CandleWealth International, Inc., Announces Name Change; Reverse Stock Split; New Holding Company Structure.CHATSWORTH, Calif. -- CandleWealth International, Inc. (Pink Sheets:CWNN), announced today its corporate restructuring plans that include a new company name, a reverse split of its common stock and the creation of a holding company structure for its operations. These corporate restructuring plans are specifically as follows: Effective June 15, 2007 the company's new name is Promethean Corp. and a one (1) for five (5) reverse stock split of the company's common stock will take effect. The record date for the reverse stock split is June 8, 2007. Also on June 15, 2007, the company's structure will change whereby all of the company's operations will be transferred to a newly created wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. and Promethean Corp. will be the publicly traded holding company for that subsidiary. The new subsidiary will be named CandleWealth International, Inc. The company's board of directors believes these changes will create a more rational capital structure for the Company, which in turn, will enable the company to raise additional capital and facilitate the Company's strategy to grow and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its operations beyond the current CandleWealth International, Inc. operations. The Company expects its CWNN trading symbol Trading symbol See: Ticker symbol to change as a result of these transactions, and the Company intends to make an immediate press release once its new trading symbol has been confirmed. About CandleWealth International, Inc. CandleWealth is a direct seller of natural, soy-based candle wax Candle wax may refer to the following substances when used to make candles:
Mixture of organic compounds traditionally derived from petroleum but also obtained synthetically. It usually consists of alkane hydrocarbons (also called paraffins) and is used for coating and sealing, for candles, and in floor waxes, lubricants, waterproofing , burning cooler and longer, without the residues inherent in paraffin wax smoke. CandleWealth's success will be driven by the zeal Zeal Bows, Mr. crippled fiddler with intense feelings. [Br. Lit.: Pendennis] Cedric of Rotherwood zealous about restoring Saxon independence. [Br. and excitement of its distributors in spreading the benefits of natural wax and Candlewealth's other innovative products. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Some of the information presented in this letter constitutes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements represent the company's judgment regarding future events, and are based on currently available information. Although the company believes it has a reasonable basis for these forward-looking statements, the company cannot guarantee their accuracy and actual results may differ materially from those the company anticipated due to a number of known and unknown uncertainties, of which the company is not aware. Factors which could cause actual results to differ from expectations include, among others, the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. |
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