Cheung Laboratories Inc. -- CLI -- to repurchase 20 million shares.COLUMBIA, Md.--(BUSINESS WIRE)--June 10, 1996--CLI (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CGLB) reached an agreement to repurchase 16 million shares of its common stock by rescinding its 9.6 percent ownership in Aestar Fine Chemical Inc. Limited ("Aestar") and to repurchase an additional 4 million shares at 55 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. from Mr. Gao Yu Wen. The total 20 million share transaction, which is to be consummated with payment of $2.2 million to Mr. Gao by Nov. 30, 1996, represents the repurchase of approximately 51 percent of the outstanding common shares of Cheung Laboratories Inc. On March 31, 1996, there were 39,502,664 shares of common stock outstanding. The 16 million share redemption associated with rescinding CLI's 9.6 percent interest in Aestar was affected under the agreement and the 16 million shares will be retired when CLI (1) (Call Level Interface) A database programming interface from the SQL Access Group (SAG), an SQL membership organization. SAG's CLI is an attempt to standardize the SQL language for database access. completes the transactions by paying Mr. Gao $2.2 million for the remaining 4 million shares in the transaction. On July 31, 1995, the company announced it had sold a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail to Mr. Gao in order to position the company to enter into the large Chinese personal care market through Aestar and to capitalize upon the businesses and business contracts of Mr. Gao. Mr. Gao, a businessman with companies in China, 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. and Macau, also serves as deputy director of the Economic Committee of the City of Zhongshan, Guangdong Province Noun 1. Guangdong province - a province in southern China Guangdong, Kwangtung , China (PRC). Because of recent health problems, Mr. Gao will not be able to fulfill his desires to open business opportunities for CLI and develop an ongoing business with Aestar. Therefore, Mr. Gao and CLI have mutually agreed to end their relationship. This step will allow the company to focus its resources on its core business, which is the design, manufacturing and sale of microwave therapy devices for cancer and prostatic diseases. CLI has its main office in Columbia, is traded on the OTC market (symbol CGLB) and has offices in Toronto and Hong Kong. A technology leader in the application of microwave technology, CLI designs, manufactures and sells hyperthermia hyperthermia /hy·per·ther·mia/ (-ther´me-ah) hyperpyrexia; greatly increased body temperature.hyperther´malhyperther´mic malignant hyperthermia medical equipment used for the treatment of cancer and prostatic diseases. The equipment manufactured by CLI is marketed throughout the world under the trade name Microfocus. CONTACT: Cheung Laboratories Inc., Columbia John Mon, 410/290-5390 |
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