ThinSoft (Holdings) to acquire Zhejiang Yuye Petroleum

ThinSoft (Holdings), Inc., a Hong Kong-based investment holding company, has entered into a non-legally binding memorandum of understanding to acquire all the shares in Zhejiang Yuye Petroleum Co., Ltd., a China-based company engaged in the wholesale of kerosene, diesel fuel, lubricating oil and marine fuel. Simultaneously, ThinSoft has also agreed to acquire all the shares in Zhoushan Boke Power Co., Ltd. Both the transactions are together valued at RMB90 million (US$13.69 million) in cash. (February 22, 2011)