NextMart, Inc. (OTC Bulletin Board: NXMR), currently a China-based direct sales and apparel OEM company, today announced that it plans to change its main business to the area of financial advisory and direct investment in Mainland China.
The Company's plans to change its main business is a result of ongoing challenges with its core OEM apparel operations, including (a) A drop in export apparel sales due to international market conditions; (b) A continually appreciating Chinese yuan, which makes Chinese exports more expensive to foreign buyers; and (c) An inability to raise additional financing under the current share price level in order to expand the Company's domestic direct sales operations.
By adopting a new business in financial advisory and direct investment, NextMart's management believes that the Company can reduce its need for working capital, incentive key management and position itself to profit from the next wave of domestic and global financial transactions involving Chinese companies.
The Company's plans to change its main business is a result of ongoing challenges with its core OEM apparel operations, including (a) A drop in export apparel sales due to international market conditions; (b) A continually appreciating Chinese yuan, which makes Chinese exports more expensive to foreign buyers; and (c) An inability to raise additional financing under the current share price level in order to expand the Company's domestic direct sales operations.
By adopting a new business in financial advisory and direct investment, NextMart's management believes that the Company can reduce its need for working capital, incentive key management and position itself to profit from the next wave of domestic and global financial transactions involving Chinese companies.
