Chairman of Man Sang Holdings announces conversion of Regulation S shares.HONG KONG--(BUSINESS WIRE)--Sept. 17, 1996--Ricky Cheng, chairman of Man Sang Holdings Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:PURL (Persistent URL) A URL that points to another URL. PURLs are used when document pages are expected to be moved to different locations from time to time. The PURL is maintained as the official URL for that resource, and when that PURL is requested, a PURL server redirects the ) Tuesday announced that all convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. issued pursuant to exemption provisions of Regulation S have been converted into shares of the company's common stock. Cheng stated: "As a result of these conversions, no convertible preferred shares remain. The total number of common shares issued as a result of all conversions since inception is 5,247,481. "Our current state of operations is very solid. We are looking at several avenues of growth, including the acquisitions of competing pearl suppliers. We are confident that we will achieve our projected 300% five year net income growth rate. Based upon our fiscal 1996 earnings of $0.36 per share," Cheng pointed out, "our current price to earnings ratio is about 3. "The present and future outlook for Man Sang and its subsidiaries couldn't be better. We have enacted company-wide changes this year that added staff and enhanced resources. Our overall operations have become more comprehensive, and as a result, Man Sang can deliver broader product varieties and higher volume within specific pearl categories." Man Sang Holdings Inc. became available to U.S.-based investors on Jan. 10, 1996. The diversified pearl supplier processes, assembles, merchandises and distributes a variety of pearls and pearl products ranging from Chinese freshwater fresh·wa·ter adj. 1. Of, relating to, living in, or consisting of water that is not salty: freshwater fish; freshwater lakes. 2. Situated away from the sea; inland. 3. and Japanese cultured pearls cultured pearl Noun a pearl artificially grown in an oyster shell to Chinese cultured pearls and South Sea pearls. Physical operations consist of Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. headquarters, an industrial complex in Shenzhen, China and pearl raising and harvesting facilities in several coastal China cities. CONTACT: Waterford Sterling Corp. Thomas Tedrow, 407/841-1350 |
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