Greater China Corporation Announces Separation Agreement
Friday December 9, 12:24 pm ET
NEW YORK, Dec. 9 /PRNewswire-FirstCall/ -- Greater China Corporation (OTC: GCHC.PK - News) announced today that it had reached agreement to sell its wholly owned Unigel (HK) Ltd. ("Unigel") subsidiary back to the original owners of the company. Unigel owns a 60% interest in SUTCO, a fiber-optic gel company located in Shenzhen, China.
In exchange for Unigel, Greater China Corporation ("GCC") will receive back all of its shares that were associated with the combination of GCC and Unigel (approximately 17.5 million shares out of approximately 30 million shares outstanding). In addition, Unigel will assume all GCC debt which was incurred to finance the activities of Unigel.
In a joint statement issued by John W. Allen (representing GCC) and Richard George (representing Unigel), they said that this separation of the entities should enable each party to move ahead more effectively in reaching its respective goals.
An 8K filing will be made with the Securities and Exchange Commission with the details of the transaction.
John Allen (CEO) e-mail address.. JWA@greaterchinacorp.com
Investor relations e-mail address.. info@greaterchinacorp.com |
