This from CHRB website (nothing new):
Letter from the President and the Reclassification announcement.
January 10, 1997
Dear Shareholders:
We are pleased to report that all measures outlined in our proxy statement dated December
16, 1996 were approved by shareholders at China Resources Development, Inc.'s annual
meeting on December 30, 1996.
Accordingly, the proposed one-for-ten reverse stock split was approved and will be
implemented beginning on January 16, 1997. In addition, the Company's board of directors
approved a measure to reclassify 3.2 million common shares (that were subject to
substantial restrictions) as preferred shares, thereby eliminating any confusion as these
restricted shares are not freely tradable and would not have been counted in earnings per
share calculations until July 2003. No changes to the substantive rights of the holders of the
restricted shares occurred as a result of the reclassification. As all of the Company's Series
B convertible preferred shares have already been converted, and as a result of the above
reclassification, the number of common shares outstanding subsequent to the reverse split
will be approximately 5.78 million shares.
Looking forward, our capital base and structure is significantly enhanced following last
year's capital infusions, and we do not currently contemplate additional equity offerings.
Our operating performance has also reflected ongoing progress with record net income of
$3.46 million for the first nine months of 1996, a significant 50% increase over the previous
year's level for the entire year. Further, we anticipate reporting a profitable fourth quarter,
and we expect additional net income improvements in 1997 as we continue to focus on
enhancing profit margins.
If you are a registered shareholder, our Company will pay for the transfer if you mail your
old stock certificates to our transfer agent before February 5, 1997 at the below address:
OTC Stock Transfer, Inc.
231 East 2100 South
Salt Lake City, UT 84115
Attn: Carolyn Simpson
(if you have any questions, her telephone number is: 801/485-5555)
We invite you to visit our World Wide Web site at chrb.com for additional
corporate information, and if you have questions, require information or would like to be
added to our mailing list, please contact our investor relations counsel, Jaffoni & Collins
Incorporated in New York at 212/505-3015, fax - 212/505-8195 or e-mail - jciir@aol.com.
Yours very truly,
Li Shunxing
President |
