ZHENGZHOU, China, March 10, 2011 /PRNewswire-Asia/ -- On February 11, 2011, E-Band Media, Inc. ("Company") (OTC Bulletin Board: EBDM) entered and closed a Share Exchange Agreement ("Share Exchange Agreement"), with certain shareholders and warrant holders, and with China Green Refractories Limited, a BVI corporation ("China Green"), and its shareholders, (collectively the "China Green Shareholders"), pursuant to which the Company acquired 100% of the issued and outstanding capital stock of China Green in exchange for 19,220 shares of Company's Series A Convertible Preferred Stock.
As a result of the Share Exchange Agreement, the China Green Shareholders will own 98% of our issued and outstanding common stock on an as-converted common stock basis as of and immediately after the effectiveness of the reverse split as contemplated by the Share Exchange Agreement. Mr. Fuchao Li was appointed to the Board of Directors of the Company and the Company's executive officers were replaced by the executive officers of China Green and its subsidiaries upon the closing of the share exchange. The Company plans to amend its Articles of Incorporation to change its name to Annec Green Refractories Corporation.
"We are delighted to have successfully closed the going public transaction," said Mr. Fuchao Li, the new Chairman of the Company. "Our Company has continued to grow, despite the current global economic environment, and we are confident that we will further expand. We expect that the Over-the-Counter Bulletin Board will provide the Company with a good trading platform that will eventually lead to our upgrade to a national exchange."
About the Company
The Company is one of leading refractory enterprises in China. Through the Company's subsidiary, Zhengzhou Annec Industrial Co., Ltd. and its VIE, Annec (Beijing) Engineering Technology Co., Ltd., the Company provides integrated stove design, turnkey contracting, refractory production and sales, and is one of the largest manufacturers of refractory materials and products for hot blast stoves in China.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of the Company, its subsidiary companies and its VIE. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the ability of the Company to grow, despite the current global economic environment; the Company's ability to upgrade to a national exchange; the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Annec Green Refractories Corporation