Trip Tech, Inc. Acquires China-Based Global Shipping Company That Launched “Shipping Online,” China’s Largest Shipping Industry On-Line Portal

SOURCE:

Trip Tech, Inc.

2008-08-13 08:37:00

Trip Tech, Inc. Acquires China-Based Global Shipping Company That Launched “Shipping Online,” China’s Largest Shipping Industry On-Line Portal

Through Further Development of Its On-Line and Off-Line International Shipping Services and Logistics It Aims to Lead Transformation of Traditional Shipping Industry; 2007 Annual Revenues of Acquired Company Grew to $70.3 Million, While Year Over Year Net Profit Climbed 200% to $21.4 Million

DALIAN, CHINA–(EMWNews – August 13, 2008) – Trip Tech, Inc. (OTCBB: TPTQ), a “blank

check” company, announced today completion of a share exchange, through

which it acquired SkyAce Group Limited, a comprehensive, modern

international shipping company having its world headquarters based in

China. The Company is mainly engaged in a comprehensive range of

international shipping and logistics services such as bulk cargo

transportation, chartering, shipping agents, logistics, ship trading, spare

parts supplies, crew recruitment and shipping porter operation, as well as

relevant industry news and data analysis and advertising.

The Company’s core business is international bulk cargo transportation. It

has an ocean shipping fleet with 13 vessels, with self-owned carrying

capacity of nearly 200,000 tons; at the same time, through monthly voyage

charter and time charter, the Company can provide carrying capacity of

about 1,000,000 tons with shipping lines to major ports around the world.

The company also owns and operates China’s largest shipping portal,

“Shipping Online,” which is accessed on the internet at

http://www.sol.com.cn. Significantly, this China shipping industry leading

website functions not just as an information provider, but as a business

platform providing on-line and off-line international shipping and

logistics services, such as bulk cargo chartering, container booking,

shipping agents, ship trading and building, spare parts supplies, crew

recruitment as well as shipping news and data. Its experienced off-line

team assists in providing a full range of these services at branches

throughout China

In 2007, annual revenues of the acquired operations, primarily driven by

the growth in its chartering brokerage business and the uptrend in the

global shipping market, grew to $70.3 million compared with $59.2 in the

prior fiscal year, while net income grew nearly 200% from $7.4 million at

year end 2006, to $21.4 million as of Dec. 31, 2007.

In the first quarter of 2008, ended on March 31, 2008, revenues were

$26,035,927, up 44% from the same prior year period, while net income

reached $ 6,837,088, an 89% increase over the comparable period in 2007

without consideration of the gain from discontinued operation. The

increases stemmed primarily from increased revenues in its marine

transportation and chartering brokerage business.

Mr. Li Honglin, who founded the shipping company in 1993, has been

appointed President of Trip Tech and a Director, and Ms. Xue Ying has been

appointed a Director and Chief Executive Officer and Secretary of the

Company.

According to Mr. Li, “We believe we are now in a unique position to not

only grow our internet-based company, but also to become the leader in

transforming the shipping industry from its traditional business model, to

a dynamic, modern business model. As a public company, however, with

potential access to additional capital, I believe it is possible for us to

continue to increase our growth, through steady expansion of our capacity,

enlarging the size of our fleet, and pushing forward our comprehensive

shipping and logistic services with our industry leading portal, Shipping

Online.”

Description of the Transaction

On August 13,2008 (the “Closing Date”), Trip Tech, Inc., a Texas

corporation (“Trip Tech” or the “Registrant”) entered into a Share Exchange

Agreement (the “Exchange Agreement”) with SkyAce Group Limited, a British

Virgin Islands company (“SkyAce” or the “Company”) and Pioneer Creation

Holdings Limited, a British Virgin Islands company and the sole stockholder

of SkyAce (the “Stockholder”). As a result of the share exchange, Trip

Tech acquired all of the issued and outstanding securities of SkyAce from

the Stockholder in exchange for Seventy-Six Million Nine Hundred

Twenty-Five Thousand (76,925,000) newly-issued shares of Trip Tech’s common

stock, par value $0.001 per share (“Common Stock”), and One Million

(1,000,000) shares of Series A Preferred Stock (the “Preferred Stock”),

which such Preferred Shares shall automatically convert into Thirty Million

(30,000,000) shares of Common Stock (the “Balance Shares”) upon Trip Tech

amending its Articles of Incorporation to sufficiently increase the number

of authorized shares of Common Stock in order to effect such issuance (the

“Amendment”). As of the Closing Date, the Stockholder beneficially owns

eighty-two and one quarter percent (82.25%) of the voting capital stock of

Trip Tech. As a result of the Exchange, SkyAce became a wholly owned

subsidiary of Trip Tech.

Simultaneously with the filing of the current Report, Trip Tech shall also

file with the U.S. Securities and Exchange Commission (the “SEC”) an

Information Statement complying with Rule 14f-1 under the Securities

Exchange Act of 1934, as amended (hereinafter, the “Exchange Act”) that

describes a change in a majority of Trip Tech’s Board of Directors (the

“Board”) that shall, not earlier than ten (10) days following the date of

such filing, occur in connection with the change of control of Trip Tech

described in the current Report.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act

of 1995:

This news release contains forward-looking statements within the meaning of

the Private Securities Litigation Reform Act of 1995. These forward-looking

statements are based on current expectations or beliefs, including, but not

limited to, statements concerning the Company’s operations, financial

performance and condition. For this purpose, statements that are not

statements of historical fact may be deemed to be forward-looking

statements. The Company cautions that these statements by their nature

involve risks and uncertainties, and actual results may differ materially

depending on a variety of important factors, including, but not limited to,

the impact of competition, pricing and new technology; changes in customer

preferences and requirements; and effectiveness of marketing; changes in

laws and regulations, and other factors as those discussed in the Company’s

reports filed with the Securities and Exchange Commission from time to

time. In addition, the Company disclaims any obligation to update any

forward-looking statements to reflect events or circumstances after the

date hereof.

No securities regulatory authority has either approved or disapproved the

contents of this news release.

CONTACT:

Ken Donenfeld
DGI Investor Relations/Focus Asia Partners
75 Maiden Lane, Suite 213
New York, NY 10038
Tel: 212 425 5700
Fax: 212 425 6951
Cell: 917-763-6933
Email 1: donfgroup@aol.com
Email 2: kdonenfeld@dgiir.com

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