China Energy Savings (NASDAQ:CESV)
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China Energy Savings Announces 2-For-1 Forward Stock Split
Effective on or About July 21, 2005
HONG KONG, July 6 /Xinhua-PRNewswire/ -- China Energy Savings Technology, Inc.
(NASDAQ:CESV) announces today that it filed a Preliminary Information Statement
through SEC Schedule 14C on June 21 informing shareholders that the Board of
Directors approved a 2-for-1 forward stock split by recognizing a vote of over
50% shareholders in favor of the action. On July 1, the Company filed a
Definitive Information Statement through SEC Schedule 14C ('DEF14C')
informing shareholders that the Company would start mailing out the DEF14C to
the shareholders and the forward stock split is expected to become effective on
or about July 21, 2005
The immediate effect of the forward split will be to increase the number of
presently issued and outstanding shares of Common Stock from approximately
24,699,753 shares to approximately 49,399,506 shares.
Each shareholder of record will receive one additional share of common stock
for each share of common stock currently held. No action is required on the
part of the holders of the common stock such as surrendering their current
certificates, as new certificates will not be issued.
Additionally, the Board of Directors approved a move to increase the number of
authorized shares from 50,000,000 to 200,000,000. This increase will become
effective on the same date as the forward stock split.
The Board of Directors believes it is in the best interests of the Company and
its shareholders for the Company to have a reasonable reserve of authorized but
un-issued shares of common stock in order to allow for future stock issuances
in future actions such as stock splits, stock dividends, acquisitions of
property and securities of other companies.
About China Energy Savings Technology
China Energy Savings Technology, Inc., through its subsidiary, Starway
Management Limited which in turn holds 100% interest of its energy savings
subsidiary in China, engages in the development, manufacture, sale, and
distribution of energy-saving products for use in commercial and industrial
settings in the People's Republic of China. According to test reports by
various PRC authorities including the National Center of Supervision &
Inspection on Electric Light Source Quality (Shanghai) issued in September
2002, Shenzhen Academy of Metrology & Quality Inspection issued in December
2002 and approved by the State Quality Supervision Inspection Department, the
energy saving products of Starway's subsidiaries may provide energy saving
rates ranging from approximately 25% to 45%. The energy saving projects
conducted by Starway's subsidiaries mostly relate to public or street lighting
systems, government administration units, shopping malls, supermarkets,
restaurants, factories and oil fields, etc. There are small and large-scaled
projects: the small-scaled projects relate to restaurants, shops, small
arcades, offices and households through the sale of equipment, and the
large-scaled projects relate to large shopping malls, supermarkets, factories
and public bodies through the provision and installation of equipment over a
term usually extended for years. With the world's energy crisis as the
backdrop, and global oil prices breaking record highs, China's own crisis is
growing not only in size, but in concern as well. Coal prices and energy
consumption in China are also at all-time highs. For these reasons, the
company's products are widely used and highly recommended in China because of
the huge energy market and the excellent prospect of energy savings.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press
release may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve risks and
uncertainties that may cause actual results to differ materially, including the
following: changes in economic conditions; general competitive factors; the
Company's ability to execute its business model and strategic plans; and the
risks described from time to time in the Company's SEC filings.
For more information, please contact:
John Roskelley, President,
First Global Media
Tel: +1-480-902-3110
Web: http://www.cesv-inc.com/
Email:
DATASOURCE: China Energy Savings Technology, Inc.
CONTACT: John Roskelley, President of First Global Media,
+1-480-902-3110, for CESV