CHONGQING, China, Feb. 22 /PRNewswire-FirstCall/ -- Artistry Publications, Inc. (BULLETIN BOARD: APBS) (the "Company") today announced the completion of a reverse merger transaction on February 12, 2010, with Gold Industry Limited ("Gold Industry"), through which the Company acquired control of Gold Industry's death care business in the People's Republic of China (the "PRC" or "China"). The Company plans to change its name to China Redstone Group to better reflect its new business direction.
Gold Industry is a private cemetery developer and provider of cemetery products and services in Chongqing, China. All of the plots of its first cemetery development project, the 66,660 square meter Chongqing Guiyuan Cemetery I, have been sold, and it is currently developing the Chongqing Guiyuan Cemetery II on over 666,000 square meters of land.
All of the business operations are carried out by Chongqing Foguang Tourism Development (Group) Co., Ltd., which Gold Industry, through its wholly owned PRC subsidiary, controls through contractual arrangements.
Mr. Yiyou Ran, who was appointed Chairman and Chief Executive Officer of the Company in connection with the reverse merger transaction, remarked from Chongqing: "Our management team believes that as disposable income in China continues to increase, solidifying family heritage and cultural traditions will gain importance and sequentially so will our services. "
Commented Mike Wang, who was appointed Chief Financial Officer of the Company in connection with the reverse merger transaction: "Based on unaudited results for the nine months ended December 2009, our net revenues reached approximately $24.1 million and net income of $9.2 million. For the year ended March 30, 2009, we reported net revenues of approximately $18.3 million and net income of $5.49 million."
About Artistry Publications, Inc.
Artistry Publications, Inc., through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd., is a cemetery developer and provider of cemetery products and services in Chongqing, China. Founded in 2002, we provide a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Our cemeteries are highly regarded in our market class in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
Contact: Mr. Michael Wang, CFO
888-600-7955
Artistry Publications, Inc.
CONTACT: Mr. Michael Wang, CFO of Artistry Publications, Inc.,
1-888-600-7955
