EXHIBIT 99.1
FOR IMMEDIATE RELEASE - April 7, 2004
The Enchanted Village, Inc. enters into a Share Exchange Agreement
On April 2, 2004, The Enchanted Village, Inc., a Delaware corporation,
(OTC BB: ECVL) entered into a Share Exchange Agreement pursuant to which it
agreed to acquire Fairford Holdings Limited ("Fairford"), a Hong Kong limited
liability company. Fairford owns 90% of the capital stock of Ruili Group Ruian
Auto Parts Co., Ltd ("Ruili"), a Sino-foreign equity joint venture established
pursuant to the Laws of the People's Republic of China on Chinese-Foreign Equity
Joint Ventures.
Ruili is engaged in the manufacture and sale of automobile valves and
automobile valve related products.
ECVL shall acquire all of the issued and outstanding common shares of
Fairford in exchange for ECVL's issuance to the shareholders and designees of
Fairford of shares of ECVL's convertible preferred stock which, after giving
effect to the conversion to common stock and the acquisition, will represent
97.5% of the then issued and outstanding common shares of ECVL. At the close of
the transaction, it is contemplated that a new board of directors will be
designated by the Fairford shareholders. Additionally, Ruili plans to change its
name to "SORL Auto Parts, Inc."
ECVL's acquisition of Fairford is subject to the fulfillment and
satisfaction of certain terms and condition. While the acquisition is presently
expected to close in early May 2004, no assurance can be given that the parties
will in fact be able to satisfy the conditions precedent to the transaction.
Contact:
Xxxxx X. Xxxxxxx, President
The Enchanted Village, Inc.
000X Xxxxxxxxx Xxxx., Xxxxx 00
Xxxx Xxxxx, Xxxxxxx 00000
(000) 000-0000
This news release contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to uncertainties
and risks including, but not limited to, product and service demand and
acceptance, changes in technology, economic conditions, the impact of
competition and pricing, government regulation, and other risks defined in this
document and in statements filed from time to time with the Securities and
Exchange Commission. All readers are encouraged to review the 8-K to be filed in
connection with the acquisition discussed above, which outlines risk factors
including debt obligations, deal terms and other relevant items. All such
forward-looking statements, whether written or oral, and whether made by or on
behalf of the companies, are expressly qualified by the cautionary statements
and any other cautionary statements which may accompany the forward-looking
statements. In addition, the companies disclaim any obligation to update any
forward-looking statements to reflect events or circumstances after the date
hereof.
