Los Angeles, California, August 14, 2007 – ASAP Show, Inc. (OTC BB:ASHI.OB) announced yesterday that it acquired the outstanding capital stock of Sino-American Petroleum Group, Inc., a Delaware corporation that owns all the registered capital of Tongliao Yili Asphalt Company. Yili Asphalt is organized under the laws of the People’s Republic of China and engaged in the business of refining heavy oil into asphalt, fuel oil and lubricants. With its acquisition of Yili Asphalt, ASAP Show terminates a Letter of Intent signed in December 2006 to merge with China Renyuan International. In connection with the completion of the acquisition of Yili Asphalt, all members of the Board of Directors of ASAP Show beside Frank Yuan have resigned. Frank Yuan elected Chunshi Li, the Chairman of Yili Asphalt, to serve as a member of the Board, and together elected to Chunshi Li to serve as Chief Executive Officer and Chief Financial Officer of ASAP Show.
Prior to the Merger, ASAP Show assigned all of its pre-Merger business and assets to ASAP Holdings, Inc., its whollyowned subsidiary, and ASAP Holdings assumed responsibility for all of the liabilities of ASAP Show that existed prior to the Merger. At the same time, ASAP Show entered into a management agreement with Frank Yuan, its previous CEO, and ASAP Holdings, to provide for continuous operation of the pre-Merger business until ASAP Holdings can file a registration statement with the Securities and Exchange Commission to permit ASAP Show to distribute all of the outstanding shares of ASAP Holdings to the holders of its common stock.
Frank Yuan, CEO of ASAP Show, said “Our Board unanimously agreed to terminate the merger with China Renyuan.
After careful debate, ASAP Show management believes that they can best serve their shareholders’ agenda at this point by merging with Sino-American Petroleum.” Mr. Chunshi Li, President and CEO of Sino-American Petroleum, added, “By merging with ASAP
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