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PLLK

post #1 of 2
Thread Starter 
Monday January 9, 4:24 PM EST


DALIAN, China, Jan 09, 2006 /PRNewswire via COMTEX/ -- Parallel Technologies, Inc. ("Parallel") (PLLK) today announced the acquisition on December 13, 2005 of the business of Dalian Fushi Bimetallic Manufacturing Company, Ltd. ("Dalian Fushi"), through its wholly owned subsidiary in China, Dalian Diversified Product Inspections Bimetallic Cable Co., Ltd. ("Dalian DPI"). Also on December 13, 2005 and December 28, 2005, Parallel completed private placements of $11,225,000 and $775,000, respectively. Full details of the transaction and its structure are available in a Form 8-K filed by Parallel on December 14, 2005 and on January 5, 2006, respectively (the "8-Ks").

In connection with the acquisition, Parallel will change its name to Fushi International, Inc. A definitive information statement for the name change was mailed to the shareholders of record on or around January 4, 2006. Parallel, through Dalian DPI, is in the business of manufacturing and selling copper clad aluminum and steel wire, both of which are bimetallic composite wire products that are principally used for network signal transmission cable, cable television wire, signal transmission cable, cable television subscriber lines, distribution lines, local area networks, inner conductor for access networks, telephone subscriber communication lines, patch cords for electronic components, power system grounding lines, conductor lines for electric railways and other applications.



Over the past two years, Dalian Fushi's business has shown significant growth with revenues increasing from $11.96 million to $15.66 million from the fiscal year ended December 31, 2003 to December 31, 2004, and then to $18.07 million for the nine months ended September 30, 2005. Net profits have exhibited a similar increase over the same periods from $3.6 million to $3.8 million between the fiscal years ended December 31, 2003 and December 31, 2004, to $4.9 million for the nine months ended September 30, 2005. The full financial statements of Dalian Fushi for the fiscal years ended December 31, 2003 and December 31, 2004, and the nine-months ended September 30, 2005, are included in the 8-K.

Chris Wang, the Chief Financial Officer of Parallel stated: "The closing of our reverse merger transaction and financing provide us with the working capital we need to not only continue the growth of the Dalian Fushi business, but to accelerate that growth. We can now focus on meeting existing demand for our products, as well as accelerating marketing efforts to increase our market share both in the PRC and abroad."
post #2 of 2
Might want to read carefully the form SC 13D filed 1/13/06. Reverse split of 245.27 to 1 to be effected before end of Jan 06. http://www.pinksheets.com/quote/prin...5C&symbol=PLLK
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