Aug 6 2009
Bay Acquisition Corp. (formerly known as SecureLogic Corp.) (OTCBB: SLGI) ("Bay Acquisition"), announced that it has entered into an agreement to acquire Zhejiang Ledi Electronic Technology Co., LTD. ("LeDi"), a copper processing enterprise located in China, which produces electrical copper wires in the wire and cable industries. The transaction is structured as an acquisition of LeDi's Samoan-based holding company.
Founded in 2005, LeDi is located in China near Shanghai in Zhejiang province, a hub of transportation, trading and communications. The company has three copper wire production lines with total annual capacity of approximately 36,000 tons. In April 2009, LeDi received a license to import scrap metal directly from foreign countries, making it one of the only copper processing companies in China that is licensed to import scrap copper directly from the USA, thereby decreasing raw materials costs and providing a meaningful competitive advantage.
Consummation of the acquisition is subject to numerous conditions, including satisfactory due diligence review of both companies and a private placement by LeDi's holding company of at least $5 million prior to the closing. Thus, there can be no assurance that the transaction will be consummated.
Additional information concerning the transaction will be included in the necessary and appropriate filings with the Securities and Exchange Commission.