China Software Technology Effects Name Change and Reverse Stock Split
Posted on: Thursday, 11 October 2007, 18:00 CDT
China Software Technology Group Co., Ltd. (OTCBB: CSWT) ("CSWT") (the "Company") announced today that, effective October 12, 2007, the Company will change its name to "American Wenshen Steel Group, Inc." and begin trading under its new symbol ("AWSH"). In addition, the Company announced a 1:45 reverse split of its outstanding common shares and an increase in the number of authorized shares of common stock to 100,000,000 shares. The reverse split and the increase in authorized shares will become effective on October 12, 2007 as well. All actions were approved by the Board of Directors and the majority shareholders of the Company during Special Meeting of Shareholders held on October 9, 2007.
American Wenshen, through its operating subsidiary, Chaoyang Liaogang Special Steel Co., Ltd. ("Chaoyang Liaogang"), a corporation organized under the laws of The People's Republic of China, is engaged in the business of manufacturing tungsten carbide steel, stainless steel, and die steel. All of Chaoyang Liaogang's business is currently in China.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact: Peter D. Zhou 212-232-0120
SOURCE: China Software Technology Group
Source: MARKET WIRE
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