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Non-Tech : CHIF - China Food and Beverage, Inc.
CHIF 0.01780.0%Oct 31 9:30 AM EST
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To: Edward Williamson who wrote (55)12/21/1998 4:54:00 PM
From: Lance  Read Replies (1) of 127
 
Reason for reverse split and plan to execute debenture !
Mr Tilton has asked T.A.P. to explain the details concerning
the the R/S and plans to carry out the execution of the debenture.
The reverse split was to bring the stock price up to the $5 level at which was the specified share price the debenture exercise price was set at months ago with Victoria Beverage Co. in order for CHIF to take ownership of the Brewery. Mr Tilton plans on adding 4 mil restricted 144 shares before the end of the year to be given to the 2 former owners of Victoria Beverage Co. These shares will be restricted for 1 year at which time only a total of 2% (80,000) shares will be allowed to be sold every 90 days. Mr Tilton hopes to bring CHIF up to a Nasdaq Small Cap listing. His reason for not telling shareholders ahead of time about the R/S was he was afraid shareholders would panic and sell-off CHIF once they heard about a 100/1 reverse split. T.A.P. was as surprised as anyone to find out about it as we had as recently as last week received restricted stock to promote CHIF on website below and as with all turn around stocks, only time will tell if this move will payoff. It does look like the better of 2 options to boost the share price in order to exercise debenture, the other option being to add 400 mil shares to pay-off the debt at 5 cent level.
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