UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATIONAsia Global Holdings Corp. • November 19th, 2009 • Retail-nonstore retailers
On September 29, 2009, Asia Global Holdings Corp. (“the Company” or “AAGH”)) entered into an agreement for the purchase of all the outstanding shares of common stock of Ultra Professional Limited (“UPL”, a company incorporated under the laws of the British Virgin Islands), by issuing 100,000,000 shares of common stock of the Company to the sole shareholder of UPL. This share exchange transaction resulted in the shareholder of UPL obtaining a majority voting interest in the Company. Accounting principles generally accepted in the United States of America (“US GAAP”) require that the company whose shareholders retain the majority interest in a combined entity being treated as the acquirer for accounting purposes, resulting in a reverse acquisition. Accordingly, the stock exchange transaction has been accounted for as recapitalization of AAGH.
