’s ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new business and limited capital.
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After the closing of the warrant call the exercising warrant holders own approximately 10% of the Company. The Company expects to register for trading on a US stock exchange as soon as practicable.
The San Francisco offices of Pillsbury Winthrop Shaw Pittman LLP acted as legal counsel for the Company.
The Company completed a reverse merger transaction with Bay Peak 2 Acquisition Corp., a “Shell” company that was principally owned by Bay Peak llc. Bay Peak is a privately held investment firm headquartered in San Francisco with an affiliate offices in Beijing and Shanghai China. Bay Peak sources, develops and executes investment strategies globally, with a particular focus on “going-public” transactions involving profitable operating companies located in Asia.
Forward Looking Statements. Certain matters discussed within this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company’s ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new business and limited capital.
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Bay Peak LLC
Cory Roberts
415.287.4080
www.baypeak.com
Cory Roberts
415.287.4080
www.baypeak.com
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