Summit Global gains approval in Shanghai
Summit Global Logistics Inc. said provincial authorities in Shanghai have approved the establishment of a wholly foreign owned enterprise (WFOE) by the company in the People's Republic of China.
It said the WFOE is being established, subject to the issuance of the company's business license in China, under newly adopted Chinese rules permitting foreign corporations to own and operate their own companies in that country.
'This milestone permits us to proceed with growth plans in this area of the world and to establish other offices at major transportation centers located in China,' said Robert A. Agresti, chairman and chief executive officer of Summit.
