Ardmore Holding Corporation has acquired the Chinese goat's milk specialist, Tianjin Yayi Industrial Co, through a reverse merger.
The US-based investment group said that Tianjin Yayi generated net income of US$1.31m in the three months to the end of January on sales of $3.88m. For the year to 31 October 2007, the company posted net sales of $14.4m and net income of $4.4m.
Coinciding with the completion of the acquisition, Ardmore announced it had raised an aggregate of $1.3m through the sale of convertible notes and warrants.