Chester Holdings, Ltd. Acquires China License for Probity.Business Editors SIMPSONVILLE, S.C.--(BUSINESS WIRE)--July 31, 2000 CHESTER HOLDINGS, Ltd. (Pink Sheets: CHES) today that it had acquired, from the joint venture of Clyebury Pty Ltd. and Medical Laser Technologies, Inc., the rights to market the Probity PROBITY. Justice, honesty. A man of probity is one who loves justice and honesty, and who dislikes the contrary. Wolff, Dr. de la Nat. Sec. 772. Gradient in China. The Agreement, valued at $400,000, calls for Chester to issue 58,800 shares of Convertible Preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". to Clyebury and 61,200 shares of Convertible Preferred stock to Medical Laser Technologies, Inc. (soon to be known as MLT (MultiLink Trunking) See port aggregation. International, Inc.) The Shares are convertible, within two years, into the common stock of Chester at the rate of 100 shares of common for each share of Preferred. The Preferred also carry voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. as if converted. Clyebury, a privately held investment group, intends to use this transaction to launch several pending network related projects in China. It also intends to assist the management of Chester in renewing their efforts to reorganize the company. Clyebury and its Board members currently have interests in several software development and manufacturing ventures in the province of Dalian in China. "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 under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995; to the extent that this press release makes statements about the future, such statements are forward looking and subject to a number of risks and uncertainties, including, but not limited to, the inability to meet all of the required reporting requirements. These risks could effect the ability of the Company to complete acquisition and successfully reorganize and resume operations as stated in any forward looking statements by, or on behalf of the Company. There is no assurance that the Company will be able to achieve any of its intended objectives. |
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