LITTLETON, Colo., June 28 /PRNewswire-FirstCall/ -- Birch Branch, Inc. ("Birch Branch") (OTC Bulletin Board: BRBH) announced that it has consummated its share exchange transaction with the principal shareholders of Birch Branch, Shun Cheng Holdings HongKong Limited ("Shun Cheng HK"), a Hong Kong company, and the shareholders of Shun Cheng HK.
Pursuant to the Share Exchange Agreement, dated May 14, 2010, Birch Branch acquired 100% of the issued and outstanding capital stock of Shun Cheng HK from the Shun Cheng HK shareholders. Upon completion of the transactions contemplated by the Share Exchange Agreement, the Shun Cheng HK shareholders received 30,233,750 shares, which was approximately 95% of the issued and outstanding shares of Birch Branch common stock upon completion of the share exchange transaction, and Shun Cheng HK became a wholly-owned subsidiary of Birch Branch.
Shun Cheng HK, through a series of contractual arrangements among its Chinese wholly-foreign owned enterprise subsidiary, Anyang Shuncheng Energy Technology Co., Ltd., and Henan Shuncheng Group Coal Coke Co., Ltd. ("SC Coke") and SC Coke's shareholders, exercises management control over SC Coke. SC Coke produces coke, refined coal, and coal and coke byproducts in Henan Province in the central region of the People's Republic of China. SC Coke's current principal products are refined coal and metallurgical coke. SC Coke also sells medium coal and coal slurry (which are byproducts produced from its refined coal process), tar, ammonium sulfate, crude benzol and coal gas (which are byproducts produced from its coke manufacturing process). SC Coke intends to substantially increase its coke production capacity which will also substantially increase its production of coke byproducts.
The shares of common stock issued in connection with the Share Exchange Agreement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities referenced herein in any jurisdiction to any person.
This press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Since the forward-looking statements relate to future developments, results or events, these statements are highly speculative and involve risks, uncertainties and assumptions that are difficult to assess. You should not construe any of these statements as a definitive or invariable expression of what will actually occur or result. Actual results, including the realization of the potential benefits of the share exchange could differ materially from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release and Birch Branch assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Although Birch Branch believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in Birch Branch's periodic reports filed from time to time with the Securities and Exchange Commission which are available at http://www.sec.gov.
SOURCE Birch Branch, Inc.