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Powersmart Holdings Limited Utilizes APO(sm) Service To Go P

GONGYI, China, April 26 /Xinhua-PRNewswire/ -- Point Acquisition

Corporation ("Point Acquisition") (OTC Bulletin Board: PAQN.OB) announced the

closing of a share exchange transaction with the shareholder of Powersmart

Holdings Limited, a British Virgin Islands corporation ("Powersmart") and a

related private placement financing transaction. Point Acquisition will

operate through its consolidated indirect Chinese subsidiaries to execute the

current business plan of those subsidiaries.

In the share exchange transaction Powersmart's stockholder, Mr. Shunqing

Zhang, was issued 16,887,815 shares of Point Acquisition's common stock in

exchange for 100% of the issued and outstanding shares of Powersmart. In

conjunction with the exchange transaction, Point Acquisition closed a private

placement of its common stock in which it will issue 5,347,594 shares of its

common stock in exchange for anticipated gross offering proceeds of

$10 million, or approximately $1.87 per share, before payment of commissions

and fees. Assuming the issuance of 5,347,594 shares of common stock to the

investors, the shares of common stock held by such investors will represent

approximately 21.9% of the total outstanding common stock of Point

Acquisition, on a fully diluted basis. The shares of common stock received by

Mr. Zhang in the exchange transaction represent 69.2% of the total issued anAAAAAAA>outstanding common stock of Point Acquisition, on a fully diluted basis,

taking into account the shares issued to investors in the private placement.

Following the consummation of the private placement, the number of shares of

common stock of Point Acquisition issued and outstanding is 24,038,280.

In connection with the private placement, if a minimum $8.2 million net

income for fiscal year 2007 or a minimum $13.5 million net income in fiscal

year 2008 is not achieved then the investors and others involved in the

transaction will be entitled to receive from Mr. Zhang additional shares of

Point Acquisition's common stock pursuant to a pre-defined formula agreed to

between the parties and Mr. Zhang. For the fiscal year ended December 31, 2006

Powersmart reported consolidated revenues and net income of $27.5 million anAAAAAAA>$4.5 million, respectively. Point Acquisition expects to achieve revenues of

$45.4 million for fiscal year ending December 31, 2007 and $68.4 million for

fiscal year ending December 31, 2008. Additional information regarding these

obligations can be found in the future SEC filings made by Point Acquisition.

As a result of the exchange transaction, Powersmart has become a wholly-

owned subsidiary of Point Acquisition. Mr. Shunqing Zhang was elected to the

Board of Directors of Point Acquisition and was appointed its President anAAAAAAA>Chief Executive Officer. Point Acquisition's shares are listed on the

Over-the-Counter Bulletin Board under the symbol, PAQN.OB.

Mr. Zhang stated, "We want to thank our financial advisor, HFG

International, Limited, for facilitating our efforts in connection with our

private financing and the going public transaction. These transactions have

given us access to the U.S. capital markets, with the intent of capitalizing

on significant growth opportunities."

Brean Murray, Carret & Co. acted as the placement agent in the $10 million

private placement transaction. Heritage Management Consultants, Inc. provides

professional, management and advisory services to Powersmart.

About Powersmart Holdings Corporation

Powersmart is a mineral based manufacturer whose products include

monolithic refractories, ceramics and fracture proppant. Monolithic

refractories serve as heat resistant protective linings in industrial furnaces

and other heavy machinery used in the steel, iron, cement, glass and aluminum

industries. Ceramic products are heat and erosion resistant which are used to

house high voltage switches and fuses and to transfer liquids, solids anAAAAAAA>gases. Fracture proppant is used in operating oil wells to release trapped oil

allowing it to be extracted to the earth's surface. Powersmart conducts

business through its Chinese based subsidiaries Henan Gengsheng Refractories

Co., Ltd., Zhengzhou Duesail Fracture Proppant Co., Ltd. and Henan Gaowen

Materials Co., LtAAAAAAAA> APO(sm) is a service mark of Halter Financial Group, Inc. ("HFG"). HFG's

APO services allow privately held corporations to go public via the reverse

merger process and simultaneously complete a private capital raising

transaction.

FORWARD LOOKING STATEMENTS

This release contains certain "forward-looking statements" relating to the

business of Point Acquisition and its subsidiary companies, including

statements regarding the ability of the Company and its subsidiaries to follow

its business strategy, plans and objectives and capitalize on growth

opportunities, the ability of the Company to achieve revenue expectations anAAAAAAA>any other statements of non-historical information. These forward looking

statements are often identified by the use of forward-looking terminology such

as "believeAAAAApects" or similar expressions. Such forward looking

statements involve known and unknown risks and uncertainties that may cause

actual results to be materially different from those described herein as

anticipated, believed, estimated or expected. You should not place undue

reliance on these forward-looking statements, which speak only as of the date

of this press release. The company's actual results could differ materially

from those anticipated in these forward-looking statements as a result of a

variety of factors, including those discussed in the company's periodic

reports that are filed with the Securities and Exchange Commission anAAAAAAA>available on its website (www.sec.gov). All forward-looking statements

attributable to Point Acquisition or to persons acting on its behalf are

expressly qualified in their entirety by these factors other than as requireAAAAAAA>under the securities laws. Point Acquisition does not assume a duty to update

these forward-looking statements.

For more information, pelease contact:

Mr. Denis Tontodonato

Tel: +1-704-562-0082

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