PROCESS EQUIPMENT TO ACQUIRE CHINESE SEAFOOD OPERATION
HAYWARD - 03/08/04 - Process Equipment Inc. (PEI) has reportedly entered into a letter of intent to acquire Jade Profit Investment Limited, a privately held British Virgin Islands limited liability company that operates an 84.42% owned subsidiary in China under the name Hainan Quebec Ocean Fishing Co. Ltd. (HQOF).
 Hainan Quebec is an integrated aquatic products company that operates co-operatively owned farms that harvest, process, and sell a variety of seafood products including shrimp and tilapia.
HQOF holds HACCP and European Union certifications and has been certified by the Government of China as a leading agricultural enterprise. The HACCP - Hazard Analysis and Critical Control Point - program was instituted several years ago by the US Department of Agriculture to establish safety standards in the food processing industry.
It has also benefited from extensive support from the Canadian Government through the Industrial Cooperation Program of the Canadian International Development Agency (CIDA).
Under the terms of the letter of intent PEI will acquire all of the issued and outstanding capital stock of Jade Profit in exchange for shares of its common stock which, upon issuance, would represent 93% of its outstanding shares of common stock.
The Company's existing business would be spun off or sold to a third party.
According to a spokesman for Process Equipment, once the transaction is completed, the company's current management team would resign from their positions as executive officers and directors of Process Equipment.
PEI designs and manufactures sanitary stainless steel systems used for manufacturing processes in the wine, food and bio-technology industries.
The firm also distributes pumps, valves and other components used in such systems and for winery equipment imported from Europe.
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