San Francsico, CA, January 15, 2009 --(PR.com
)-- Bay Peak 2 Acquisition Corp., a Nevada corporation (the “Company”) announced today that it has completed the required capital restructuring and acquisition of Touchstone Industry Group Limited (“CGD”). After the completion of the acquisition the Company changed its name to China Golden Dragon Travel Group. (CGD). CGD is a holding company that operates primarily through its PRC subsidiaries, Tianjin Golden Dragon and Nanjing Feiyu, headquartered in Tianjin, Peoples Republic of China. CGD is engaged in the business of Chinese domestic and international tour packaging. CGD plans and organizes conferences, events and tours for large groups including international corporate customers and domestic customers including the Municipal Government, Tonight’s Newspaper, The People’s Insurance Company (Group) of China, the Bank of China, Shanghai Pudong Development Bank and China Mobile. CGD expects to substantially expand its selling efforts to the Chinese market through increasing sales staff and through acquisition. CGD earned $4,200,000 of Net Income for the 9 Months ending September 30, 2008, an increase of 77% over 2007.
After the acquisition of CGD and the capital restructuring, the shareholders of CGD will own approximately 93.5% of the Company. The remaining shares will be held by approximately 220 shareholders. The Company expects to register for trading on a US stock exchange as soon as practicable.
The San Francisco offices of Pillsbury Winthrop Shaw Pittman LLP acted as legal counsel for Touchstone Industry Group Ltd.
Bay Peak 2 Acquisition Corp. was a “Shell” company that was principally owned by Baypeak llc, a privately held investment firm headquartered in San Francisco with an affiliate offices in Beijing and Shanghai China. Baypeak sources, develops and executes investment strategies globally, with a particular focus on “going-public” transactions involving profitable operating companies located in Asia.
Forward Looking Statements. Certain matters discussed within this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be attained. Such statements are inherently uncertain, and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company’s ability to achieve its anticipated results include, among others, uncertainties inherent in the development of a new business and limited capital.