Pay88, Inc. (PAYIE.OB) Signs Letter of Intent with Hongmeida Enterprise Group
Growing digital technology company, Pay88, Inc., announced today that it has signed a Letter of Intent to merge with Hongmeida Enterprise Group, a privately owned investment and financial services firm. Hongmeida Enterprise, located in Western China, mainly engages in raw materials investment and financial services. The company also has a professional pawn business (mortgage finance) license. In 2008, the Hongmeida's annual income totaled approximately RMB 75,375,318. Industry insiders believe that the agreement with Hongmeida is a powerful step to revitalize and grow Pay88. In principle, the agreement states that Pay88 can acquire Hongmeida Enterprise Group with common stock in a…