China Expert Technology Announces Cancellation of Shares
11:42 a.m. 08/25/2005 Provided by
- Company cancels 1,877,863 shares of common stock
HONG KONG, Aug 25, 2005 /PRNewswire-FirstCall via COMTEX/ -- China Expert Technology Inc. (CXTI), a company that specializes in providing large scale network infrastructure construction mainly for e-government projects for communities and municipal governments in China, today announced the agreement of cancellation of shares of common stock that was issued to Ibroader Development Limited.
A mutual agreement was reached between the Company and Ibroader regarding matters under the terms of the Agreement for Share Exchange executed in December of 2003. Both parties have agreed Ibroader will surrender 1,877,863 shares to the Company for cancellation
Ibroader was the registered and beneficial owner of 3,709,904 shares of the issued and outstanding common stock of the Company represented by Certificate Number 1327, which it acquired pursuant to and in accordance with the terms of the original agreement dated December 30, 2003 between Leopard Capital Inc, China Expert Network Company Limited, the shareholders of China Expert Network Company and Hudson Capital Corporation.
A new Certificate has been be reissued to Ibroader for a total of 1,832,041 shares (representing the remaining balance of the shares in the original Certificate). In accordance with Rule 144 under the Securities Act of 1933, these remaining shares are eligible for resale and the Company will not object to efforts by Ibroader to sell its remaining shares.
Upon cancellation, the cancelled shares will be retired and returned to the status of authorized buy non-issued shares.
About the e-government project:
The e-government project is aimed to establish a national electronic government system, in which the existing and expecting government networks and applied systems can be combined to form united technology standard and regulation and consequently a united national government service platform. The term e-government is a process in which the government is able to take advantage of modern information and communication technologies to integrate the management and service on Internet, optimize and reform the government structures and working processes, and provide good and standard international administration and service to the society beyond time and space limit.
About China Expert Technology, Inc:
CHINA EXPERT TECHNOLOGY, INC. ("CXTI") is a company listed on the OTC BB in the USA (Trading Symbol: CXTI) and its subsidiaries (collectively the "Group") situated in Hong Kong and China, are specialized in providing large- scale network infrastructure construction (mainly e-government projects) for communities and municipal governments in China. The Group also utilizes its network with experts from various universities in China to deploy business and IT consultancy services to corporations in Hong Kong and China. The Group's existing major clients includes municipal governments, government authorities and other technology firms in China. Its income is derived mainly from four
areas, e-government, technology achievement appraisal, expert consultation and project database.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission. For more information, please contact:
China Expert Technology Inc. Web site: chinaexpertnet.com
Tim Clemensen, Rubenstein Investor Relations, Inc., +1-212-843-9337, tclemensen@rubensteinir.com; or Phoebe Lam of China Expert Technology, Inc., +1-852-2802-1555, fax, +1-852-2802-9222, phoebe@chinaexpertnet.com
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