tv e-commerce operations and VHSN magazine, today announced that the Company signed a definitive agreement to sell a twenty-percent stake to All Line, Inc.
Subsequently, via its parent EMHI and affiliated TV channels in the US, VHSN will also roll out TV shopping to key Asian communities (Chinese, Filipino, Vietnamese and Korean) with mainstream possibilities.
All Line's acquisition of VHSN is part of its new initiative to focus on Asian multi-media business incorporating television, print, and online distributions and to capitalize on the high-growth potential of this market segment.
According to the agreement, VHSN will receive $1,000,000 in cash and 15,000,000 shares of All Line restricted stock for the initial 20% stake in VHSN.
Won Jai Chang, President of All Line, reiterated: "We are very excited about the joint venture with VHSN to engage in this unique opportunity.
This is perfect timing for our business", commented Elwin Cathcart, Chairman, and CEO of VHSN
, "although, the actual benefit may still be sometime away.
As a result of this, VHSN was put on the "Pink Sheets.
VHSN is now preparing to file the first-quarter results with the commission and will file the required second quarter when due.
For the interest of its shareholders, VHSN carries updates on its website.
VHSN is confident of its business model for the future eCommerce business it is promoting, and wants all of its shareholders to feel part of the team.