Partner Success Acquires OraLabs

2006-12-29 | 08:17

OraLabs Holding Corp., a Parker, Colo.-based maker of oral and lip care products, was acquired by British Virgin Islands-based Partner Success Holdings Ltd. in a reverse takeover.
   OraLabs has issued nearly 25.4 million shares of its common stock to Wo Hing Li, sole shareholder of Partner Success, in exchange for all of the outstanding shares of Partner Success, which has become a wholly owned subsidiary of OraLabs Holding Corp.
    As part of the transaction, OraLabs Inc. will continue to operate as a private company and will be owned by OraLabs' president Gary Schlatter. OraLabs redeemed more than 3.6 million shares of the company's common stock held by Schlatter in exchange for the issuance of all of the shares of OraLabs Inc. held by OraLabs Holding Corp. and now has about 27 million shares of common stock issued and outstanding.
    Partner Success, through its China-based subsidiary, is a niche precision steel processing company.
    OraLabs has ceased all of its prior business operations and has adopted Partner Success' business plan. The company has changed its name to China Precision Steel Inc. and is expected to begin trading on the Nasdaq Capital Market under its new trading symbol CPSL.