China Fruits Corporation Announced an Uplisting Plan
BEIJING, May 1, 2015 /PRNewswire/ -- China Fruits Corporation (OTC: CHFR) ("China Fruits" or "the Company"), a producer and distributor of fresh tangerines and other fresh fruits in the People's Republic of China, announced that a 1-for-25 reverse split of the Company's issued and outstanding common stock took effect at the market opening on Thursday, April 30, 2015. As a result, the number of issued and outstanding shares of the Company's Common Stock is reduced from 53,493,175 shares to approximately 2,139,727 shares. The Company believes that the Reverse Stock Split can add shareholder value by better positioning the Company to meet the minimum initial listing requirements of a senior exchange. The Company believes that an uplisting could increase the marketability and liquidity of the Company's Common Stock, as well as increases the profile of the Company for private investments, acquisitions and other future opportunities that become available to the Company. China Fruits has planned for an uplisting upon the approval of the majority shareholders and expects to reach this goal during 2015.
"If we are successful in an uplisting, we believe China Fruits would be able to standardize its business model and access the capital market at trillion-dollar level. This corporate action could expand financing channels and enhance brand influence. More importantly, the Company's equity liquidity should improve and a more effective equity exit mechanism can be formed, both of which are going to help China Fruits attract more strategic investors with the Company's increasing asset liquidity," said Mr. Quanlong Chen, Chairman and CEO of China Fruits Corporation.
The Company's current actions for uplisting include, but are not limited to:
- Finalizing its professional team to assist in the uplisting application process.
- Improving corporate governance to meet the requirements of an exchange.
- Improving internal controls.
According to China Fruits FY 2014 financial statements, the total revenues were $32,635,446, a 248% increase from the corresponding period in 2013; operating income was $1,914,657, compared to operating loss of $30,708 from the corresponding period in 2013; stockholders' equity was $4,030,910, a 61.61% increase from the corresponding period in 2013.
About China Fruits
China Fruits Corporation (OTC: CHFR) is a U.S.-listed holding company, engaged in manufacturing, trading and distributing fresh tangerines and other fresh fruits in the People's Republic of China. The Company wholly owns three subsidiaries: Taina International Fruits (Beijing) Co., Ltd., which builds and operates franchise retail stores, Jiangxi Taina Nanfeng Orange Co., Ltd., which engages in the fresh fruits manufacturing, and US-China Fruits Company Limited, which plans to do the business of import and export. The Company owns a 782,765-square-foot manufacturing base, with air-adjusted and fresh-keeping warehouse, and advanced photoelectric fruit sorter. The Company owns 64 franchise retail stores, one distribution center and one express export zone in Nanfeng. With the support from the international capital markets, the company is strengthening the branded franchise fruit retail stores and digging deeply in this niche. From the very beginning of its business, the Company has been awarded with "National Leading Enterprise of Agriculture Industrialization", "China's Most Influential Fruit Brand", "China's Fast-Growing Company", and "Top Ten Most Trustable Enterprise" among other rewards. For more information, please visit the Company's corporate website: www.taina.cn.
Forward Looking Statement
This press release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of China Fruits Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and China Fruits Corporation disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For More Information
Investor Relations
Dragon Gate Investment Partners LLC
Email: [email protected]
Tel: +1(646)-801-2803
Website: http://www.taina.cn
SOURCE China Fruits Corporation
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