SHI SHI, China, March 10, 2011 /PRNewswire-Asia/ -- On February 14, 2011, Sooner Holding, Inc. (OTC Bulletin Board: SOON) ("the "Company") entered and closed a Share Exchange Agreement ("Share Exchange Agreement"), with certain shareholders, and with Chinese Weituo Technical Limited, a BVI corporation ("Chinese Weituo "), and its shareholders, (collectively the "Chinese Weituo Shareholders"), pursuant to which the Company acquired 100% of the issued and outstanding capital stock of Chinese Weituo in exchange for 19,200 shares of Sooner Holding's Series A Convertible Preferred Stock.
As a result of the Share Exchange Agreement, the Chinese Weituo Shareholders will own 95% 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. Ang Kang Han was appointed to the Board of Directors of the Company and the Company's executive officers were replaced by the executive officers of Chinese Weituo and its subsidiaries upon the closing of the share exchange. The Company plans to amend its Articles of Incorporation to change its name to Flying Eagle PU Technical Corporation.
Mr. Ang Kang Han, the new Chairman of the Company, commented, "As a leading PU leather company in the industry, we are glad to be public in the U.S. capital market. We think OTCBB is only our first stop, and our goal is to move up to the national market soon."
About the Company
The Company is one of the fastest growing PU leather enterprises in China. Through the Company's subsidiary, ShiShi Plastic Co., Ltd., we provide R&D, manufacturing, marketing of and services for PU synthetic leather products for footwear applications and PVC flip-flops.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. 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 Sooner Holding, Inc.