Toba Industries Ltd. has completed a $1.2 million financing and reverse takeover of Beijing Marvel Cleansing Supplies, formerly known as Peking Marvel Cleansing Supplies. Beijing Marvel is a leading wet wipes manufacturer in China that produces a variety of nonwoven wipe products for personal and household applications. Toba’s name will officially change to Beijing Marvel Cleaning Supplies and will trade under the new symbol BMW on the TSX Venture Exchange.
“We are extremely pleased to complete this phase of the company's reorganization. The new manufacturing facility is near completion and will be the largest wipes manufacturing plant in Asia," said board chairman Robert Dzisiak. “We would like to congratulate Liao Yongliang, company founder and CEO, for his efforts, in building Beijing Marvel into the premier wipes manufacturer in China. We look forward to executing our business plan and reorganizing a successful brand into the leading provider of fast moving consumer cleansing products in China.”
Beijing Marvel was incorporated as a wholly owned foreign enterprise in Beijing in 2003 and was reportedly the first to introduce wet wipes to the Chinese market over a decade ago. Its award-winning Dreamboard brand of personal and household wipes has been a leader in China and these products are sold in more than 20,000 outlets including Wal-Mart and Carrefours across China. A large-scale expansion is currently underway with a new 100,000 square foot manufacturing facility that, upon completion, will be the largest wipes manufacturing facility in Asia.